Cryptocurrency News

Danish Tax Agency to Collect User Data from Crypto Exchanges

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Denmark’s Tax Authority has been authorized by the country’s Tax Council to obtain information regarding all trades of cryptocurrencies across three domestic crypto exchanges. In the year 2017 Ripple had made a statement that it has committed millions to the University Blockchain Research Initiative (UBRI), collaborating with crypto exchange Ripple with more than 16 universities all over the world that is from Brazil to the United Kingdom, with the goal of increasing recent inventions in cryptocurrencies and blockchain.

Amongst the primary recipients of Ripple’s new asset will be University College London’s world foremost Centre for Blockchain Technologies (UCL CBT). Decision-making director Paolo Tasca forecasts the investigation subsidized by the UBRI will have a collection of prospective insinuations for the U.K. expenditures marketplace, fluctuating from rationalizing current interbank expenditures substructures to mechanizing rule and amenableness events. The main aim is to turn the present controlling and agreement replicas, and make use of blockchain to let a level of message among controllers and stores, so that supervisors can repeatedly get information or inquiry the info they require, by not keeping a compulsion to relying on an intermediate or the bank recording that info.

Tasca says that it is not all gloomy for Bitcoin and cryptocurrencies overall due to the boost in market exchange. The Bitcoin cash prices climbed 12 percent in value as speculations of it joining a new virtual exchange keeps on floating. For people who believe in investing for the future, it is good news the Winklevoss twins think that Bitcoin is going to be worth 40 times today’s price. They also think that regardless of the shaky costs in recent weeks, Bitcoin is an under-appreciated asset that will skyrocket in the future. At the same time, Tasca states that the technical analyst team at Goldman Sachs has made another prediction that the cryptocurrency risks will sink below the February low in the future. The warning comes as a sign that investment in Bitcoins is nothing short of high risk. One of the major issues noted is the $400 million sell-off of Bitcoins by Mt. Gox, the attorney and bankruptcy trustee of a recent global Bitcoin exchange.

“These difficult trials have made the crypto industry to be careful, as they upsurge the growth prices of implementing a blockchain system as well as growing the risk for the end users and the business,” Tasca says.

Ripple XRP is the currency used in the payment network for all transactions, reducing the time and money associated with cross-border payments. Each transaction through the system is processed in only four seconds. For comparison, Ethereum takes more than two minutes, Bitcoin over an hour, while traditional systems can take between three and five days. Ripple is a payment network for financial institutions and is a competitor to systems like SWIFT.

The approval means that three unnamed Danish cryptocurrency exchanges at present have lawful revelation duties to hand over individuality info that comprises names, addresses and personal tax numbers, as well as particulars of all cryptocurrency transactions made on their platforms from January to December 2018.

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