MoneyPolo
Blog

October Bitcoin news. Why use Bitcoin for trading.

October Bitcoin news. Why use Bitcoin for trading.

MoneyPolo focuses on innovations in money transfers, the world of payment processors and providers and on new projects related to advanced technologies in its periodic reports. It also notes the emerging industry of digital currencies, Bitcoin and blockchain technologies. Take a look at the selection of the most interesting things that happened last month.

CEX.IO allows purchasing bitcoins using credit card

British company CEX.IO, founded in 2013, has been offering a wide range of payment services and transfers since its foundation – bank transfers, card payments, AstroPay and Skrill digital wallet services as well as the services of cryptocurrency safe storage, totally in accordance with the law. CEX.IO also allows bitcoin purchases using credit cards; according to the chief of CEX.IO information technologies, almost any type of card with any currency anywhere in the world can be used. Business currency exchange users can recharge their accounts up to the amount of USD 2,000 per month, or increase the limit to USD 100,000 after authentication. Bitcoin purchase is then carried out using preset bundles of $ 100, $ 200, $ 500 and $ 1,000; bundle prices depend on the current bitcoin market rate and are calculated every 120 seconds.

Sweden wants to become the first cashless country in the world

The use of cash in Sweden has declined and there are more and more people willing to accept the revolutionary ways in which they would use their money with the advent of new technologies, P2P systems and mobile payment systems. Several banks operating in the country are already completely cashless. According to Niklas Arvidsson, an employee in industrial economic research and KTH management, around 60% of banknotes has been already withdrawn from circulation. With the current pace of increase in the use of the latest cashless payment methods, Sweden has a real prospect of becoming the first country in the world to completely stop using coins and banknotes within several years.

Billion-dollar payment start-up Square goes to the stock exchange

Square, a payment start-up under the direction of Jack Dorsey, originally a Twitter co-founder, could soon be appearing on the NYSE under the name of SQ. According to the TechCrunch website, Square has managed to arrange payments of nearly USD 16 billion in the first half of this year, an increase of about $ 5 billion as compared to the same period last year. Dorsey still owns 24.4% of the company, currently valued at $ 6 billion. In the highly competitive segment of the POS, Square has long been in the financial loss, yet profitability is a long-term goal.

European Court of Justice has ruled on the exemption of bitcoin exchange from VAT

The Court of Justice of the European Union decided on 22 October 2015 that a bitcoin transaction in exchange to a fiat currency will not be subject to value added tax. In its decision, the ECJ stated that bitcoin transactions ‘are exempt from VAT under the provisions concerning currency, banknotes and coins used as legal tender’. The ECJ’s judgement is based on the recommendations of Juliane Kokott, the main advocate, who urged the Court to waive the application of the excise tax on the purchase and sale of bitcoins. Everything started with Daniel Hedqvist’s dispute with the Swedish tax authority Skatterverket. Heqvist raised the question at the tax office, how to proceed in establishing a bitcoin exchange, resulting in a court decision to exempt the bitcoin exchange from VAT; Skatterverket appealed against this decision. The European Court of Justice has now confirmed the original decision, setting tax rules for all member states.