Canadian tax authorities want to obtain client information from Bitcoin beurs via right

The Canadian tax authorities are going to court. In this way, the government agency wants to force the bitcoin exchange Coinsquare to share customer information. That is reported by National Post.

Coinsquare was previously fined $1.6 million for Bitcoin Evolution wash trading. The tax authorities feel that they do not share enough information.

Information from 2013 onwards

If the tax authorities are proved right in court, Coinsquare will have to share information and certain documents from their clients. That may be a long list, as the company has been in existence since 2013.

Stacy Hoisak, Coinsquare’s CEO, responds to the allegations:

„Coinsquare has a solid verification process and we know that our customers comply with all Canadian laws related to cryptocurrency trading.

Bitcoin and Canada

In Canada, the first Bitcoin fund was also launched this year. Asset manager 3iQ launched a financial product around bitcoin on the Toronto Stock Exchange (TSX).

Rules

Globally, governments and other agencies are becoming increasingly stringent for bitcoin companies. More and more information is being requested from companies under the guise of anti-money laundering rules and other criminal activities.

In Canada, bitcoin companies are officially recognised as money service companies. That sounds like fun, but you have to comply with all the rules that go with it.

In the Netherlands, too, the rules and guidelines are becoming more and more concrete. In fact, the deadline for registration with De Nederlandsche Bank (DNB) is 21 November. DNB is the regulator in the Netherlands for the bitcoin industry.

25 Bitcoin companies have recently spoken out against too hard demands from DNB. Other parties have now passed the inspection. These are AMDAX, Anycoin Direct, Blox, LiteBit and Coinmerce. They comply with the guidelines of the central bank and are therefore able to breathe calmly for the time being when it comes to compliance.

Le Forum économique mondial considère la blockchain comme la clé d’une finance numérique durable

Un nouveau rapport du WEF présente la technologie blockchain comme une pierre angulaire de la durabilité environnementale.

Le Bitcoin Machine économique mondial, ou WEF, estime que la blockchain représente un élément central de la finance numérique durable – un nouveau paradigme qui combine la technologie émergente avec des modèles commerciaux soucieux de l’environnement.

Dans un nouveau rapport publié mercredi, Karin Oertli, cadre d’UBS, cite la technologie blockchain ainsi que l’intelligence artificielle, les plateformes mobiles et l’Internet des objets comme étant les pierres angulaires de la finance numérique. Ces technologies, combinées à des cadres environnementaux, sociaux et de gouvernance, pourraient aider les gouvernements et les entreprises à atteindre leurs nobles objectifs de développement durable.

Oertli écrit:

«Nous pensons que la finance numérique durable jouera un rôle essentiel dans la canalisation efficace de ces capitaux pour alimenter l’innovation, la croissance et la création d’emplois, tout en soutenant la transition vers une économie durable à faible émission de carbone.»

Le commentaires d’Oertli sont cohérents avec les recherches antérieures de l’Organisation de coopération et de développement économiques, qui vantait la blockchain comme un «catalyseur numérique pour la finance durable» et la réduction des émissions de carbone.

L’OCDE a déclaré:

«Les propriétés fondamentales de la blockchain et d’autres DLT peuvent permettre une intégration technologique plus approfondie, une standardisation et la possibilité de nouveaux modèles commerciaux.»

Bien que les émissions annuelles de dioxyde de carbone continuent d’augmenter à l’échelle mondiale, les pays occidentaux semblent avoir abaissé leur empreinte carbone par rapport aux niveaux de pointe. Les émissions de CO2 de l’Europe ont augmenté au début des années 90 avant de diminuer au cours de la prochaine décennie. Les États-Unis ont connu leur apogée en 2007, juste avant la crise financière mondiale.

Bitcoin’s most ‚organic‘ rise for years: trader explains why a top blow-off is unlikely

On-chain analyst Willy Woo presents three reasons why a top blow-off is unlikely in the short term for Bitcoin

Despite the steep rise in Bitcoin (BTC) in November, the price is consolidating above $15,000: on-chain analyst Willy Woo says a top blow-off is unlikely for three main reasons.

The three factors are the increasing outflow of funds from exchanges, the increase in the number of „HODLer,“ and data that investors have already cashed in profits.

Bitcoin moves from exchanges to individual wallets
According to the data provided by Glassnode, at the end of October a large quantity of Bitcoins abandoned the centralised exchanges.

Woo claims that this parameter is positive as it shows that investors are transferring funds from trading platforms to personal wallets. Therefore, it seems that users are more inclined to retain their BTCs by following a long-term investment strategy.

Net Bitcoin flows on exchanges

During this period, the analyst points out, we have seen the highest number of Bitcoins moved by exchanges in the last five years:

„An incredible amount of coins has been withdrawn and transferred on individual wallets. Widening the view to put it into perspective, this is the largest daily movement in this chart over the last 5 years“.
The number of „HODLer“ is increasing
In the cryptocurrency market, analysts refer to long-standing Bitcoin owners as „HODLer. These investors tend to hold BTC for extended periods of time, often longer than a year.

Prior to the sharp rise that led Bitcoin to new multi-year highs, Woo reported a significant increase in the number of HODLers, peaking in October 2017, just months before BTC’s all-time high in December. Woo commented:

„Before this rise, the influx of new HODLer seen on the blockchain was skyrocketing. I repeat, skyrocketing, I’m not joking. An adoption of this magnitude was last seen in October 2017; a month before BTC entered its chaotic phase“.
The high number of HODLer is an important parameter because it shows genuine retail demand underlying a bullish trend. An increase in BTC driven primarily by the futures market could be vulnerable to a strong pullback.

The risk of a severe correction is lower
Bitcoin’s Spent Output Profit Ratio (SOPR) indicator shows whether investors are cashing in their unrealized profits.

According to Glassnode’s data, a rather high number of investors have cashed in their profits over the last week. This suggests that the threat of a strong correction due to the sale of realized gains is minor, as investors have already started to cash in their profits and the coins sold have been absorbed by buyers.

The Bitcoin SOPR indicator
The Bitcoin SOPR indicator. Source: Glassnode
Based on the three factors described, Woo pointed out that he does not expect a top blow-off. This term refers to a technical training in which the price of an asset collapses rapidly after touching a strong resistance level. Woo explained:

„General conclusion: I do not foresee a top blow-off. I am waiting for the consolidation to be completed, then a further bullish movement“.
In the short term, the risk for Bitcoin’s current growth remains the overcrowded derivatives market. Therefore, analysts expect a consolidation phase but not a serious correction, at least for now.

ANALITYK MAKRO OCZEKUJE, ŻE „RYNEK NIEDŹWIEDZI DOLAROWYCH“ ZWIĘKSZY BITCOIN’A

Bitcoin przeszedł silniejszy ruch w ciągu ostatnich kilku tygodni. Analitycy uważają, że obecne trendy makroekonomiczne mogą spowodować dalszy gwałtowny wzrost cen wiodącej kryptokuranty.

BITCOIN MOŻE WZROSNĄĆ NA RYNKU NIEDŹWIEDZI DOLAROWYCH: DAN TAPIERO

Dan Tapiero, współzałożyciel 10T Holdings i DTAP Capital, uważa, że kryptokur waluta będzie nadal wyższa, ponieważ spodziewa się, że na rynku niedźwiedzi dolarowych będzie grać. Powołuje się on na „bezprecedensowy zastrzyk płynności“, który z czasem może zdewaluować cenę dolara amerykańskiego.

„Tak, Powell wykonał świetną robotę w marcu. Ale samozadowolony uśmiech na #barrons jest znakiem ostrzegawczym dla systemu płetw. Bezprecedensowy zastrzyk płynności (US M2 +24% r/r) nie działa jak zwykle. #USD bear mkt zbliża się. Amerykańskie obligacje govt nie są już dobrymi inwestycjami. + Bitcoin i Gold.“

NIE WSZYSCY SIĘ ZGADZAJŠ, CHOĆ

Podczas gdy niektórzy uważają, że dolar amerykański spada, aby rozpocząć rajd Bitcoinów, niektórzy uważają, że dolar amerykański będzie faktycznie poruszać się wyżej, ale nadal pobudza Bitcoinów i tak. Raoul Pal, dyrektor generalny Real Vision i emerytowany menedżer funduszu hedgingowego, jest jedną z takich osób, które tak myślą.

Pal powiedział w ostatniej analizie do Real Vision:

„Nie zgadzam się z tym i nigdy się nie zgodziłem. Jak wiecie, albo wielu z was nie zdaje sobie z tego sprawy, ale ja przez długi okres czasu byłem długimi dolarami i złotem, a Bitcoin i powiedziałem, że wszyscy pójdą w górę razem. Bo to kwestia długów napędza to wszystko. I tak właśnie jest w rzeczywistości, że dolar idzie w górę w emisji długu. Dolar ma uśmiech dolara, co oznacza, że kiedy sprawy są złe, to idzie w górę, a kiedy sprawy są naprawdę dobre w USA, to idzie w górę. I gdziekolwiek w środku, robi się źle.“

Pal jest jednym z największych byków Bitcoin’a. Ostatnio był cytowany jako mówiący do publikacji w przestrzeni finansowej, że myśli, że Bitcoin trafi 1,000,000 dolarów na monetę w ciągu najbliższych pięciu lat, szczególnie ze względu na trendy makro.

Wraz z amerykańskim trendem dolarowym, który spodziewa się odegrać, uważa, że banki centralne naciskające na waluty cyfrowe wymuszą kapitał na Bitcoinie. Pomysł jest taki, że Bitcoin jest sposobem na rezygnację obywateli z bodźca pieniężnego i tendencji do ingerencji w prywatność, która prawdopodobnie zaistniałaby w cyfrowym świecie waluty.

Facebook with its Libra cryptocurrency will develop a closed system like WeChat

Watch Richard Strul’s prediction about the future of Facebook and Libra in video. According to him Facebook will try to set up a system similar to WeChat in which Libra will have a leading role. The reflections presented in this prediction series also touch on other ideas of the macroeconomic order. We invite you to discuss each prediction made by sharing your opinion with us.

What is WeChat?

It is a Chinese social network with over a billion users. We can no longer really call it a social network but rather a set of applications that can do almost everything:

At present it is necessary to link a bank account or credit card to your WeChat account. The digital yuan should most definitely be implemented in this ecosystem. Even if WeChat is currently confined to Asia, it could be trying to establish itself in the West in order to overshadow the euro and the dollar.

Richard Strul indicates that the digital environment over the last 5 years has been defined by companies like Google, Apple, Facebook … in order to be able to trace their users as well as possible. The fact that we are identified (logged in) and many to use these „services“ makes it possible to follow our movements and the number of „customers“ to make reliable statistics. Facebook is a social network, of exchanges, it will therefore be easier to make a network of transactions. Also according to Richard Strul, Facebook and the United States would be well advised to set up this in order to counter WeChat and to maintain the „supremacy“ of the dollar on the yuan.

Like Richard Strul, do you think Facebook, with its 2.5 billion users, will try to replicate the WeChat model?

Association created in 2011, the Institute of the Economy is an independent think tank which analyzes the stakes, the balance of power as well as the risks and the opportunities to draw a possible future. Its members often have opposing sensibilities, which in fact requires them to refer to the rigor of foresight, hence the formation of predictions.

The Institute of the Economy is composed in particular of entrepreneurs, economists, managers, statisticians, researchers and sociologists.

The speakers of this webinar are therefore not from the “crypto-sphere” and do not necessarily share the ideals of cypherpunks or the majority of people who own crypto-assets. However, it is still interesting to see how the future of the cryptocurrency industry is viewed.

You are invited to vote in order to give your opinion on each prediction, but also to debate, comment and make known your opinion on this subject. Click here to view other predictions from members of the Institute of the Economy.