Bitcoin keeps dropping and the OECD is preparing new rules for regulating the international cryptocurrency market
Bitcoin keeps dropping
The main cryptocurrency has continued to decline over the past couple of days. Today, November 27, BTC fell to $16,915. Bitcoin capitalization fell to $313 billion.
Nevertheless, crypto experts advise not to panic because of the fall of BTC and a number of other popular crypto coins.
NEXO co-founder Anthony Trenchev believes the pullback was needed due to the overheated market. But in the long term, nothing will prevent Bitcoin from repeating its record three years ago and reaching $20,000.
OECD will present international cryptocurrency tax regulations in 2021
The Organization for Economic Co-operation and Development is preparing to present general tax reporting rules for digital assets. This could happen as early as 2021.
According to the head of the OECD Center for Tax Policy Pascal Saint-Amans, the innovations will be similar to the existing standards for combating tax criminals. The OECD hopes that the European Commission will pay attention to the solutions proposed by the organization, as they will meet the requirements of European regulators.
Earlier, the European Commission initiated amendments to the EU legislation to combat financial offences. Until December 21, the organization plans to collect proposals from experts on an initiative aimed, among other things, at tightening control over crypto operations.
Deloitte: many financial institutions are ready to spend more on blockchain implementation
According to preliminary results of the Deloitte survey on the prospects for the industrialization of financial services, 27% of companies surveyed expect a “small increase in costs” on blockchain and distributed ledger.
14% of respondents intend to significantly increase the item of development costs. Another 33% of the survey participants said that investments will remain at the same level, and 27% intend to slightly cut costs.
The survey was conducted among 800 top managers of banks, investment companies, hedge funds, payment services, and insurance companies.
According to the survey, blockchain turned out to be the №2 technology in popularity among financial market players, the costs for which can be increased. Cloud solutions have become the most demanded direction for development.