Litecoin is one of the first open-source altcoins based on the original Bitcoin code. It was initially a strong competitor to the first cryptocurrency. However, as the cryptocurrency market expanded, Litecoin’s popularity gradually declined.
Bitcoin for $16,000, passport and PayPal for bitcoins – the main events of the week
$16 000!
Bitcoin has again updated the annual maximum. Note that the last time such a price was in January 2018. The quotes even rose to $16,150, but then the rate dropped back to $15,900.
As of Friday evening, BTC has grown to $16,230. At the same time, analysts noted a record growth in the trading volume of the main cryptocurrency for 2020. Institutional investors are again showing interest in bitcoin. Experts say that if Apple invests part of its capital in bitcoin and integrates it into its products, the giant’s market capitalization could grow by $100 billion.
Before that, Bitcoin and gold experienced a correction due to news of the success of the coronavirus vaccine.
Pharmaceutical company Pfizer said the new vaccine prevents 90% of COVID-19 infections. After that, the S&P 500 futures updated their historical maximum, and other indices followed them, including Brent. The first cryptocurrency fell to the level of $15,100.
The US elections are not over yet, and the votes say there are a number of questions about the new coronavirus vaccine due to a lack of evidence, which means that the stock market remains unpredictable.
Adoption
PayPal has opened access to Bitcoin, Bitcoin Cash, Ethereum and Litecoin for US customers. They will be able to buy, hold and sell cryptocurrency directly, as well as pay for goods in cryptocurrency at 26 million merchants. There is a weekly limit of $20,000 for making purchases of virtual currencies. To implement this feature, PayPal received a limited license from the New York State Department of Financial Services.
Russia has proposed new sanctions against users of cryptocurrencies.
Up to three years in prison can be obtained if you do not report to the tax on operations of 45 million rubles. It will be necessary to report on the receipt of digital currency, transactions with it and balances in the crypto wallet, if the amount of transactions for the year is more than 600,000 rubles. For the first time, it is necessary to report ownership of crypto assets no later than April 30, 2022. Violation of the reporting period and non-payment of taxes are punishable by a fine. From 500,000 to 2 million rubles of the fine is provided for the organization of illegal trafficking and violation of the rules for transactions with crypto assets.
From 200,000 to 1 million rubles – a fine for using the crypt as a means of payment for goods or services. New versions of the amendments of the Ministry of Finance are submitted for public discussion. Experts harshly criticized this bill, calling it repressive.
The Government of Ukraine has decided to consider the draft law “On virtual assets” next week. The country’s Digital Transformation Committee is confident that this will help Ukraine integrate into the global economic community. Thus, Ukrainians will be able to legally trade on international exchanges and gain access to the global financial assets market.
The state-owned Belarusbank has launched a legal service for buying and selling cryptocurrencies as part of the bank’s digital transformation program. Exchange with Visa cards is available for users starting today, November 13. Citizens of Belarus and the Russian Federation can use the service, but they plan to expand this list.
The European Central Bank is in no hurry to launch its own digital currency (CBDC). Christine Lagarde said that if the decision is made, then its implementation could take up to four years. Europe can start moving in a digital direction, but first a number of problems need to be solved, such as money laundering and user privacy. The ECB will be ready to explore a digital currency if the solution proves to be cheaper, safer for users, promotes greater autonomy for the Eurozone and makes cross-border payments easier.
In the USA, you can now get a passport for bitcoins. The Peninsula Visa passport service company has started accepting payments in cryptocurrency through the Coinbase Commerce system. The company’s Chief Operating Officer, Evan James, noted that the coronavirus pandemic helped to make this decision.
Argentina is thinking about the regulation of cryptocurrencies. A country where ATM networks are present is significantly behind in terms of regulation compared to other countries. The industry cannot develop without a legislative background: crypto companies face difficulties, and investors have no protection. The Argentine Congress is already preparing to submit a relevant bill to the local parliament.
