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Economic Stimulus Packages Under Question as GDP Shrinks Around the Globe

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Due to the COVID-19 pandemic, the whole world is under the situation of an economic crisis and the US is facing adverse effects. The US government has given economic stimulus packages to all the citizens to help them deal with the crisis.

Even though these economic stimulus packages were meant to help during this financial crisis, it seems that it failed to prove its effectiveness. This is because the GDP of the country is declining rapidly. It has been reported that the GDP dropped by a huge amount ever in its history.

The need for new economic stimulus packages

It has been seen that the economy of the United States has decreased rapidly due to the lockdowns caused by COVID-19 pandemic. Not only the US, but economies across the world are also going through trying times and are trying out different measures to deal with it. The economic stimulus packages given by the US government seems to be very less effective as it was claimed by the government.

The jobless claims in the US have now increased to 900,000 which is quite alarming. Due to such jobless claims, there is a high need for new economic stimulus packages. 

Investors moving towards safe-haven assets to deal with the crisis

The current scenario where economic stimulus packages failed to improve the situation, the investors have now started moving towards safe-haven assets. People are moving towards Gold, Silver, Bitcoin, and other valuable assets that are considered to be a safe haven. This is going to help them to deal with the current situation and along with this, it will also act as a protection against inflation. During this huge economic crisis, cryptocurrency has proved to be of great help. This is quite evident as, during this pandemic, crypto adoption has increased at a rapid rate across the world.

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Source: https://www.cryptoknowmics.com/news/economic-stimulus-packages-under-question-as-gdp-shrinks-around-the-globe

Blockchain

U.S. crypto exchanges have a plan for the travel rule. Now they just have to get along


Quick Take

  • A working group of 25 U.S.-based exchanges released a white paper this week outlining their platform to comply with FATF’s travel rule.
  • The group includes some of the most prominent exchanges stateside, suggesting that the plan has legs.
  • Now, the group has to develop a governance structure.
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U.S. crypto exchanges have a plan for how to deal with FATF’s travel rule














Source: https://www.theblockcrypto.com/daily/82261/us-crypto-exchanges-fatf-travel-rule?utm_source=rss&utm_medium=rss

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Blockchain

Exploring the current state of cryptocurrency taxation in the European Union


Quick Take

  • By now, guidelines for  taxation of cryptocurrency activities exist in most EU member countries. However, grey areas remain.
  • Highly favorable tax treatments in some, and lack of taxation in other EU member countries enables regulatory arbitrage.
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Exploring the current state of cryptocurrency taxation in the European Union














Source: https://www.theblockcrypto.com/genesis/82157/exploring-the-current-state-of-cryptocurrency-taxation-in-the-european-union?utm_source=rss&utm_medium=rss

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Blockchain

FinCEN proposes lower threshold for transaction data-gathering under FATF’s ‘travel rule’ including those made with crypto

Proposed rule change would mandate financial institutions gather and share data on smaller international transactions by lowering the threshold from $3,000 to $250.

The post FinCEN proposes lower threshold for transaction data-gathering under FATF’s ‘travel rule’ including those made with crypto appeared first on The Block.

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FinCEN proposes lower threshold for transaction data-gathering under FATF’s ‘travel rule’ including those made with crypto














Source: https://www.theblockcrypto.com/linked/82229/fincen-proposes-lower-threshold-for-transaction-data-gathering-under-fatfs-travel-rule-including-those-made-with-crypto?utm_source=rss&utm_medium=rss

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