Deutsche Bank Celebrates ‘Dollar Day’ by Accidentally Shilling Bitcoin

When the fat-cats at Deutsche Bank instructed their social media interns to draft a tweet commemorating National Dollar Day, they probably didn’t …
deutsche bank shills bitcoindeutsche bank shills bitcoin

German financial giant Deutsche Bank has accidentally made the case for Bitcoin while commemorating National Dollar Day. | Source: Shutterstock

When the fat-cats at Deutsche Bank instructed their social media interns to draft a tweet commemorating National Dollar Day, they probably didn’t realize that they’d accidentally end up shilling Bitcoin to their more than 650,000 followers.

But while the Bitcoin isn’t directly mentioned, it’s difficult to imagine anyone writing a better advertisement for the leading cryptocurrency.

It’s #NationalDollarDay! #OTD in 1786, Congress established the US monetary system and introduced the US dollar. In today’s money, one dollar from 1791 would be equivalent to 27.60 USD. #ThrowbackThursdaypic.twitter.com/FwOBvD8kvh

— Deutsche Bank (@DeutscheBank) August 8, 2019

Is Deutsche Bank a closeted Bitcoin admirer?

In the tweet, Deutsche Bank observes that since the U.S. monetary system was established on this day in 1786, the dollar has lost tremendous purchasing power. The German multinational notes that the equivalent of a single dollar from 1791 now has the purchasing power of about $27.60 today.

You do not need years of exposure to Bitcoin to appreciate that Deutsche Bank has by implication turned a negative spotlight on the world’s favorite reserve currency – and by extension, the worldwide fiat currency regime. The bank inadvertently made a case for an anti-inflationary currency that is not printed at the whim of unelected government bureaucrats.

With the maximum number of Bitcoins that will ever be in circulation capped at 21 million, the cryptocurrency was designed to be free of the inflationary risks that all fiat currencies have proven to be susceptible to. This was stated unambiguously in the Bitcoin whitepaper:

“Once a predetermined number of coins have entered circulation, the incentive can transition entirely to transaction fees and be completely inflation free.”

And yet the dollar is hardly the world’s worst fiat currency…

Deutsche Bank’s celebration of a fiat currency that has lost its purchasing power dramatically over the years is all the more significant for Bitcoin since the dollar is one of the world’s strongest currencies.

As of last year’s third quarter, the U.S. dollar constituted close to 62 percent of all the foreign exchange reserves held by central banks across the world.

Bitcoin vs USD on national dollar dayBitcoin vs USD on national dollar day
U.S. dollar dominance as a reserve currency | Source: Statista

This means that if your wealth is held in the dollar and you are a little apprehensive over its declining purchasing power, you should be outright panicking if you are holding other fiat currencies.

Bitcoin offers freedom from the tyranny of fiat

So how bad can it get? Well, unchecked printing of money by central banks has in the past led to the total collapse of fiat currencies with Europe, Latin America, and Africa offering standout cases.

Germany’s Papiermark in the 1920s is a perfect example from the 20th century when yearly inflation rose to over 300 million percent in the European country. Most recently, Zimbabwe provided another example of why a hard-capped cryptocurrency is the future when inflation rose to 500 quintillion percent.

Fortunately, there is no need to repeat these same mistakes in the 21st century with Satoshi Nakamoto already having gifted us the solution: Bitcoin.

Disclaimer: The views expressed in the article are solely those of the author and do not represent those of, nor should they be attributed to, CCN.

US lawmaker reintroduces crypto tax bill to end double taxation

“[T]he exchange of virtual currency for virtual currency of like kind shall be treated in the same manner as the exchange of real property for real …

A bill that aims to amend the treatment of cryptocurrencies by the Internal Revenue Service has been referred to the U.S. House of Representatives Ways & Means Committee, CoinDesk reported.

On July 25, North Carolina’s Rep. Ted Budd (R) on July 25 reintroduced the bill, titled the “Virtual Value Tax Fix Act of 2019.” By amending1986’s Internal Revenue Code, the bill, if passed, would essentially end the double taxation on cryptocurrency transactions.

According to the Internal Revenue Code of 1986, no gain or loss is recognized on the exchange of real property for real property of like kind. The tax bill seeks to bring the same treatment to virtual currencies.

“[T]he exchange of virtual currency for virtual currency of like kind shall be treated in the same manner as the exchange of real property for real property of like kind,” the bill states.

In his previous comments, Rep. Budd had explained that due to the lack of like-kind exchange, the cryptocurrency industry is subject to double taxation of cryptocurrency transactions.

“An effective sales tax of nearly 40% penalizes the use of digital units of commerce,” he said. “The use of digital assets is already treated as a sale of the asset, even though the economic reality of the transaction is a purchase of a simple consumer good.”

Last month, Rep. Tom Emmer (MN-R) reintroduced the “Safe Harbor for Tax Payers with Forked Assets Act of 2019.” He said that the bill will bring more clarity on the tax treatment of cryptocurrencies following hard forks and airdrops.

TokenPost | [email protected]

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New World Through PRIZM of “Kremlin” Political Technologists

In some countries, digital money is already seen as a real and more stable alternative to national currencies. It is believed that these projects are …
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The growing tension on the geopolitical map of the world directly affects the economy. The exacerbation of trade wars has led to growing discontent with the hegemony of us dollar, which is increasingly becoming an instrument of blackmail and political bargaining. The most effective strategy for countering the fed and its satellites at the moment is seen in the gradual abandonment of us dollar in mutual agreement between countries and in the increasingly widespread use of digital money, which is free from centralized control, but not all, only cryptocurrencies rid of the inherent “sores” of the first generation. In this sense, experts have high hopes for a new generation cryptocurrency “PRIZM”. In some countries, digital money is already seen as a real and more stable alternative to national currencies. It is believed that these projects are developing with the tacit approval and support of the Kremlin.

In order to clearly see what success can be achieved in the sphere of the digital economy with the correct formulation of the question in the shortest possible time, it is enough to look at the example of Belarus, where after President Alexander Lukashenko legalized digital money with his decree in 2017, there was a real cryptocurrency boom. Moreover, it is not so much about ICO, but about large infrastructure projects that are vital for the normal independent existence of the digital economy. So, since 2017, two large cryptocurrency exchanges have opened in Belarus. In addition to the ambitious project of Said Gutseriev, investments in which according to the most conservative estimates amounted to 10 million dollars, the second large cryptoexchange “iExchange” began to work in the Republic, investments in which already amounted to about 3 million dollars, and the team has more than 100 specialists from Ukraine, Russia, Belarus, Canada and China. According to some experts, the emergence and development of “iExchange” is associated with the interest of structures close to “Sberbank” in the stable conduct of international transactions bypassing existing economic sanctions, including with countries and contractors which are added by the financial regulators to the blacklist of FATF.

Simultaneously with the development of a parallel system of foreign economic mutual settlements, digital money is coming closer to getting the status of national currencies in those States where the state of local economies does not allow providing the traditional national currencies with the proper level of stability. The transition to decentralized currencies of the new generation will allow these countries, on the one hand, to get rid of the dominance of us dollar in their own economies, on the other – once and for all to solve the problem of galloping inflation.

Change the world together!

Ideas of getting rid of dollar slavery are rapidly gaining popularity around the world. There is an opinion that this is happening, in particular, thanks to the activity of political strategists ideologically close to the Kremlin. They and their organizations see their mission in the fight against the global financial system controlled by the us government, saving humanity from dollar slavery and popularizing cryptocurrencies as a real alternative to Fiat money.

The main points of application of efforts are intensively developing countries from the economic point of view: India, South Africa, Indonesia, East Timor, as well as Ukraine.

Ideas of the need to get rid of dollar slavery spread particularly intensively in India

And it should be said that this activity has not gone unnoticed by the us financial authorities. Thus, as part of the next replenishment of the list of people and organizations whose activities are subject to economic sanctions, the us Treasury Department along with the Deputy Minister of economic development of Russia Sergey Nazarov called the Chairman of the Board of the international public movement “Change the World Together” (CWT) Alexey Muratov. According to him, this step on the part of the financial regulator is actually a recognition of merit, confirmation of the correctness of the chosen CWT rate.

Active work of Alexey Muratov was appreciated by the Ministry of Finance of the USA

Re-development of Africa

Another close to the Kremlin political strategist, Andrei Kramar in 2018 contributed to the development of a multi-profile partnership between Russia and Madagascar. At one time, the USSR had a great political and economic weight in this island state, which, however, with the collapse of the Soviet Union was lost. Having lost the economic support of the “Big brother”, the socialist government of the island could not keep the situation in the country under control, which de facto became bankrupt. Since then and until now, Madagascar has been one of the poorest countries in Africa, with huge reserves of valuable natural resources. Russian companies such as Gazprom, ALROSA, Rosneft and Rosgeologia have shown a substantial interest in the subsoil of the island. Russian Railways is interested in implementing major infrastructure projects with the government of Madagascar.

Projects in the digital economy can take a special place in the structure of economic relations. Legalization and active use of cryptocurrencies for international settlements will help to cope with high inflation rates and optimize budget expenditures (at least in terms of reducing interventions on the currency market).

A good ground for the development of mutually beneficial economic relations is the good memory of the decades of cooperation between the island state and the USSR, in which thousands of Malagasy people received higher education in the universities of the Union, many of whom currently hold responsible positions in the structures of public administration and manage large commercial organizations.

The activation of contacts between Russia and Madagascar was facilitated by the fact that the Minister of foreign Affairs of the island state in 2018 – 2019 was Elua Maxim Davo, who for 15 years was the Ambassador of Madagascar to the Russian Federation

Military-technical cooperation between Russia and Madagascar is also promising. A large share in the air force of the country and its land army is the equipment produced at Soviet enterprises. These helicopters, tanks and planes are still on combat duty, but they already need deep modernization, which the Russian industry can carry out.

Similarly, Russia’s relations with the Sudan, the Central African Republic and a number of other countries on the continent could develop in the near future.

Digital path to freedom

Over the past few years, Pro-Kremlin political technologists have been working intensively in East Timor. Their activity is aimed at obtaining real independence by this state, which, according to CWT ideologist Alexei Muratov, should begin with the abandonment of the us dollar as the national currency.

These ideas fell on fertile soil. The local population and national elites have long been dissatisfied with the situation when most of the profits from the exploitation of the subsoil of this island state go to transnational corporations, while the Local Treasury receives only crumbs in the form of modest tax deductions. De facto, East Timor is now the raw material appendage of the Western world.

The appendage is rich, having promising from the point of view of the development of gold deposits, platinum, and offshore oil.

The abandonment of us dollar and the transition to cryptocurrencies in foreign economic activity is the first serious step towards obtaining real national independence, which will allow this former Portuguese colony to dispose of the natural resources of the island in the interests of its country and its own population.

Cryptocurrency Recognition

The use of blockchain technology in the economy makes it possible to remove from the agenda a list of acute problems that are currently relevant for dozens of countries and state entities. First of all, we are talking about countries and republics that are completely or partially unrecognized by the world community and for this reason do not have the ability to conduct full-fledged international economic activity. The hostages of this situation are hundreds of millions of people around the world, affected by a huge number of rights, including freedom of movement. The countries and regions themselves, even fully self-sufficient, are deprived of normal development due to economic sanctions and lack of access to international markets.

The digital economy and cryptocurrencies open a wide door to a new world for these countries. The development of digital technologies and the transition from the status of unrecognized to decentralized blockchain States gives the territories a chance for successful intensive socio-economic development without changing the current legal status, which is very important, because the process of official recognition by the world community can take years, if at all possible.

On the territory of the former Soviet Union, there are several state entities that have not yet received wide international recognition. But the most acute issue with the implementation of international financial activities is in the Donetsk and Lugansk people’s republics.

The basis for the breakthrough of the economic blockade, a ram designed to crush the citadel of the hegemony of us dollar, should be a new generation cryptocurrency “PRIZM”. It is a fully decentralized and self-regulating electronic currency, which is technically much more advanced than bitcoin. Its premining requires low computation time, and the blockchain ensures increased safety of operations, high download speed and a number of other extraordinary benefits. But, perhaps most importantly for the cryptocurrency that claims to be widely used, “PRIZM” at the “subatomic” level is free from the threat of reverse centralization, from which bitcoin and all its forks suffer today without exception.

More information about the ideology of the movement “Change the World Together” (CWT) and cryptocurrency “PRIZM” can be found here.

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Verrency and Coinify Partner to Enable Bank Customers to Spend Virtual Currency at Any …

Global payment innovation leader Verrency, and Coinify, a leading virtual currency payment provider, have today announced a new partnership …

MELBOURNE, Australia and COPENHAGEN, Denmark–(BUSINESS WIRE)–Aug 8, 2019–

Global payment innovation leader Verrency, and Coinify, a leading virtual currency payment provider, have today announced a new partnership enabling banks to securely offer their customers the ability to use virtual currency for payments at any merchant around the world.

The partnership will empower banks utilising Verrency’s middleware platform to integrate virtual currency funding sources and digital wallets with their existing payments rails, without the need for customers to use specially issued prepaid or debit cards. Instead, banks can offer their customers the ability to make payments anywhere using virtual currency via their existing payments products, such as their physical cards and digital wallets.

The service works by using Verrency’s high-performance value-added payments technology layer to enable a bank to easily route payments to different funding sources authorised by the bank, such as a custodial or non-custodial wallet containing digital assets. Coinify supports the selection and connection of the wallet infrastructure, which may be either internal or external to the bank.

Verrency CEO David Link, who was also appointed as an advisor to Ripple in early 2016, said the partnership is a gamechanger for the beginning of increased utility of token-based assets among major financial institutions.

“The rapid growth in consumer interest and ownership of virtual currency assets and the rise of virtual trust technologies has been a key trend for the payments sector as a whole over the last decade,” Mr Link said. “As virtual currencies transition in the next few years from being speculative investments into a smaller number of mainstream assets – which will see more government or fiat-backed stable tokens, or even tokens simply as a payment element – it is critical that banks have the technology in place to actually allow the usage of such virtual assets across their existing consumer-centered legacy payments rails. Mainstream usage of tokens or virtual assets will not occur by connecting the merchant-side of the equation – it simply will take too long to achieve ubiquity, without which there will be no significant usage.”

“By partnering with Coinify, Verrency is now able to enable banks to offer their customers virtual currency and token usage via their existing debit and credit cards without engaging in a costly infrastructure overhaul.”

“Coinify is honoured to partner with Verrency and connect our two platforms, which holds a huge potential for crypto adoption” said Mark Højgaard, co-founder and CEO of Coinify. “Verrency’s platform that can easily integrate third parties with the existing banking payments infrastructure is a potential breakthrough for the future space of digital currency and mainstream token usage, where established technology titans, such as Facebook’s Libra project, are beginning to explore the possibilities.”

Verrency’s platform is a high-performance bank-grade technology layer and API platform that fits on top of a processor’s, bank’s or digital wallet’s existing infrastructure, enabling them to rapidly deliver enhanced services and products around the moment of payment without changing their existing technology.

The partnership sees Coinify join Verrency’s V+ partner ecosystem, which facilitates collaboration with Fintechs and enables a nearly endless set of hyper-personalizable services including redemption of rewards, facilitation of disbursements, rounding up of payments to savings or charitable destinations, access to installment credit at point of sale, facilitation of ‘real-time’ sandbox environments, and many more.

This announcement comes as Facebook’s proposed virtual currency, Libra, has reinvigorated discussion around the potential for virtual currencies and fiat-backed tokens to become a more mainstream part of global payments infrastructure.

About Verrency

Verrency empowers banks and other financial institutions to quickly, cost-effectively and reliably deliver innovative new products and services to consumers and business partners around their most important interaction – the moment of payment. Verrency’s high-performance bank-grade technology layer works behind the scenes to enable a nearly endless range of value-added services for a bank’s customers quickly and easily without major changes to existing payments infrastructure or the need to integrate to point-of-sale systems. Verrency also enables rapid connection to third-party services via its FinTech ecosystem with little to no integration. For more information, see www.verrency.com.

View source version on businesswire.com:https://www.businesswire.com/news/home/20190808005279/en/

CONTACT: For More Information:Verrency Danya Al-Qattan

Sard Verbinnen & Co

Dal-Qattan@sardverb.com

+1 212 687 8080Ron Low

Sard Verbinnen & Co

Rlow@sardverb.com

+852 3842 2200Jonathan Costello

GRACosway

JCostello@gracosway.com.au

+61 424 096 770

KEYWORD: EUROPE AUSTRALIA AUSTRALIA/OCEANIA DENMARK

INDUSTRY KEYWORD: TECHNOLOGY FINANCE BANKING PROFESSIONAL SERVICES SOFTWARE RETAIL ONLINE RETAIL

SOURCE: Verrency

Copyright Business Wire 2019.

PUB: 08/08/2019 03:00 AM/DISC: 08/08/2019 03:01 AM

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US Congressman Introduces New Bill to Guard ‘Exchange of Virtual Currency’

A member of the United States House of Representatives has put forward a bill that will ensure that the profit or loss on any exchange of virtual …

A member of the United States House of Representatives has put forward a bill that will ensure that the profit or loss on any exchange of virtual currencies of the same kind, is not recorded or recognised by law.

Include Cryptocurrency

Currently, the Internal Revenue Code of 1986 is the standard for exchange of property and says the following:

“No gain or loss shall be recognized on the exchange of real property held for productive use in a trade or business or for investment if such real property is exchanged solely for real property of like kind which is to be held either for productive use in a trade or business or for investment.”

However, the new bill recently presented, called the “Virtual Value Tax Fix Act of 2019”, pursues the modification of this code, to also allow for gains or losses of cryptocurrency be excluded as well.

“The exchange of virtual currency for virtual currency of like kind shall be treated in the same manner as the exchange of real property for real property of like kind.”

The bill was introduced on Thursday the 25th of July by Rep. Ted Budd an was passed on to the Committee on Ways and Means.

Crypto Congress

Bills regarding the trading and use of cryptocurrency, have been introduced to Congress on different occasions. Last month, Congressman Tom Emmer reintroduced a bill that excludes any enforcement on relevant taxpayers until such a time when the IRS delineates specific rules on the reporting of profits and losses with regard to any hard forked cryptocurrencies.

The bill was called the Safe Harbor for Taxpayers with Forked Assets bill.

Imagine Credits: Stock Photo Secrets

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