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Dragon Connecting with Indian Gaming Industry

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Dragon Connecting with Indian Gaming Industry

Dragons expansion continues at pace, the Dragon ecosystem branches out into the fantastic growth market of India.

Following on from the recent Supreme Court of India’s ruling to lift the ban on cryptocurrency use, India is set for a flood of new opportunities for investment into new markets which will, in turn, provide a massive economic boost. As the second-most populous country in the world with nearly 18% of the total world population, this new freedom to use digital currencies. DRG is set to drive the demand for new payment gateways and technology for peer-to-peer transactions.

Dragon Connecting with Indian Gaming Industry

Dragon co-founder, Paul Moynan:

“The Dragon team have been active behind the scenes in India in preparation for the ban to be lifted as we look to connect with the Indian gaming industry which is predicted to top a phenomenal $801 Million in the next two years. As well as this, the population of 1.3 Billion people, whose median age is 28.4 years, are an ideal demographic for Dragon to engage with and support the remittance needs of domestic and international Indian communities.”

With such a colossal user base with a growing appetite to adopt digital currencies, India has the potential to become a crypto superpower and many companies will be exploring new Blockchain technology and next-generation payment systems such as the Dragon Social Wallet. The Dragon Social Wallet is entirely free to download and provides a convenient way for people to conduct transfers (international or cross border) with dramatically reduced fees. When used with Dragon Coin, the World’s No. One Entertainment Coin, the Dragon Social Wallet offers impressive features that guarantee fast and cheap transfer of funds from one country to another.

Dragon Social Wallet to Dragon Social Wallet transfer is completely free meaning that payments can be made between companies without losing value taken by intermediaries offering a fantastic option for the billions of smartphone owners in India allowing them to quickly unlock the world of digital payments.  
To experience faster and cheaper transfers, get hold of your own Dragon Social Wallet now and look out for more news on Dragon and the growth market of India on the Dragon Blog.

Source: https://blog.dragon.online/dragon-connecting-with-indian-gaming-industry/

Blockchain

Israel Wants To Classify Bitcoin as a Currency to Amend the High Capital Gains Taxation

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Israel Wants To Classify Bitcoin as a Currency to Amend the High Capital Gains Taxation

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Israel is considering making Bitcoin a currency, according to a new bill that was tabled by four members of the Nationalist party Yisrael Beiteinu, which aims to regulate better the taxations of digital currencies in the country.

The four members, led by Oded Forer consider a 25% capital gains tax on Bitcoin to be outdated. They are looking to amend the current Income Tax Ordinance with a more adaptable version which reflects better the reality of digital assets and transactions.

The proposal referred to as a private member’s bill will add a new section to the Income Tax Ordinance in which digital currency is considered as an asset. This makes trading or converting any digital assets into fiat subject to capital gains. In the bill, the four members stated:

“The regulatory reality in Israel is not adapted to the existing reality in the field.”

New Bill: Qualities of a Real Digital Currency

The new bill stipulates that for a distributed digital currency to be considered a currency, it must have four characteristics. Any digital currency like Bitcoin which meets the set criteria will be considered a currency for both trading and taxation purposes.

First, it should be operated by a distributed network of nodes and not a centralized entity like state or financial institutions. The network should be in consensus as to the rules that govern development and transactions.

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Secondly, the initial issuance of a currency unit need not have been intended as payment between either party and with a market cap of not less than 1 billion NIS ($287.4 million).

The last quality requires a digital currency to have a general utility purpose and not designated for certain uses or entities. The market cap requirement excludes the rest of crypto assets in the market, leaving only Bitcoin to be certified as a currency in Israel.

Amendment to Benefit Global Technology Development in Israel

Apart from reducing taxation on Bitcoin, the new bill also intends to boost innovation around blockchain technology in Israel, which already considers itself as a global high tech power.

The members believe that Israel has the capacity to be among the leading countries in digital currency innovation, which will play a central role in the future of world economic dominance.

“It is precisely in this period when the economic future is not clear that it is possible to promote digital payment options due to the social distance that has been forced on us.”

The Income Tax Ordinance was implemented in February 2018 declaring Bitcoin and other crypto assets to be taxed as capital assets. In May 2019, the Israeli District Court issued its first Bitcoin transactions ruling when it denied an appeal by a taxpayer to be exempted from paying 3 million NIS in taxes, from the profit he made selling Bitcoin in 2013.


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The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

Source: https://zycrypto.com/israel-wants-to-classify-bitcoin-as-a-currency-to-amend-the-high-capital-gains-taxation/

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The 18.5 Millionth Bitcoin Has Now Been Mined

Bitcoin miners have created over 88% of the total BTC supply—but it will still take over a century to produce all 21 million.

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In brief

  • Bitcoin miners have already created more than 18.5 million BTC.
  • This is over 88% of Bitcoin’s total supply of 21 million.
  • Still, it will take another 120 years to find every last Bitcoin due to regular halvings.

The total number of mined Bitcoin (BTC) in circulation has reached over 18.5 million—out of a maximum of 21 million—over the past weekend, according to block explorer Blockchain.com.

There is now over 18.5 million BTC in circulation. Image: Blockchain.com

As a result, there is now less than 2.5 million BTC left for miners left to discover. However, while it might look like Bitcoin’s emission is closing on the finish line—just over 88% of all BTC are already mined, after all—the emission of the last Bitcoin is currently expected no earlier than the year 2140.

This is because, as time goes on, the rewards that miners receive for discovering a new Bitcoin block get smaller—slashed by half every 210,000 blocks (or roughly every four years)—due to a hardcoded process called the “halving.”

The last Bitcoin halving occurred on May 12 and reduced block rewards from 12.5 to 6.25 BTC per block. This will continue to happen every four years until the very last satoshi—Bitcoin’s smallest unit— is discovered.

Why only 21 million?

As Decrypt reported, it is not entirely clear why Bitcoin’s maximum emission was limited specifically to 21 million coins by the crypto’s creator Satoshi Nakamoto. However, there are some theories.

One explanation for the limit is the money supply replacement theory. An alternative suggestion is that the limit could be mathematically extrapolated from Bitcoin’s operating parameters.

In the first instance, the entire world’s money supply stood at approximately $21 trillion when Bitcoin was created. If it would become the world’s ultimate currency and replace all fiat, then each BTC would be worth $1 million while each satoshi would amount to $0.01. At the same time, while those two figures remarkably resemble each other, we can only guess whether it was a coincidence.

The second theory is a bit simpler. According to it, Bitcoin’s emission limit is mathematically tied to its halving cycles—since we roughly know when all the halvings are going to happen and can extrapolate it forward. As it stands, the sum of the block rewards for each cycle equals 100 (50 + 25 + 6.25 +3.125, etc). By multiplying this number by the 210,000 blocks/cycle figure, we get the maximum possible supply of 21 million.

And what will happen after all 21 million BTC are mined? Not much, really. The blockchain will continue to operate just as today—with the exception of miners’ rewards. Since no new coins would be discovered, miners will have to rely on transaction fees as the main source of income.

Luckily they have well over a century to prepare.

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DMScript Announces Partnership with OVH for Their Optimized Servers

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The United Kingdom-based blockchain gaming company DMScript announced on Sunday that it has partnered with renowned cloud computing solutions provider OVHcloud, to utilize their optimized servers. In the official blog on Medium, the company said they would use OVHcloud services for Higglo, a new gaming platform expected to launch soon.

As part of the strategic partnership, OVH will also provide cloud computing and server maintenance for DMPlay in sync with nVidia’s technology to provide a seamless and efficient user experience. On the other hand, Higglo will use OVH services to avoid lags, crash downs, and overload delays due to high traffic. DMScript has been inactive in the community for a long time, which it admitted in the official announcement, and said that the team was busy building the Higglo platform that is due for launch soon along with DMPlay.

Blockchain-based gaming is one of the fastest-growing segments in the crypto-blockchain industry, along with DeFi and gambling. The growing demand leads to higher & faster computing, quick processing cloud data, and 24/7 maintenance.

Partnering with established names like OVH and nVIDIA gives DMScript a great technological advantage and will allow the company to focus on its core strength, and that’s building blockchain-based online games. Such partnerships, like the one with OVH, will help DMScript to employ more capital. Intellectual resources are building unique and wholesome experiences for the gamers, while OVH takes the responsibility to ensure the smooth functioning of the servers.

Source: https://www.cryptonewsz.com/dmscript-announces-partnership-with-ovh-for-their-optimized-servers/

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