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SIX Exchange is preparing to launch stablecoins, an Israeli court found Bitcoin a commodity. Tether will provide USDT with solid assets.
An official representative of the Swiss stock exchange confirmed the rumors that it will run its own stablecoins. Its rate will receive a binding to the franc, and the asset will be accurately applied on its own SIX exchange platform. At the same time, a number of questions remain, to which the SIX does not yet answer.
It is not known whether this will be an internal token for settlements exclusively within the trading platform, or whether the asset will be available to third-party buyers. It is expected that stablecoins will appear in the second half of 2019, along with the SDX platform. Here it will be possible to tokenize traditional financial assets. However, this will be possible only if the necessary legal framework is created.
The court of the Central District of Israel held hearings about the essence of Bitcoin. Entrepreneur Noam Copel, head of the DAV startup, tried to get recognition of this financial instrument as a foreign currency. This would allow him not to deduct tax on profits derived from the purchase and sale of cryptocurrency.
The tax authority of Israel did not agree with this view, and demanded to recognize the Bitcoin financial asset. Since, by definition, the Central Bank of the country cryptocurrencies are not full-fledged currencies, it is classified as an asset. The court decided to reject the application of the businessman. By this it once again confirmed that, although Bitcoin can be used as a means of payment, it is still an asset.
More details on the Noam Copel's lawsuit
As it was found out in the course of the court hearing on the claim by the procurators of New York, Tether provided its stablecoin USDT with not only fiat money, but also digital financial assets. In particular, it bought Bitcoin and other cryptocurrencies. As a result, on April 24, an order was issued that instructs companies to stop this practice.
The judge noted that in this case stablecoin Tether cannot be a “safe haven” in case of unrest in the cryptocurrency market. The court allowed the company to continue to engage in investment activities, but now it will do it under more close supervision of regulatory authorities.