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Ripple Pushing to Create Global Ecosystem Around Crypto Asset XRP Through Xpring Initiative

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Ripple’s new job openings suggest it is expanding the global reach and use of its native cryptocurrency XRP.

The San Francisco-based startup is looking for a senior product manager that will be part of the developer services of Ripple subsidiary Xpring. According to the job post, the successful candidate will work as the head of the the company’s Xpring division in a push to give developers the tools and services they need to incorporate blockchain payments into apps.

“We are seeking an experienced product manager to helm the cross-functional team responsible for building a robust, global developer ecosystem through {X}pring developer platform.

In this role, you’ll establish strong relationships with developers around the world in a scalable way by crafting amazing products to help developers build the Internet of Value (IOV).

Our team works with the largest developer audience possible. We are engineers + storytellers, representing {X}pring to communities all around the world, inspiring the creation of the future where money flows like data today.”

Ripple’s recent job listings also hint at a coming push to expand the adoption of XRP in Asia.

The payments startup is currently looking to fill the positions of account manager, integration engineer, marketing manager, and project manager at SBI Ripple Asia – a joint venture from Ripple and Tokyo-based financial company SBI Holdings.

The fintech company provides a payment platform powered by distributed ledger technology (DLT) to financial institutions and remittance firms in Asia.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Source: https://dailyhodl.com/2020/08/09/ripple-pushing-to-create-global-ecosystem-around-crypto-asset-xrp-with-new-hires/

Blockchain

New Israeli Bill Proposes to Consider Bitcoin as a Currency and Not an Asset

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A newly-proposed bill with the legislative branch of the Israeli government Knesset submitted several changes to Bitcoin’s taxation. Instead of viewing BTC as an asset and subjecting sales to capital gains tax of 25%, the new legislation plans to recognize it as a currency.

New Proposal: Bitcoin As a Currency Not An Asset

According to a local publication, four representatives from the Yisrael Beiteinu party have presented the new bill on Tuesday. It seeks to amend the taxation of activities related to cryptocurrencies by altering the Income Tax Ordinance to view them as currencies for tax purposes.

Currently considered and recognized as assets, the sales or conversions of digital assets such as Bitcoin subject them to capital gains tax (25%). It provides taxation relief on capital gains only for short-term lenders and certain bonds-related activities as they are taxed at 15%.

However, the four reps argued that the perception of virtual assets needs reexamination. They reasoned that while cryptocurrencies are a relatively new concept, the Income Tax Ordinance hasn’t been amended in years and is falling behind the emerging new digital reality.

The four reps urged Israel to be “among the leaders” of the virtual currency field, whose merits are emphasized during this period of uncertain economic future.

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Tel Aviv. Source: TimeOut
Tel Aviv. Source: TimeOut

Amendment In Reporting Of Digital Assets

The Knesset saw another bill proposing changes in regards to cryptocurrencies. This one sought to enable reporting of digital assets once every six months or once a year.

If accepted, this would be a significant change from the current format that requires cryptocurrency sellers to submit a tax report to authorities within 30 days of the transaction. Additionally, people need to pay an advance on the tax rate applicable to the transaction’s capital gains.

The explanatory memorandum of the proposed bill reads that “the Minister of Finance, with the approval of the Knesset Finance Committee, may accept cases in which an annual or semi-annual reporting obligation applies to property types. The submission of the report will be paid in advance in the amount of tax applicable under the provisions of the Ordinance on capital gains due to a sale.”

Manny Rosenfeld, Chairman of the Israeli Bitcoin Association, asserted that these proposed bills could enable the country to surface as a global financial center and a leader in the cryptocurrency field.

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Source: https://cryptopotato.com/new-israeli-bill-proposes-to-consider-bitcoin-as-a-currency-and-not-an-asset/

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Failed Bitcoin deal lands two Indians in police custody

Two Indian nationals, Ramesh Reddy and his friend Prabakaran are now in police custody. The duo was arrested for overreacting, to the extent of threatening and extortion, because of a failed Bitcoin deal. A local news outlet, New Indian Express, reported the incident on Thursday.  Fake Bitcoin deals  As the local police narrated in the […]

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Two Indian nationals, Ramesh Reddy and his friend Prabakaran are now in police custody. The duo was arrested for overreacting, to the extent of threatening and extortion, because of a failed Bitcoin deal. A local news outlet, New Indian Express, reported the incident on Thursday. 

Fake Bitcoin deals 

As the local police narrated in the report, Ramesh, who is a distributor of Ayurvedic medicines in Bengaluru, was contacted by an alleged fraudster, who only introduced himself as Naresh. He claimed to be in possession of Bitcoins worth about $4.4 million (Rs 33 crore). However, he told Ramesh that those funds are in the United States, and will give him a commission if he could help him (Naresh) move down the funds to India. 

Adyar DCP V Vikraman precisely noted that “he [Naresh] promised 50 percent of that money to Ramesh, only if he found a person who could convert the online currency into Indian Rupees.” At that point, Ramesh reached out to his real estate friend, Prabakaran, on how to execute the Bitcoin deal. They later contacted and persuaded a Chennai-based techie, Mohan, to help them withdraw the funds to Indian.

Ramesh and his friend promised Mohan a one percent commission (i.e., Rs 33 lakh or $44,656) to open an e-wallet through which Bitcoins will be transferred. The money couldn’t be transferred to Indian directly because since it was in the United States, so Mohan had to create an account in the UK to moved to withdraw the money from there. However, the whole effort to execute the Bitcoin deal went sour as the money suddenly vanished, without reaching the UK nor reverting.

A sad ending 

Mohan then realized that the e-wallet accounts, ‘Swift Global Pay’ and ‘Insta Merchant Pay,’ were fraudulent. Naresh, who made this entire proposal, was a fraud.

the DCP added.

Both Ramesh and Prabakaran didn’t believe the outcome of the Bitcoin deal, so they began threatening Mohan, who had to repay them the missing money from the money he borrowed using his wife’s jewels. Even at that, the duo continued threatening Mohan, who later reported them to the police, leading to the arrest of Ramesh and his friend.

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Bitcoin Could Remain Slow Until the November Election

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Bitcoin is presently trading for about $10,500, which is roughly $100 more than where it’s stood over the past few days, but it’s not quite where we’d like it to be. The fact is that bitcoin hit $11,000 again about 72 hours ago and has failed to keep up that momentum.

Bitcoin Is Struggling as of Late

There are many things that appear to be affecting bitcoin, one being the correlation between it and the stock market. As stocks are taking massive tumbles, bitcoin is also suffering, and so long as company shares continue to drop, the bitcoin market is going to remain in a bearish state.

There’s also the current political scene. As we all know by now, 2020 is an election year. There is just a little over a month left to go before America selects its next president for the next four years. Will the democratic contender Joe Biden come out on top, or will Donald Trump emerge as the country’s president through 2024? Either way, the situation is leading to heavy uncertainty throughout the nation, and many people don’t quite know how to react.

In addition, the death of Supreme Court Justice Ruth Bader Ginsburg is also adding to the concern and worry that are allegedly permeating people’s thoughts regarding the economy. Guy Hirsch – the managing director for cryptocurrency exchange e-Toro – explained in a recent interview:

Uncertainty around the election and in the aftermath of Supreme Court Justice Ruth Bader Ginsburg’s death has caused a panic in equities markets. When traditional assets nosedive as they have today, traders will often liquidate a broad cross-section of holdings while they try to cover liabilities, thus leading bitcoin to drop even more sharply today than any of the major equity indices in the US.

John Todaro – the director of institutional research at Trade Block – appears to agree, though he commented further that the continual drop of standard assets could potentially help bitcoin’s reputation further. With everything else in the red, people may turn to bitcoin as a hedge tool, and bitcoin could potentially return to form in the coming months.

He states:

You are seeing this spread across markets, including in digital currencies. Despite this drop, especially if uncertainty continues and markets become even more nervous about how the US election will play out, it makes sense if bitcoin were to see a significant recovery as equities continue to experience downward momentum.

Will Things Fix Themselves Over the Next Few Months?

Joe DiPasquale – CEO of Bit Bull Capital – mentioned that while the correlation between stocks and crypto has grown, he’s confident bitcoin and digital currencies have what it takes to break away and potentially enter bullish territory all on their own. He says:

While bitcoin’s correlation with the S&P 500 grew notably in recent months, the digital asset space remains highly volatile and able to decouple from traditional assets equally fast.

Tags: , , Source: https://www.livebitcoinnews.com/bitcoin-could-remain-slow-until-the-november-election/

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