- Twitter Co-Founder to help Crypto penetrate mainstream – Jack Dorsey, co-founder and ex CEO of Twitter launched his current Business, Square back in 2012. Square specialises in providing low cost, mobile based Point of Sale facilities and services to retailers internationally. The original inspiration for Square occurred to Jack Dorsey in 2009 when Jim McKelvey (a St. Louis friend of Dorsey at the time) was unable to complete a $2,000 sale of his glass faucets and fittings because he could not accept credit cards.* Jack is considered a forward thinking entrepreneur and disrupter of existing infrastructure. Jack has chosen to turn his attention to Bitcoin. His aim is to look at ways and means of integrating the use of Bitcoin alongside his existing payments infrastructure. Square use a combination of offline and online payment systems to ensure that retailers can transact in as many ways as possible. Bitcoin’s transactional issues has largely stemmed from its lack of scalability. Previously all transactions were required to be processed online/onchain in real-time. With recent offline/offchain orientated tech upgrades to Bitcoin it is quite possible that Dorsey is looking to connect the dots between Square and Bitcoin’s tech to enable more people globally to make use of his payments system. Win win in my view for both parties.
Tax Authorities start their annual hunt – With the Tax Year coming to end across many jurisdictions around the world, it should come as no surprise that Tax authorities have started looking for a piece of the Crypto Pie gains that have been made throughout 2017. Tax authorities are targeting the source of trades, the Centralised Exchanges. It was widely reported last year that Coinbase were approached by the US Tax authority – the IRS. Coinbase were taken to court and the result was that they were asked to provide the trading records of 13,000 individuals in order to assess if tax were owed. The Belgian authorities have now chosen to do the same, targeting a Finnish based exchange. This approach by Tax authorities is likely to continue as long as Crypto regulation remains lax and centralised exchanges exist.
- We have created a guide that might help you better understand what tax if any is owed and how to pay it – Cryptocurrency Taxation.
Amazon considers its own Cryptocurrency… and further world domination – Lendedu.com a Survey company polled 1000 Amazon customers who used Amazon within the last 30 days and asked a range of questions based on what additional services would they consider using if Amazon launched them. The survey indicated that over 51% of customers would be happy using an Amazon based Crypto Coin, this rose to 57% of Prime users. The survey extended to other areas of finance such as Bank Accounts, Savings Accounts, Mortgages, Loans and Insurance. The results were largely positive and in favour of using Amazon for these services. The results seem to be reflective of the overall trust that Amazon consumers have in Amazon. 52.6% stated that they trust Amazon “very much so” with only 1.93% claiming to be “very skeptical”.
- This report comes at a very appt time. Many Crypto projects are trying hard to disrupt, integrate and replace many existing systems. Our question in our last 2 Miniute Brief was based on “What is stopping any of the major players and regulatory authorities from starting their own Cryptocurrency?” It would seem nothing. It would also seem that the large majority of consumers, based on the survey results, would feel comfortable using a form of Crypto based technology with existing, well established and trusted organisations. Will this help or hinder Crypto’s development and adoption is still a total unknown…