Cryptocurrency and Taxation Challenges
Major blockchain firms such as NEO, QTUM and VeChain are becoming large attention in the country. Startups like Nebulas, Large Efficiency Blockchain (HPB) and Bibox will also be getting a good number of traction. Actually giants such as Alibaba and Tencent may also be discovering the features of blockchain to enhance their platform. The record continues and on but you get me; it’s likely to be HUGGEE! The Asian government have also been enjoying blockchain technology and have stepped up efforts in recent years to guide the formation of a blockchain ecosystem. In China’s 13th Five-Year Plan (2016-2020), it required the growth of encouraging technologies including blockchain and artificial intelligence.
In addition, it options to strengthen research on the applying of fintech in regulation, cloud processing and large data. Also the People’s Bank of China can be screening a prototype blockchain-based electronic currency; nevertheless, with it probably be a centralized digital currency slapped with some encryption technology, their ownership by the Asian people remains to be seen. The launch of the Respected Blockchain Start Research along with the China Blockchain Technology and Market Growth Community by the Ministry of Industry and Information Engineering are a few of the other initiatives by the Asian government to support the progress of blockchain in China.
A recently available report entitled ” China Blockchain crypto tumbler Report 2018″ (English version in the link) by China Blockchain Research Center step by step the growth of the blockchain business in China in 2017 including the many steps taken up to manage cryptocurrency in the mainland. In a separate area, the report highlighted the hopeful outlook of the blockchain industry and the massive interest it has received from VCs and the Asian government in 2017. In summary, the Asian government show a confident perspective towards blockchain engineering despite its enforcement on cryptocurrency and mining operations. China needs to regulate cryptocurrency, and China are certain to get control.
The repeated enforcements by the regulators were designed to safeguard their people from the financial threat of cryptocurrencies and limit money outflow. As of this moment, it’s legal for Asian citizens to put on cryptocurrencies but they’re banned to hold out any form of exchange; ergo the bar of exchanges. As the marketplace stabilizes in the coming weeks (or years), we will see truly see a revival of the Asian crypto-market. Blockchain and cryptocurrency come hand-in-hand (with the exception of individual sequence where a token is unnecessary). Nations hence cannot bar cryptocurrency without banning blockchain the amazing engineering!