British media house hails Bitcoin dominance in cryptosphere

Metro News, based in the United Kingdom (UK) has hailed the Bitcoin dominance in a detailed news piece. Metro News is one of the most widely circulated papers of the UK has published quite an optimistic article on Bitcoin dominance for its large reader base. The article in question offers insufficient details but features 4 […]
Source: bitcoinwarrior
British media house hails Bitcoin dominance in cryptosphere

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Feared Run on British Banks Supports Calls For Decentralization

michael gove decentralization

A prominent government in Britain has proposed the idea of closing banking institutions in order to mitigate the impact of an unstructured exit from the European Union. Analysts call the proposal ineffective and another reason to support broader arguments for decentralization.


Desperation Moves in Britain

As a strategy to limit the potential chaos that could come as a result of a no-deal Brexit event, government minister Michael Gove has suggested closing British banks on November 1st, 2019.

Mr. Gove is the cabinet minister put in charge by recently elected PM Boris Johnson to plan preparations for a no-deal Brexit outcome. Essentially, this proposal would force a bank holiday that would close financial markets for a period of 24 hours immediately after the U.K. leaves the European Union.

Under the current timeline, Britain will remain part of the European Union until October 31st in a schedule that was established after the two sides agreed to a six-month extension in April.

Reduced Confidence in Governments, Central Banks

However, some analysts have argued that this proposal would fail to protect British banks from related market disruptions. Even Mr. Gove himself appears to be somewhat conflicted about its possible efficacy, reportedly telling advisors: “I don’t know if this is a good idea at all. Tell me if it isn’t.” And then asking: “What about a bank holiday?”

Undoubtedly, the U.K. government’s lack of clarity and direction has already injected a great deal of volatility into global markets. But these ripple effects would likely expand if an orderly European exit cannot be structured before the scheduled deadline.

The Need for Decentralization

In the wake of such events, a on banks may continue to drive arguments calling for broad-based use of decentralized currencies. Early bitcoin investor Max Keiser recently outlined some of the market’s problems with centralized banking and government finance, saying:

Confidence in central governments, central banks, and centralized, fiat money is at a multi-decade low.

As the prospect of a no-deal Brexit outcome looms, the pound sterling continues to face heavy selling pressure against several major world currencies.

Bitcoin to Benefit from Brexit

According to some crypto traders, surging bitcoin prices could extend their rallies in the next few months if the U.K. exits the European Union in a disorderly fashion.

“If a ‘no-deal’ Brexit goes through, I predict that the U.K. will find [itself] in a hyper-inflationary market,” Jefferson Nunn recently explained.

With many companies, including Airbus, threatening to leave the U.K. in totality, every economic indicator will likely flash red on that day. Unemployment will rise, the already strained U.K. central bank will be forced to ‘print cash’ and Bitcoin will rise against the pound.

Mr. Gove’s proposed plans to initiate a forced “holiday” that would prevent U.K. consumers from withdrawing bank funds will be discussed at an official meeting on Thursday (August 15th).

What are your thoughts on Brexit and decentralization? Add your thoughts in the comments below!


Images via Shutterstock

The post Feared Run on British Banks Supports Calls For Decentralization appeared first on Bitcoinist.com.


Source: bitcoinist
Feared Run on British Banks Supports Calls For Decentralization

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British Tax Division Resorts to Gathering Intel From Crypto Exchanges To Find Tax Evaders

The of the United Kingdom, HM Revenue & Customs, has recently revealed that it is about to take data from exchanges in order to get unpaid taxes. Three major exchanges, CEX.IO, Coinbase, and eToro, received letters last week that demanded them to give information about their customers to the government. According to reports, […]
Source: bitcoinexchangeguide
British Tax Division Resorts to Gathering Intel From Crypto Exchanges To Find Tax Evaders

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British Tax Authority Demands Data From Crypto Exchanges

british tax authority


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- the HM Revenue and Customers is pressuring the crypto exchanges to reveal the names and transaction histories of the customers in order to fight back the tax evaders and unpaid taxes according to newest reports that we have in the coming altcoin news today.

The letters requesting lists of customers and transaction data have knocked on the doors of about three exchanges that are doing businesses in the United Kingdom including eToro, CEX.IO and Coinbase. One of the industry insiders stated:

 “HMRC is looking to work with exchanges when it comes to finding information on people who have been buying and selling crypto. I think they will only go back a couple of years, two or three years. If they [HMRC] do only go back two or three years, I think the interesting thing here is, that the individuals who into crypto very early on in 2012-13 will not be affected. The ones who probably made the largest gains won’t be affected; it will be the people who came in around the time crypto peaked.”

In a response to the freedom of Information Request, the British Tax Authority said it was withholding details about the demands for information since disclosing them could even further jeopardize the assessment of the tax collection.

 “These exchanges can retain information on their clients and the transactions that they have completed. These transactions may result in potential tax charges and HMRC has the power to issue notices requiring exchanges to provide this information.”

The move by the British Tax Authority is following a pattern which was set by the United States Internal Revenue Service (IRS) and other governments around the world. Last month, the IRS started sending warning letters to thousands of Americans who say that they have participated in the virtual currency transactions but never reported them properly. Also, Coinbase has tried to fight against what is known as John Doe summons which is an attempt by the government agencies to gather more information from the customers including the taxpayer ID, birth date, name and address. As noted in the latest cryptocurrency news, back in December, the Internal Revenue Service issued the summons demanding that Coinbase should produce records relating to more than 500,000 exchange customers and a court order compelled it to produce only 13,000.

The post British Tax Authority Demands Data From Crypto Exchanges appeared first on DC Forecasts – Leading Digital Currencies.


Source: dcforecasts
British Tax Authority Demands Data From Crypto Exchanges

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British Tax Authority Seeks Data from Crypto Exchanges in Search of Tax Evaders

The U.K. is pressuring crypto exchanges to reveal customers’ names and transaction histories in a bid to claw back unpaid taxes, sources said.
Source: worldnewsoffice
British Tax Authority Seeks Data from Crypto Exchanges in Search of Tax Evaders

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British Authorities Seek Data from Crypto Exchanges in Search of Tax Evaders

The U.K. is pressuring crypto exchanges to reveal customers’ names and transaction histories in a bid to claw back unpaid taxes, sources said.
Source: coindesk
British Authorities Seek Data from Crypto Exchanges in Search of Tax Evaders

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As a British-Hong Konger watching USD, HKD, RMB, GBP and BTC…

As a British-Hong Konger watching USD, HKD, RMB, GBP and BTC... submitted by /u/gweilo_waygook_guiri
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Source: BTC
As a British-Hong Konger watching USD, HKD, RMB, GBP and BTC…

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British Financial Watchdog, FCA, Warns Against the Risks Associated with “Unregulated Cryptoassets”

The Conduct , FCA, has issued a rather strict warning in a guideline released Wednesday 31st July that cryptocurrencies like Bitcoin, Ethereum and Ripple are unregulated assets. It has also alerted investors of the risks involved in purchasing these assets. Bitcoin (BTC), Ether (ETH), Ripple (XRP) and other similar cryptocurrencies or crypto-assets have […]
Source: bitcoinwarrior
British Financial Watchdog, FCA, Warns Against the Risks Associated with “Unregulated Cryptoassets”

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British Minister believes authorities should decide Libra’s fate not politicians

Facebook’s launch of its cryptocurrency Libra has created a huge chaos in the crypto ecosystem. The Finance Philip Hammond is of the view that it should be the to decide regulations on Facebook Libra and not the lawmakers. While initially supported and appreciated throughout the crypto market, the stable coin soon became […]
Source: bitcoinwarrior
British Minister believes authorities should decide Libra’s fate not politicians

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Went to The British Museum today. Here’s a 3/3 “multisig” lock box from 1170. Humans have been looking for ways to distribute trust for centuries and beyond.

Went to The British Museum today. Here’s a 3/3 “multisig” lock box from 1170. Humans have been looking for ways to distribute trust for centuries and beyond. submitted by /u/BitcoinReasons
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Source: BTC
Went to The British Museum today. Here’s a 3/3 “multisig” lock box from 1170. Humans have been looking for ways to distribute trust for centuries and beyond.

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