Crypto Corner: Cumberland Korea CEO Urges South Korean Gov't to Consider Examples of Institutional Investors, Coinone Launches Remittance App Utilizing Ripple's xCurrent
December 11th #CryptoCorner and Podcast sponsored by Crypto payment tech, #Flip @FlipToPay ($NXTD) and Genesis Exchange and Wallet App @GenesisBlockch
Point Roberts, WA and Delta, BC - December 11, 2018 (Investorideas.com Newswire) Investorideas.com, a leader in crypto and blockchain investing news, in partnership with Fit Pay, Inc.'s (subsidiary of NXT-ID (NASDAQ: NXTD) crypto payment tech, Flip and the Genesis Exchange and Wallet App bring you today's edition of the Crypto Corner podcast and commentary on what's driving the cryptocurrency market.
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Crypto Corner: Cumberland Korea CEO Urges South Korean Gov't to Consider Examples of Institutional Investors, Coinone Launches Remittance App Utilizing Ripple's xCurrent
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Cumberland Korea CEO Urges South Korean Gov't to Consider Examples of Institutional Investors, Coinone Launches Remittance App Utilizing Ripple's xCurrent, Japanese Congressman Pushes for Crypto Tax Reform and UK MP Advocates Tax Payment with Bitcoin
The crypto market continues to sink as we open the day with a total market cap of just $107 billion USD, according to CoinMarketCap. Virtually all of the top 100 coins listed by market cap are in the red today. Bitcoin (BTC) currently holds a 55 percent market dominance and is trading for about $3400. Trailing behind in market cap are XRP, Ether (ETH) and Stellar (XLM), which are trading for $0.30, $88 and $0.11, respectively.
Hong Joon-ki, CEO of OTC exchange Cumberland Korea, urged South Korean government officials to consider the example set by Nasdaq and Fidelity in "working to strengthen the infrastructure around cryptocurrencies", according to a report from CCN. At an official meeting between the five biggest crypto exchanges in the country and the government, Hong said:
"Financial institutions in South Korea must seriously consider the cryptocurrency market and the government has to encourage financial institutions to serve cryptocurrency investors."
Also in South Korea, crypto exchange Coinone has launched a remittance app called Cross, according to a report from CoinDesk. The app, which will be officially deployed by Coinone's payments subsidiary Coinone Transfer, utilizes Ripple's xCurrent to allow fast cross-border payments.
Japanese congressman Takeshi Fujimaki proposed changes to tax policy surrounding cryptocurrencies to "encourage the development of blockchain technology", according to a recent statement. He proposed the following four changes to help foster growth in the blockchain and crypto space: Reduce crypto gains tax from 55 percent to 20 percent, allow the carrying forward of losses across quarters until cashed out, exemption of taxing crypto to crypto trading and exemption of taxing small crypto transactions.
In the UK, Conservative MP Eddie Hughes is pushing for the ability for citizens to pay taxes with Bitcoin, according to the Daily Telegraph. Hughes, who describes himself as a "crypto enthusiast with amateur knowledge", said:
"You're either ahead of the curve or you're behind the curve, and our country is in an interesting position right now - we need to be seen as a progressive country.
"We are at a crossroads and we're about to determine our future - one in which taking the lead in this field could prove very beneficial."
Sam Mowers, Investorideas
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Flip™ is the creation of Fit Pay, Inc., a leading provider of cutting edge payment technology and a subsidiary of NXT-ID (<NASDAQ: NXTD). By leveraging the FitPay Payment Platform™, Flip enables cryptocurrency holders to seamlessly exchange their cryptocurrency for US dollars and store that value on a contactless payment device that can be used to make purchases at millions of retail locations. https://www.fliptopay.com/
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