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Paxtradings Crypto Minute: March 6, 2018

PAX Trading > Crypto Minute > Paxtradings Crypto Minute: March 6, 2018

PayPal Files Patent for an “Expedited Virtual Currency Transaction System”

According to MarketWatch, PayPal recently filed for a patent for an “expedited virtual currency transaction system.” The proposed system would increase Bitcoin transactions speeds and maintain anonymity. PayPal’s shares have increased 0.80% since news of the patent filing circulated yesterday.

Belgium’s Special Tax Inspectorate Increases Enforcement of Cryptocurrency Tax Law

Belgium’s Special Tax Inspectorate has opened four cases in regards to cryptocurrency taxes — one of which has already been closed as a “non-case.” According to Bitcoinist.com, Belgian law requires cryptocurrency owners to pay a 33 percent tax on profitable gains. Although most Belgians’ cryptocurrency trades and assets are being done or stored on foreign platforms, the Special Tax Inspectorate has suggested it will continue enforcement actions against suspected tax evaders.

CNET Discovers Several Forged Identities in MIROSKII ICO Leadership Team, One of Which Used Stock Photo of Ryan Gosling

A fraudulent ICO called MIROSKII, which claimed to create a “banking without bankers” platform, used a stock image of American actor Ryan Gosling as the photo for a graphic designer. According to CNET, MIROSKII claimed that the graphic designer’s name was Kevin Belanger — but that was not the only forged identity listed on the site. “Perry Henderson” was actually a real estate agent from Texas, not a CEO of other online companies. In addition, “Joel Hermann (‘Founder of Mysterium Network’)” was actually Ben B. Rubinowitz, a practicing lawyer from New York.

“Father of JOBS Act” Advocates for Tokenizing Securities

David Weild IV, a leading researcher into the negative impacts of equity markets on businesses and the lack of IPOs, is advocating for a revision of the JOBS Act, which would have blockchain as a centerpiece of the legislation. According to CoinDesk, the original JOBS Act “has yet to generate the growth in initial public offerings (IPOs) it was supposed to.” However, Wield suggests that tokenizing securities and moving them to a blockchain will facilitate public access to business ownership. Wield finished by acknowledging, “The process of taking all this interest in ICOs and moving it into a securities compliant process is going to take a while.”

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