The Shanghai branch of the People’s Bank of China recently commented the situation revolving around cryptocurrencies. As the announcement published in the news this Friday shows, the Chinese central bank observed a resurgence in the cryptocurrency related speculation through ICOs, IEOs, STOs and other capital raising or token distribution methods.
The crypto news show the Chinese central bank announcement in full, continuing to argue about the sale of tokens for Bitcoin, Ethereum and other virtual currencies and how it remains “essentially unauthorized illegal public financing, suspected of illegal sale of tokens, illegal issuance of securities and illegal fund-raising.”
The PBoC Shanghai branch also added that crimes via cryptocurrencies have “seriously disrupted the economic and financial disorder.” As such, the Chinese central bank noted that it will keep “monitoring the virtual currency business activities within the jurisdiction,” which will be “disposed of immediately” if discovered.
PBOC Shanghai Head office just made a new regulatory update as
“Strengthen regulation and control, clamp down cryptocurrency trading” pic.twitter.com/zL0BgOJBUF— Dovey 以德服人 Wan 🗝 🦖 (@DoveyWan) November 22, 2019
The Chinese media and analysts echoed this decision, which comes shortly after the leading state-run publicaiton named Xinhua released an entire article about Bitcoin. The article translates to ‘Bitcoin: The First Successful Application of Blockchain Technology’ and was seen by many on Twitter – being described as a groundbreaking development for the crypto space.
The head of the crypto focused venture fund Avon Ventures (which is a fund that is affiliated with Fidelity) reminded his followers that this article – while explaining the ins and outs of Bitcoin – calls the cryptocurrency “highly concentraded/centralized” phenomena and something that is bad for the climate or used for black market transactions.
Chinese state media (read: government) calls bitcoin:
•bad for climate
•only used for black market txs
In other news, black is white, up is down, and China is good for the environment, definitely not centralized, and 100% only does good. https://t.co/ivzOKu35sO— Alex Thorn (@intangiblecoins) November 11, 2019
What’s important at this point is the fact that the Chinese central bank is the first to bash digital assets through an article. The People’s Daily which is another state-run outlet in China reminded the people that Xi’s support for blockchain does not equate to support for crypto earlier this year, noting:
“The rise of blockchain technology was accompanied by that of cryptocurrencies, but innovation in blockchain technology does not mean we should speculate in virtual currencies.”
With a mixed climate and mixed reactions from the media, it is up to the Chinese to decide what does Bitcoin present and what could it change in the national and global economy.
DenmarkTax Agency Requests Users’ Background Of All Crypto Transactions
“Many of our Danish users have received these letters, Skat is asking for a full breakdown of all their transactions and asking them to fix all past reports as well. Filing tax on cryptocurrency trades is a difficult task as crypto traders usually hold several exchange accounts & wallets and freely transfer crypto between them, so there’s no easy way to figure out what the capital gains are for any particular trade.”Skat mostly focuses on the crypto consumers' transactions in 2018 when it confirmed it was identifying more than 2,700 individuals that owed taxes on their BTC gains. The agency intended to go after each one of the users that avoided their payment obligations. Skat stated at that time:
“If something does not match, we will contact them and ask for more information. However, how many people it is and what it may mean, it is still too early to say.”
Ukraine Adopts New Legislation Making Crypto Payments Legal
Nordea Bank Announces Crypto Trading Ban For Its 31,500 Employees
“The market for crypto-currencies is unregulated and not transparent. It makes it hard to monitor where the money comes from. It increases the risk that investors, including our employees, may unwillingly get involved in activities that are unethical or outright illegal.”He also added that the company is "satisfied that the court ruled in our favour" and noted that Nordea Bank is confident about this decision.
“It [the decision] is allowing a corporation to impede the private lives of its employees. It is infringing upon the personal freedoms of its employees.”There is in fact nothing out of the ordinary in Nordea's prohibition. Some cryptocurrency exchanges have prohibited crypto purchases among employees and specialized their personnel within larger financial organizations such as commodities traders, which are commonly subject to restrictions on their personal assets.The Danish court and its press release was designed to answer the question why is Nordea Bank doing this and referred to the prior statements from the bank which showed the following:
"Investments in cryptocurrency have been restricted due to the unregulated nature of these assets which are not subject to investor protection regulations or authority supervision and related risks including volatility and liquidity risk as well as financial crime risks, e.g. that proceeds that employees might obtain from selling bitcoins derive from criminal activities.”
Korean Government Will Impose Crypto Capital Gains Tax In 2020
“Related discussions have been taking place. The revised bill will be drawn up by the first half of next year.”The Korean national assembly also worked on a crypto taxation bill and the bill was aiming to increase the transparency on all parts of the process of trading digital coins. However, Korea will not try to tax capital gains from the sale of digital assets. If the new legislation follows the usual approach to taxing capital gains, the people of Korea will have to supply a detailed history of crypto trading deals. The virtual currency exchange will also have to keep separate records for each user as well as detailed personal information.Most of the crypto exchanges already have a KYC procedure for the number of coins traded. The Korean trades also will link the accounts to bank accounts and trade directly in Korean won and also the decentralized exchanges or obscure markets and it is impossible to trade anonymously this year. The taxing of Bitcoin and other digital coins will counter to the crypto spirit which is seen as existing beyond the national-backed fiat. However, the sale of virtual coin generates the fiat gains and is deemed taxable. But the idea of collecting a database of transactions and ownership which looks likes another attempt to try and control Bitcoin.The Korean Government will boost the interest in crypto trading after it got low in 2019 and a part of the slide comes from the lowered activity on the markets. Bitcoin however still remains attractive and remains one of the chief sources of gains for this year. Korea joined the long list of countries that have turned to track crypto transactions.
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