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Chinese President Xi Jinping: Participate in Making Digital Currency and Digital Tax’s International Rule Actively

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Updated 31 October 2020 12:06 pm UTC

China’s President Xi Jinping will publish an article on November 1 outlining the President’s strategy for China’s growth through the COVID-19 pandemic and highlights fostering a digital economy and digital currency.

China’s General Secretary of the CPC Central Committee, President, and Chairman of the Central Military Commission Xi Jinping will publish an article entitled “Several Major Issues in the National Medium and Long-term Economic and Social Development Strategy“ on November 1 on Qiushi (Seeking Truth) Journal, a CPC central committee political theory periodical.

The article emphasizes that the world today is undergoing major changes unseen for a century. The coronavirus pandemic is not only a crisis but also a big test. In the article President Xi says now we must draw inferences from one another, carry out more long-term thinking, improve the strategic layout, and achieve high-quality development by turning crises into opportunities.

The article has 6 main points:

First, firmly implement the strategy of expanding domestic demand.

Second, optimize and stabilize the industrial chain and supply chain.

Third, improve the urbanization strategy.

Fourth, adjust and optimize the structure of scientific and technological input and output.

Fifth, to realize the harmonious coexistence of man and nature.

Sixth, strengthen the construction of the public health system.

On the second point about the industrial chain and supply chain. President Xi talks about the digital economy. He said:

“Our country’s online economy has led the world and played an active role in the prevention and control of this epidemic. Online office, online shopping, online education, and online medical services have flourished and are deeply integrated with the offline economy. We must take advantage of the trend to accelerate the construction of digital economy, digital society, and digital government, promote digital optimization and upgrading in various fields, and actively participate in the formulation of international rules including digital currency and digital tax to create new competitive advantages.”

President Xi’s statements further reflect his highlights on the digital economy and blockchain. On 2019 Oct 24, he delivered a speech on the development of blockchain technology, saying that “we need to take blockchain as an important breakthrough for independent innovation of core technology”. Blockchain as the infrastructure of digital currency, with the great potential in reshaping the monetary and financial system and almost all other industries, is one of the core technologies that major countries compete in. 

Image source: Shutterstock Source: https://Blockchain.News/news/chinese-president-xi-jinping-actively-participate-in-international-rule-formulation-of-digital-currency-and-digital-tax

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6 Reasons it’s Worth Taking the Risk of Investing in Cryptocurrency

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When it comes to cryptocurrencies, which have been continuously raging for the past few years, many people are eager to make investments in the crypto sector and reap great benefits from it. But despite its huge prominence, the crypto industry is also known for its volatile nature, making it a risky business sphere for many investors.
So, is it worth investing in the crypto business? Why one should consider investing in it? What are its benefits? And what is the future of cryptocurrencies?
In order to find out the answers, you need to look at this article where the experts at a prominent cryptocurrency wallet development company have listed some good reasons –

Why Investing in the Crypto Business is a Worth Taking Risk?

Since the inception of Bitcoin, cryptocurrencies have been consistently booming, talk of the town for the last decade. However, a big number of investors still look at them with caution. Of course, investing in cryptocurrency is risky – just like any other investment which has high potential returns, but there are some crystal clear benefits, which are listed below by a leading cryptocurrency development company. Have a look:

  • Huge Potential Returns on Investments

First thing first – cryptocurrencies have been around for merely a decade, but are pronounced to be much more profitable than most of the other investments. They tend to show wide changes in their prices but still have huge potential returns. For example, the average return you can expect from your initial capital for Bitcoin is over 860%. Isn’t that fantastic? .

  • High Liquidity to Sell and Buy Assets

One particular attribute that makes crypto worth its investment is its high liquidity. Unlike any other investment where your capital can be locked up for years, you can buy or sell cryptocurrencies on the fly. Cryptocurrency development services and trading platforms use an array of tools and tactics to maintain the liquidity of the business. Thus, you won’t feel like you’re stuck to purchase or sell an asset.

  •  No Central Authority

One of the most notable benefits of investing in cryptocurrencies is that your money remains yours alone. This means you have a great level of independence that no other form of currency or system can provide. For instance, if you keep your money in a bank account, your access can be denied at any moment by the central authority such as governments. Also, banks can be robbed and can go bankrupt. But this is not the case with cryptocurrencies. No need to rely on financial institutions for holding or transferring your money. Speaking in the long run, this independence becomes the basis of a decentralized economy.

  •  Heightened Transparency in the Business

Most of the cryptocurrencies are transparent in nature with their undertakings. They provide ample information in their whitepaper including the roadmap, team members, regulations, technologies, etc. On top of being a transparent form of currency, cryptocurrencies also come with the boon of having a highly secure characteristic. This leads us to the next significant reason for investing in cryptocurrencies.

  •  Blockchain-Enabled Currencies

The world has evolved in terms of technological advancements. Its biggest testament is the incorporation of blockchain technology in cryptocurrencies. Just because of the immutable blockchain technology, cryptocurrencies are highly secure, transparent, and decentralized. Both are in for the long game and will give us more real-world applications like cryptocurrency wallet development services in the days to come.

  •  Cryptocurrencies are the Future

Chances are very high that you will certainly use cryptocurrencies in the future if you haven’t used one yet. Why? Well, because more and more people are getting involved in the crypto industry, popping up in diverse domains of business. Additionally, due to the economic slowdown caused by the COVID-19 pandemic, people have started to realize that shifting from stocks to cryptos could be a very fruitful idea for them. Thus, it is quite safe to state that cryptocurrencies will be a viable currency in the future.


Concluding Thoughts

You see, cryptocurrencies carry an immense potential to create a new payment system as well as an investment source worldwide. Same as other potentially high-return investments, cryptocurrencies come with some particular risks – but believe me, the degree of independence they offer is above every flaw. Crypto is for the people who have the courage to stop thinking about the risks and start achieving great heights by making investments.

So, if you can afford it – don’t be afraid to invest in crypto now. Sooner or later it is going to transform the way we look at the world today.


Summary: Planning to invest in cryptocurrency? Want to know how good this idea is? Have a look at this writing piece where we have discussed 6 good reasons for investing in the crypto business.


AUTHOR BIO: Vin Boris is a Social Media Marketer and Content Writer at SteemExperts.com, a Blockchain and Steem currency based development, consulting, and marketing firm. Vin Boris has been Outshining in Blockchain Tech. the industry for more than 10 years.

 

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People are buying Pizza with Cryptocurrencies Again at Pizza Hut

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Venezuela has been dealing with hyperinflation for a long time, and on top of that, the United States has also imposed multiple sanctions, resulting in the growing use of cryptocurrencies, especially Bitcoin. Besides Bitcoin mining, the residents of Venezuela are quite fond of using the number one cryptocurrency in day-to-day transactions, and this week, Pizza Hut, one of the oldest pizza chains in the country began to accept Bitcoin and other digital currencies as payment.

As of November 27, 2020, Pizza Hut customers have the option of paying for their orders with cryptocurrency. This makes it the first time and the first nation in the world where the major franchise has adopted digital currencies.

The move was made possible by Latin American crypto payments processor, Crypto Buyer, which collaborated with Pizza Hut. Crypto Buyer is one of the active start-ups that have helped fuel the adoption of cryptocurrencies in Venezuela, with similar collaborations with major retailers in the nation, and also the installation of Bitcoin ATMs

Pizza Hut will now join the ranks of Traki, Venezuela’s largest department store, which has in place an exclusive division for cryptocurrencies and is also the first big store to accept Venezuela’s official cryptocurrency -the Petro- and cryptocurrencies in general.

Other big names that accept bitcoin in Venezuela are Burger King, another renowned fast-food chain, and the Intercontinental and Tamanaco Hotel chains among others.

Public demand for Crypto

It has also been revealed that Pizza Hut’s decision was also partly because of the demand among its customers. The response from the crypto community was also great. Among the many supporters, Mariangel García, Community Manager of Binance Latam, shared her first crypto pizza experience on Twitter.

According to Richard ElKhouri, General Director for Venezuelan operations, the firm was looking to keep up with the ever-changing technological innovations.

“Thanks to our consumers, to the suggestions they offer us and to the direct contact we have with them, we have made alliances with Delivery, with large companies like Coca-Cola and today we are handling alliances with Cryptobuyer as a payment option for the customer, incorporating platforms and their technological advice.”

As of now, all Pizza Hut stores in Venezuela will accept payments in BTC, ETH, DASH, LTC, BNB, USDT, BUSD, DAI, and Cryptobuyer’s native token XPT.

The news also reminds us about the story of Laszlo Hanyecz, who bought two pizzas for 10,000 BTC, back when bitcoin was just over a year old. The day is now known as “Bitcoin Pizza Day” within the crypto community.

Source: https://thedailychain.com/people-are-buying-pizza-with-cryptocurrencies-again-at-pizza-hut/

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Russia is set to Legally recognize Bitcoin

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The journey for Bitcoin to become a major asset from nothing but ‘magic internet money’ has been quite long, but the number one cryptocurrency seems to be getting there now. Along with the industry, the asset’s legal status has also improved. Now, the prime minister of Russia has revealed the government’s plans to amend existing laws to recognize cryptocurrency as property. The move will allow bitcoin holders to legally defend and recoup their cryptocurrencies in court.

In a government meeting held this Thursday, Mikhail Mishustin, Prime Minister of Russia, discussed various plans for the regulation of digital currencies, while talking about various initiatives to fight the Coronavirus pandemic.

After outlining several solutions the Russian government has come up with, Mishustin said, “Another solution concerns cryptocurrencies.” He added that “This is a relatively new tool, interest in which is constantly growing.”

“The government plans to direct the development of this market in a civilized direction so that the owners of such assets can protect their rights and interests, and the creation of shadow schemes would be difficult,” Mishustin continued.

To be able to achieve this, the prime minister noted “Let’s make a number of changes to the tax code.” He went on to explain:

“Digital financial assets will be recognized as property, and their owners will be able to count on legal protection in the event of any illegal actions, as well as defend their property rights in court.”

Clearing confusion

While there have been talks among regulators to consider bitcoin as taxable property, no official decisions were taken. Hence, the nation has seen bitcoin’s legal status vary from court to court. Back in July, St. Petersburg’s Petrogradsky District Court dismissed bitcoin theft as a crime because digital currencies are not regulated in Russia and there is no legal status for bitcoin.

Meanwhile, The Supreme Court of the Russian Federation has clarified that “digital rights,” the term currently used to describe coins and tokens in Russian law, can be a subject of bribes, just like regular fiat money, hinting that it can be classified as money and property.

The nation is also to set to regulate cryptocurrencies next year, with an upcoming bill. The latest amendment to that bill came just weeks ago with the nation’s Finance Ministry amending the Criminal and Criminal Procedure Codes of Russia which could see cryptocurrency users imprisoned for up to three years for failing to report cryptocurrency trading and transactions at least twice in three years in amounts that exceed 45 million rubles (~$580,000).

Source: https://thedailychain.com/russia-is-set-to-legally-recognize-bitcoin/

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Bitcoin Clears Crucial Resistance Levels; ETH Buyers Take Aim At $600

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The Bitcoin price started a fresh increase earlier today as the bulls aimed at reversing the recent selloff that sent the cryptocurrency as low as $16,219 before forming a support base. At the time of writing, BTC is trading up 2.2% at its current price of $18,092. 

                                       BTCUSD Chart By TradingView 

This price action represents a steady rise for the world’s leading cryptocurrency, which has managed to surmount the resistance at the $17.5k and $ 17,850 levels. The bears even put up a fight at $18,000, but the bulls prevailed in pushing BTC above this crucial level a few hours ago. 

BTC’s current show of strength has resulted in a notable upswing from where the coin has been trading throughout the past day, with bulls previously unable to break above $17K.

Unless Bitcoin faces a harsh rejection at the $18,250 resistance level, there’s a high probability that the flagship crypto-asset could see a further upside in the near-term.

Bitcoin’s Current Price Region is Critical for Future Outlook

As the weekly candle close approaches, many investors are trying to figure out how the world’s leading cryptocurrency will react to intense selling pressure over the next few days.

The direction in which the BTCUSD pair trends next will likely depend on whether bulls can maintain the ongoing uptrend. So far, BTC has surmounted several crucial resistances, and where the candle closes will largely set the tone for the days ahead and offer traders a better insight into its macro-outlook.

According to analyst Josh Rager, a clear weekly close above the resistance that sits right above where BTC is currently trading could give investors important insights into its near-term trend. 

He singled out the price region between $17,650 and $17,800 as a potential “sticky area” that could slow down Bitcoin’s ascent.

“Next sticky area is around $17,650 to $17,800 which was previous support prior to the breakdown. Reclaim there and I think that’s a nice start for the price as it should likely move to mid $18ks,” the analyst remarked

ETH Price Flashes Signs of Strength

ETH has been flashing signs of immense strength since this morning as it continues its uptick from recent lows of $490 set at the bottom of the recent selloff. The ardent defense of $500 by ETH bulls helped push the altcoin higher toward $550. 

The $500 level has now been confirmed as a strong support base that will likely bolster the upcoming week’s ETH price action.

At the time of writing, the ETHUSD pair changes hands at $555.19 and is primed to see further upside toward $600 so long as it consolidates above $550 in the coming sessions.

                           ETHUSD Chart By TradingView 

Source: https://thedailychain.com/bitcoin-clears-crucial-resistance-levels-eth-buyers-take-aim-at-600/

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