February 22, 2021
- Blackrock, Global Largest Asset Manager Ventures into Bitcoin
- Bitcoin Payment Soars for PrivateFly, Global Private Jet Charter
- Postal Savings Bank of China Created Hardware Wallet for the Country’s CBDC
- Cryptocurrency to be Recognized as Property in Russia
Blackrock, Global Largest Asset Manager Ventures into Bitcoin
Chief Investment Officer of Blackrock, a New York-based wealth management company for Global Fixed Income, Rick Rieder, spoke about bitcoin in an interview with CNBC on Wednesday. At the end of the fourth quarter, Blackrock had $8.68 trillion of assets under management.
Rieder reported that Blackrock had “started to dabble” in bitcoin. When asked what portfolio distribution should be in the cryptocurrency, Rieder explained that it all depends on individuals’ existing investing portfolio.
Blackrock earlier revealed plans to add bitcoin futures to the Blackrock Strategic Income Opportunities and the Blackrock Global Allocation Fund, both of which are its funds.
Rieder further commented on the rapid rise of Bitcoin, believing that crypto would eventually replace gold.
“My sense is the technology has evolved, and the regulation has evolved to the point where a number of people find it should be part of the portfolio, so that’s what’s driving the price up.”
Source | Bitcoin.com
Bitcoin Payment Soars for PrivateFly, Global Private Jet Charter
The directional aviation company PrivateFly revealed this week that nearly 20% of the company’s sales were paid last month in cryptocurrencies, and 13% used bitcoin out of that aggregate.
In December 2020, the figures rose significantly to 12 percent and eventually spiked to 13 percent during the first month of 2021. In total, cryptocurrency settlement accounts for 19 percent of Privatefly’s profits out of the 13 percent in BTC payments.
In early in 2014, PrivateFly began accepting bitcoin and has extended its cryptocurrency support since then. For one-off trips or memberships, the business uses Bitpay, and a new bitcoin program has begun this week, the “Bitcoin Jet Account”. The new program allows customers to open membership while holding on to their BTC but keeping the crypto funds.
CEO of PrivateFly, Adam Twidell, recognized the climb in value for BTC with the surge in BTC payments for the firm’s private jets. Further stating,
“Some of these are clients who are looking to realise their gains, while others want to hold onto their cryptocurrency, in expectation of future increases. So, in addition to taking out a membership with us in bitcoin and converting the account funds into traditional currency (as we have offered for a while), we now offer a membership program that allows the account funds to stay in bitcoin.”
Source | Bitcoin.com
Postal Savings Bank of China Created Hardware Wallet for the Country’s CBDC
China’s vast digital yuan testing across many cities continues to grow with a financial institution driving digital currency central bank hardware wallets’ development.
Consumers participating in the CBDC trials in Beijing can also use the card to access healthcare services. The biometric hardware wallet makes fast identity authentication for consumers, providing easier access to healthcare services and CBDCs for the elderly without a smartphone.
The Postal Savings Bank of China first started to produce physical wallet cards back in January, as previously stated by Cointelegraph. A hardware wallet for the digital yuan was also established by the Xiong’an branch of China’s Agricultural Bank earlier in February.
At the heart of CBDC-linked innovations have been Chinese banks and financial institutions. The Agricultural Bank of China has initiated an ATM pilot program in addition to developing hardware wallets, enabling people to convert cash to digital yuan.
Source | Cointelegraph
Cryptocurrency to be Recognized as Property in Russia
“The bill proposes to recognize digital currency as property for the application of the tax code. As Prime Minister Mikhail Mishustin explained earlier, this will allow the owner of the cryptocurrency to count on legal protection and defend his rights in court.”, as reported by Russia’s State Duma, the lower house of Parliament.
In November 2020, Prime Minister Mishustin discussed plans of the Russian government to recognize cryptocurrencies as a property while outlining initiatives for crypto. Cryptocurrencies will also not be subject to depreciation, and their circulation will not be subject to VAT.
However, 40 percent of the amount would be a penalty due to non-payment or insufficient tax payment. There will also be a fine for failing to apply, untimely submission, or submitting false facts to a statement. A fine of 50,000 rubles will be imposed for declaratory violations. The Federal Tax Service would have the right to obtain the bank statements of accounts used for individuals’ cryptocurrency transfers.
The bill imposes taxation on earnings from the operations of cryptocurrencies. If the volume of crypto-currency transactions during the year reaches 600,000 rubles ($8,100), Russian individuals and organizations will have to submit a declaration.
Source | Bitcoin.com