Bitcoin operations will not get laundered to avoid paying taxes, says Fintech Argentina. Fintech Argentina intends to start a dialogue with the government to improve the conditions of cryptocurrencies.

The Argentine Chamber of Fintech published a statement against the new tax on cryptocurrency operations established by the government of Alberto Fernández. The entity points out that this new policy does not benefit the industry and will only encourage Argentines to carry out shady transactions without laundering or declaring.

Since Wednesday, November 17, all people who purchase or sell cryptocurrencies, such as bitcoin, must pay a tax in Argentina. Faced with this new rule that the government established the same day it got announced, different figures in the country publicly expressed their discontent.

The Argentine Chamber of Fintech, the association that unites various technology companies in the country, declared that the tax on cryptocurrencies goes against what they had discussed. He intends to promote the application of these assets in the country, something that he believes will be more complicated with the new tax.

The incidence of the tax is still unknown, and how it will get reflected in exchanges, its application would imply an increase in the rates of these companies since they will have more expenses.

The organization highlights that Argentines will eventually find a way to work without paying the tax, which will increase the informal market, as it happens with the blue dollar.

Miguel Ángel Boggiano, the director of Carta Financiera, an investment and financial markets advisory company, made a strong disclaimer on the matter. In his Twitter account, where he has more than 200,000 followers, he highlighted that the new tax is another way the government found to steal from Argentine citizens.

New Tax on Cryptocurrencies in Argentina Would Limit Fintech Growth

This policy would directly impact not only cryptocurrency users but also companies in the industry. Around 10% of Argentina’s fintech is in the bitcoin and blockchain industry.

In Patagonia, a pole got created along with 400 businesses that receive payments in cryptocurrencies. A Visa debit card also got recently launched to purchase products or services with digital assets such as bitcoin.

This new national tax, approved by President Alberto Fernández, Chief of Cabinet Juan Luis Manzur, and Minister of Economy Martín Guzmán, is not the only one in Argentina. It is the third taxation measure that gets imposed on the ecosystem of cryptocurrencies.

Recently, in Córdoba and Tucumán, the legislature applied taxes on the possession and sale of cryptocurrencies, such as bitcoin. In Cordoba, there is even one tax for those businesses that use these assets as a means of payment.

By: Jenson Nuñez

The city of Williston now installs a crypto ATM at the airport after accepting cryptocurrencies as payments.

Bitcoin ATMs have been experiencing a growth boom. According to CoinATMRadar statistics, approximately 31,372 ATMs worldwide exist, with at least 48 new ones installed each day.

But amid this growth, there is something new. These ATMs have been all private initiatives. But today, a different piece of news got announced: a city in the United States of America has just installed its first Bitcoin ATM whose responsibility is the public sector, specifically the local government.

Williston, a city in North Dakota is currently installing a cryptocurrency ATM at its international airport, but it is not a private initiative; this installment is the first government-hosted crypto ATM, according to a spokesman for the city. Williston has also accepted cryptocurrencies for utility bill payments since May of this year.

Government Crypto ATM

The US state of North Dakota revealed a contribution with Coin Cloud to install a cryptocurrency ATM at its Williston Basin International Airport (XWA).

Coin Cloud crypto ATMs allow users to purchase and sell more than 40 cryptocurrencies, including Bitcoin, Bitcoin Cash, Dogecoin, Cardano, and Ether. Users can also withdraw fiat money from their digital wallets. The city said they would not act as a custodian of the funds or manage any crypto transactions and also emphasized that purchases and withdrawals would get handled by Coin Cloud.

Cummings highlighted that when users acquire cryptocurrencies on an exchange, the transaction gets directly linked to the users’ bank through a checking account, debit card, or linked to users credit card.

Turning cash into cryptocurrencies through the DCM assures that there would not be a recognizable charge, bank account, or credit card. The deposit and withdrawal process takes effect between the DCM and digital wallet by simply using fiat money.

Service Payments

The city’s CFO also explained that Williston joined efforts with Bitpay in May and now both work together to receive digital currency for city utility bills. The representative noted that with a DCM hosted by a municipality, they are creating a successful roadmap for the public to adopt cryptocurrencies. The CFO also referred to allowing residents to pay with cryptocurrency; he said they are the first municipality in North Dakota and the third in the country to offer this kind of service.

The city also clarified that only utility bills would be eligible to serve as payment with cryptocurrencies. The city highlighted that the service would manage quality assessments, and volumes would also get assessed before migrating other bills.

The global count increased to 13,993 ATMs last year, with the progress of 119.56% after 7,620 new machines got installed. So far, in 2021, at least 10,037 ATMs have been fully installed. The data also suggested that installed crypto ATMs ran at a rate of about 52.3 ATMs per day. In July, The United States of America led this race with at least 48 ATMs installed per day.

By: Jenson Nuñez

The Japanese trust in charge of the Mt. Gox case reported that the repayment plan is now in its final stage. It seems that the last chapter of the saga will have a happy ending for the victims.

The lengthy reimbursement process for the victims of the now-defunct crypto exchange Mt. Gox is soon to meet its conclusion, which would put a final chapter on one of the most infamous stories in the crypto space.

After seven years of the Mt. Gox hack, victims will be able to receive the long-awaited refund for their stolen Bitcoins now that a rehabilitation plan approved last month has reached its final stage.

The Japanese trustee in charge of the case, Nobuaki Kobayashi, reported this week that the repayment plan is now final and binding. The confirmation, which got filed with the Tokyo District Court in February, is one of the final steps in a lengthy process that began with a petition in 2018 to compensate the creditors.

Once one of the largest Bitcoin exchanges worldwide, Mt. Gox was a crypto-exchange located in Japan that has been active since 2010 and handled more than 70% of transactions worldwide. However, in February 2014, after a massive hacking attack, the company declared bankruptcy, leaving a debt of 850,000 bitcoins which disappeared from its portfolio.

A Repayment Plan in its Final Stage

The most recent announcement comes shortly after a vote that concluded in October in which the vast majority of creditors agreed on the compensation plan. This information got reported by lawyer Kobayashi in the statement, where he thanked the parties involved for completing the process and provided some indications for the creditors.

The Rehabilitation Trustee wishes to express its sincere appreciation to all parties involved for their understanding and support, which led to the Rehabilitation Plan becoming final and binding. The Rehabilitation Trustee will reimburse rehabilitation creditors who have rehabilitation claims allowed under the Plan.

Although the representative did not bring a specific timeframe for repayments, the attorney indicated that creditors would need to enter the bank account information and other information in Mt. Gox’s online filing system to receive compensation.

The Mt. Gox said once the rehabilitation plan initiated the final and binding stage, creditors would start receiving their repayments quickly. However, some victims showed skepticism of the timelines due to the trust’s alleged failure to communicate with creditors.

The Mt. Gox saga is reaching its End

The Mt. Gox saga, which started nearly a decade ago, has been through many ups and downs, starting with a hack and followed by allegations of fraud and mismanagement in 2014. In some of the previous chapters of this story, its former CEO, Mark Karpeles, accused of embezzlement and falsification of data, was found guilty and received a suspended prison sentence.

Mt. Gox, after its imminent fall, embarked on a civil rehabilitation process that now, after seven years, appears to be reaching its conclusion. The exchange’s bitcoin losses today are worth more than $ 50 billion.

By: Jenson Nuñez

China recently restated its position against cryptocurrencies, which may have negatively affected the price of Bitcoin. Although the correction returned the price of BTC to the critical support at USD 56,000, the bulls have defended it.

Multiple reasons could have made the price of Bitcoin fall in the last week. However, no crucial factor is permanently damaging the trend that the pioneering cryptocurrency has had. In other words, it may simply be a setback due to the technical scenario observed in the price action.

Bitcoin recently pulled back from its all-time high of USD 69,000 to USD 55,600, according to Binance. That represents a significant loss of 15% in the last two weeks after the sale of 1,500 BTC. The cryptocurrency is trading at around USD 59,290 and has lost 8.3% in the past 24 hours, according to CoinGecko.

The Bearish Triggers Leading the Price of Bitcoin to Crash

A few days ago, China restated its position against decentralized cryptocurrencies like Bitcoin. That fact could have been one of the reasons that negatively affected the price of the crypto asset. However, that did not affect the great interest from whales much since sales have continued expanding so far.

Even when the price of Bitcoin hit its all-time high of USD 69,000, sales remained low despite the outflow of 1,500 BTC. In addition, the holders buying in the past 12 months and after the ATH of 2017 have not yet taken profits.

Furthermore, old wallets taking part of their profits made the sales during the last days. However, diamond hands will continue buying the dips.

It was no surprise that a market crash would approach due to the technical scenario of BTC. However, the abovementioned facts accelerated the downward slide in the price of the cryptocurrency.

Nobody Knows What to Expect From Bitcoin in the Short Term

There was tension in the market due to the correction that returned the price of BTC to critical support. Analysts like John Wick feared there would be a new wave of sales up to USD 50,000, but the price has gone back above USD 58,843.

The daily technical scenario has not been entirely negative since traders defended the abovementioned support at USD 56,000. That is in line with the upper margin of the ENV channels and close to the 100 EMA. For that reason, it may be best to monitor that level when they take positions to the upside.

Furthermore, the RSI is below 50 points, at 38, showing the high wave of sales generated. However, it represents an opportunity to invest at lower prices in turn.

When the price of Bitcoin pulls back, multiple whales and holders take advantage of the opportunity to invest millions of US dollars. The wallets accumulating the most BTC coins produced those purchases. Some wallets have bought 207 BTC, 484 BTC, 700 BTC, 1,123 BTC, and 1,647 BTC, respectively.

By Alexander Salazar

Taher commented the government of El Salvador is following a digital agenda, seeking to modernize the country. The official said that her country adopted Bitcoin because it is a currency for the future.

Mónica Taher, from the Secretary of Commerce of El Salvador, recently said that the government is discussing decentralized finance (DeFi) and decentralized autonomous organizations (DAO). The official commented that they are following a three-year-old plan, called the Digital Agenda, to modernize the country.

When they conceived the plan, there were no issues like those arising after the adoption of Bitcoin as legal tender. Taher explained that they talked about the need to digitize much of the processes and how the government conducts business. However, she said that they did not address DAO and DeFi, among many other matters.

The Director of Technology and Business Innovation stated that the Digital Agenda includes 17 development goals. She considers that the adoption of the pioneering cryptocurrency is just the tip of the iceberg. Among other plans, the government is working on a digital identity system for Salvadorans, focusing on health and education.

The Government Proposes Educating About Bitcoin for Financial Freedom

They also propose educating citizens to help them understand the relevance of Bitcoin as legal tender. In that way, they will learn to conduct transactions more effectively and use the cryptocurrency to create wealth.

Taher said that 70% of the population without financial freedom should have Bitcoin within two years. It is not only a matter of buying coffee but also of learning to invest and sustain themselves.

Taher Has Been a Bitcoiner Since 2014

Monica Taher expressed that she was happy when she first heard about the adoption of Bitcoin within the government. She said she had been in technology for 20 years, and she started with Bitcoin in 2014.

The official positively assesses the success that adopting Bitcoin as legal currency in El Salvador represented. However, she confessed they were not ready for the many companies that arrived in El Salvador. To describe the impact of that decision, she recalled that many companies ran to them when president Nayib Bukele announced the Bitcoin Law.

However, she believes that people are aware of the potential of Bitcoin beyond the protection that a legal environment provides.

Bitcoin Is a Currency for the Future

Mónica Taher stated that adopting Bitcoin as legal tender in the Salvadoran economy sought to incorporate financial technology. She noted that some people said that they should not accept the cryptocurrency and return to the colón.

The specialist explained that they had that monetary unit until 2001 before adopting the US dollar. However, she said she knows that the future is not to return to a currency that died in 2001.

The government has the conviction that the colón does not represent the future of the Central American country. Taher stressed that adopting a legal tender will take citizens into the next century. In that respect, they think that education is the best way to help people understand that concept.

By Alexander Salazar

PlanB clarified and defined the models he uses to measure the trend of Bitcoin, but he did not convince many of his critics. They comment that the analyst adjusts his unfulfilled predictions about Bitcoin and suggest a price at USD 98,000 is unrealistic.

Many people follow the long-term predictions about the price of Bitcoin by renowned analysts like John Wick and PlanB on their social networks. For that reason, they defend their analysis with arguments, especially after receiving constant criticism and accusations. That recently happened with one of the latest forecasts about the pioneering cryptocurrency by PlanB.

The cryptocurrency analyst had to clarify and define to his followers the models or strategies he uses to measure the trend of Bitcoin. However, his responses did not convince many because the market was recently in the red.

Despite that situation, he is still optimistic and defends his predictions since he used three different models. They are the stock-to-flow (S2F) model, a floor model created by the analyst, and a chain model.

PlanB Holds that Bitcoin Will Hit USD 98,000

That debate started on Twitter when users strongly criticized the analyst after a post on June 20^th. He predicted that the price of Bitcoin would reach USD 43,000 in August, USD 43,000 in September, USD 63,000 in October, USD 98,000 in November, and USD 135,000 in December 98K. The critics said that the method or models that PlanB used were not very accurate.

He clarifies in his latest post that, besides stock-to-flow, he uses two other models. Although the price of Bitcoin did not reach the exact figure in October, he notes he is sticking to his November analysis.

They Accuse Him of Making Downward Adjustments to His Unfulfilled Predictions

In addition, the critics also comment that PlanB makes downward adjustments to his unfulfilled Bitcoin predictions. They suggest that the price of Bitcoin reaching USD 98,000 is unrealistic after it fell by more than 20% a few days ago.

That means it would have to rise by at least 70% to reach the margin the analyst predicted. After the accusations, PlanB explains that the inaccuracy of the predictions of the November minimum model of USD 98,000 does not mean the S2F model fails. The latter fails if the average price of BTC during this halving cycle is not USD 100,000.

If the Price of BTC Resumes Its Trend, USD 76,700 Is the Target

The weekly chart indicates that the price of Bitcoin has already reached the bottom of the decline. The price suffered a correction towards the 38.20% Fibonacci, one of the optimal levels to start new momentum.

Even though the rejection of low prices is a good first indication, a bullish transition on the daily chart is necessary to confirm future new highs.  If the bulls regain control effectively, the next target will be USD 76,600 (-27% Fibonacci). Above that level, the next target is USD 87,200 (-61.8%).

Bitcoin has had ups and downs in the last week, but analysts like PlanB still predict that its value will reach USD 100,000 this year. However, the current trend shows that it is a matter of time before it hits a new all-time high.

By Alexander Salazar