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BRICS Nations Starts To Consider Crypto For Their Payment Settlements

BRICS Nations Starts To Consider Crypto For Their Payment Settlements

Last Updated on November 15, 2019

The BRICS group, an association of Brazil, Russia, India, China, and South Africa, has recently started to propose the idea of providing a cryptocurrency in order to settle payment transactions between the five countries.

RDIF Planning Crypto

The Russian Direct Investment Fund’s (RDIF) CEO, Kirill Dmitriev, has recently informed the public about the plans of the BRICS group to start developing a unified payment system. The wealth fund, totaling in $10 billion, planned on creating the system to facilitate payments between the various countries. The news reported through the RBC Group news outlet stated that Dmitriev floated the idea to the BRICS Business Council who then supported the proposal.

Supporting this, Dmitriev explained that an effective BRICS payment system would encourage settlements through national currencies and guarantee settlement and investment stability between the BRICS countries. Dmitriev said that these payments formed 20% of foreign direct investment’s global influx. Dmitriev himself is a member of the Business Council that supported the idea.

Less USD, More Local Currencies

A matter of note is that the BRICS nations are taking strides to reduce the number of settlements done in USD. Dmitriev noted that the share of foreign trade settlements done in USD has gone down from 92% to 50% over the past five years.

A member of Russia’s State Duma expert council, Nikita Kulikov, explained to RBC that creating a cryptocurrency isn’t difficult in this day and age. However, he stipulated that understanding how the various countries will be ready in its use is paramount. He went further and stated that cryptocurrencies serve as a convenient solution for supranational structures like BRICS. These structures desire an effective way to facilitate settlements between countries.

Linking Up

Three of the five nations within the BRICS group, namely Russia, China, and India, are reportedly searching for an alternative solution to the US-dominated Society for Worldwide Interbank Financial Telecommunication (SWIFT) payment system. These measures are taken in an attempt to smooth out trade between countries in the midst of US sanctions.

China and Russia are already working to link their respective payment systems together, with Russia’s SPFS expected to be connected with the Chinese CIPS in due time. India is making plans to link the Central Bank of Russia’s payment platform with a payment service that is still in development. The new payment system is apparently intended to act as a “gateway” model. Payment messages would be transcoded according to a specific financial system.

What this means for the future is unknown at the time. Should the BRICS group prove successful in their venture, it would mean that they would take a good deal of financial clout away from the so-called Dollar Domination. The US would suffer through the lack of money working through USD, but that’s only if it works.


The IRS Still Hasn’t Decided if They Want to tax Cryptocurrency Airdrops

The IRS Still Hasn’t Decided if They Want to tax Cryptocurrency Airdrops

The IRS is still uncertain as to how they will treat cryptocurrency airdrops. Additionally, the agency clarified how users can’t defer taxes on transactions occurring before 2018. 

It is promising to see the IRS focus on cryptocurrencies in this day and age. Bringing them into the mainstream adds more legitimacy to Bitcoin and altcoins. 

The IRS Isn’t Flexible With Cryptocurrency

In a recent statement. an official commented on cryptocurrency transactions prior to 2018. Some users expected they would be able to defer taxes on exchanges before that time period.

Unfortunately for them, that will not be the case after all. Like-kind exchanges for cryptocurrency trades are not acceptable for the agency.

For the IRS, like-kind exchange principles were never – and never will be – applicable to cryptocurrencies. Any profits or losses sustained as a result of those transactions are taxable events. 

Another topic sparking some debate is how cryptocurrency airdrops need to be filed.

To this date, there has been a lot of confusion, despite recent guidance being issued by the IRS. Cryptocurrencies remains a very fickle topic, both for the tax agency and the taxpayer.

In the clarification, the agency confirms airdrops are currently not taxable. That situation is still being reviewed, however, and additional changes may be forthcoming in the months and years ahead. 

If promotional airdrops are to become taxable, a new IRS guidance should be issued accordingly.

All of these developments indicate the tax agency is very serious about cryptocurrencies in its own way. 

Anyone not adhering to their guidelines may find themselves in a troublesome situation. 



Why Bitcoin Needs to Flip $9,700 Into Support to Support Bull Case

Why Bitcoin Needs to Flip $9,700 Into Support to Support Bull Case

While Bitcoin (BTC) is around 17% lower than its local top of $10,500 established late in October, many analysts have concluded that the bull case for the cryptocurrency market is brewing once again. In fact, an analyst recently floated a prediction that the BTC price could reach as high as $11,500 in a few weeks’ time, citing a bullish chart pattern that Bitcoin was exhibiting.It may be too soon for such optimism, though. Teddy, a popular crypto analyst on Twitter, recently noted that Bitcoin needs to clear and reclaim two key resistance levels before he can “get stupid bullish” on the prospects of digital assets.Related Reading: Ethereum Price Has Potential to Surge Higher as Bitcoin Slows: AnalysisBitcoin Bulls Needs to Reclaim $9,700According to a chart posted by Teddy, while the 42% President Xi Jinping-induced surge was undoubtedly bullish, Bitcoin remains between two key levels: a horizontal resistance at $9,700, which BTC has interacted with for the past few months, and a diagonal resistance that originates from the year-to-date BTC price peak of $14,000.#BITCOIN | $BTCLooking at the greater picture👁️Price still didn’t break– Horizontal KEY support now resistance
– Diagonal resistance
Already long, but I’ll get stupid bullish upon breaking those two lines👁️Stupid bulls like me will say this dump was just a retest— TEDDY ⛓️📉 (@teddycleps) November 10, 2019Reclamation of these levels would mean that Bitcoin is cleared for takeoff, so to speak. But will it happen? According to some technical indicators, for sure.Byzantine General pointed out on Sunday morning that Bitcoin’s reclamation of the Bollinger Band basis line around $8,700 is “bullish,” as it seemingly confirms that the cryptocurrency is ready to leg higher. In fact, he noted that the last time BTC bulls managed to retake control of basis line was prior to the surge from the high-$3,000s to $14,000. History repeating would see Bitcoin leg higher in the coming weeks and months, potentially to close near the all-time high in time for the halving.Related Reading: Stephen Colbert Pokes Fun at Bitcoin in Monologue: Mainstream Gone Wrong?Not All Sunshine and RainbowsSure, the technicals are starting to lean in favor of bulls, but BTC was recently rejected from one key level: as pointed out by cryptocurrency trader Crypto Vulture, Bitcoin’s surge on Sunday was rejected by the 200-day moving average at around $9,200.The 200-day moving average, for some context, is an oft-cited level that analysts say is indicative of whether or not the asset/chart being analyzed is in a macro bull trend or a macro bear trend. With this in mind, the rejection implies that a long-term bear trend might ensue.$BTC $XBTBitcoin got rejected by the 200DMA (which is around 9200).It’s safer to wait for a daily close above the 200DMA if you’re looking for longs otherwise this could turn out to just be a bearish retest of the 200DMA before a further drop.— CRYPTO VULTURE (@year_alt) November 10, 2019Also, a fractal has suggested an impending move to the low-$7,000s. As reported by NewsBTC previously, Tyler Durden on Twitter posted the chart below, which shows that a Bitcoin price fractal may be playing out. The fractal has four phases: horizontal consolidation marked by one fakeout, a surge above the consolidation phase, a distribution, then a strong drop to fresh lows.If the fractal plays out in its entirety, BTC could potentially fall as low as $7,100. This would represent a 20-odd percent collapse from the current price point of $8,800.$XBT— Tyler (@TylerDurden) November 9, 2019Related Reading: China’s State Outlet Xinhua Exposes Millions to BitcoinFeatured Image from ShutterstockSource

Novogratz Believes America Is Risking Being Left Behind In Cryptocurrency Arms Race

Novogratz Believes America Is Risking Being Left Behind In Cryptocurrency Arms Race

Last Updated on November 11, 2019

The crypto industry is growing by the day. While it’s easy to realize this for many people, others refuse to see it. China, in a “subtle” way, is currently at the forefront of the crypto industry while simultaneously rejecting involvement therein. Their American counterparts are still rolling around in a quagmire of regulatory uncertainty.

US Regulatory Mudpit

A large number of nations, predominantly Asian, have already gone to work in researching or developing their own form of cryptocurrency through their respective central banks. As these countries are furthering development, the US is going further and further away from it. Global innovation is being left behind as regulators flail about in their attempts to control it. If this trend goes on, the US will be left in the dust.

A Few Key Opinions

Michael Novogratz, hedge fund manager and founder of Galaxy Digital, gave his opinion about the matter yesterday. He warned that the USD would not stand up to the growing digital world. He warned that China was far more ahead in the fintech industry compared to the US, and their President publicly embraced blockchain just recently. He warns that the USD risks losing its reserve status should it not adapt and create a crypto USD as well.

Morgan Creek, Co-Founder of Anthony Pompliano, shared Novogratz’s opinion that the world was going digital. He stated that the future would lead to portfolios being completely digital. He stipulates that the investors will still hold the same asset allocations, but it will all be in digital format. Everything from bonds to stocks to commodities and currencies will be in a purely digital format. Creek reckons that such a move is simply a matter of time.

China At The Front

As part of the world throws itself into crypto and the other part pulls away from it, China is at the helm at the pro-crypto side. The country has had a rather strange relationship with how it operates concerning cryptocurrencies. For more than two years, the country has been trying to destroy cryptocurrencies within its borders. China has been head-first in the development of its own cryptocurrency as they were prosecuting it, however.

china crypto

All of this is coming to a head with President Xi Jinping urging his people to embrace blockchain technology just a few weeks ago. The statement caused Bitcoin (BTC) prices to skyrocket and subsequently mandated that Chinese media explain that blockchain and crypto were two different things (but not by much).

A Matter of Time

China is making new moves, however. The Chinese Media recently pushed out an article that explained Bitcoin to the general public. Along with that, they’ve officially stopped persecuting crypto mining operations as well as putting out cryptography legislation.

China has been working on its crypto for a long time now, and it seems like the Dragon is getting ready to launch the Digital Renminbi properly. The country’s new cryptography laws will be put in effect starting next year. The Chinese cryptocurrency will probably come in that year, maybe as soon as three months after the legislation was put in effect.


Cryptocurrency Scammers Utilize Tinder to Play the Long Con Game

Cryptocurrency Scammers Utilize Tinder to Play the Long Con Game

Cryptocurrency enthusiasts are often targeted by scammers. One of the most recent experiments to steal Bitcoin from users comes in the form of using Tinder.

Over the past few years, Tinder has become one of the most popular online dating platforms in the world.

Albeit it doesn’t always get the best reviews, it is still a commonly used service globally. 

Tinder is Dangerous for Crypto Enthusiasts

It appears the Tinder platform has now become a breeding ground for cryptocurrency scammers.

One Reddit report indicates Asian girls – or profiles pretending to be Asian girls – are actively trying to hook up with cryptocurrency enthusiasts. 

In doing so, they will then spread “information” regarding an up-and-coming cryptocurrency. 

It is evident that this is a load of nonsense, as that currency does not exist, nor will it become valuable in the future.

When one is confronted by beautiful members of the opposite sex, the sense of reason isn’t always present. 

It appears some of the scammers even go as far as chatting up users for several weeks prior to making their move.

Once the conversation begins, they will often mention some sort of shady exchange or trading platform. 

Anyone signing up for those platforms and depositing money will end up losing their balances accordingly. 

It would certainly not be the first time a pretty face clouds one’s judgment, particularly where finances are concerned. 

While it remains unclear how successful these scams are, it is still worth paying attention to regardless.

Tinder is a very commonly used platform by millions, including cryptocurrency enthusiasts.



Bitcoin Price Still in Bull Market as Death Cross is Averted

Bitcoin Price Still in Bull Market as Death Cross is Averted

Over the past few months, analysts have been questioning if Bitcoin (BTC) really is in a bull market. Just two weeks ago, the leading cryptocurrency was down nearly 50% from its year-to-date peak of $14,000 — something that many took as a signal that Bitcoin was back in a bear market phase.But, a key technical indicator has shown that the crypto market remains in a bullish phase. The thing is, another drop in the BTC price, even to $8,000, could make that indicator flip bearish for the first time since March 2018 — just shy of the $20,000 top of the last bull run.Related Reading: Ethereum Price Has Potential to Surge Higher as Bitcoin Slows: AnalysisBitcoin Still in Long-Term Bull Market, Indicator SuggestsIf you’ve followed cryptocurrency trading at all, you’ve likely seen the terms “golden cross” and “death/bear cross” incessantly mentioned on Twitter and TradingView. For some reference, golden and death crosses in technical analysis refer to when moving averages (MAs) cross each other to signal a trend; golden crosses see short-term MAs crossing above long-term MAs, and death crosses the other way around.According to a recent analysis by Byzantine General, a popular trader on Twitter, a bear cross of the 50-day exponential moving average and the 200-day exponential moving average was just averted. This implies that Bitcoin remains in a long-term bull trend, as golden and death crosses of these two moving averages have long been indicative of macro trends.The 50 & 200 EMAs on the 1D timeframe are a good indication of bull & bear market.
They’re much more clear than the regular DMAs.
We still haven’t had a bear cross.
— Byzantine General (@ByzGeneral) November 10, 2019This isn’t the only indicator implying such. Trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses.Related Reading: Bakkt Sets New Volume Record After Bitcoin Price Tanks 6%To put a cherry on the cryptocurrency cake, Crypto Thies observed that when Bitcoin bottomed at $7,300, it bounced decisively off the 0.618 Fibonacci Retracement of the move from $3,000 to $14,000, which correlates with the two-week volume-weighted moving average. He added that summer 2019’s consolidation was marked by Bitcoin flipping major resistances into support levels, implying that a bullish reversal and subsequent continuation is likely possible in the coming weeks.Related Reading: Stephen Colbert Pokes Fun at Bitcoin in Monologue: Mainstream Gone Wrong?Featured Image from ShutterstockSource