"Your mind is for having ideas, not holding them.”
- David Allen
Welcome back, fam! Brand new week, so here's a reminder to focus, and to commit to productivity. Let's goooo! 😬
Today in history (2014), Germany defeat Brazil by a record 7-1 in the semi-finals of the 2014 FIFA World Cup. That day, Miroslav Klose of Germany also broke the World Cup goal scoring record with 16 goals. That record still stands till today. 😲
In today's newsletter, we will be coveringBenoit Coeure of the European Central Bank calling for financial regulators to act fast to prepare for Facebook’s Libra, the Inland Revenue Authority of Singapore (IRAS) publishing an e-Tax draft guide for “Digital Payment Tokens” andIranian Assistant Minister of Industry, Trade, and Supply Saeed Zarandi saying that US Congress is seeking to stop Iran’s access to cryptocurrencies.
Please don't forget to answer the polls down below too! It's a great way for us to interact with you all and hear what you have to say. 💭 Happy reading! 📚
Sideway action 😴
Over the weekend, total market capitalization bounced within a tight range of ~$312.8 billion and ~$335.9 billion, with 24-hour volume levels averaging ~$65 billion.
Similarly, BTC bounced within a small range of ~$10,890 and ~$11,890 over the weekend. It is currently trading at ~$11,860, up ~5.3% over Sunday. BTC dominance of ~62.7% remain the highest it's been since early Dec 2017. RSI level on the daily chart is at ~60, indicative of moderate bullish momentum. It seems like more consolidation is occurring at these price levels.
Take heed 🗣️
According to Bloomberg, an executive board member of the European Central Bank, Benoit Coeure, recently said that financial regulators must act fast to prepare for Facebook’s Libra stablecoin, arguing that allowing for the development of new financial services and asset classes in a regulatory void is irresponsible. 🤔
Couere believes that financial regulators "have to move more quickly than we’ve [they've] been able to do up until now" and that "the development of digital assets has exposed gaps in current financial regulations" because it shines a light on the banks' "slow rate of adoption of new technologies". 🐌
Moving with the times 💪
Singapore's government taxation agency, the Inland Revenue Authority of Singapore (IRAS), has published an e-Tax draft guide for “Digital Payment Tokens” that proposes to remove goods and services tax (GST) from crypto transactions that function or are aimed to function as a medium of exchange. 🙌
According to the IRAS, the effort to end GST liabilities on cryptocurrencies follows worldwide development and growth in the space that has led various jurisdictions to have reviewed their stance. 👍
If the guide passes into legislation, the changes will come into effect starting starting from Jan. 1, 2020, and write that it will “better reflect the characteristics of digital payment tokens". Currently, the Ministry of Finance is holding a public consultation until 26 July for the draft e-Tax guide.
The draft guide also sets out detailed parameters on how digital payment tokens are defined, such as how it has to be expressed as a unit, fungible, transferrable, storable, electronically tradable and intended to be a medium of exchange. Notably, the guide explicitly says that stablecoins may not qualify to be GST exempt. 🧐
Mind your own business 😡
According to local news service Al-Fars, the Iranian Assistant Minister of Industry, Trade, and Supply, Saeed Zarandi, said that US Congress is seeking to stop Iran’s access to cryptocurrencies and Bitcoin (BTC) mining. 🛑
According to Zarandi, Congress considers cryptocurrency a tool for evading sanctions and money laundering, and so is trying to legislate against Iran’s access to it. For instance, back in December 2018 the House and the Senate introduced bills targeted at Iran’s illicit financing including crypto.
Zarandi also said that Iranian ministries are working with the Central Bank of Iran to provide more clarity surrounding the subject of cryptocurrencies and their usage within Iran. 👀
Special announcement 📢 - CoinMarketCap webinar: "Characterizing Cryptocurrency with Fundamental Crypto Asset Score (FCAS)"
On 12 July, 1030am Eastern Time (UTC-4), we will be conducting our third webinar with Flipside Crypto's CEO and Head of Data Science, Dave Balter and Eric Stone. 😄
A valid block on the blockchain that is not part of the main chain. They may come into existence when two miners produce blocks at similar times, or caused by an attacker attempting to reverse transactions. This is sometimes also known as a “detached block”.
Other news 📰
According to a recent survey (by SurveyMonkey) conducted on 1,884 U.S. residents between aged 13 to 21 to find out more about the opinions of the Generalization Z, 52% responded "not at all' to the likeliness they were to purchase crypto in the next 6 months. 😣
According to a recent interview on Bloomberg TV, veteran investor Mark Mobius said that if current growth persists, that he would be willing to incorporate Bitcoin (BTC) into his portfolio. Mobius stated that "there are many people who do believe in it, and if it continues and grows, then I [he] would probably have to be a buyer and be involved with this.” 👐
Latin American social networking firm Taringa! has partnered with MakerDAO and e-wallet provider Airtm to launch a stablecoin-powered points system for its 27 million strong user base. 🤝
Crypto calendar 📅
16 May - U.S. SEC's decision on the NYSE Arca and Bitwise Asset Management's Bitcoin ETF application (decision has been delayed)
19 Aug - U.S. SEC's initial decision on the VanEck, SolidX and the Cboe BZX Exchange Bitcoin ETF application
Why or why not? What are your plans for the weekend? Share with me in the polls! 😆
What you said
"How much do you agree with this statement: "I wish that a blockchain solution could be developed for my company's current internal systems.""
The average vote was a 6.8. 33.3% of y'all voted a '10'.
"Why or why not?"
To increase effectivity and transparancy - Yup! ⚡
Hahahahahaha... my company has to first understand what blockchain tech is, in order to refuse it, ha ha ha! - lmao, that one sentence says a ton. 😂
we don't have a great development team.. but if my company deploys blockchain (one of several open source) for internal systems like attendance, salary, document tracking, etc.. i would love it. - Close that gap for them! Do your part to drive adoption! 😀
My company is not big enough for cryptocurrency, be nice if it did. - I believe that blockchain can help any business, no matter how small. Just a simple data entry system will help tons too. 😬
Use the technology to manage legacy database silos containing overlapping database elements. These databases have important info and have been around for a long time, hence they are deeply embedded in business processes. Thinking of a master data management type of solution but with trace-ability features. Does anyone know of companies who specialize in coding smart contracts for non -currency type of applications for blockchain Ledgers/Etherium based systems? Would love to know where there is a listing for such companies. Please send info to firstname.lastname@example.org - Imma help you blast this! 🗣️ Why am I so nice.
Very much. If the American government had a blockchain type of system to check on what they are upto- most politicians would resign before that system is set up. No more corruption allowed. But I don't know what type of blockchain system would be able to do this. Right now, Bitcoin acts as a check on money printing by central banks. - I'm sure that if it has not been created yet, that it could easily be created. Having everything recorded on the blockchain would be effective, but also kinda stressful. Imagine having to work knowing that everything you do is recorded. 🤔
"What are your plans for the weekend?"
Watch Annabelle Come Home - Damn! How was it? The trailer looked sickkk. 😨
Chillin' inside from the heat advisory and game!! - Sounds fun! 😀
at home, enjoy monsoon with hot tea & fries. - Hot tea and fries hmm, an interesting pairing. 🤔
Just kicj back,stusy more about crypto. - Always a good idea.
learn to code smart cobtracts - A useful skill to develop, considering how the industry is shaping up. 👌🏻
Get some rest after staying up-late for the fireworks. - Fireworks are always worth staying up for! 👀
Thank you all for reading! Catch you back here again tomorrow for your daily dose of crypto news! 💙
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