Tennessee has signed a bill recognizing legal authority of Blockchain tech and smart contracts for conducting electronic transactions.
The governor of Tennessee signed a bill recognizing the legal authority to use Blockchain technology and smart contracts for electronic transactions on March 22, according to legislative tracking site Legiscan.
A summary of the bill reads that it “recognizes the legal authority of blockchain technology and smart contracts in conducting electronic transactions.” The bill also makes a provision that, “protects ownership rights of certain information secured by blockchain technology.”
Senate Bill 1662 was signed by Governor Bill Haslam little more than three months after its introduction on January 18 of this year, passing the Senate and House with no opposing votes. The bill was sponsored by Republican Senators Steven Dickerson and Richard Briggs, and Democratic Senators Lee Harris and Jeff Yarbro.
Blockchain technology is defined in the bill as “any distributed ledger protocol and supporting infrastructure, including blockchain, that uses a distributed, decentralized, shared, and replicated ledger, whether it be public or private, permissioned or permissionless, and which may include the use of electronic currencies or electronic tokens as a medium of electronic exchange.”
A smart contract is defined in the bill as an “event-driven computer program, that executes on an electronic, distributed, decentralized, shared, and replicated ledger that is used to automate transactions.” The bill notes that “no contract relating to a transaction shall be denied legal effect, validity, or enforceability solely because that contract contains a smart contract term.”
Individual US states have been passing several crypto related bills since the new year. In February, Georgia introduced a bill to accept crypto for paying state taxes and license fees, while earlier in March, the state of Wyoming passed a bill creating a new asset class for cryptocurrencies, effectively exempting them from securities regulations in the state.
Subsidiary of Canadian stock exchange operator TMX Global partners with Paycase to launch new digital currency brokerage service.
Canadian stock exchange operator TMX Group announced that its subsidiary, Shorcan DCN, has entered into an agreement with Paycase Financial to launch a cryptocurrency brokerage service, a press release stated March 22.
TMX Group is best known as the operator of the Toronto Stock Exchange (TSX) and Paycase Financial is a decentralized financial services provider based out of Toronto. The new initiative is planned to launch in the second quarter of 2018 and will establish a cryptocurrency brokerage platform focusing on Bitcoin (BTC) and Ethereum (ETH).
With this partnership, Shorcan DCN intends to combine its expertise of financial services in Canadian markets with Paycase's cryptocurrency data aggregation platform. Additionally, BMO Financial Group has agreed to provide Shorcan DCN with banking services as part of the payment and settlement infrastructure.
Shorcan President Peter Conroy shared his thoughts about the partnership:
"We are excited to enter in to this agreement with Paycase, an industry leader with an innovative and entrepreneurial spirit. We look forward to putting in the necessary collaborative work in the days ahead as we strive to make Shorcan DCN a lasting success."
John Lee, Managing Director of Enterprise Innovation & Product Development at TMX Group added:
"As new technologies continue to reshape the global financial industry, we continue to explore new ways to evolve our business to address client needs in both traditional and non-traditional markets."
Some financial institutions in Canada are more skeptical of cryptocurrencies. Last month, Toronto-Dominion (TD) Bank banned customers from buying crypto with credit cards issued by the bank. A representative of TD states that the ban was designed to protect customers “as well as the bank.”
The IRS warns taxpayers to include crypto on their tax returns, failure to do so results in “penalties and interest.”
The US Internal Revenue Service (IRS) released a memo March 23, reminding US citizens of the need to report their digital currency earnings on their income tax returns.
The IRS notes that Notice 2014-21 defines digital currencies as property, and they are thus subject to federal property taxes. Those who fail to report their crypto earnings can be “liable for penalties and interest,” and “in more extreme situations […] criminal prosecution.”
The recent memo highlights the “inherently pseudo-anonymous aspect” of cryptocurrency transactions, which the organization believes may lead some taxpayers to be “tempted to hide taxable income from the IRS.”
In 2017, only .04 percent of customers of personal finance service Credit Karma reported crypto transactions on their tax returns.
Chinese IT Ministry commissions a committee to standardize Blockchain technology and practices.
The Chinese Ministry of Industry and Information Technology (CMIIT) has published a list of objectives to encourage the development and standardization of the technology sector, including Blockchain, according to a document released March 23.
The document begins with an objective to “promote the establishment of […] the National Blockchain Distributed Accounting Technology Standardization Committee” and further states that the committee will recommend standards “in Blockchain reference architectures, data format specification, interoperability, and smart contracts.”
The document also states that the new Committee will promote the creation and submission of standards “going out”, i.e. participating in the establishment of international standards in Blockchain technology.
CMIIT issued another announcement on March 23 stating that the day before, it concluded a forum exploring the use of Blockchain technology in China’s industrial sector. The press release says that CMIIT will continue to explore the topic.
Earlier in March, Cointelegraph reported that the government-backed Investment Association of China (IAC) is planning to create a Blockchain Investment Development Center. According a leaked document, the Blockchain innovation plan involves linking domestic and international resources, as well as investing in Chinese Blockchain projects, attracting foreign investment, and leading international Blockchain forums. According to one Chinese official referring to this document, an international Blockchain summit may be held in China in May 2018.
While the Chinese government has taken a hard line against cryptocurrencies, it appears to be embracing the underlying Blockchain technology. The Bank of China filed a patent in February 2018 for a scaling solution of Blockchain technology systems, while China’s top online retailer, JD.com, announced the launch of a startup incubator to attract foreign Blockchain projects.
Bitcoin, Ethereum, Bitcoin Cash, Ripple, Stellar, Litecoin, Cardano, NEO, EOS: Price Analysis, March 23
The latest technical analysis on top 9 cryptocurrencies.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
The market data is provided by the HitBTC exchange.
The pullback in cryptocurrencies could not sustain as fears of a clampdown by the regulators again sent them crashing down. The latest news came from the Japan Financial Services Agency, as it issued a warning for Binance, the largest cryptocurrency exchange by volume, for operating in Japan without a license.
Binance, which was founded in Hong Kong said that it is “in conversation” with the FSA to seek a license. Additionally, it is examining the possibility of opening an office in Malta, according to the founder Zhao Changpeng.
Such obstacles are to be expected in any new asset class, more so, if it has a reputation of being preferred by tax hoarders and money launderers. However, for every avenue that closes, another new one opens. Cryptocurrencies are here to stay and grow in value in the future.
So, let’s see if we find any buying opportunities.
We had suggested traders buying 50 percent of the desired allocation if Bitcoin dips to $8,800. The levels were reached today, March 23, and the trade is active. The initial stop loss is $7,600, which should be trailed higher once the price breaks out of $9,300.
For the past two days, the bulls have managed to keep prices above the descending channel, which is a positive sign.
The BTC/USD pair will gain momentum once it sustains above the 50-day SMA and $10,000. Once these two levels are crossed, a rally to $12,172 is likely.
On the other hand, if prices fall into the descending channel and break below the March 18 lows of $7,715, a retest of the February 06 lows of $6,075.04 is possible.
On March 19, though the intraday high was $590.11, the closing (UTC) was at $558.78. Our proposed long positions were not filled because Ethereum could not close above $575.
Currently, the bulls are trying to push prices back above the descending channel. If successful, we can expect a move to the 20-day EMA at $641.
On the contrary, if the bears push prices back into the channel, a retest of the March 18th lows of $452.32 might take place.
We don’t find any setup that has a good risk to reward ratio, hence, we don’t recommend a trade on the ETH/USD pair at the moment.
Bitcoin Cash could not break out of the 20-day EMA but is holding above the downtrend line, which is a positive sign.
If the BCH/USD pair fails to hold the $980 levels, it can slide to $940 and then to the March 18th lows of $884.7951.
On the upside, the 20-day EMA and the 50-day SMA will act as a strong resistance. Once the price sustains above $1,200, it will indicate the start of a new trend. Until then, we shall remain on the sidelines.
We went long on Ripple at $0.71, on March 19. Our suggested stop loss is $0.52, just below the March 18th lows. We took this trade because we anticipated a range bound action on the cryptocurrency.
However, for the past four days, the XRP/USD pair has been correcting back towards the critical support of $0.5627.
If the bulls are unable to recover prices within a day or two, a breakdown of the March 18th lows is possible. If the $0.5375 level breaks, the next support is only at $0.22.
On the upside, the cryptocurrency will pick up momentum above $0.75.
In our previous analysis, we had suggested long positions in Stellar if the bulls buy the dip at $0.23. Currently, the price is struggling to hold above the downtrend line.
If prices dip back below the downtrend line, a retest of the $0.2 level is possible. If this level breaks, the next support is way lower at the support line of the descending channel.
Therefore, we suggest buying the XLM/USD pair on a close (UTC) at $0.25, which will confirm a successful retest of the downtrend line. The target objective on the upside is $0.32 followed by a move to $0.35.
The initial stop loss can be kept at $0.19, on a closing basis (UTC), which can subsequently be trailed higher.
We had recommended buying Litecoin on dips to $165. Traders who have initiated long positions today should keep the stop loss at $142.
The LTC/USD pair turned down from the 20-day EMA on March 21 and broke below the downtrend line. Unless the bulls recover prices quickly, the cryptocurrency will retest the March 18th lows. If the retest fails, a slide to $128 will be on the cards.
The first sign of strength will be when the price sustains above $180. Please use only 50 percent of the usual position size. If you have purchased the normal size, please sell half at the current levels. Let’s keep our risk to the minimum.
Cardano did not trigger our buy levels of 0.000025. It turned down from 0.00002449 on March 21. We expect it to find buying support above the downtrend line, around the 0.00002 mark.
We continue to be bullish on the ADA/BTC pair, providing it breaks out and closes (UTC) above 0.000025. The target objective is 0.000035 and the stop loss can be kept just below the recent lows.
Critical supports on the downside are at 0.00002 and 0.00001690.
In our previous analysis, we had recommended long positions in NEO if it holds the $65 mark. Right now, we don’t see any significant buying support at this level. If the support breaks, a fall to the March 18th lows of $49.04 is likely.
Therefore, traders should wait for a bounce and initiate long positions after the NEO/USD pair breaks out $82. The stop loss can be kept just below the recent lows, and the target objective is a rally to the downtrend line of the descending triangle at $110.
Our bullish view will be invalidated if the cryptocurrency continues to slide below $65 levels.
EOS has risen close to the resistance line of the descending channel, which is a major hurdle to cross because the price has turned down from this line on two previous occasions.
For the past two days, the EOS/USD pair has been trading close to the resistance line, but to its credit, it has not given up much ground. It continues to trade above the 20-day EMA; it is a positive sign.
A breakout and close (UTC) above the resistance line of the channel and the 50-day SMA gives a pattern target of $11.5. Aggressive traders can initiate a long position around $8 with a stop loss of $6.
This is a risky trade because the cryptocurrency has resistances at $8.6 and $10. Therefore, traders should close the position if they find that one of the above-mentioned levels is proving difficult to cross.
The market data is provided by the HitBTC exchange. The charts for the analysis are provided by TradingView.