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4C Newsflash of August 12

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Market Cap at 11:53 (UTC) – $295,365,068,047 billion
Bitcoin dominance: 68.6%
BTC $11,337.14 (-0.57%)
ETH $211.27 (+0.44%)
XRP $0.299869 (+0.31%)

New Jersey establishes blockchain task force


According to the official statement, New Jersey has formed the New Jersey Blockchain Initiative Task Force to study whether it is beneficial for the government to shift to blockchain-based system. The task force consists of 14
members from several government agencies and the team will study the risks/opportunities using DLT and blockchain technology, different types of blockchains, projects and use cases in other countries, etc.
Further reading: Here

China to launch yuan-backed crypto


According to CNStock, the Deputy Chief of Payment and Settlement Division of PBOC, a prototype of blockchain-based currency development has been completed after five years of research. To ensure the scalability, the system will be divided into two different tier. The first tier will be used for PBOC and the second tier will be used for commercial banks. However, the launch date was not revealed.
Further reading: Here

New Zealand legalizes Bitcoin taxing


According to the new tax bulletin by the New Zealand Inland Revenue Department, crypto has been legalized for income and can be taxed. Moreover, to fall under the income tax requirement, the payment must be in the form regular wage and is fixed at a certain amount. Additionally, self-employed individuals are not subjected to crypto tax. However, to be considered as a taxable asset, the coin must be somewhat similar to fiat money.
Further reading: Here


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