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Mitsubishi UFJ Financial Group Announces Plans To Launch Cryptocurrency

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After many months of speculation, it reached our altcoin news today that the largest bank in Japan-Mitsubishi UFJ Financial Group is planning to launch its own digital currency.

The long-awaited in-house cryptocurrency should be launched by the end of 2019.

According to reports by Japan Times, Mike Kanetsugu-the Group President revealed the plan earlier today. He stated that the bank will likely offer the ‘’Coin’’ to retail business and restaurants aiming to reach a higher level of adoption. He also revealed that the Coin will enable businesses to participate in finding information about their customers and how to provide better services.

Mitsubishi is now the 5th largest bank in the world. The bank announced the plan of launching a digital currency in 2018 mainly for improving operational issues within the group. The reasoning behind this idea was the expense received from storing and transporting physical coins. These methods have become unsustainable in Japan.

‘’Coin’’ will eventually change the way consumers interact with the economy. While talking about the launch, Kanetsugu stated that he fully believes in the ability of the coin to achieve what it was set to do.

The MUFJ also made clear that digital currencies are a way to reduce the costs that occur with physical currencies. Kanetsugu also believes that by launching the Coin, the entire financial infrastructure will set the path for business to adopt it.

Since 2018, the bank launched a test run for the digital currency for its employees only which turned out to be a great success. The test showed that the Coin will have ‘’institutional transfer Capabilities.’’

Coin will also be integrated into the Bank’s mobile app which will allow users to manage all of their credit cards in one place. The smartphone app will help the users to manage their reward points and also perform multiple managerial functions.

We are still waiting to see whether the Coin will be a success, but it’s sure a good thing that one of the world’s largest banks is trying it our first.

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Decred Buyers Aim To Rally The Price Above The $20 Resistance Level

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The Decred buyers are trying to rally the price above the technical resistance level at $20.00 while the altcoin has a bearish short-term and medium-term trading outlook. The four-hour time frame shows that there is a bearish falling wedge pattern forming, trapping the DCR/USD pair in a triangle pattern.As per the altcoin news today, the decred buyers follow the strong reversal from the $17.50 level that was reached earlier this week. The DCR/USD pair rallied by more than 30 percent from the November price low and is now trading around 10 percent above the December price low. The technical analysis shows that the DCR/USD pair is getting trapped in a large triangle pattern on the charts which a break above the top of the triangle pattern around the $20 level could start a strong upside move.If the bullish technical breakout takes place the $24 level will be the next target. The DCR/USD pair’s 200-day moving average is shifting to a neckline of head and shoulders pattern around the area. The four-hour time frame shows that a bearish rising wedge pattern is forming and breaking below the wedge could force the DCR/USD pair to get back to the November monthly low. The pair is also creating bullish higher lows and goes against the overall crypto markets which are a positive development.The relative strength index on the daily time frame is quite bullish while the MACD indicator gets close to the buying signal levels. According to the latest data sentiment, the short-term sentiment for Decred is neutral at 47 percent while the overall long-term sentiment for the crypto is quite bearish at 36 percent.  The four-hour time frame shows that a key technical resistance is now located at $20 and $24.00 levels. The key technical resistance over the medium term is standing at $29.00.The four-hour time frame shows that the DCR/USD pair is in a strong medium-term technical support towards the $17.50 levels. The critical long-term technical support for the altcoin is located at the $12.00 support level. Decred moving against the overall crypto market and tries to force a short-term breakout above the $20.00 level. The pair could easily rally towards the $24.00 resistance level if a bullish breakout happens soon.
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Enjin Coin SurgeD By 60% After Microsoft Partnership

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Enjin coin surged after the world-famous technology company Microsoft and the coin platform have teamed up to make the project named Azure Heroes, a project that gives prizes to contributors to the community for posting content, creating demos, building sample code, and blogging about Azure as we are reading further in the altcoin news today.There is nomination for creators after which they receive a collectible “digital badger”, a digital badge that relates to the field to which they have given their contributions. These digital badgers have a very limited supply and cover certain categories like Content Hero, Mentor, and Maker.The badger heroes have been tokenized as assets on the Ethereum blockchain, and because of that, we can be certain that they are in limited supply. Every season the Microsoft & Enjin partnership will release a new set of badgers that will also be of limited supply. The ones that will be lucky enough to be selected to become an Azure Hero will scan their QR code, and the non-fungible token (NFT), the badger will be immediately transmitted into their own for their benefit.This statement was the reason why the Enjin coin surged by a significant 60%. Analyzing the hourly charts, Enjin grew significantly over the previous two days, growing by a total of 60%. This provoked it to smash the resistance at 1000 SAT, which is reinforced by the 200-days EMA.ENJ continued higher to reach the current trading price of around 1290 SAT – creating a fresh 7-month high that has not been seen since June this year. If the buyers continue in this manner, to force the market higher, we can anticipate abrupt resistance to be located at 1604 SAT and 1740 SAT. Beyond this, resistance is at the 1825 SAT (1.618 Fibonacci Extension level).Otherwise, if the sellers make a step back in and force the market lower, we can anticipate support at 1200SAT. Below this, support is located at 1000 SAT (200-days EMA), 900 SAT, and 800 SAT (100-days EMA). The RSI is advancing toward extreme overbought conditions, which can be a sign that the market could be overextended, which cannot pose a surprise when we will take into consideration the parabolic move.
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Brazilian IRS Creates New Penalty Code For Misreporting Crypto Taxes

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The Brazilian IRS is now watching closely on crypto deals and transfers thus creating a special penalty code for misreporting crypto taxes as we are about to read further in the crypto news below.If users fail to file a monthly report of crypto-asset movements, they will trigger the ‘’Revenue code 5720-Default for Default/ Incorrect/ Delay in reporting on transactions performed with crypto’’ as per the OBN news reports. The Brazilian IRS introduced this crypto regulation earlier in August and they claim to have received reports for about $14 billion in transactions in the past few months. It is still unknown how those figures were reached and whether it is based on transfers alone or trading as well.The IRS requirements only involved transactions related to trading which means that if you move actual coins it will be anonymous in most cases but when a coin is traded for fiat, a taxable event has to occur. For example, accounting for November trades has to happen by the end of December. Based on the volumes by LocalBitcoins, the interest in Brazil is relatively stable and the local exchanges are now highly active while the Brazilian real makes up to about $0.03% of the total BTC trading globally. The taxation approach in the country is very similar to one of the US IRS. The taxman also observes accounts and exchanges and brokerages. Holding BTC however, does not generate a taxable event despite the price fluctuations.The revenue services around the world, however, are also learning about the transparency of the Bitcoin network and the very potential to trace transactions directly. The principle that is reserved for criminal investigations is also known to the IRS. One of the major crackdowns on the BTC usage for 2019 happened with the Welcome to a Video website which was a darknet network that offered underage content. With the help of Chainalysis, the RIS managed to track the BTC addresses to account and real-world identities. The IRS reported:“By analyzing the blockchain and de-anonymizing bitcoin transactions, IRS-CI special agents were able to identify hundreds of predators around the world – even though those users thought that they could remain anonymous.’’
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BIS Believes Central Banks Could Become Less Attractive Due To Crypto

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BIS believes that the central banks will become obsolete due to crypto, according to Agustin Carstens who is the head of the Bank of International Settlements. He believes that the central banks cannot lose their role as gatekeepers of the entire financial system to cryptos but they are however still afraid.As per the recent cryptocurrency news, the US authorities claimed they have no plans to create a digital US dollar despite the many reports in the news along with other nations that are looking to float their own sovereign digital currency. In a speech delivered at Princeton University, Carstens explained that private cryptos should not be able to replace the central banks and that the crypto projects are ‘’gleaming skyscrapers’’ while calling the central banks providers of truth.The BIS believes that the primacy of mainstream finance which is a system that still hasn’t taken into consideration the 1.7 billion adults who remain unbanked while Bitcoin continues to gather greater financial inclusion. Bitcoin is the top cryptocurrency by market cap and has about $1 billion and $3 billion worth of transactions per day. While commentators such as Carstens stick to the primacy to mainstream finance, bitcoin gathers even more attention from the unbanked population.The BIS chief along with many members from the mainstream banking industry has a history of being anti-crypto. At the start of his mandate, Carstens called on regulators to propose stricter laws to govern the virtual currency market. however, Carstens’ remarks contain a high note of urgency missing from the comments back at the start of the year when he stated that there is no urgent need for the central banks to create a sovereign digital currency but that was when Libra still hadn’t published its whitepaper.Since Libra released its whitepaper, a lot of countries expressed plans to create their own national digital currencies just to try to prevent Libra from succeeding. For Carstens, the central banks should control the narrative of the emerging digital currency space and he even noted:
‘’We have a responsibility to be at the cutting edge of the debate. There is really no choice but to do so, as otherwise events will overtake us.’’
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