Thai Cryptocurrency Sellers Will Go to Prison for Not Complying with a New Bill 420

A bill has come into effect since last night that aims to regulate digital currencies and assets In Thailand.The people guilty of the law violation are expected to pay fines on a large scale up to imprisonment.

Citizens and residents of the country must register with a special security commission at the Stock Exchange of Thailand, which the regulators provided exactly 90 days for.

Cryptocurrency sellers who neglected to fulfill the requirements expect a prison sentence of up to two years or a fine in the amount of twice the amount of the transaction, which should be no less than 15.6 thousand US dollars.

“The adoption of the law is aimed at ensuring comprehensive regulation of cryptocurrencies and digital tokens, as well as preventing money laundering and tax evasion,” a representative of the Ministry of Finance of Thailand said.

We remind you that the Thai authorities banned financial organizations from performing any actions with digital currency in February, before the innovation, after that the cryptocurrency transactions were taxed by two types of taxes. All transactions with cryptocurrency and operating fees were accompanied by official VAT of 7%. Also, the capital gain had a tax of 15%.

The sanctions are aimed at suppressing activities inside trading platforms that attackers use to launder money and avoid state taxes.

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Buterin, Winklevoss and Others: The Future of the Digital Currency World According to Major Crypto Personalities 798

experts opinions on crypto

The crypto world has entered the new stage of its development, it has always been volatile, but these couple of weeks have been absolutely crazy: coins are jumping up and down, Bitcoin ETF is on its way, blockchain is taking over the world.

No doubt, crypto specialists and financial experts have a lot to say. Today we came up with a compilation of sayings from the stars of the cryptocurrency universe that we found particularly interesting and important.

The CEO of the crypto exchange Gemini, Tyler Winklevoss believes that the acceptance of cryptocurrency in the world as a means of payment equal to fiat will not happen in the next couple of years:

The vast majority of Wall Street firms are still not participating in the cryptocurrency market, which remains primarily a retail-driven market. This will change over time, but it will take time.

Pantera Capital’s CEO is way more optimistic on this issue. He sees great potential in the blockchain technology, and digital coins, according to him, are “superior form of currency.

Ethereum’s founder Vitalik Buterin wants cryptocurrencies to become more user-friendly and common in the everyday life. He also thinks it may become possible only in case the proper regulatory framework for crypto is developed by the state governments.

I want to be able to walk into a convenience store, get a card and pay a small fee to start using Bitcoin Cash,” he said.

The last, but certainly not least, is the CEO of BitMEX, Arthur Hayes, who has some serious doubts concerning Ethereum. According to his calculations, the price of the world’s #2 coin will drop lower than $100.

It is this moment,” he added, “that Ether goes from a 3-digit to a 2-digit shitcoin.

Although we are sure that experts know what they are talking about, the crypto world is way too unpredictable. We can only wait and see whether the abovementioned predictions turn out to be true or not.

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SEC Sent a Request to Tesla Regarding Tweets of Elon Musk 620

musk wants to make tesla private

The Securities and Exchange Commission (SEC) has sent Tesla Inc. a request concerning its executive director Elon Musk and his messages on Twitter about the plans to privatize the company, reports The New York Times.

The regulator requests information from each of the Tesla directors . The Commission is interested in whether Mask had any actual grounds for such statements, and the SEC intends to find out why such important information was provided to them publicly, via the social network.

Last week, the directors were outraged when the head of Tesla wrote details of the deal to transfer Tesla from a publicly traded company to a private company.

The representatives of Tesla were sure that Elon Musk was “out of control” and asked him to stop discussing the situation in the company on Twitter. Nevertheless, Mask continued to publish messages on the social network, publicly revealing the details of the company’s strategy and issuing “dubious” information.

We remind you that Twitter has recently begun blocking accounts containing the name of Elon Musk.

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The Former CEO of Paypal: Bitcoin Is Eventually Going to Go A Whole Lot Closer to Zero 700

bitcoin's future is not bright

The ex director of Paypal Bill Harris is known for his scepticism and harsh comments aimed at Bitcoin. He even called it “the greatest scam in the history”. This time CNBC interviewed Harris to find out whether his opinion on the world’s #1 digital coin has changed.

According to the businessman, Bitcoin is supposed to be “instant, free, scalable, efficient, secure, globally accepted and useful”, and it fails to fulfill all of those characteristics. Harris believes that there is “no value” in BTC.

He has also mentioned that there is no need in solving the problem of Bitcoin scalability, because we don’t need Bitcoin at all.

Look how difficult it is to get money from one country across the border to another. It’s slow, it’s expensive, it’s all those things. Agree. You don’t need Bitcoin, you don’t need XRP, you don’t need any of that to solve that problem. What you need is faster networks.

Unlike many of his colleagues, Bill Harris has way more trust in conventional fiat currencies due to their relative stability which cannot be said about Bitcoin.

In conclusion he summed up his thoughts by saying:

Bitcoin makes no revenue, no profitability.

Frankly speaking, the current CEO of Paypal Dan Schulman agrees with Harris on this issue, although Paypal might change its opinion on BTC if it becomes more stable.

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The SEC Has Shut Down Another Scam Project and Fined It $30 Thousand 458

sec shut down a scam

Although the new advisor of the Securities and Exchange Commission sees great potential in cryptocurrency, the organization keeps finding and liquidating suspicious projects and scams. This time the time has come for the company Tomahawk Exploration LLC.

Tomahawk promised its investors to be an intermediary and convert their funds into the shares of the company specializing in oil production. The prices of oil would go up, and the investments would grow correspondingly.

It does sound tempting, but the ICO turned out to be just another scam in the list of the SEC. The Commission has shut the company down with a fine of $30k, also the ex CEO of Tomahawk is not allowed to hold any leading positions of any enterprise or own any company shares.

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Forbes Published 5 Main Blockchain Tendencies for 2018 782

blockchain trends

Blockchain is one of the most rapidly developing technologies of all times. Its main features (speed and transparency) earned recognition and approval from businesses and companies from all over the world.

Forbes has conducted a research and established 5 major paths that the blockchain is likely to follow this year.

1. Companies actively implement blockchain. For example, we have recently reported about the pilot version of election in Ukraine conducted on blockchain.

2. Implementation of this technology follows a thorough research. With blockchain being fairly new, the more conventional fields that are not related to digital technologies or computer sciences treat it very carefully. For example, the Stanford University created a research center for possible introduction of blockchain in the future.

3. The hype is going to fade. Blockchain has been marketed as a panacea for quite a while. Many people were sure it would help to solve major world problems. However, the results coming from this technology, though being mostly beneficial, are not as phenomenal as everyone thought they would be.

4. New and smaller projects are more likely to implement blockchain since they are more adaptable to changes and upgrades. Huge companies like Amazon find it way more difficult.

5. The personal information on people and other important data will be secured a lot better with the help of blockchain. Scammers never rest, however, blockchain will ensure that they have the hardest time ever hacking and stealing.

Thus, we can definitely see a lot of potential for blockchain. More and more companies choose to implement it. Hopefully, this technology will keep flourishing and bring benefits to those using it.

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Robert Kiyosaki: Cryptocurrency Will Outlive Fiat Currency 820

btc will outlive usd

The author of the famous financial bestseller “Rich Dad, Poor Dad” Robert Kiyosaki expressed his opinion about the future of the US dollar and concluded that the cryptocurrencies can outlive fiat, as they are “currencies of the people”.

Discussing his new book “Fake: Fake Money, Fake Teachers, Fake Assets”, Kiyosaki explained that he wrote that gold, Bitcoin and other virtual currencies are the best protection against the impending financial market crash.

Kiyosaki believes that the dollar is a “fake currency“, because it is not secured by gold since the abolition of the gold and currency standard:

I’ve always been a gold bug. My latest book coming out is called Fake. There’s so much fake money. In 1971 Nixon took the dollar off the gold standard and the US dollar became fake money.

According to the businessman, the permanent monetary issue, which is implemented by the US Federal Reserve System, inflates a big bubble, which in the future will cause another economic crisis.

God’s money, which is gold and silver, will be here after the cockroaches go extinct, and people’s money, which is [crypto] currency…I think the dollar is toast because gold and silver and cyber currency are going to take it out.

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