New Zealand to provide relief on crypto taxes

New Zealand is looking to provide relief on GST taxes because it wants to spur the innovation of the crypto industry in its countries. Income taxes will still be collected but Good and Services may see some tax exemption when it comes to crypto.


Dash up 60%

Dash has risen by 60% today as the blackout of the internet continues in Venezuela. The Bolivar, the national currency, is still hyperinflating, and people are losing more confidence in their national currency. Of course, more are turning to Bitcoin and Bitcoin Cash in Venezuela, but since those coins have far more liquidity than Dash, it takes a lot more money to move them.

SBI holdings invests in large Bitcoin mine

SBI holdings has invested in a Rockdale Texas mine which may end up being the largest cryptocurrency mine in the world. This means that SBI does not see Bitcoin, the leading crypto, going anywhere soon and sees a good future for at least the next 5 years for BTC itself. SBI has said before that it wants to garner a significant share of the global hash rate. That action would decentralize China’s dominance in Bitcoin Mining.

Royal Bank of Canada Denies Crypto exchange, Einstein exchanges out $16million in customer funds

Royal bank of Canada denied rumors of the bank opening up a crypto exchange and said that the bank has no plans in the near future to do such. Einstein exchange, after being taken over by authorities was found to have only $45000 in assets while taking $16 million in customer funds resulting in a 99% loss of customer funds at the sham exchange.

Vechain bombshells dropped

So some big bombshells were dropped about VeChain at the OceanEx meetup. The main one was Sunny saying that DNV GL were working on a US partner with Vechain. We do not know who this US partner is but any big US retailer or company would be a big hit since that would signal regulatory clarity in the US. It was also mentioned that Italian winemakers were thinking about using VeChain’s Mystory on every bottle of Wine. This is a big non-chinese partnership that VeChain would be making, expanding outside of the Asia region. Overall, there are lots of things to be excited about in the coming months.

Cardano’s Shelley concludes Phase 1 of testing, makes on to Phase 2

Cardano’s Shelley has concluded phase 1 of its testing and now will move onto phase 2 of its testing, the network testing part. This part will testing the Proof of Stake model and see if it actually works right. There is an announcement for Cardano at the end of September and Shelley is still scheduled to be released at the end of this year.

Vechain and reasons for the fall

VeChain has fallen recently as Bitcoin has climbed and there are three reasons:

1. VeChain is not traded on any US regulated exchanges — This was a mistake on the part of the team not to get VeChain onto more exchanges as the shut-off of Binance has really hurt. This is the main reason.

2. Vtho is too expensive — There is some disgruntlement among the community that Vtho seems to be deemed too expensive by the team.

3. No announcement yet — People were expecting an announcement on June 18th and there was none.

Based on these three reasons, VeChain is dropping hard right now.

Yahoo Japan-backed exchange TaoTao to open Thurday

Yahoo Japan backed exchange Tao Tao is set to open Thursday with spot trading in Bitcoin and Ethereum available with additional leverage trading available for XRP, LTC, and BCH. Tao Tao is regulated as a virtual exchange business under the FSA and is the first of its kind, bearing the registration number 00001. This represents large institutional players coming into cryptocurrency and may boost the overall market.