• Bitcoin pushes towards USD 9,000 with daily high of USD 8,886
  • Akon claims to have reached final agreement with the government of Senegal on his 2,000-acre crypto-powered Akon City
  • South Korea will be looking to firming up the legal basis for taxation of crypto this year

 

Bitcoin markets inexplicably remained on a high note today, piling on the pressure for bulls to test USD 9,000 as a daily high so far has been recorded at USD 8,886 (CoinDesk), with a higher low of over USD 8,400.

Altcoins have certainly enjoyed the rally, with Ethereum rising into double digit percentage gains over the past two days and looking like it will edge towards USD 170 today. Litecoin and Dash are among others also enjoying more than 10% gains, though the last two days will probably be looked back on as the time Bitcoin SV, the derided coin of Satoshi pretender Craig Wright, finally bypassed Bitcoin Cash in price. At one point, BSV was even almost 200% up on rumors from its founder that he had received the private keys to his supposed stash of 1 million Bitcoin (thought to belong to Satoshi himself).

Spoiler alert: the coin has dumped over USD 100 from its daily high, and Wright has repeatedly misled his followers as to his claims — he has yet to settle litigation against him after delaying time and again on what he owes claimants. No prizes for guessing what the outcome will be of his next trial in March.

Lots of bullish news to pick from today, no doubt driving sentiment up. Our choice of the day is in modern-day Senegal, whose crypto city plans courtesy international pop star Akon, is getting the greenlight from the government there.

The singer was keen to share that the crypto-based AKON CITY in his home country of Senegal has come to a final agreement.While there hasn’t been an official notice from the state yet, Akon’s Tweet was accompanied by a photograph where he appears to be flanked by state officials from Senegal tourism department SAPCO.

The futuristic city is supposedly already in development, with construction photos rumored to be taken from sites nearby circulating even last year. Some have even — playfully — compared Akon City to comic book setting Wakanda, a super-high tech city in Africa. In his own words, the project will be a “100% crypto-based city with Akoin at the center of transactional life”.

The Senegalese president has apparently gifted Akon 2,000 acres of land, thought to be in the Mbodience area, which will house the country’s first Leadership in Energy and Environmental Design (LEED)-certified city. It is set on a 2,000-acre parcel gifted by the Senegalese president.

Speaking last November to Power 106 radio, Akon said it would take a decade to complete:

“It’s a 10-year building block so we’re doing it in stages. We started construction in March [2019] and stage two is going to be 2025.”

If pop singer-imagined crypto cities aren’t your thing, then you’ll be happy to hear South Korea looks set to make 2020 the year of full crypto regulation, after three years of choosing not to fully regulate the crypto market there.

Already in the latter half of last year, the state government had been working on a number of legislation bills that would, if passed, further legitimize the crypto sector and allow it to evolve into an established industry. BitcoinNews.com frequently reports on South Korea updates, and it might be a good idea to quickly look back at comments last month from the Minister of Economy and Finance, Hong Nam-ki, who confirmed that the country was moving forward with crypto trading taxation, alongside an accompanying bill in creation.

At the time, the National Assembly Budget Office stated:

“Income that is generated from businesses around cryptocurrency trading facilitation, payments processing, and mining can be taxed as business income tax or corporate tax. It is also viable to tax profits from trading cryptocurrency as transfer tax so there is a necessity to change tax laws appropriately.”

After some mutterings over the way exchanges were then slapped by tax bills in the wake of that announcement, it appears that the country is slowly coming to terms with the fact that along with legitimization, comes tax responsibility. And it seems, for the next year and longer, crypto regulation will start with a clear legal basis for a tax framework. As Crypto platform Tokeny’s Heslin Kim said to Cointelegraph:

“Thus far, we’ve seen Korean legislators benchmarking other countries for their crypto regulation. Japan has announced they will have their diet fully passed by March/April, and I would assume Korea will wait to see what Japan does before finalizing any decisions. There have been announcements of pending regulation since November 2017, and we have yet to see anything passed. I would not be surprised if we did not see anything passed until at least Q3–Q4 2020.”

 

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