The crypto and blockchain community have plenty of reasons to be celebrating and one of them is because of the opening of a new bank that will accept blockchain and crypto companies and this is why we are learning more about it in today’s crypto news.
The Premier of Bermuda David Burt announced this amazing news in an interview with BBC journalist Priya Patel earlier today at the Consensys Lounge. This event is one of the many happening right now at the World Economic Forum in Davos, Switzerland.
He addressed the importance of focusing on quality over quantity when it comes to accepting businesses. Burt says that the main focus for Bermuda is to look closely at crypto and blockchain companies:
‘’I’m proud to say that next week we’ll be making an announcement revealing that a bank will be set up in the country that will start accepting crypto and blockchain companies.’’
A bank such as this one that accepts crypto and blockchain companies is one major obstacle for many countries who want to exploit the crypto space. For example, in Malta banks are extremely hostile to any crypto or blockchain company and many companies are giving up on doing business in Malta because of that.
Bermuda is one of the world’s most popular offshore financial centers and has a great position to use the most out of the crypto and blockchain business. The US Marshall Islands is also on a good path to create a regulatory framework for blockchain and crypto companies.
Guangdong Province In China To Use Blockchain-Based Tax Payment Platform
“Blockchain technology has established a highly mutual trust data sharing mechanism among tax authorities, invoice service providers, taxpayers and other parties. This is a major reason for the tax authorities to take a new step in deepening the [technological] reform [by] the distribution services.”Back in December 2018, one of the bigger cities in the Guangdong province-Shenzhen announced its success story of how blockchain technology helped with the tax invoices via the messaging app WEChat payment platform. Also, last year in November, the capital of the Guangdong and one of the most developed economic zones in China, Guangzhou, was chosen as a headquarters city for the new blockchain alliance. The alliance involves 54 different companies and is promoting blockchain technology in finances and trading. Countries around the world are opting for blockchain-based tax solutions because of the higher efficiency and transparency.
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