The number one cryptocurrency in the world is growing in price once more and is approaching its local and absolute highs again, which are around the level of $62.5 thousand. In the last few days, Bitcoin quotes have resumed growth due to the news from PayPal and Visa. Recall that the PayPal payment system announced the introduction of the ability for its customers to pay for purchases using the main cryptocurrencies. This service will be available in a few months. Visa, meanwhile, conducted the first cryptocurrency transaction in the USDC stablecoin using Ethereum. Now, all cryptocurrency transactions will pass through the digital money exchange platform Crypto.com, with which Visa has entered into an agreement. Thus, bitcoin and its counterparts continue to conquer the world, allowing more people to work with them to the fullest. The only question is, how many ordinary people will want to make payments using bitcoins, when there are a huge number of simpler and more understandable calculation tools?
Despite the fact that the two largest payment systems in the world already allow their customers to use cryptocurrencies as payments, the head of the Innovation Center of the Bank for International Settlements (BIS) Benoit Kere said that the cryptocurrency will not be able to become a full-fledged means of payment, as it is excessively volatile. According to him, bitcoin can be an excellent investment tool, but it can not be widely used as a means of payment and settlement because of its high volatility. "It did not pass the test of being a payment instrument, simply because its value is constantly changing, " said the head of the innovation department. Kere also believes that central banks will issue their own digital currencies over the next few years, which will be designed to provide financial security for their owners. "Central banks are focused on an instrument that would provide liquidity, security and that could be used in the global payment system," Kere said. Thus, Benoit Kere almost repeated the opinion of Jerome Powell, which was voiced a few days ago.
Meanwhile, the Indian authorities believe that banning bitcoin and other tokens on the territory of the country is not enough, and it is also necessary to tax all owners, while they have not yet got rid of their "digital assets". Indian Finance Minister Anurag Singh Thakur said that all owners of cryptocurrencies must pay income tax, because according to the law of 1961, this tax must be paid from any source of income. "The profits that were generated from transfers, mining, or from any transactions are also subject to taxation," Anurag Singh Thakur said. According to the Minister of Finance, each owner of a "digital asset" should calculate the amount of tax himself and pay it to the country's budget. As you can see, if in some countries the conditions for development are created for bitcoin, in others it can completely fall under the ban and be crushed by taxation. However, bitcoin is again inclined to grow due to positive news from Visa and PayPal. If the absolute highs are overcome in the coming days, we will need to see how strong the new round of the upward trend will be. If it is again weaker than the previous one, the chances of ending the upward trend will increase again.
