#CryptoCorner: BTC Nearing $12K Again, Singapore Proposes #Crypto Exemption from GST, Libra Causes ECB Board Member Calls for Regulation
Point Roberts WA, Delta BC, July 8, 2019 - 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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The crypto market has emerged from the weekend looking fairly green, with total market capitalization clocking in at around $337 billion at press time, according to data from CoinMarketCap. Over the past week Bitcoin (BTC) has reclaimed its $10K+ support level after having dipped below it about a week ago. The flagship cryptocurrency is currently trading for around $11,900 with a market cap of $211 billion. Altcoins are broadly showing an upward trend for the past 24 hours. Ether (ETH) and XRP lead those, as usual, with market caps of $33 billion and $17 billion, respectively.
The Inland Revenue Authority of Singapore published the draft for its new e-tax guide, wherein the agency proposed to exempt cryptocurrency transactions from goods and services (GST) taxes. An excerpt outlines the existing status of crypto with regard to GST in the country:
Under the current rules, the supply of digital payment tokens is treated as a taxable supply of services. Therefore, the sale, issue or transfer of such tokens for consideration by a GST-registered business is subject to GST. When the tokens are used as payment for the purchase of goods or services, a barter trade resulting in two separate supplies arises — a taxable supply of the tokens and a supply of the goods or services.
If the new proposed rules see legislation, the following will take effect:
(i) The use of digital payment tokens as payment for goods or services will not give rise to a supply of those tokens; and
(ii) The exchange of digital payment tokens for fiat currency or other digital payment tokens will be exempt from GST.
Bloomberg reports that European Central Bank (ECB) Executive Board member Benoit Coeure has called for regulation in light of the development of Facebook’s (NasdaqGS:FB) Libra cryptocurrency project.
“It’s out of the question to allow them to develop in a regulatory void for their financial service activities, because it’s just too dangerous. We have to move more quickly than we’ve been able to do up until now.”
“All these projects are a rather useful wake-up call for regulators and public authorities, as they encourage us to raise a number of questions and might make us improve the way we do things.”
According to a report from the South China Morning Post today, Libra has “forced” China to hasten efforts in the development of a digital currency. It’s argued that Libra could potentially challenge China’s cross-border payments, monetary policy and financial sovereignty. Wang Xin, director of the People’s Bank of China (PBOC)’s research bureau, commented:
“If [Libra] is widely used for payments, cross-border payments in particular, would it be able to function like money and accordingly have a large influence on monetary policy, financial stability and the international monetary system?”
Sam Mowers, Investorideas
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