27/04/2018: Biggest Stories in the Cryptosphere

1. Alibaba Eyes Blockchain To Fight Food Fraud

Alibaba might start using blockchain for supply chain tracking to fight food fraud e.g. using lower-quality products or fictitious ingredients. The Chinese e-commerce is currently testing a pilot program, with its own blockchain-backed Food Trust Framework. The trial involves the tracking of international shipments coming from Australian health supplements firm Blackmores, and New Zealand-based dairy company Fonterra. The pilot will be conducted through the company’s T-Mall e-commerce arm. The aim is to instil higher trust in customers through more identifiable products, and a more transparent process.

2. France Changes Tax Structure For Crypto Gains

Various French news outlets have reported that the French Council of State has decided to change the tax structure for crypto gains. The governmental body stated that crypto transactions should be considered capital gains of “movable property”. They are currently considered either “industrial and commercial profits” or “non-commercial profits”. This means that the current tax of up to 45% (BIC rate) will drop to 19%. However, not all transactions will fit the new description. Furthermore, crypto mining and business activities will still be taxed at the BIC rate. The news comes following a group of investors challenging the current tax rate in front of the Supreme Court.

3. Singapore To Expedite FinTech Patent Processing

Intellectual Property Office of Singapore (IPOS) has introduced the FinTech Fast Track initiative, with the hope of promoting FinTech innovations in the city-state, and encouraging the industry to flourish. Timing is now going to be cut down to six months, against the average two years. In the appendix, it was added that patents related to the use of blockchain within banking would also qualify for the initiative. A brief list of qualifying requirements was also provided in the document. The project is part of the Republic’s Smart Nation agenda to promote innovation and digitalisation.

4. Pantera CEO Thinks This Is The Right Time To Buy Bitcoin

Pantera Capital Management LP CEO Dan Morehead believes this is the right time to purchase Bitcoin. During an interview with Bloomberg, he said that the $1 billion crypto hedge fund has 10% of investments in Bitcoin. Morehead went on to say that Bitcoin price will considerably increase in the next 12 months. He also stated that the crypto market cap could grow from the current $400 million, to $4 trillion, if not even $40 trillion, over the next 10 years. The rising number of hedge funds specialised in cryptocurrencies and institutional investors entering the market was also discussed.

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