14 Mar

Ukraine‘s Central Bank Hosts Pilot Program for National Cryptocurrency

By Marcus Cryptocurrency, Ukraine Read Comments

The increasing popularity of the digital currency market has encouraged central banks throughout the world to consider developing their own centralized digital currencies. This trend is understandable, granted that governments and traditional financial institutions are interested in keeping their control over the financial system.

Recent reports indicate that Ukraine has ramped up development of its central bank-based digital currency (CBDC). In fact, the country’s central bank has already finalized a pilot scheme for the national cryptocurrency, referred to as the e-hryvnia.

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21 Dec

The United Kingdom Published The Taxation Framework for Cryptocurrency Users

By Daniel Zo Cryptocurrency, UK, Tax Read Comments

Throughout 2018, most cryptocurrencies were affected by strong volatility, thus leading to reduced investor interest and lower prices. However, the crypto sector is far from being dead, and governments are well-aware of this aspect.

With this in mind, numerous countries have stepped up their regulatory and taxation frameworks for the digital currency market. Recent reports indicate that following public consultation, the U.K Tax Collection Service published their crypto taxation legislation, applicable to private digital asset holders.

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20 Sep

Ukrainian Parliament Bill to Introduce Crypto Profit Taxing

By Daniel Zo Ukraine, Cryptocurrency, Tax Read Comments

Despite the fluctuating crypto price drops present during the last few months, governments are still interested in regulating and profiting off the digital currency revolution.

With this in mind, recent reports indicate that the Ukrainian Parliament is interested in imposing a tax on digital currency-related profits of its citizens. To put things better into perspective, the country’s legislative body has proposed a bill that would impose a 5% tax on all crypto profits attained by both commercial entities and individuals.

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08 Dec

UK Treasury to Oversee Digital Currency Trading Activities

By Daniel Zo ATM, Bitcoin, Cryptocurrency, UK, UK Treasury Read Comments

According to recent reports, the UK Government alongside with the governments of a few European Union countries are planning to further regulate digital currencies, in order to make sure that they’re not being used for illegal purposes, such as money laundering or illegal/terrorism financing.

The statement was first made by a spokesperson from the UK Treasury, who mentioned that bitcoin and other digital currencies should be regulated, and brought in line with the country’s current legislation on anti-money laundering and counter-terrorism financing policies. According to the spokesperson, ‘We have clear tax rules for people who use cryptocurrencies, and like all tax rules, these are kept under review. We also intend to update regulation to bring virtual currency exchange platforms into anti-money laundering and counter-terrorist financing regulation.’

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26 Sep

The UK Will Likely Develop Regulatory Framework For The Blockchain Networks

By Daniel Zo Blockchain, Fintech, UK Read Comments

During the last couple of months, as blockchain technology gained significantly more popularity, governments have also started discussing about blockchain-related regulation. According to recent reports, it seems like the United Kingdom may be the world’s first country to present its regulatory framework for the blockchain network.

It seems like the Fintech Accelerator deployed by the Bank of England is one of the main reasons why this regulation will be put into place, considering the fact that blockchain networks now represent the basis for new innovative financial products and services.

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21 Jul

Bank Of England Debates Whether To Begin Issuing Digital Currency

By Daniel Zo Bitcoin, Banks, UK Read Comments

Through time, banks and other financial institutions have taken different approaches when it came down to dealing with the Bitcoin revolution. With this in mind, it seems like the Bank of England will take a different approach: if you can’t beat them, join them.

According to a research paper published this week by the bank, economists working for it have stated that central banks should issue their own digital currency. By using a case study carried out in the US, they concluded that doing so is likely to give national economy a boost of at least 3%, while also offering policy makers the tools needed to handle financial crashes and booms.

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11 Jul

Ukraine To Adopt And Implement Blockchain Technology Under Current Minster Of Finance

By Daniel Zo Bitcoin, Blockchain, Fintech, Ukraine Read Comments

While there are countries which are actively trying to limit the usage of bitcoin, other nations such as Ukraine are looking for innovative ways to use bitcoin and its underlying technology, the blockchain, to encourage progress.

With this in mind, recent reports indicate that Ukraine’s Minister of Finance, Oleksandr Danilyuk, who spoke for the Blockchain Incredible Party Conference on Thursday, shared his vision on Ukraine becoming a leading nation in terms of blockchain technology use. Danilyuk explained that it would do a great job in public service management, while also improving the overall efficiency and transparency of the government.

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29 Jun

Was Bitcoin as Good as Gold during the Brexit?

By Daniel Zo Bitcoin, UK, EU, Brexit Read Comments

During the last couple of years, it was proven that the stability of digital currencies such as Bitcoin can best be analysed during moments of crisis. Due to the fact that the United Kingdom has recently voted to leave the European Union, the British Pound has collapsed in terms of value, thus proving that bitcoin is a safe haven asset.

Economic analysts from all around the world and supporters of the digital currency movement claim that bitcoin represents the ideal form of protection against most of the world’s major economic events, as it is independent from political moves, government regulations and economic crises. This led analysts to compare the currency to gold, thus making a strong statement that bitcoin is in fact, as ‘good as gold’.

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09 Jun

Poll Reveals that UK Companies are Making Bitcoin Deposits to Protect Themselves from Ransomware Attacks

By Daniel Zo Bitcoin, Scam, Ransomware, UK Read Comments

Unfortunately, during the last couple of months, cyber-attacks and ransom attempts have become significantly more common, given the raising popularity of bitcoin as a ransomware payment method.

In fact, a study carried out among a number of UK companies has revealed that many of them have begun building a bitcoin reserve meant to pay off cyber-criminals in case their businesses are attacked. To put things better into perspective, according to the numbers that were crushed into place by the Citrix and Censuswide companies, which managed to question a total of 250 UK IT companies and their respective security managers, it seems like 1 in 3 UK IT companies has a bitcoin reserve meant to be used for this purpose.

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02 Sep

Bitcoin may soon be legalized in Ukraine

By Daniel Zo Bitcoin, Ukraine, BFU, Blockchain Read Comments

Ever since the civil war started and Russia invaded Crimea, Ukraine has been in a constant crisis, which reshaped the country, the government and its laws, while also greatly changing the region and slowly transforming it into a different land.

So far, there have been few countries affected by economical disasters, which begun looking into the possibility of adopting Bitcoin. Some examples include Greece and Zimbabwe, but it’s like that Ukraine might join the ship as well. According to the latest reports, it looks like Ukraine may soon legalize Bitcoin and look for ways to promote the digital currency in the region. With this in mind, the National Bank of Ukraine, also known as the NBU is looking into the possibilities of implementing the bitcoin technology into the country’s financial system.

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