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Stocks discussed: (NYSE:GS) (NasdaqGS:FB) (KSE:035720)
Goldman Sachs (NYSE:GS) has recommended buying Bitcoin (BTC) at its current dipped price. This was revealed in a tweet by Su Zhu, CEO of Three Arrows Capital. The tweet indicated that Goldman Sachs projects a short-term target for Bitcoin of $13,971. At press time, Bitcoin is trading for roughly $11,375 USD, according to data from CoinMarketCap.
Bloomberg reports that China's central bank, The People's Bank of China (PBoC), is "close" to launching its own cryptocurrency. The announcement was made at an event held by China Finance 40 Forum over the weekend in Yichun, Heilongjiang, by deputy director of the PBoC's payments department, Mu Changchun. According to the piece, patents filed by the PBoC indicate that the crypto would work by users downloading a mobile wallet and swapping their yuan for the digital money, which they could then use to make and receive payments. The article quotes Dave Chapman, executive director at BC Technology Group Ltd, on the effect of Facebook's (NasdaqGS:FB) Libra on CBDCs:
"It is without doubt that with the announcement of Libra, governments, regulators and central banks around the world have had to expedite their plans and approach to digital assets. They have to consider the possibility that non-government issued currencies could "dramatically" disrupt finance and payments."
South Korean internet giant Kakao Corp (KSE:035720) has launched a teaser page for its forthcoming crypto wallet, according to local outlet News1 Korea. Called "Klip", the wallet is being developed by Kakao's blockchain subsidiary GroundX, and will support the company's native cryptocurrency, Klay. Kakao aims to release the wallet in the second half of this year. Han Jae-sun, CEO of Ground X, is quoted in the article:
"Everyone is focusing on developing power to increase accessibility so that they can easily use the blockchain. We are making efforts to improve efficiency and worrying about cryptocurrency distribution."
New Zealanders can receive their salaries in cryptocurrency according to a bulletin recently published by the country's Inland Revenue Department (IRD). An excerpt outlines the stipulations of receiving pay in crypto:
The Arrangement is the payment of remuneration to an employee in crypto-assets in circumstances where the crypto-asset payments:
- are for services performed by the employee under an employment agreement;
- are for a fixed amount; and
- form a regular part of the employee's remuneration.
This Ruling applies only to salary and wage earners, not self-employed taxpayers; and where the crypto-assets being paid:
- are not subject to a "lock-up" period;
- can be converted directly into a fiat currency (on an exchange); and either:
- a significant purpose of the crypto-asset is to function like a currency; or
- the value of the crypto-asset is pegged to one or more fiat currencies.
Sam Mowers, Investorideas
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