#CryptoCorner: BTC Nearing $12K Again, Singapore Proposes #Crypto Exemption from GST, Libra Causes ECB Board Member Calls for Regulation
#CryptoCorner: BTC Nearing $12K Again, Singapore Proposes #Crypto
Exemption from GST, Libra Causes ECB Board Member Calls for Regulation
Point Roberts WA, Delta BC, July 8, 2019
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Stocks discussed: (NasdaqGS:FB)
The crypto market has emerged
from the weekend looking fairly green, with total market capitalization
clocking in at around $337 billion at press time, according to data from CoinMarketCap.
Over the past week Bitcoin (BTC) has reclaimed its $10K+ support level
after having dipped below it about a week ago. The flagship cryptocurrency is
currently trading for around $11,900 with a market cap of $211 billion.
Altcoins are broadly showing an upward trend for the past 24 hours. Ether (ETH) and XRP lead those, as usual, with market caps of
$33 billion and $17 billion, respectively.
The Inland Revenue
Authority of Singapore published the draft for its new e-tax guide, wherein the
agency proposed to exempt cryptocurrency transactions from goods and services
(GST) taxes. An excerpt outlines the existing status of crypto with regard to
GST in the country:
Under
the current rules, the supply of digital payment tokens is treated as a taxable
supply of services. Therefore, the sale, issue or transfer of such tokens for
consideration by a GST-registered business is subject to GST. When the tokens
are used as payment for the purchase of goods or services, a barter trade
resulting in two separate supplies arises — a taxable supply of the tokens and
a supply of the goods or services.
If the new proposed rules
see legislation, the following will take effect:
(i) The use of digital payment tokens as
payment for goods or services will not give rise to a supply of those tokens;
and
(ii) The exchange of digital payment tokens for
fiat currency or other digital payment tokens will be exempt from GST.
Bloomberg reports that European Central Bank
(ECB) Executive Board member Benoit Coeure has called for regulation in light
of the development of Facebook’s (NasdaqGS:FB) Libra cryptocurrency project.
“It’s
out of the question to allow them to develop in a regulatory void for their
financial service activities, because it’s just too dangerous. We have to move
more quickly than we’ve been able to do up until now.”
“All
these projects are a rather useful wake-up call for regulators and public
authorities, as they encourage us to raise a number of questions and might make
us improve the way we do things.”
According to a
report from the South
China Morning Post
today, Libra has “forced” China to hasten efforts in the development of a
digital currency. It’s argued that Libra could potentially challenge China’s
cross-border payments, monetary policy and financial sovereignty. Wang Xin,
director of the People’s Bank of China (PBOC)’s research bureau, commented:
“If [Libra] is widely used for payments, cross-border
payments in particular, would it be able to function like money and accordingly
have a large influence on monetary policy, financial stability and the international
monetary system?”
Sam
Mowers, Investorideas
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