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In one of Swiss' cantons crypto is now accepted for tax payments. Brazil to become yet another country to digitize its national currency. Tether and Bitfinex are not admitting accusations in manipulations of crypto prices.
The Swiss canton Zug, a great encampment site for crypto companies, different hedge funds, and other investment businesses has announced that now its citizens can pay taxes in Bitcoin and Ethereum. This right is given to both legal bodies and individuals if their tax payment does not exceed 100 000 Swiss francs (around 110 000 USD).
From 2016, this canton has been accepting crypto payments for different government services; and, generally, the country that is internationally famous for its banking system is the most crypto-positive place in the world. Thus, Zermatt, a Swiss ski resort, also accepts Bitcoins for its services.
However, Swiss banks themselves are not ready yet to provide crypto-related or blockchain-related services to its clients. Well, maybe these institutions value their security over potential huge profits.
Brazil has announced to start working on implementing a digital national currency. They are planning to finish their development project by the end of 2022. Roberto Campos Neto, the current president of Central Bank of Brasil, has announced that the financial system is being prepared for implementing the future cryptocurrency. In the nearest months, there will be a system of peering and b2b payments on smartphones, via online banking and cash machines.
All of this are the necessary requirements for making a digital real come true. Apart from that, a special team in the Central Bank of Brasil is investigating the potential risks, advantages, and other aspects of the future cryptocurrency. They are planning to give a thorough report in a year.
Looking forward to it...
In the previous episode, we wrote about the lawsuits against Tether and Bitfinex, where Tether is accused of issuing 3 Billion USD-worth of tokens backed with nothing. Now the company has answered to the accusations by submitting a motion for dismissal.
Tether representatives appeal to lack of proof and deny ever releasing unbacked stablecoins into the market. The prosecution party includes several traders who, according to them, had bought crypto for an unreasonably high price which led to significant losses. However, the defendant party claim that there is no proof that the rate had been increased on purpose and that Tether had anything to do with it, so they ask to withdraw the lawsuit.
However, apart from a collective lawsuit from traders, Tether received a similar accusation from the New York public prosecution office. Will the prosecution parties manage to prove that Tether has something to do with unsupported coin issue for billions of dollars with an aim to later manipulate the market? Follow LH-Crypto news to learn it first!