Hey everyone! As promised, I will be responding to one of your comments from last segment, so stay tuned till the end of the video to see which one I chose! Today, Portugal is the place for crypto, PNC is now using xCurrent, transferring CBDC just got easier, and crypto prices plummet This is the Cryptocurrency News with Molly Jane
If you’re wheelin’ and dealin’ in crypto, then you should probably take a look at what’s going on in Portugal at the moment The Portuguese Tax and Customs Authority have just confirmed that crypto transactions or payments are exempt from any value-added tax In other words, if you exchange some crypto into fiat in Portugal, that exchange is tax-free! And that’s not all According to the report, income made from crypto sales cannot be taxed Yes, you heard that correctly: no income tax on crypto
So yeah, my flight leaves in about an hour You guys think we could wrap this up in just like Just finish the video
Okay, I'll just finish the video first Okay, well, essentially what this all means is that Portugal is viewing cryptocurrencies as a means of payment (you know, like an actual currency) rather than just as an asset Does this mean Portugal is set to become the next crypto haven? Let me know your thoughts in the comments! What’s better than being eighth? Well, obviously it’s being first That’s probably what the eighth largest bank in the US
was thinking when they became the first American bank to start using the RippleNet blockchain PNC, which holds almost $400 billion in assets, is now offering RippleNet-based cross-border payments solutions to its commercial clients Basica lly, if you’re a company, you can send money abroad through PNC, who will use RippleNet’s xCurrent service to complete the transaction This is a big addition for RippleNet, as we are seeing them do more and more to institutionalize themselves within the network of cross-border payments In June, we saw Ripple purchase a 10% stake in Moneygram, which is the second-largest remittances firm in the world
The central stipulation of the deal was that Moneygram would begin using RippleNet’s service, xRapid How do you feel about Ripple’s work to build a more interconnected global monetary system? Who do you think will be next to integrate RippleNet systems? Comment below Remember how on Wednesday we said China’s central bank digital currency (or CBDC) could arrive as early as November 11th? Well, the People’s Bank of China is now claiming that’s not going to happen, so we’re going to have to wait a bit longer before we get to see what this thing is actually going to look like However, we do have some more information about how it’s going to function! According to Binance Research, China’s CBDC will be transferrable without the need of a bank account because of its loosely-based design By loosely-based design, Binance Research means that the CBDC will have a system of components that do not all depend on each other, which, to be honest, is a pretty LOOSE definition that doesn’t actually tell us a whole about the system itself
The main point, though, is that bank accounts won’t be needed for transfers This, SUPPOSEDLY, is to offer some degree of user anonymity But will it actually? What do you think? Let me know in the comments The PBoC is also reportedly considering implementing smart contracts, but are hesitant to do so in case that causes their currency to actually be classified as a security That would be pretty awkward if China’s like “hey look at our new digital currency!” and the rest of the world is like “what, that’s not a currency, that’s a security!” and then proceeds to heavily invest in it
What a world Controversial statement of the day: Altcoins are resuming their downward trek TO OBLIVION Do you believe me? Well, if you don’t believe me, maybe you should believe Max Keiser instead, because he’s the one who actually said that As he wrote in his tweet yesterday, “Bitcoin dominance climbs as alt-season fails to materialize and alts resume downward trek to oblivion BCH and BSV have another 90% drop to go
” Bitcoin’s price has dropped 8% in the past few days (“stabilizing” now around $9,500) while alt-coin prices were even worse for wear Ethereum took the largest hit, both physically and emotionally Not only did its price drop 88%, but Max Keiser also decided to turn the knife in the wound, saying that Ethereum could soon fall to just $90 He seems to really like the number 90
In the midst of Keiser’s dire alt-coin predictions, gold bug Peter Shill – I mean Peter Schiff – took an opportunity to gloat over the latest price drop, saying that, “Bitcoin has again failed the safe haven test On Friday, as escalating trade tensions sent global stock markets plunging, investors sought refuge in monetary safe havens The Japanese yen, Swiss franc, and especially gold all moved higher Yet Bitcoin plunged by more than stocks!” Gold is down 065% in the past twenty-four hours, bringing it almost exactly back to its price at the beginning of the week
The overall crypto market cap took a $20 billion hit from the combined losses and is now currently sitting at $246 billion Bitcoin’s share is comfortably positioned at the ever-magical 69% Is gold the safe haven that Peter Schiff claims it to be? Is Bitcoin a safe haven? Is neither is a safe haven, and then what is?? So! Like I said at the beginning of this video, I'm gonna pick some of the best comments from last week! So, what we have here is Wesley Archbell He wrote: "Should not called be cryptocurrency if it's not decentralized:)" And I think Wesley brings a very good point, because now that we have Libra, we have all these central banked backed digital currencies The question comes: can we call something a cryptocurrency, is there a difference between a cryptocurrency and digital currency, a digital asset? What should XRP fall under? So, I don't know exactly what the answer is, but it's definitely something good to think about
If you guys have any more ideas about whether a cryptocurrency can be a centralized cryptocurrency, as always comment below! Thank you everyone for watching! This has been Molly Jane with the cryptocurrency news And as always remember to like, subscribe, and hodl!
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