how does digital currency work
According to cointelleger, Brazil's federal tax agency (RFB) has issued new rules requiring cryptocurrency exchanges to inform regulators of users' transactions in order to identify tax fraud, which will take effect in September 2019. The guidelines set out how Brazil's cryptocurrency trading platform should adopt the new rules to report the movement of users' encrypted funds to regulators. Specifically, the agency requires Brazilian cryptocurrency exchange operators to provide information on all transactions carried out within their systems, while trhow does digital currency workading platforms located overseas must provide such information when the value of their operations alone or jointly exceeds BRR 30000 (approximately US $7750) per month. In addition to trading, the exchange operator must also provide the nationality, residence, registration number and encrypted assets used in the transaction.
Blockchain security company slow fog technology announced the launch of alliance chain security solutions. According to slow fog, with the development of the alliance chain ecology, in 2019, slow fog technology has cooperated with the provincial network information office to conduct multi-level security audit from the bottom chain to the application layer of the alliance chain system of local government, enterprises and institutions, and found the loopholes and weaknesses of the alliance chain system and its supporting systems with multi scenarios, multi applications and multi forms. Slow fog technology said that it has carried out a number of security research and precipitation in the field of alliance chain, and has systematic experience in the safe landing of block chain system in many scenic spots.
IDC, an international market research company, released the top ten global financial services forecasts how does digital currency workfor 2021. In terms of future currency, IDC predicts that 20% of consumer loans will be paid in the digital currency of the central bank by 2025. By 2022, more than $10 billion in asset value will be locked into distributed financial projects.
Zcash zcash is the first open, no permission cryptocurrency, using zero knowledge cryptography technology to fully protect the privacy of transactions. Based on the privacy technology on the blockchain, transactions automatically hide the sender, receiver and amount of all transactions on the blockchain. Zcash is the first blockchain system to use zero knowledge proof mechanism, which can provide complete payment confidentiality, while still using public blockchain to maintain a decentralized network. The same as bitcoin, the total number of zcash tokens issued is 21 million. The difference is that zcash transactions automatically hide the sender, receiver and amount of all transactions on the blockchain. Only those who have the view key can see the content of the transaction. Users have full control, and they can choose to provide a view key to others. Zcashzeczcash foundation privacy coin Zec more development company electric coin company (ECC) tweeted that it has received the digital currency trading platform liquidliquid, which is the most comprehensive and secure trading platform in the world, and aims to become a leading liquidity provider of encryption economy. It makes use of advanced capital selection and strong liquidity support to quickly trade spot and margin. Its mission is to build a crypto ecosystem. The platform provides security related technology for traders and consumers, helps them learn financial knowledge, make investment to obtain profits, and create ideal financial situation. Initially, liquid was an ICO task control platform launched by quoine, a Japanese cryptocurrency start-up company. It provided a point-to-point solution to help blockchain startups and teams conduct token sales safely and transparently, while maintaining KYC and AML compliance. The platform was originally used for quoine cryptocurrency trading platform, and then integrated into liquid platform. Seth Melamed, senior vice president and head of operations at quoine, said liquid was born from their experience in running their own qashico in November 2017. They learned firsthand the challenges of operating large-scale ICOS, including customer induction, analysis, and volatile cryptocurrency prices, and how to best cover participants.
Everyone has a responsibility to help promote financial inclusion, support users who abide by Internet ethics, and continue to maintain the integrity of this ecosystem. Bertrand Perez, managing director and chief operating officer of Facebook Libra, said in an interview with French news magazine Les Echos that we will firmly maintain the release schedule of Libra plan, which will be launched as scheduled by the end of 2020. At the same time, he said that Libra association is fully aware of the problems related to money laundering and terrorist financing and will cooperate with the regulatory authorities to solve these problems. Perez is optimistic that as the association will solve all the problems, Libra will be launched as scheduled. The Libra association is currently headquartered in Switzerland with an office in the United States and willhow does digital currency work expand to Asia and other European countries in the future. According to previous reports, the Swiss Monetary Authority said that Libra must obtain a payment system license first. French finance minister said Libra threatened the government's monetary sovereignty. Lagarde, the candidate for president of the European Central Bank, expressed his attitude towards digital currency, which was to remain open but alert to risks.