Bitcoin is Tax-Free (in Portugal), Ripple-PNC Partnership is Live | Cryptocurrency News


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
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
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
like. 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,
and hodl!

10 thoughts on “Bitcoin is Tax-Free (in Portugal), Ripple-PNC Partnership is Live | Cryptocurrency News”

  1. Thank God for Portugal because Puerto Rico did not sound attractive to Live in at all. Portugal is cheap beautiful and amazing. What great news. Thanks

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  3. Molly Jane I am such a nice gut that I am going to forgive you for having Bitcoin Judas no your channel yesterday 🙂

  4. Vocal fry is not ok. Not only does it sound bad, it is caused by dropping the volume, especially at the end of phrases, and makes it hard to hear those fried words. Keep your voice loud and clear please.

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