With 3 major crypto-news on a single day, that is really an exception for the cryptoworld or better the world in general, since it's not affecting a small community anymore, but large parts of the world.
So starting with the first one, which may have the biggest impact on the long run on cryptos:
US Government to Host Federal Blockchain Forum
The US government announces its plans to hold a US Federal Blockchain Forum on July 18, 2017.
The forum, is organized and will be hosted by the General Services Administration and the State Department, was created for the purpose of creating a six-month plan on how to bring government agencies to collaborate in the creation of more Blockchain technology-related initiatives.
Catching up on Blockchain developments
The forum will be held on July 18, 2017 in the GSA Building in Washington DC. All federal government agency managers are encouraged to participate, but they will first have to form a team in which each will create a proposal for their own use of Blockchain Technology.
In the forum, participants will learn all about the recent advancements of Blockchain technology as well as their direct applications within the government.
South Korea to Soon Legalize Bitcoin and Ethereum, Protect Traders From Bubble Burst
On July 3, Representative Park Yong-Jin of the ruling Democratic Party of South Korea announced that revisions on the regulatory frameworks for cryptocurrencies including Bitcoin would be released in the upcoming months.
Three bills will be drafted and revised by South Korean lawmaker Park with the sole focus on legalizing Bitcoin and Ethereum. In the proposal obtained by local publications including The Korean Herald, Park emphasized the necessity to protect South Korean users, traders and investors from potential risks and the event of a digital currency bubble burst.
It’s Official: Japan Has Eliminated Tax on Bitcoin, Rise in Trading Expected
Japan’s tax reform bill which officially eliminated consumption tax on the sale of Bitcoin came into effect on July 1. Bitcoin trading activities are expected to rise in Japan following the activation of the bill.
In a report entitled “Japan: Inbound Tax Alert, 2017 Tax Reform Proposals,” Deloitte previously revealed that virtual currencies including Bitcoin were set to be exempt from the eight percent consumption tax in Japan.
Deloitte’s report read:
“The supply of virtual currency will be exempt from Japanese Consumption Tax (“JCT”). Currently, virtual currencies such as Bitcoin do not fall under the category of exempt sales, and as a result, the sale of virtual currencies in Japan have been treated as taxable for JCT purposes. Following the enactment of the amended Fund Settlement Law in May 2016, which newly defined “virtual currency” as a means of settlement, the sale of virtual currency as defined under the new Fund Settlement Law will be exempt from JCT. This change will apply to sales/purchase transactions performed in Japan on or after 1 July 2017.”
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Is it bad that I am automatically leery when I hear the US government wants to get involved with cryptos? In the back of my mind I'm thinking "these bastards are going to ruin a good thing".
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We have to fight for cryptos to stay decentrised, simple as that. That applies to most countries, as they want to stay in control of everything, especially YOUR money.
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Totally agree!
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Liked and followed :)
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this won't gain you real followers, just add some commentary on top of the topic,
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Thank you @frag, @cryptotraderx You are right ;)
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thanks for the info i really need a good crypto currency source. You got my follow my dude :)
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Thanks @matthew23, will keep that in mind and try to write posts more responsibly.
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Getting on the train!
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cryptocurrency is gaining the attention of governments, helps expose the market which will drive investors into this market and help it grow
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2018 will be a very, very interesting year in terms of cryptocurrencies. It will be the entrance year to mainstream.
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I may be the odd person out here, but I feel like for crypto currencies and the blockchain to really hit a high level of sustainability within the mass market, there will have to be government taxation and intervention. It's similar in nature of going from the B-League in baseball to the professional arena. For the overall "cryptosphere" to grow to new heights, big money will have to get involved. For big money to get involved, regulation is a must.
I think that the fact government is paying attention to the blockchain is a win for us all.
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nice post ,,, you have good blog , Good luck. Comrade
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