Hot on the tails of increasingly bad news from China with regards to Blockchain related technologies, Government and Cryptocurrencies remained in the news, for good and for bad.
Governments are divided into two main camps when it comes to taxing Cryptocurrencies (if they tax it). Some treat them as another currency, whilst others treat them as assets, like owning a house, shares or valuable works. In an effort to stimulate the local FinTech and Cryptocurrency scene, Australia announced plans to stop the double taxation traders experience within the country. Currently, Australians are liable for GST (goods and service tax, or VAT) when they buy and sell Cryptocurrencies, which is quite a financial hit. Governments are not known for cutting potential sources of tax revenue, so I guess the government sees the growth potential of the sector as a bigger net gain, a belief confirmed later in the week with their Digital Economy Initiative announcement.
Next, after initial enthusiasm from the online community, Estonia’s plans to issue their own cryptocurrency to raise funds for their e-resident program was reportedly dismissed by the president of the European Central Bank, Mario Draghi as being against the principles of the EU. This doesn’t mean that Estonia has given up on the idea, and is investigating other ways of implementing it.
One of the struggles of the Blockchain community is convincing the general public that there are viable use cases for the technology, and businesses that conduct their efforts wholly online are a perfect starting point. This article from Never Stop Marketing highlights the rapid rise of Blockchain marketing and Adtech technology and how much sense that makes. The first customers of these companies will probably be other Blockchain projects, but I foresee the ability for the technology to allow for more transparent AdWords style systems, a way to connect systems together, or for tracking cost per click or impression models.
Roll Your Own
That’s Blockwatch for now, expect some deep technical coverage over the next months as a handful of us at the co-working space I work at have decided to create our own community coin to explore how you actually create a cryptocurrency and get a community to accept it. We kick off on Tuesday 22nd, starting with this tutorial, maybe you’d like to follow along.