Central Bank Controlled Digital Currencies to leverage Blockchain Technology and Social Credit Systems
Unlike Bitcoin, which represents a form of decentralized finance, digital currency planned in China is anticipated to leverage both the best and worst aspects of blockchain from an everyday citizen s perspective. It is anticipated that China will leverage its soon to be released currency as a means of controlling the commerce of its population. The sovereign nation may do by way of tracing payments between buyers and sellers via blockchain.
Used in conjunction with the country s social credit system, China will be able to determine who is following its policies, demonstrating favorable behaviors, and receive associated rewards such as minimal restrictions on approved commerce activities. On the other hand, those individuals that are identified as not following policies, or otherwise acting in an unacceptable manner, may be restricted from trade of various types including buying an
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SHENZHEN, China, April 15, 2021 /PRNewswire/ BIT Mining Limited (NYSE: WBAI) ( BIT Mining Limited or the Company ), a leading cryptocurrency mining enterprise, today announced the first closing of its previously announced transactions (the Transactions ) contemplated by the share exchange agreement, as amended (the Share Exchange Agreement ), dated February 16, 2021, with Blockchain Alliance Technologies Holding Company ( Blockchain Alliance ), a Cayman Islands company and a Non-U.S. Person as defined in Regulation S of the Securities Act of 1933, as amended. Pursuant to the Share Exchange Agreement, the Company has issued an aggregate of 44,353,435 Class A ordinary shares of par value US$0.00005 per share of the Company (the Class A Ordinary Shares ) to Blockchain Alliance in exchange for the entire outstanding share capital of Blockchain Alliance Technologies Limited held by Blockchain Alliance. In accordance with the Share Exchange
Coinbase Crashes The Party
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Coinbase employee Daniel Huynh holds a celebratory bottle of champagne as he photographs outside the Nasdaq MarketSite, in New York s Times Square, Wednesday, April 14, 2021. (AP Photo/Richard Drew)
ASSOCIATED PRESS
In a watershed moment for the bitcoin and crypto industry, industry headliner Coinbase made its public debut via a direct listing on Nasdaq. It was a volatile day of trading, but it ended with the crypto firm achieving a market capitalization of $86 billion, making it the largest direct listing ever.
That said, despite this successful first day many questions and challenges remain for Coinbase as it gets used to life as a public company. Additionally, while there remains elevated interest from investors to buy the stock, there are important considerations to take into account first.
How Investors Should Interpret Coinbaseâs Wildly Profitable First Quarter
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On the back of bitcoinâs record-setting start to the year, Coinbase posted an estimated profit between $730-800 million in Q12021. It also broke records for assets under management, revenue, verified users, and active users. This stellar performance places Coinbase in an ideal position for its upcoming direct listing. That said, investors still need to make several important decisions regarding how much of their portfolio to allocate to the stock, as well as the timing of their purchase.
Here are Forbesâ takeaways from its earnings call on Tuesday, April 6:
Webinar: Crypto-Assets And Taxes: What You Need To Know
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As millions of people across the US start to file their taxes, questions remain about how to account for crypto holdings. With the IRS paying closer attention than ever, it is important to follow proper guidance.
With the crypto markets surging over the past year, taxes have probably been far removed from the minds of most investors. However, with the filing date approaching it is important for everyone to know how to correctly fill out their forms and avoid inadvertent errors. In fact, the IRS is paying closer attention than ever to the space, as evidenced by its choice to prominently place a question about crypto holdings on the very top of the first page of a 1040.