- Binance, the world’s largest digital currency exchange, decided to relocate its headquarters to Malta
- Venezuelans will be allowed to purchase houses and other properties with the national cryptocurrency
- Belarus adopts new accounting standards aimed at dealing with cryptocurrencies
Over the weekend major virtual currencies moved a little down being steered by no reports though. Although cryptocurrencies lost some ground in the few past days we were offered particularly noteworthy news pertaining to Binance. The company, being the largest cryptocurrency exchange in the world (roughly $1.7 billion daily trading volume), has recently relocated its headquarters to Malta, a region known as a friendly one to digital currency businesses and investors. Apart from the relocation its headquarters Binance decided to hire over 200 full-time employees.
While those kind of steps (relocations) create sometimes some difficulties especially regarding finances and regulatory conflicts, this case seems to be easier as the Malta’s authorities have given Binance confidence placing the region at the forefront of cryptocurrency growth. The official statement released by the Malta’s Parliamentary Secretary for Financial Services, Digital Economy & Innovation says "It is obvious that Malta has become a natural point of reference on the international sphere and companies such as Binance will continue to look into Malta to further expand their operations or establish a base. Binance’s presence in Malta sustains our vision, that of making Malta ‘The Blockchain Island".
Bitcoin remains on the verge of a breakout of its crucial demand zone placed at $8260. The latest momentum has been clearly bearish being reflected by a downward trend line therefore sellers are expected to prevail going forward. Source: xStation5
Venezuelans will be allowed to purchase homes with its own cryptocurrency
We were writing some time ago about the Venezuelan cryptocurrency being backed by barrels of oil, and then about Trump banning purchases of the country’s new national virtual currency. Today we would like to refresh this thread as President Maduro announced that Venezuelans will be able to buy homes and other properties with their new national cryptocurrency named "petro". Sales of real estate in the oil-backed digital currency will be allowed from 20 April. Furthermore, the government revealed its intentions to create four special and exclusive economic zones to stimulate the circulation of the petro. What’s more, the local authorities plan to build up to 3 million housing units by 2019 which will be financed with funds coming from the sale of the virtual currency.
Litecoin is going nowhere being trapped within a consolidation. Nevertheless the price has lost its bullish momentum lately and on that account one may expect quicker declines once the price moves below $156. Source: xStation5
Belarus implements cryptocurrency accounting standards
The Belarusian Ministry of Finance developed the new accounting standards aimed at keeping control on cryptocurrency flows. The document defines the information companies will be required to share with authorities. The Ministry’s decree is also targeting organizations conducting token sales and the exact approaches to assessing the cost of "digital tokens". It’s worth adding that tokens acquired through initial coin offerings (ICOs) will have to be debited as either "long-term financial investments" if their circulation period exceeds 12 months, or as "short-term financial investments".
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