A Cointelegraph-style YouTube news segment (host: Molly Jane) covering multiple cryptocurrency developments: Portugal's tax authority reportedly exempting crypto transactions and crypto-derived income from VAT and income tax (characterizing crypto as a means of payment); PNC Bank adopting RippleNet's XCurrent for cross-border commercial payments; updates on China's central bank digital currency (PBOC delaying launch, design notes that transfers may not require bank accounts and smart-contract considerations); a market recap reporting recent price drops (Bitcoin down ~8% to about $9,500, overall crypto market cap down ~$20B to ~$246B, Bitcoin dominance ~69%), altcoin skepticism (quotes from Max Keiser and Peter Schiff); and a viewer-comment discussion about whether centralized digital currencies should be called "cryptocurrencies."
Chapters
Hey everyone. As promised, I will be responding to one of your comments from last segment, so stay tuned until the very end of the video to see which one I chose. Today, Portugal is the place for crypto. PNC is now using Xcurrent. Transferring CBDCs just got easier and crypto prices plummet. This is the cryptocurrency news with Molly Jane. If you're wheeling and Dylan in crypto, then you should probably take a look at what's going on in Portugal at the moment. The Portuguese Tax and Customs Authority have just confirmed that crypto transactions or payments are exempt from any value added tax. In other words, if you exchange some crypto into fiat in Portugal, that exchange is tax free. And that's not all. According to the report, income made from crypto sales cannot be taxed. Yes, you heard that correctly. No income tax on crypto. So, yeah, my flight leaves in about an hour. Do you guys think we could wrap this up and just like, just finish the video? Okay, I'll finish the video first. Okay. Well, essentially what this all means is that Portugal is viewing cryptocurrencies as a means of payment. You know, like an actual currency rather than just an asset. Does this mean that Portugal is set to become the next crypto haven? Let me know your thoughts in the comments. What's better than being eighth? Well, obviously it's being first. That's probably what the eighth largest bank in the US was thinking when they became the first American bank to start using the RippleNet blockchain. PNC, which holds almost $400 billion in assets, is now offering Ripplenet based cross border payment solutions to its commercial clients. Basically, if you're a company, you can send money abroad through PNC, who will use RippleNet's Xcurrent service to complete the transaction. This is a big addition for Ripplenet, as we are seeing them do more and more to institutionalize themselves within the network of cross border payments. In June, we saw ripple purchase a 10% stake in MoneyGram, which is the second largest remittance firm in the world. The central stipulation of the deal was that MoneyGram would begin using Ripplenet's service, Xrapid. So how do you guys feel about Ripple's work to build a more interconnected global monetary system? Who do you think will be next to integrate Ripplenet systems? Comment below. Remember how on Wednesday we said that China's central bank Digital Currency, or CBDC, could arrive as early as November 11th? Well, the People's bank of China is now claiming that's not actually going to happen, so we're going to have to wait a little bit longer before we get to see what this thing is actually going to look like. However, we do have some more information about how it's going to function. According to Binance Research, China's CBDC will be transferable without the need of a bank account because of its loosely based design. By loosely based design, Binance Research means that the CBDC will have a system of components that do not all depend on each other, which to be honest, is a pretty loose definition that doesn't actually tell us a whole lot about the system itself. The main point, though, is that bank accounts won't be needed for transfers. This supposedly is to offer some degree of user anonymity, but will it actually what do you guys think? Let me know in the comments. The PBOC is also reportedly considering implementing smart contracts, but are hesitant to do so in case that causes their currency to actually be classified as a security. That would be pretty awkward if China's like, hey, look at our new digital currency and the rest of the world is like, what? That's not a currency, that's a security. And then proceeds to heavily invest in it. What a world Controversial statement of the Day Altcoins are resuming their downwards track to oblivion. Do you believe me? Well, if you don't believe me, maybe you should believe Max Keiser instead, because he's the one that actually said that. As he wrote in his tweet yesterday, Bitcoin dominance climbs as ALTS season fails to materialize and alts resume downward trek to oblivion. BCH and BSV have another 90% drop to go. Bitcoin's price has dropped 8% in the past few days, stabilizing now around 9,500. While altcoin prices were even worse for wear. Ethereum took the largest hit, both physically and emotionally. Not only did its price drop 8.8%, but Max Kaiser also decided to turn the knife in the wound, saying that Ethereum could soon fall to just $90. He seems to really like the number 90. In the midst of Kaiser's dire altcoin predictions, Gold Bug Peter Schill I mean, Peter Schiff took an opportunity to gloat over the latest price drop, saying that bitcoin has again failed the safe haven test. On Friday, as escalating trade tensions sent global stock markets plunging, investors sought refuge in monetary safe havens. The Japanese yen, Swiss franc and especially gold all moved higher. Yet bitcoin plunged by more than stocks. Gold is down 0.65% in the past 24 hours, bringing it almost exactly back to its price at the beginning of the week. The overall crypto market cap took a $20 billion hit from the combined losses and is now currently sitting at $246 billion. At the time of this recording, Bitcoin's share is comfortably positioned at the ever magical 69% is gold. The safe haven that Peter Schiff claims it to be is bitcoin. A safe haven is neither a safe haven. And then what is so like I said at the beginning of this video, I'm going to pick one of the best comments from last week. So what we have here is Wesley Archbell. He wrote should not be called cryptocurrency if it's not decentralized smiley face. And I think that Wesley brings up a really good point because now that we have Libra, we all these central bank backed digital currencies, the question comes can we call something a cryptocurrency? Is there a difference between a cryptocurrency and a digital currency? A digital asset? What should XRP fall under? So I don't know exactly what the answer is, but it's definitely something good to think about. If you guys have any more ideas about whether a cryptocurrency can be a centralized cryptocurrency, as always, comment below. Thank you everyone for watching. This has been Molly Jane with the Cryptocurrency news. And as always, remember to like subscribe and Hodl and cointelegraph like subscribe and Hodl.
