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Colorado Becomes First US State to Accept Crypto as Tax Payments

by Blockchain NewsSeptember 21, 2022

Colorado has set the ball rolling as the first U.S. state to offer residents the option of paying taxes using cryptocurrencies.

Governor Jared Polis made the announcement, noting that it was a stepping stone toward making Colorado a digital innovation hub.

“As of right now, the state of Colorado is officially accepting cryptocurrencies as a payment option for all taxes. We’ve been talking about this for a while, and we said we would deliver by the end of the summer — we have,” Polis said.

The Colorado Department of Revenue highlighted that payments would be remitted through personal PayPal accounts, which support Ethereum (ETH), Bitcoin (BTC), Litecoin (LTC), and Bitcoin Cash (BCH).

The governor pointed out that the state would collect the crypto payments and deposit the converted value in dollars into the state treasury. He added:

“Taxpayers can now select cryptocurrency as a payment option, just showing again from a customer-service perspective how Colorado is tech-forward in meeting the ever-changing needs of businesses and residents.”

To foster bold ideas in the state, Polis believes taking the crypto payment route is the way to go.

“As a state, we’re on the forefront of digital innovation, whether it’s applying blockchain and shared-ledger technology as a new model for funding, or whether it’s simply being consumer-friendly and making sure that we allow for the kind of innovation that will disrupt legacy business practices and government practices to make them more efficient,” Polis highlighted.

Earlier this year, the Colorado governor disclosed that the state was in high gear to permit crypto tax payments as early as this summer, Blockchain.News reported.

Polis’s crypto advocacy has not gone unnoticed, given that he was one of the initiators of the Congressional Blockchain Caucus back in 2016. He was also among the first politicians to accept crypto donations for his campaigns.

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Colorado Emerges as First U.S. State to Accept Crypto as Tax Payments

by Blockchain NewsSeptember 21, 2022

Colorado has set the ball rolling as the first U.S. state to offer residents the option of paying taxes using cryptocurrencies.

Governor Jared Polis made the announcement, noting that it was a stepping stone toward making Colorado a digital innovation hub.

The governor pointed out that the state would collect the crypto payments and deposit the converted value in dollars into the state treasury. He added:

“Taxpayers can now select cryptocurrency as a payment option, just showing again from a customer-service perspective how Colorado is tech-forward in meeting the ever-changing needs of businesses and residents.”

To foster bold ideas in the state, Polis believes taking the crypto payment route is the way to go.

Earlier this year, the Colorado governor disclosed that the state was in high gear to permit crypto tax payments as early as this summer, Blockchain.News reported.

Image source: Shutterstock

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Tagged : Bitcoin / Colorado / Cryptocurrency / Cryptoeconomics / Ethereum / JARED POLIS / Litecoin / Payment / Tax

Colorado Emerges as First U.S. State to Accept Crypto as Tax Payments

by Blockchain NewsSeptember 21, 2022

Colorado has set the ball rolling as the first U.S. state to offer residents the option of paying taxes using cryptocurrencies.

Governor Jared Polis made the announcement, noting that it was a stepping stone toward making Colorado a digital innovation hub.

The governor pointed out that the state would collect the crypto payments and deposit the converted value in dollars into the state treasury. He added:

“Taxpayers can now select cryptocurrency as a payment option, just showing again from a customer-service perspective how Colorado is tech-forward in meeting the ever-changing needs of businesses and residents.”

To foster bold ideas in the state, Polis believes taking the crypto payment route is the way to go.

Earlier this year, the Colorado governor disclosed that the state was in high gear to permit crypto tax payments as early as this summer, Blockchain.News reported.

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Tagged : Bitcoin / Colorado / Cryptocurrency / Cryptoeconomics / Ethereum / JARED POLIS / Litecoin / Payment / Tax

UK’s Channel Islands Tax Haven Luring Investors into Crypto

by Blockchain NewsAugust 15, 2022

While the financial world is hesitant to trade Bitcoin because of the recent market crash, the Channel Islands – several small British Overseas Territories – are quietly offering tax incentives to investors to move their money into cryptocurrencies.

Due to their favourable tax laws, Jersey and Guernsey – the two main islands of the UK’s Channel Islands – are attracting cryptocurrency, blockchain, and other fintech companies into their jurisdictions.

Crypto experts based in Jersey and Guernsey recently talked to Business Insider media about how these islands set up efforts to attract crypto and blockchain investors.

Edmund Hatton, a fintech lead at Digital Jersey, told Insider that these islands have not instituted capital gains or inheritance tax in their governance plan, making them attractive locations for investment firms, including crypto firms.

Hatton said that even before cryptocurrency entered the mainstream, Jersey and Guernsey had begun competing for the booming asset class.

Jersey has attracted crypto firms such as CoinShares, which manages assets worth about $3 billion. The Swiss-digital asset investment firm used Jersey to establish its crypto-backed Physical Bitcoin exchange-traded product in January 2021.

Barney Lewis, the CEO of ZEDRA, an investment firm based in Guernsey, told Insider that he made a recent trip to Miami – the major crypto hubs in the US – as part of efforts to lure American crypto investors to the island and away from rival tax havens like the Cayman Islands.

“We’re competing directly against Cayman, and we’re seeing the migration of US funds out of there. Brazilian and South American investors have fallen out of love with Cayman and are moving the capital to Guernsey,” Lewis said.

Efforts by the Channel Islands to lure crypto investors have coincided with the broad plunge of crypto prices over the previous nine months.

The current crypto winter could benefit the landscape by testing key infrastructure, consolidating major companies, and boosting greater efficiency.

Jonathan Van Neste, a partner at Jersey-based Oben Regulatory, told Insider: “In a crypto winter, we could see a consolidation of crypto projects. That would lead to a much more diversified investment opportunity in the crypto, blockchain, and DLT space.”

The experts said the maturation of the digit asset landscape could increase investors’ appetite for low-tax jurisdictions like Jersey and Guernsey.

The experts are optimistic that the Channel Islands’ proactive approach to luring investors will place Jersey and Guernsey in an ideal position to profit when cryptocurrencies make them come back.

Lewis said although “crypto and digital assets adoption has been slow in the fund’s space, we have to hope we’re well-placed for the next cycle.”

Investing in Cryptocurrencies

People in Jersey and Guernsey have shown the same interest as their counterparts in the UK as residents are increasingly buying into cryptocurrencies.

Reports show that one in five citizens in Jersey and Guernsey own cryptocurrency. Younger people in these islands already used digital assets such as Bitcoin to transact online.

The next generation in the wider UK has already adopted crypto assets and is already using them, despite leading regulators urging caution.

Inflation has been a major driver for people adopting such virtual assets across international countries that have seen currency devaluation.

In January this year, Guernsey launched its first cryptocurrency fund, which is now available to institutional investors.

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Tagged : CHANNEL ISLANDS / Crypto / Cryptoeconomics / GUERNSEY / Investment / JERSEY / TAX HAVEN / UK

HK-based Spending App Offers Crypto Rebate for Customers

by Blockchain NewsJuly 27, 2022

Hong Kong-based startup, Bloom announced its collaboration with cryptocurrency exchange Okcoin to offer token rebates and introduce a gamified retail experience to its clients.

Digital payment in Hong Kong is becoming more common in people’s daily life. To break through the current spending landscape in the city dominated by credit card and their cash rebates or reward points mechanism, the spending app has offered a reward scheme to get a spending rebate in terms of cryptocurrency.

Customers now have more options to gain rewards and even take a glimpse of the crypto space. By partnering with Visa credit card, it allows customers to convert their spending credits into crypto according to the latest price.

Per the press release, the scheme now supports over 10 mainstream cryptocurrencies, including Bitcoin, Ethereum and Dogecoin.

According to the company’s website, the company “aims to provide personalized spending rewards from cash rebates to digitalized coupons to consumers by connecting partner brands and card issuers.”

Eddie Rong, the founding member of Bloom, welcomed the partnership with Okcoin and wishes more customers might embrace the crypto space, “With the increasing awareness of cryptocurrencies in Hong Kong, although the cryptocurrency market has been volatile recently, we seek to build a platform for beginners on top of an exciting spending experience, empowering members to save cryptocurrencies and shop at the same time.”

The app offers a HK$10 worth of Bitcoin bonus for customers who connect their first Visa credit card to their account or conduct their first transaction in this program, according to the official website.

The company said its app integrates real-time data via an application programming interface (API) to help its members stay on trend in the cryptocurrency space. Furthermore, the app allows the withdrawal of cryptocurrencies to designated crypto wallets or covert them into Bloom Coins for in-app redemption of nonfungible tokens (NFT), e-coupons, and fashionable collectables, without being charged, and members could choose their preferred way of keeping rewards at no costs.

The company believes the new platform “will help democratise crypto and lay the foundation for them to play a more important role in the financial system.”

Meanwhile, their counterpart Okcoin will provide zero-fees account opening services to their clients, encouraging them to adopt their crypto trading services.

“The combination of Bloom’s rewards program and easy-to-use spending product provides an ideal avenue for new and existing crypto users to interact with digital assets every day, and we’re glad to help make this possible,” Khairi Azmi, general manager of Okcoin (Asia) said, adding that the platform would make crypto to be more common and “regular to go mainstream across the world” among ordinary people daily life.

Crypto adoption is expected to expand to the retail level among the institutional investment market in the city. According to a recent study, Hong Kong is marked as the top-rank region or economy in terms of the level of crypto readiest, as the city enjoys the highest number of blockchain startups per 100,000 people and the number of crypto ATMs proportional to the population.

Image source: Bloom

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Tagged : BLOOM / CREDITCARD / Crypto / Cryptoeconomics / Okcoin / REBATE / Spending / Visa

Central African Republic Begins Sales of Sango Coin

by Blockchain NewsJuly 27, 2022

The Central African Republic (CAR), a landlocked country in Central Africa, rolled out the launch and sales of its national cryptocurrency called “Sango Coin” on Monday, July 25, as planned.

However, the sales of the national digital currency tokens started with a low tone, with just over 5% of the target bought in the hours after its launch. The slow start has so far raised questions about the project’s transparency and a broader market downturn in the industry.

As reported by Blockchain.News last week, the launch and sales of “Sango Coins” worth $21 million were expected as of Monday. The CAR government planned to put 210 million Sango Coins on offer (sales), priced at $0.10 each, with a minimum investment of $500 to be paid in cryptocurrencies, including Bitcoin and Ethereum.

Out of the initial $21 million on offer, about $1.09 million had been sold by 1115 GMT on Tuesday, after the digital token went on sale at 1700 GMT on Monday, according to Reuters media.

Investors, who were enthusiastic about the prospects, bought the Sango Coin, with a minimum investment of $100 paid in cryptocurrencies, including Bitcoin and USDT. This was a drop from customers’ planned minimum investment of $500.

A local investor named Michel Muna, a 35-year-old Cameroonian who imports food and drink, bought $524 worth of Sango Coin on Monday.

Some market experts have tried to explain the events behind the sales of the CAR’s crypto coins on the first day.

Joseph Edwards, head of financial strategy at Solrise, a crypto investment firm, said: “A crypto project not selling out its initial mint is a poor sign. It’s hard to get a precise read on things because of the whole coin and project’s deliberately obscure structure.”

Another crypto industry figure, who requested her identity to remain anonymous, said Sango Coin did not have what most crypto enthusiasts view as one of the assets’ main benefits – a lack of state involvement. “They’re building something that is literally controlled by the government,” she stated.

Revitalising National Economy

In April, the Central African Republic (CAR), one of the world’s poorest countries, made headlines when it became the first African state to make Bitcoin legal tender.

The announcement puzzled many crypto experts and prompted the International Monetary Fund to warn that the African country’s implementation of Bitcoin would pose economic and legal issues.

Opposition parties criticised the CAR for deciding without consulting the regional central bank that manages the shared currency of six countries, including the Central African Republic.

However, the CAR government defended the plan, stating that the move towards cryptocurrency is part of the nation’s effort to revitalise its economy and develop its financial inclusion with a ‘next-generation currency.’

Ranked among the poorest nations in the world, the CAR became the second to adopt cryptocurrency after El Salvador.

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Tagged : CAR / CENTRAL AFRICAN REPUBLIC / Cryptocurrency / Cryptoeconomics / Digital Currency / SANGO COIN

Kazakhstan Is Not Late to Embrace Crypto: National Bank Chairman

by Blockchain NewsJune 9, 2022

The National Bank of Kazakhstan is warming up to cryptocurrencies, but not at the same pace as some governments that have legalized the trading of cryptocurrencies on their lands.

At a recent press conference, the National Bank Chairman, Galymzhan Pirmatov was asked if the country came late to the crypto party.

Pirmatov responded that the country is not in any way late to the crypto space, noting that it has taken out time to carefully observe the space over time. “I do not think that the National Bank is late. We, like many central banks and financial regulators in the world, are carefully observing and studying this issue,” Pirmatov said adding that the bank is somewhat holistic in its approach to the ecosystem with considerations for miners, Decentralized Finance (DeFi), and all innovations associated with the industry.

“We are talking about decentralized finance, where we are attracted by the possibility of innovation. That is, we do not keep the issue of miners or about some separate part. We are interested in the opportunities for innovation that these new technologies give us.”

Based on this, Pirmatov said the bank is going to continue making consultations in order not to introduce a policy that will affect macroeconomic stability and “the interests of consumers of financial services.”

Kazakhstan is notably putting its money where its mouth is, and per the consultation move, it recently inked a partnership with Binance exchange in the latest visit of Changpeng Zhao to the country.

The partnership will see the trading platform, recognized as the biggest in terms of trading volume, advise the government in terms of the policy as it relates to its push to bring regulations into the growing crypto ecosystem.

Pirmatov affirmed that the country will no longer ignore the crypto market and will be open to the best of the innovation the space has to offer.

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Tagged : Crypto / Cryptoeconomics / DeFi / Kazakhstan / NFT

Human Rights Advocates Urge U.S. Lawmakers to Concern Crypto, Saving Crumbling Currencies

by Blockchain NewsJune 8, 2022

A group of human rights advocates from across the globe have written a letter to U.S. lawmakers, urging them to be concerned about the role of importance of cryptocurrencies against unstable economies whose local currencies are collapsing.

The letter reads:

“We are 21 human rights advocates from 20 countries across the globe who have dedicated ourselves to the struggle for freedom and democracy. In this struggle, we have relied on Bitcoin and dollar instruments known as stablecoins, as have tens of millions of others living under authoritarian regimes or unstable economies.”

As a counter to technologists’ claim that crypto is unproven and risky, experts had sent a letter to the U.S. Congress last week, reflecting their sceptism towards cryptocurrencies as they deemed them too dangerous. Nevertheless, human rights advocates are up in arms against this declaration because they believe digital assets have been life-changing.

One of the supporters, Lyudmyla Kozlovska, pointed out:

“For me, Bitcoin is not just technology. It has literally saved the lives of my friends and many Ukrainians. Without it, we would not have been able to raise money so quickly to pay for protective equipment for soldiers in the early days of the Russian invasion.”

Therefore, the advocates asked the U.S. lawmakers to use an empathetic and open-minded approach when tackling the matter because cryptocurrencies were proving to be game-changers for people facing economic hardship and political repression.

The letter added:

“Bitcoin provides financial inclusion and empowerment because it is open and permissionless. Anyone on earth can use it. Bitcoin and stablecoins offer ungated access to the global economy for people in countries like Nigeria, Turkey, or Argentina, where local currencies are collapsing, broken, or cut off from the outside world.”

In Argentina, citizens sought shelter in crypto to tame runaway prices as local inflation surged by more than 50%, Blockchain.News reported.

A similar picture was painted in Nigeria because 35% of Nigerians had entered the crypto market in six months based on factors like high inflation rates, according to a study by crypto exchange KuCoin.

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Tagged : Advocacy / Bitcoin / Cryptocurrency / Cryptoeconomics / HUMAN LIFE / Human Rights / Inflation / Stablecoins / United States

No Chivo Wallet Downloads in El Salvador This Year, Study Shows

by Blockchain NewsApril 26, 2022

El Salvador is the first country in the world to accept Bitcoin (BTC) as a legal tender back in September 2021.

While the President, Nayib Bukele gained popularity through the publishing of sterling data about the adoption of the cryptocurrency from September through the end of the Fourth Quarter, a new study shows the enthusiasm for the crypto adoption in El Salvador does not as promising as painted.

Shocking Reveals of the Study on El Salvador

The National Bureau of Economic Research (NBER), sponsors of the research claimed there have been virtually no Chivo wallets downloads this year. The Bureau noted that the downloads of the wallet were done primarily in order to gain access to the $30 incentive offered by the government.

Per the study, access to the Chivo wallet was not widespread as only citizens with access to mobile phones and the internet, of which almost 90% of the respondents deemed to use no mobile banking. The study revealed that September accounts for exactly 40% of all downloads.

“Most downloads took place just as Chivo was launched. In fact, 40% of all downloads happened in September 2021, and virtually no downloads have taken place in 2022. The main driver of adoption is reported to be the $30 bonus offered by the government, equivalent to 0.7% of annual income per capita,” the report highlights.

At the time when the country announced Bitcoin is a legal tender, many citizens took to the streets in riots, as they criticize their president as a dictator. The protests recorded in the initial period played out over time as many refused to download the Chivo wallet at all owing to distrust for the regime and their data, the NBER study corroborates.

More Rocky Headwinds?

There are numerous Bitcoin-linked plans that have been set out by El Salvador as unveiled by President Bukele. While most of the plans, including the scheduled Bitcoin bonds that are expected to be issued as well as the planned construction of a Bitcoin City, have still not been achieved.

Despite the broad support of the crypto community, the question is whether El Salvador is on the right track with its Bitcoin as a legal tender pursuit in the first place.

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Tagged : Bitcoin / Chivo Wallet / Cryptoeconomics / El Salvador / NAYIB BUKELE

3.6 million Americans Likely to Pay by Crypto This Year, Survey Shows

by Blockchain NewsApril 21, 2022

The year 2022 holds a lot of promises for the broader digital currency industry as a forecast from Insider Intelligence shows adoption of crypto payment will continue to rise.

The data analytics platform predicts that the number of American adults who will own cryptocurrencies and utilise these nascent asset classes for payments will surge by double digits this year through 2023.

According to the forecast by the platform, payments made through cryptocurrencies will surpass $10 billion globally, a figure if achieved will imply a more than 70% growth from the 2021 record.

“It is easier now to invest in cryptocurrency than ever before,” says Nazmul Islam, forecasting analyst at Insider Intelligence. “In 2021, cryptos became easier to purchase within apps consumers were already using, while major financial institutions embraced crypto investments. Add hype surrounding meme stocks like Dogecoin to this easier accessibility, and you have a huge spike in ownership rates.”

When Satoshi Nakamoto introduced Bitcoin in 2009, its utility was limited to payments, which swiftly grew to become an investment asset in the past couple of years. As the industry keeps up its maturity and institutional investors wade in, a wider range of utility is now being attached to cryptocurrencies as a whole.

In the forecast of the adoption of the digital assets this year, Insider Intelligence predicts that more adults in the 25 to 34 age range will dominate the pack, followed by those ages 35 to 44. The smallest but fastest-growing group will be adults ages 65 and over.

“Younger investors have a genuinely positive outlook on blockchain technology and are buying crypto to hold for a while, expecting prices to continue increasing in the long run,” said Islam. “Older investors will be more risk-averse and leery of the volatile crypto market. Although, they are increasingly starting to invest in crypto as more retirement funds offer it as an option.”

Digital currencies, as well as the innovations it heralds, have come to stay, and a number of financial institutions are doing all they can to be positioned enough to catch a fair share of the emerging market that will be built around these transitioning nascent asset class.

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Tagged : Bitcoin / Crypto Adoption / Cryptocurrency / Cryptoeconomics