Archiv der Kategorie: Bitcoin

Tether (USDT) Reaches Settlement Following New York Attorney General’s Trial

Tether and Bitfinex have reached an $ 18.5 million deal with the New York (NY) Attorney General.

Bitfinex and Tether are banned from continuing illegal activities in New York.

The USDT continues to be monitored by regulators

The stablecoin Tether (USDT) and the exchange of crypto Bitfinex reached an agreement with the Attorney General of the State of New York.

The deal requires Tether and Bitfinex to cease all other business activity with New Yorkers, as well as to pay $ 18.5 million in penalties, in addition to requiring a number of steps to increase transparency, according to an announcement from the Attorney General’s Office (AGO).

“This resolution makes it clear that those who trade virtual currencies in New York State and think they can avoid our laws cannot, and will not,” said the New York State Attorney General, Letitia James.

Details of Tether’s Trial (USDT)

The deal comes after an OAG investigation revealed that Tether and iFinex, the operator of Bitfinex, had made false claims about Tether’s backing and the movement of hundreds of millions of dollars between the two companies. According to the BVG, on November 2, 2018, Tether transferred hundreds of millions of dollars from its bank accounts to those of Bitfinex.

Settlement resolves public disclosure allegations related to a loan Tether made to Bitfinex as the exchange struggled to access roughly $ 850 million in funds held by a payment processor in 2018, according to a Tether announcement. The loan was made to ensure continuity for Bitfinex customers, and has since been paid in full, including interest, Tether said.

Tether announced in a tweet:

“Under the settlement we do not admit any wrongdoing, the settlement amount we agreed to pay to the Attorney General’s office should be seen as a measure of our willingness to leave this issue behind and focus on our activities. ”

Growing problems

These are not the only issues that have been raised. Last year, the STABLE Law was introduced in the US Congress which, if enacted, could be devastating for Tether and stablecoins.

The law calls for banking licenses for issuers of stablecoins such as USDT . It offers additional requirements for Federal Reserve reporting, also offering issuance approval in addition to the permanent audit requirements and an insurance policy to cover assets.

Another proposal may require stablecoin issuers to store their reserves directly with the Federal Reserve. This puts them under the control of the central bank and severely limits their open use. Although not yet enacted, this law is representative of increasing regulatory pressure.

O guardião da criptografia Protego obtém autorização nacional do OCC

A Protego se junta a Anchorage como a primeira cadeia de empresas de ativos digitais a obter o licenciamento de um banco de confiança nacional.

O Gabinete do Controlador da Moeda concedeu a outra empresa de criptografia uma carta nacional

De acordo com um anúncio compartilhado com a Cointelegraph hoje, o custodiante institucional da criptografia Protego, com sede em Washington, é a segunda empresa de criptografia nativa a obter licença nacional do OCC.

A nova carta é condicional e o Protego é autorizado como um banco fiduciário nacional, em vez de um banco tradicional, o que significa que não fará depósitos. Curiosamente, a Protego é uma empresa relativamente nova e ainda está em processo de organização. Ele terá 18 meses para iniciar as operações antes que o atual afretamento expire.

O OCC é o escritório do Tesouro dos EUA responsável por regulamentar os bancos nacionais

No ano passado, ela trabalhou muito para integrar a criptografia a esse campo de ação, incluindo o fornecimento da primeira carta nacional desse tipo para Anchorage no mês passado.

Nem todos ficaram satisfeitos com o interesse do OCC em integrar empresas de criptografia. Um consórcio de reguladores bancários estaduais recentemente entrou com uma ação contra o OCC sobre o pedido da Figure para uma carta nacional, alegando que o OCC está esticando a definição de banco além do reconhecimento.

Bitcoin Secret: a new scam is roaming

Bitcoin Secret: a new scam is roaming the web

Bitcoin Secret is billed as an automated cryptocurrency trading software.

„Bitcoin is making people rich and you can be the next millionaire“.

It is also explicitly pitched as a tool that could change the lives of those who register to use it.

Opening the Trustpilot tab of the service, advertised on the home page, immediately reveals something of a dubious nature.

The service has only 24 reviews, all of them positive, some of which have nothing to do with Bitcoin Secret and others like Bitcoin Bank that lie through their teeth, such as one that claims the service was promoted on „This Morning Show“.

Since it’s a hoax, that positive 4-star review is patently false, and many of the others are essentially identical (only the terms used change). There is even a review with only 3 stars which describes the service as ‚fabulous‘.

On the Bitcoin Secret website, the only information that could be independent and verifiable are the TrustPilot reviews, which are clearly bogus.

At this point it is already clear that this is not a legitimate service.

Another curious thing is what is written in small print in the disclaimer at the bottom:

„Bitcoin Secret does not operate as a financial services company and is only used as a marketing tool by third-party advertisers and brokers to receive more customers.“

What Bitcoin Secret is not

In other words, the website itself admits that it is not automated trading software, but just a way to get in touch with a broker. In other words, the Bitcoin Secret website itself points out at the bottom that what it says further up, in larger print, is false.

In fact, the footer also reads:

„When you sign up for Bitcoin Secret, you are automatically assigned a broker“.

So those who sign up for this service do not receive software for automated cryptocurrency trading, only contact with a broker who will presumably try to convince them to spend money.

It is no coincidence that there is no detail about how this automated cryptocurrency trading software works, so much so that the software itself probably does not even exist.

Furthermore, the list of supposedly last trades made with the software shown on the homepage is patently nonsense, as there is no way to verify its veracity.

In other words, the Bitcoin Secret website is full of lies, with the clear aim of deceiving users.

JPMorgan Analysts Predict Long-Term Bitcoin Price of $ 146,000

JPMorgan analysts present a long-term price target of $ 146,000 for Bitcoin.

This objective would be achieved through capital outflows from other asset classes, in particular gold.

JPMorgan has so far been extremely skeptical of Bitcoin

The Trust Project is an international consortium of news organizations based on transparency standards.

JPMorgan and its CEO Jamie Dimon have seemed skeptical of Bitcoin for years, but that hasn’t stopped the company from speculating on a bullish target.

With the increased institutional adoption of Bitcoin due to global economic and social factors, the leading cryptocurrency can no longer be ignored. Gold could continue to lose market share, according to JPMorgan analysts via Bloomberg :

Bitcoin could have the potential for substantial additional long-term gains as it competes with gold for investment streams, according to JPMorgan Chase & Co.

As investors begin to see Bitcoin as a better store of value, a better trading system, and better inflation hedge than gold , large-scale buying may continue.

Analysts believe Bitcoin still has serious upside potential:

A crowding out of gold as an ‚alternative‘ currency implies a big advantage for Bitcoin in the long run, […] a convergence of volatilities between Bitcoin and gold is unlikely to happen quickly and this is in our case. spirit of a multi-year process. This implies that the theoretical Bitcoin price target of $ 146,000 above should be viewed as a long-term target, and therefore an unsustainable price target for this year.

While analysts do not expect prices to rise quickly to nearly $ 150,000, they do believe that a gradual increase in cash outflows from gold and other assets will inevitably find its way to BTC.

Underpaid and racism allegations at Coinbase

A New York Times report reveals serious differences in pay for women and black workers. It’s the next faux pas that Coinbase steps into. This time, however, the scandal comes at a very inconvenient time, as the startup is in the middle of planning an IPO.

In a recently published articleThe New York Times reveals allegations by female and black employees complaining of unfair working conditions at Coinbase

Accordingly, women and people of color are paid less than their male, white colleagues. The basis of the report is provided by analyzes by the economist Alexandra Marr, who previously provided analyzes for court cases that dealt with wage distortions. Marr examined salary data from 448 employees in 2018. Nine employees who also appeared in the data validated them against their own numbers and from colleagues they knew.

The analysis at Bitcoin Storm found that women received an average of $ 13,000 (8 percent) less salary than their male counterparts in comparable jobs and positions. Sometimes there are discrepancies of up to 20 percent. The analysis made a rough distinction between “manager”, “engineer” and “non-engineer”. The occupational groups were compared with one another in different hierarchy levels (level 1 to level 6). The department examined at Coinbase had to have at least three female employees. The biggest difference was with the level 1 managers, where female employees had to be content with 20 percent less salary. The level 1 non-engineers had the second largest deviation with 18 percent. Third place went to the Level 3 managers. Male employees there received a little over 200,000 US dollars annually, while female colleagues received an annual salary of almost 170,000 US dollars. An inequality of 16 percent.

There was a slight overpayment for female employees in two of the fourteen jobs at Coinbase. Female Level 1 engineers earned around 7 percent more than their male colleagues. There was also a two percent female overpayment at the level 6 manager level.

Black employees paid less – allegations of systematic racism

According to the article, dark-skinned employees are also affected by the unequal wage distribution. 16 black permanent employees appeared in the analyzed salary data. They got $ 11,500 less. That is 7 percent less than all other employees got. Anonymous reports by black employees also accuse the San Francisco tech startup of systematic racism.

Like the New York Timesreported that a manager made assumptions about a black employee in front of other colleagues as to whether he was dealing with drugs or carrying a weapon. Another dark-skinned employee describes a scene from a job interview in which the manager openly told him that he thought black employees were less capable. And yet another employee reported condescending treatment of her manager towards her and her black colleagues. So they were passed over in favor of white, less experienced employees even in the case of promotions.

In a statement, LJ Brock, Coinbase’s chief people officer, said the company began conducting a comprehensive review of compensation across the company in late 2018.

Bitcoin Preis Analyse: BTC strebt neues Hoch über 24.200 Dollar an

Der Bitcoin-Preis hat eine frische Aufwärtsbewegung von der Unterstützungszone bei $22.300 gegenüber dem US-Dollar gestartet.

Der Preis notiert nun deutlich über $23.000 und dem 55 einfachen gleitenden Durchschnitt (4-Stunden).
Auf dem 4-Stunden-Chart des BTC/USD-Paares (Daten-Feed von Coinbase) bildet sich ein wichtiger steigender Kanal mit Unterstützung bei $22.800.
Das Paar wird wahrscheinlich weiter steigen, wenn es die Widerstandsniveaus von $24.000 und $24.200 überwindet.

Der Bitcoin-Preis zeigt derzeit zinsbullische Anzeichen oberhalb von $23.000 zum US Dollar. BTC könnte sich weiter erholen, wenn es ihm gelingt, sich in naher Zukunft über $24.000 zu etablieren.


In den vergangenen Tagen schwankte der Bitcoin-Kurs mehrmals über 22.000 $ zum US-Dollar. BTC blieb gut im Angebot und kletterte über $23.300 und $24.000. Es wurde ein Hoch bei $24.071 gebildet, bevor eine erneute Abwärtskorrektur einsetzte.

Der Preis handelt derzeit deutlich über $23.000 und dem 55 einfachen gleitenden Durchschnitt (4-Stunden). Er korrigiert unterhalb des 23,6% Fib-Retracement-Levels der jüngsten Aufwärtswelle vom Tiefstkurs bei 22.381 $ bis zum Hoch bei 24.071 $.

Auf der Abwärtsseite befindet sich die erste wichtige Unterstützung bei 23.320 $. Sie liegt in der Nähe des 50% Fib-Retracement-Levels der jüngsten Aufwärtswelle vom Tiefstkurs bei 22.381 $ bis zum Hoch bei 24.071 $. Die nächste wichtige Unterstützung unterhalb von 23.200 $ liegt nahe der 23.000 $-Marke.

Auf dem 4-Stunden-Chart des BTC/USD-Paares bildet sich außerdem ein wichtiger steigender Kanal mit einer Unterstützung bei 22.800 $. Bei einem Durchbruch nach unten unter die Channel-Unterstützung bei 22.800 $ besteht die Gefahr weiterer Abwärtsbewegungen.

Die nächste wichtige Unterstützung befindet sich in der Nähe des Schwungtiefs bei 22.320 $, unter das der Kurs in Richtung 21.500 $ abtauchen könnte. Auf der Oberseite sind die Niveaus von $23.600 und $23.750 erste Hürden. Der Hauptwiderstand bildet sich in der Nähe der 24.200 $-Marke.

Ein erfolgreicher Abschluss oberhalb der 24.000 $-Marke mit einer anschließenden Bewegung über die 24.200 $-Marke könnte die Türen für einen größeren Anstieg öffnen. Der nächste wichtige Stopp für die Bullen könnte in der Nähe der $25.000-Marke liegen.


Ein Blick auf den Chart zeigt, dass der Bitcoin-Preis deutlich über $23.000 und dem 55 einfachen gleitenden Durchschnitt (4-Stunden) handelt. Insgesamt ist es wahrscheinlich, dass der Preis weiter steigt, wenn er die Widerstandsniveaus von $24.000 und $24.200 überwindet.

Technische Indikatoren

  • 4-Stunden-MACD – Der MACD verliert langsam an Tempo in der zinsbullischen Zone.
  • 4-Stunden-RSI (Relative Strength Index) – Der RSI liegt immer noch deutlich über der 50-Marke.
  • Wichtige Unterstützungsniveaus – 23.000 $ und 22.800 $.
  • Wichtige Widerstandsniveaus – $23.750, $24.000 und $24,200.

Tymczasowa korekta czy brak ATH w tym roku?

Bitcoin: Tymczasowa korekta czy brak ATH w tym roku? Cotygodniowa aktualizacja rynku kryptograficznego

Bitcoin ma sposób na zaskoczenie ludzi. This week was no exception. A few days ago, almost everyone believed that the cryptocurrency is inevitably headed to a The News Spy new all-time high. A jak mogliby tego nie zrobić? BTC notowała kilkaset dolarów poniżej rekordu z 2017 roku. Niestety, sprawy przybrały najgorszy obrót.

Wczorajszy dzień był niewątpliwie złym dniem dla Bitcoin’a, ponieważ w ciągu niecałych 24 godzin pogrążył się w sumie w okolicach 3.000 dolarów. Z rekordowej sumy około 19 500 $ do 16 200 $ niedźwiedzie szturchały i pokazywały swoje twarze. Cały rynek stracił około 80 miliardów dolarów swojej kapitalizacji, ponieważ altcoins rzeczywiście miał najgorsze.

Podczas nurkowania na rynku, dominacja Bitcoinów rzeczywiście wzrosła, pokazując, że nie tylko altcoiny nie utrzymały się na powierzchni, ale spadły mocniej niż BTC. Od tego czasu nastąpiło nieznaczne ożywienie i w momencie pisania tego tekstu, podstawowa kryptokur waluta obracana jest na poziomie około 17.000 dolarów.

Wydaje się, że posunięcie to było napędzane przez wiadomość, że amerykańskie organy regulacyjne mogą wymagać weryfikacji tożsamości od dostawców portfeli kryptograficznych. Prezes Coinbase, Brian Armstrong, skomentował tę sprawę, wyrażając swoje obawy, że jeśli nowe zasady zostaną wdrożone, będą raczej szkodliwe dla użytkowników i branży w ogóle.

W tym samym czasie, popularna kryptocurrency exchange OKEx otworzyła wypłatę środków po raz pierwszy od czasu zamknięcia giełdy około miesiąc temu, co mogło skłonić użytkowników do wypłacenia zysków, na których siedzą. W rzeczywistości, CryptoPotato poinformowało, że około 500 milionów dolarów zostało wycofanych z giełdy w momencie, gdy doszło do krachu.

W każdym razie, wyniki są tutaj, a szczególnie interesującym pozostaje zobaczyć, gdzie Bitcoin pójdzie stąd.
Dane rynkowe

Limit rynkowy: 512B USD | 24H Vol.: 181B | BTC Dominacja: 62%.

BTC: $17,132 (-7.98%) | ET: $516.86 (+1.71%) | XRP: $0.56 (+74.08%)

Bitcoin Warty 500 milionów dolarów Wypłacone z OKEx jako Użytkownicy Szukają innej alternatywy. Dane pokazują, że użytkownicy wycofali łącznie 29.300 BTC z popularnej kryptokurczowej wymiany walut OKEx zaraz po wznowieniu pełnej funkcjonalności. Stało się to tak samo jak Bitcoin zanurzył 3.000 dolarów w ciągu 24 godzin. Giełda wznowiła również wypłaty dzień wcześniej niż ogłoszono i w trakcie godzin handlu w Chinach.

Bitcoin Black piątek 2020: The Sales You Better Not Miss. Jest koniec listopada, a wraz z nim długo oczekiwany sezon handlowy. Dla wielu jest to czas, aby cieszyć się masową sprzedażą. Pozwoliliśmy sobie wymienić kilka sprzedaży w polu kryptokurwalutowym, które mogą być interesujące dla miłośników.

Podobno Libra na Facebooku pojawiła się w styczniu 2021 roku w wersji Scaled-Down. Libra, długo oczekiwany projekt kryptokurrency na Facebooku, może zostać uruchomiony na początku 2021 roku. Jednakże, wersja, która potencjalnie uderza w rynek, jest zmniejszona i specjalnie zaprojektowana, aby przestrzegać przepisów szwajcarskiego FINMA.

Badania sugerują, że Satoshi Nakamoto uruchomił Bitcoin z Londynu. Nowe badania pokazują, że działania związane z Satoshi Nakamoto z lat 2008 i 2010 mogły mieć miejsce w Londynie, kiedy sieć Bitcoin została uruchomiona. To przybliża ekspertów o krok do ustalenia, kto stoi za legendarnym pseudonimem.

6 możliwych powodów, dla których Bitcoin’s $3,000 Daily Price Crash. Bitcoin przeszedł ogromną katastrofę dwa dni temu, kiedy stracił około 3000 dolarów swojej wartości w nagłej czerwonej świecy. Są to sześć powodów, dla których to mogło się zdarzyć i krótki zarys tego, co może być dalej.

Coinbase CEO obawia się pogłosek o regulaminie zaproponowanym przez Trump Administration. Brian Armstrong, dyrektor generalny wiodącej amerykańskiej giełdy kryptokurwalutowej Coinabse, powiedział, że martwi się pogłoskami o przepisach dotyczących zewnętrznych dostawców portfeli, którzy muszą identyfikować swoich użytkowników. Powiedział, że może to zaszkodzić użytkownikom i całemu ekosystemowi.

What sauce will your savings be eaten in? Bitcoin attracts more than gold for protection, according to Deutsche Bank

The king of cryptos superior to the king of metals?

Is Bitcoin (BTC) increasingly being seen as a better safe haven than gold itself? At least that’s what a managing director of Deutsche Bank seems to think.
Bitcoin, a „credible“ asset preferred to gold?

According to the ZeroHedge site, which reports the comments of Jim Reid, head of the British branch of Deutsche Bank, Bitcoin is on the way to supplant gold in the hearts of some investors.

In an analysis of world markets, one week after the announcement of a possible vaccine against Covid-19, Jim Reid notes a significant decorrelation between the price movements of precious metals and those of Bitcoin:

„One of the quirks [in the markets] was the dramatic divergence between gold (-3.6 percent) and silver (-4.4 percent) on the one hand, and Bitcoin (+13.4 percent) on the other. Bitcoin rose another 3% overnight and seems to be creating its own momentum. It has grown by more than 70% in the last six weeks as more and more investors are starting to see it as a credible asset to invest in.

The king of cryptos and the inflation debate

In observing this dissonance among these assets considered as reserves of value, Jim Reid even goes so far as to say that :

„There seems to be a growing demand for the use of Bitcoin, where gold was previously used, to hedge against dollar-related risks such as inflation and other things. »

Indeed, an ever increasing number of billionaires consider the king of cryptos as an alternative to gold as a safe haven: Bill Miller, Stanley Druckenmiller, Ricardo Salinas Pliego,… And the list is not exhaustive!

Even if their degree of preference in gold or Bitcoin may differ slightly, they are all unanimous in their fears about a hyperinflation of the US dollar.

Given that many policies call for ever more economic interventionism, and thus monetary printing, this trend of mistrust (not to say distrust) of fiat currencies is not likely to be reversed any time soon. While gold as a proven safe haven will certainly benefit from this, it would seem that the little newcomer – Bitcoin – is now seen as an even more promising protection.

La tasa de hash de Bitcoin cae mientras los mineros chinos buscan energía más barata

La caída de la tasa de hash de bitcoin muestra cómo la minería sigue estando muy concentrada en China.

Principales productos para llevar

  • La red de Bitcoin experimentó un fuerte descenso en su tasa de hachís.
  • Muchos mineros de las provincias suroccidentales de China apagaron sus equipos para hacer frente al aumento de los precios de la electricidad a medida que se acercaba el invierno.
  • Los mineros están trasladando su equipo a otras regiones de China donde la electricidad sigue siendo barata.

Si bien la tasa de hachís de Bitcoin aumentó a lo largo de 2020, recientemente ha sido testigo de una fuerte disminución. Según los informes, la disminución de la tasa de hachís se debe a que los mineros chinos están deteniendo sus operaciones.

Los mineros chinos de Bitcoin hacen las maletas

Los mineros se han trasladado a otra región de China donde pueden acceder a electricidad barata para la minería.

La tasa media de hachís de Bitcoin en siete días ha disminuido más del 10% en diez días, pasando de 146 millones de TH/s el 18 de octubre a 131 millones de TH/s el 27 de octubre.

De junio a octubre, las provincias del suroeste de China tienen un exceso de recursos hídricos utilizados para la energía hidroeléctrica. Esto resulta en electricidad más barata y atrae a las operaciones de minería de criptografía. Pero la situación cambia durante los meses secos de invierno, causando un aumento de los precios.

Los mineros de Bitcoin deben ahora trasladar sus equipos a otras regiones de China donde la electricidad sigue siendo barata, como Mongolia Interior y Xinjiang. Los mineros aprovecharán la electricidad más barata de los combustibles fósiles como el carbón.

En una cadena de bloques de prueba de trabajo como Bitcoin, la red está asegurada por mineros que utilizan hardware especializado para extraer bloques. Este hardware, normalmente en forma de ASIC, consume enormes cantidades de energía. Por lo tanto, los mineros deben trabajar continuamente para mantener los costos de electricidad bajos para mantener los beneficios.

China también es el hogar de alrededor del 65% de la tasa de hash de Bitcoin, la métrica utilizada para definir la potencia de cálculo que se utiliza para asegurar una red criptográfica. Cualquier impacto en los mineros chinos se refleja en la tasa de hash de la red. En el pasado, la red experimentó una caída en la tasa de hash cuando los mineros chinos se vieron afectados por las inundaciones.

Tasa de hash y precio de Bitcoin

La disminución de la tasa de hachís es objeto de especulación sobre cómo puede afectar al precio. Resulta que la caída de la tasa de hachís puede no tener correlación a corto plazo. De hecho, mientras que la tasa de hash comenzó a disminuir alrededor del 18 de octubre, Bitcoin observó un aumento de los precios durante el período, como se destaca en el gráfico anterior.

A pesar del incremento semanal del precio de Bitcoin en medio de la caída de la tasa de hachís, BTC ha visto recientemente un retroceso. Los comentaristas de Twitter predijeron que la disminución de la tasa de hachís podría hacer que el precio de Bitcoin bajara aún más. Pero un experto dijo que este podría no ser el caso.

„No estoy de acuerdo con las teorías de que la tasa de hash afecta al precio. Es al revés“, escribió el cofundador y CTO de CasaHODL, Jameson Lopp en Twitter.

Según Lopp, el aumento de los precios de Bitcoin ha atraído históricamente a los mineros a la red, lo que se sumó a su tasa de hash.

A lo largo de los años, una enorme cantidad de potencia de computación (derivada de grandes inversiones en minería y electricidad) ha ayudado a mantener la red segura contra ataques. Siempre que se produce una caída sustancial en la tasa de hash, se plantean preocupaciones sobre la seguridad de Bitcoin. A medida que los mineros terminen su reubicación, se espera que la tasa de hash de la red se recupere.

Director of SGR Consulting: „In Argentina there is not yet a specific and complete regulatory framework on cryptomonies“.

We talked with the accountant Susana Raya, about Bitcoin, cryptomoney and regulations in Argentina

Susana G. Raya is a chartered accountant, specializing in tax analysis of virtual currencies and digital companies. Cointelegraph en Español spoke to her in Argentina about her vision of cryptomonies and regulations.

Fernando Quirós (FQ): What potential do you see in Bitcoin and cryptomontages?

Susana Raya (SR): Both Bitcoin and some other cryptomonies are decentralised, portable assets; there is transparency and security in the transactions and they are also an important safeguard of value. These are great advantages over conventional coins.

I believe that the potential that Bitcoin Bank and its successors have is much greater than that, and we are at a starting point for the potential development that will occur in the near future.

Being a means of payment with so many advantages, it is becoming more and more accepted in the operations carried out by large digital companies, and also in new service platforms.

Little by little, people are entering new innovative projects which are multiplying in the ecosystem and, considering the possibility that this in turn will be valued over time, allow financial operations to be carried out which give it additional added value.

FQ: Do you consider that crypto-currencies are a change of paradigm in finance and the way of transferring value?

SR: I believe that the change of paradigm began to take place with the „Digital Economy“ that was born from the hand of the Internet around 1995. This enormous technological advance brought about essential changes in the way we live, communicate, consume and even work.

New companies and different business models began to develop that did not exist until that moment, such as the development of online shopping, web pages, digital book downloads, courses, tourism offers, the diffusion through streaming technology, being the list endless.

Some time later, Bitcoin appeared as an almost necessary event in this development, „the need for an Internet currency“, innovating on the economy as we knew it. Facilitating the way to make transactions from one point of the world to another, with absolute security, in seconds, and avoiding the centralization and costly intermediation that existed until that moment.

But it comes with much more than that, the Blockchain technology, generating that a universe of projects and enterprises begin to develop in these networks, leaving aside the traditional structures of value exchange and originating other ways of project financing.

This new business model that needed another model of value exchange, has widely changed the traditional schemes.

Specifically, I would say that we are witnessing a great transformation of conventional systems and the revaluation of freedom in our businesses. All these innovations are undoubtedly changes in paradigms that include virtual currencies such as bitcoin, as a necessary element in their future projection.

FQ: Do you think there has been an increase in interest in cryptomonies in Argentina?

SG: Yes, of course. In all countries with great economic instability, permanent currency devaluations, and prohibitions, people undoubtedly need to protect their income and savings.

The traditional economy no longer provides solutions, so virtual currencies are an important new safeguard of value. Argentina is currently one of the countries where most investment is being made in cryptomonies, and this year there has been a huge increase.

A significant amount of resources are coming out of the formal economy and being transferred to these currencies, especially the stablecoins or stable currencies, which are anchored to an asset that people already trust, like the dollar, and volatility is no longer a problem.

Personally I see this correlation reflected in my activity, where more and more people are asking about these new forms of value protection.

FQ: Is there a regulatory framework for cryptomonies in Argentina?

SG: In Argentina there is not yet a complete specific regulatory framework. Only isolated regulations have emerged, some of which are purely tax-based and include provisions in the Income Tax Act and in the mandatory reporting and collection systems.

Others, on the legal side, have agreed on the concept that considers virtual currencies as Financial Assets and that they are not legal tender.

This is very important because it was first established that their operations are completely legal. And secondly, that they do not apply the rules of the Foreign Exchange Criminal Law.

FQ: Is the regulatory framework very different from that of other countries?

SG: Not really. The regulations that are being implemented in Latin America, the United States, Spain and other European countries are quite similar because there have been meetings between countries where this issue has been put on the table, as happened at the last G20 summit. At that meeting, a specific commission was set up to study the issue of crypto-currency, and general guidelines began to be given there that the different countries have been implementing in their own legislation.

FQ: Do you pay taxes for making transactions with cryptomoney in Argentina?

SG: Not all transactions are taxed. There are many transactions that are outside the scope of taxation either because they are specifically exempt or eventual.

Neither are those that, because of the way they are carried out, are not taxed in the country, such as direct purchase or sale (P2P) on foreign platforms and without transfers to national bank accounts, or those that are carried out in person F2F (face to face) and in cash.

The tax issue in our country is particularly complex and in reality there are different situations that need to be analysed in detail.

Basically, taxed operations are those that mean a habitual source of income for a person, where one operates with the banks and obtains permanent profitability with this.

It should be borne in mind that what is taxed is „profit“. In other words, there is a range of expenses involved that are legitimately deductible from a transaction and the tax is settled on the difference.

FQ: Bitcoin was created not to depend on governments, central banks or companies. Does regulation in a country really affect Bitcoin?

SG: No, of course not. Legislation is advancing, which is why I mentioned the transfer of enormous masses of resources over which the states have no control.

But it is precisely the great strengths that Bitcoin and the crypto-currencies possess that have caused the state not to stay on the sidelines and to want to obtain its own resources through taxation.

FQ: What do you think of the DeFi phenomenon?

SG: Apart from the advances that I have mentioned, it is good to start looking at the new innovation that also comes from the hand of Blockchain technology, and that is the Decentralised Finance or so-called DeFi.

This includes digital assets, intelligent contract developments and new forms of financing and leverage for our investments, which will generate significant changes in our habits and ways of working and obtaining income.

About Susana Raya

She is a professional, public accountant graduated from the National University of Cuyo, in Mendoza (Argentina).

She is a specialist in Tax Analysis of Virtual Currencies and Digital Companies.

She is also the founder of the firm Stingray & Co, based in Malaga, Spain. She is also the director and owner of the Consultora Integral de Empresas S.G.R. Consulting, based in Mendoza, Argentina

He will be one of the teachers on the course „Law in Blockchain“, organised by Crypto Resources, which will begin on 7 October. Those interested in more information about the training, can enter here.