Hey everyone! As promised, I will be responding
to one of your comments from last segment,
so stay tuned till the end of the video to
see which one I chose! Today, Portugal is
the place for crypto, PNC is now using xCurrent,
transferring CBDC just got easier, and crypto
prices plummet. This is the Cryptocurrency
News with Molly Jane.
If you’re wheelin’ and dealin’ 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.
You guys think we could wrap this up in just
like… Just finish the video. Okay, I’ll
just 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 as an asset. Does this mean 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 U.S. 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
payments solutions to its commercial clients.
Basica lly, if you’re a company, you can
send money abroad through PNC, who will use
RippleNet’s xCurrent service to complete
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
remittances firm in the world. The central
stipulation of the deal was that Moneygram
would begin using RippleNet’s service, xRapid.
How do you 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 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 going to happen, so we’re going to have
to wait a bit longer before we get to see
what this thing is actually going to look
However, we do have some more information
about how it’s going to function! According
to Binance Research, China’s CBDC will be
transferrable 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 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 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 downward trek 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 who actually said that.
As he wrote in his tweet yesterday, “Bitcoin
dominance climbs as alt-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 alt-coin 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 Keiser 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 Keiser’s dire alt-coin predictions,
gold bug Peter Shill – 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 twenty-four
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. 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
is a safe haven, and then what is??
So! Like I said at the beginning of this video,
I’m gonna pick some of the best comments from
last week! So, what we have here is Wesley
Archbell. He wrote: “Should not called be
cryptocurrency if it’s not decentralized:)”
And I think Wesley brings a very good point,
because now that we have Libra, we have all
these central banked backed digital currencies.
The question comes: can we call something
a cryptocurrency, is there a difference between
a cryptocurrency and 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,