Project to Build Satoshi Statue Gains Support in Kiev

Project to Build Satoshi Statue Gains Support in Kiev

An initiative to erect a monument of Satoshi Nakamoto in Ukraine’s capital is gaining momentum and support. The idea is to place the statue right where the red Karelian stone figure of Lenin used to stand, before it was taken down almost five years ago. The project is said to be part of a global campaign to build Satoshi monuments around the world.

Also read: Slovenian City Unveils World’s First Public Bitcoin Monument

Nakamoto on the Pedestal of Lenin

A monument of Satoshi Nakamoto may soon greet residents and visitors of Kiev, capital city of Ukraine. The project to erect a statue of the unknown creator of bitcoin and the blockchain technology has been gaining support. The plan is to place the figure on the intersection of Kiev’s main “Khreshchatyk” Street and the “Taras Shevchenko” Boulevard.

Project to Build Satoshi Statue Gains Support in KievThe targeted spot is not a random place. Several years ago it was occupied by the monument of Vladimir Lenin, the communist founder and leader of the Soviet Union. His statue was toppled down and destroyed by angry protesters in December, 2013. The act was one of the memorable events during the Euromaidan demonstrations which lead to dramatic political changes in Ukraine.

The empty space, opposite the “Bessarabsky” Market, has since turned into a site for political expression and artwork. At the height of the civil unrest in February 2014, opposition activists put a golden toilet on the pedestal as a symbol of the rampant corruption in their troubled and divided country. One of the numerous accusations against the then president Viktor Yanukovych was that he had gold toilets installed in a country estate near Kiev.

The people behind the project plan to initially design a virtual Satoshi monument. The digital statue will be visible through a mobile app, when the smartphone is turned towards the pedestal, as reported by the outlet Delo. The Ukrainian VR/AR and robotics company Raccoon World has promised to materialize the virtual reality concept.

Project to Build Satoshi Statue Gains Support in Kiev

The organizers also intend to file a petition with the Kyiv City State Administration and apply for permission to build a real, physical monument. They plan to raise the necessary means through a crowdfunding campaign. In the meantime, the virtual statue project has been supported by the Ukrainian entrepreneur Alexander Soroka, founder of the investment platform Startup Network, who has already donated 1 bitcoin (BTC).

A Global Initiative, a Blockchain Republic

According to local media reports, the installation of the statue in Kiev is part of a global initiative to erect Satoshi monuments around the world and create a so called “Blockchain Republic.” In case the city authorities reject the petition, the authors of the project say they’ll be looking for another location to place the symbolic figure.

Project to Build Satoshi Statue Gains Support in KievNot long ago, a similar initiative was realized in Slovenia, as news.Bitcoin.com reported. In March, the city of Kranj inaugurated a monument dedicated to bitcoin and blockchain – the first in the world, according to local authorities. The installation is in the form of a large bitcoin logo placed in the middle of a roundabout. The crypto theme of the monument has been chosen by the citizens of Kranj.

Would you support a project to build a bitcoin monument or a Satoshi statue in your city? Let us know in the comments section below.


Images courtesy of Shutterstock, Delo.ua.


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Op-Ed | Cryptocurrencies like Bitcoin Consume Significantly Less Resources than Fiat Money

Earlier this week, I wrote on social media that it costs significantly less energy to produce cryptocurrencies like bitcoin and Ethereum. The responses were, “that’s not true, once fiat money is created, no additional energy is required.” Bitcoin and cryptocurrency have an energy problem? People at the FED don't sit around painting Benjamin Franklin all

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Six Japanese Public Companies Announce Plans to Launch Crypto Exchanges

Six Japanese Public Companies Plan to Launch Crypto Exchanges

This week, a number of companies listed on the Tokyo Stock Exchange revealed their plans to enter the crypto exchange business for the first time. They include one of the most popular budget-managing app operators, an entertainment conglomerate, one of the largest music labels, and a medical corporation. These corporations join other public companies that previously announced their plans to launch crypto exchanges such as SBI Group, Line Corp, and Yahoo! Japan.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Money Forward

Budget-managing app operator Money Forward Inc (TYO: 3994) made two crypto-related announcements this week. Launched in 2012, the company “has grown rapidly to become one of the hottest financial technology startups, with its namesake application now boasting 5.5 million users,” the Japan Times described.

Six Japanese Public Companies Plan to Launch Crypto Exchanges

The company announced on Wednesday the establishment of a wholly-owned subsidiary, Money Forward Financial Co. Ltd., adding:

Money Forward Financial Co., Ltd. (‘MF Financial’) will start media related to blockchains and virtual currencies from the summer of 2018 and aim to establish a virtual currency exchange office within 2018.

Money Forward “is known as a pioneer in developing a digital kakeibo (household bookkeeping) app, where users can keep track of financial accounts for banking, credit card, e-wallet and point services,” the news outlet added, noting that “The company’s free app for the Android platform has won the best finance app award on Google Play for three consecutive years since 2013.”

Six Japanese Public Companies Plan to Launch Crypto Exchanges

Another announcement made on the same day is the plan to partner with 20 crypto exchanges in Japan and overseas to provide accounting solutions for crypto traders. Citing that it is already cooperating with Bitflyer, Coincheck, and Zaif crypto exchanges, the company says it is now in the process of collaborating with Btcbox, Bitbank, Quoine, and Fisco.

Drecom

Six Japanese Public Companies Plan to Launch Crypto ExchangesDrecom Co. Ltd. (TYO: 3793) engages in the development and marketing of entertainment content for mobile and PC. The company announced on Wednesday partial amendments to its Articles of Incorporation, adding a number of businesses it plans to start including crypto businesses. The amendments will be presented to shareholders at the next annual meeting.

The amendments state that the company plans to enter the “virtual currency exchange” business, particularly the “Planning, operation and management of exchanges relating to virtual currencies.” Furthermore, the company plans to offer cryptocurrency settlement services.

Yamane Medical Corporation

Six Japanese Public Companies Plan to Launch Crypto ExchangesYamane Medical Corporation (TYO: 2144) operates in the nursing and personal care sector. The company “operates a home care center for elderly people under the Nagoya Residence name in Japan. The company’s care center offers off-site, accommodation, housing services, etc., as well as safety confirmation and lifestyle consultation, on-site day, emergency response, and medical services,” Bloomberg describes.

Local media reported on Friday that the company is planning to submit partial amendments to its Articles of Incorporation to add a number of crypto-related businesses. According to Minkabu Press, “system provision and consultation related to virtual currency” will be added as well as a “virtual currency exchange business.”

Adways

Adways Inc (TYO: 2489) is a Tokyo-based global mobile app marketing company whose main business includes an ad agency, an ad network and a third party tracking tool.

Six Japanese Public Companies Plan to Launch Crypto ExchangesOn Thursday, the company announced the partial amendments to its Articles of Incorporation which will be presented at the next annual shareholder meeting. “The company shall make efforts to engage in the following businesses,” the amendments read. Under “virtual currency related business,” the company wrote, “virtual currency exchange business based on funds settlement law.”

This law went into effect in Japan in April last year which legalized cryptocurrencies as a means of payment in the country and requires all crypto exchanges to register with the country’s Financial Services Agency (FSA).

Avex

Six Japanese Public Companies Plan to Launch Crypto ExchangesAvex Inc (TYO: 7860) is an entertainment conglomerate and one of the largest music labels in Japan. The company was founded by Max Matsuura, Japanese talent manager, record producer, songwriter, and radio personality. Avex manages J-pop talents such as Ayumi Hamasaki and internet sensation Pikotaro. The company has also expanded into other business areas such as anime, video games, and live music events.

On Thursday, Avex published amendments to its Articles of Incorporation to add “virtual currency exchange” as a new business venture. The amendments will be presented at the company’s next meeting of shareholders.

Daiwa Securities Group

Six Japanese Public Companies Plan to Launch Crypto ExchangesOne of Japan’s largest securities brokerage firms, Daiwa Securities Group (TYO: 8601), also hinted at the possibility of entering the cryptocurrency space in the future. President and CEO Seiji Nakada told Sankei newspaper this week that, regarding cryptocurrency, “there is enough possibility of becoming a highly useful platform if conditions such as legal maintenance are in place.” While noting that the price movements of cryptocurrencies “are unstable and subject to speculation,” he emphasized:

There will be times when major companies have to enter to improve the environment.

Japan currently has 16 fully licensed crypto exchanges. Another eight exchanges‘ applications are being reviewed by the FSA. Furthermore, the agency revealed recently that about 100 more companies are interested in entering the space including Line Corp and Yahoo! Japan.

Do you think more public companies should launch crypto exchanges? Let us know in the comments section below.


Images courtesy of Shutterstock, Money Forward, Daiwa, Drecom, Yaname, Adways, and Avex.


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World’s Largest Diamond Retailer Joins De Beers Blockchain Project

Signet Jewelers, the world’s largest retailer of diamond jewelry, has joined Tracr, the diamond blockchain program being developed by South African gem juggernaut De Beers Group. Signet is part of a growing chorus of industry giants that are part of the Tracr pilot program, which will track each diamond that gets mined on a shared … Continued

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331 High-Income Traders Declared Crypto Profits in Japan

331 High-Income Traders Declared Crypto Profits in Japan

The Japanese tax authority has for the first time revealed the number of high-income taxpayers who declared cryptocurrency profits in the year 2017. Out of the total number of taxpayers with miscellaneous income of 100 million yen or more, excluding public pension, 60% of them reported income from crypto transactions.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Declaring Crypto Income

The Japanese National Tax Agency announced on Friday the number of people with 100 million yen (~US$914,000) or more miscellaneous income that includes income from cryptocurrency transactions, according to local media. Nikkei elaborated:

It is the first time that the agency announced the result of the counting of virtual currency related declarations.

331 High-Income Traders Declared Crypto Profits in Japan

The tax agency revealed that 21.98 million people filed income tax for the year 2017. Last year, “The number of taxpayers with miscellaneous incomes of 100 million yen and over from sources other than public pensions jumped from the previous year’s 238 to 549,” according to Jiji Press. Of these 549 people, more than 60% or 331 of them “gained income from cryptocurrency transactions,” the news outlet conveyed.

331 High-Income Traders Declared Crypto Profits in JapanThe “total income [reported for all taxpayers] was 41.4988 trillion yen [~$379 billion] (up 3.4% from the previous year),” the Sankei Shimbun detailed, noting that the “declared tax payments amounted to 3.0207 trillion yen [~$28 billion] (a 4.6% increase), which was the highest in 10 years.”

According to Nikkei, tax reporting of crypto transactions is challenging because each crypto exchange reports transaction data differently. According to industry stakeholders, some exchanges do not separate purchase and sale transactions and “there may be upper limits on the number of transaction records that can be acquired,” the publication added.

55% Tax Possible

The National Tax Agency released guidance on how cryptocurrency profits are taxed in December last year. “In Japan, profits from cryptocurrency trading are categorized as miscellaneous income,” Jiji Press explained. The Japan Times described:

If you earn ¥200,000 [~$1,828] or more from cryptocurrency trading, you must pay tax.

There are seven tax brackets based on taxable income. Those earning 1.95 million yen (~$17,823) or less are taxed at 5 percent, the news outlet described, adding that the highest tax rate is 45 percent for taxpayers who earn more than 40 million yen (~$365,600). However, the publication pointed out that “your income is also subject to a residential tax of 10 percent. Together, the maximum tax rate is 55 percent.”

What do you think of how Japan taxes crypto transactions? Let us know in the comments section below.


Images courtesy of Shutterstock and the National Tax Agency.


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