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Cryptocurrency and Taxation Challenges

(I can repeat my point here: places are regulating cryptocurrency, maybe not banning it). Certainly, we will have more countries join in in the coming weeks to rein in the tumultuous crypto-market. Indeed, some kind of get was long overdue. Over the past year, cryptocurrencies are encountering cost volatility unheard of and ICOs are occurring literally every other day. In 2017, the total market capitalization rose from 18 billion USD in January to an all-time high of 828 million USD. None the less, the Chinese neighborhood come in remarkably excellent tones despite crackdowns. Online and traditional communities are flourishing (I professionally have attended many events and visited some of the firms) and blockchain startups are sprouting throughout China.

Major blockchain firms such as for instance NEO, QTUM and VeChain are becoming enormous interest in the country. Startups like Nebulas, High Efficiency Blockchain (HPB) and Bibox are also gaining a good number of traction. Even giants such as Alibaba and Tencent will also be discovering the features of blockchain to enhance their platform. The number continues on and on but you get me; it's going to be HUGGEE! The Asian government have been embracing blockchain technology and have moved up initiatives lately to bitcoin tumbler the creation of a blockchain ecosystem. In China's 13th Five-Year Program (2016-2020), it called for the growth of encouraging systems including blockchain and artificial intelligence.

In addition, it plans to reinforce study on the application of fintech in regulation, cloud processing and large data. Also the People's Bank of China is also screening a prototype blockchain-based electronic currency; however, with it apt to be a centralized digital currency smacked with some encryption engineering, its use by the Chinese people stays to be seen. The start of the Trusted Blockchain Open Lab along with the China Blockchain Technology and Industry Progress Forum by the Ministry of Business and Information Technology are a number of the other initiatives by the Chinese government to support the development of blockchain in China.

A recently available report called " China Blockchain Growth Report 2018" (English version in the link) by China Blockchain Research Middle step by step the development of the blockchain industry in China in 2017 including the different measures taken to control cryptocurrency in the mainland. In another section, the record highlighted the optimistic outlook of the blockchain business and the enormous attention it has acquired from VCs and the Chinese government in 2017. In conclusion, the Chinese government show an optimistic perspective towards blockchain technology despite their enforcement on cryptocurrency and mining operations. China wants to control cryptocurrency, and China will get control.

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