In today’s crypto and forex news
The crypto markets appeared relatively static on Tuesday at press time with most coins holding on to the small gains achieved at the beginning of the week. Legacy Bitcoin was stuck between the $10,200 and $10,300 mark on lower turnover whilst Ethereum sailed over the $180 level and settled at the $182 mark at press time.
Two coins which continued to perform rather well were EOS and Litecoin. The former built upon its recent increases with a 6% rise to the $3.85 mark. LTC was also up by 5% and was over the $70 level – a price not seen in a month – to the $71 level.
Lawmakers urged to ban crypto mining
The assault on cryptocurrencies continues, this time creating a link to human trafficking. In fact, several critics have urged US lawmakers to ban crypto mining since they are arguing that the anonymity of it is linked with human trafficking. Crypto enthusiasts have pointed out that this is simply another attempt to regulate the system.
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Revising tax collection
A ‘radical overhaul of the UK’s unfair and outdated tax system’ has been proposed. This could skyrocket revenue for the government over five years. It is speculated that £90bn of extra revenue will be raised and would be done by taxing capital gains at the same rate as income.
After yesterday’s parliamentary shenanigans, a looming general election is set to put tax rates firmly back on the agenda. Political parties will be seeking policies that raise additional funds for public spending while appealing to voters.
The opposition Labour and the Liberal Democrat parties outlined proposals ahead of the 2017 vote that set out to raise an additional £6bn of tax revenue a year.
Trump imposes sanctions on Venezuela
President Donald Trump has imposed considerable sanctions on the Venezuelan government, freezing its assets in the US and barring transactions with it.
This measure is expected to be far more damaging for Venezuela’s socialist government than previous sanctions. It will undoubtedly put more pressure on President Nicolas Maduro to step down as the country continues its economic collapse.
Incidentally, the US is one of more than 50 nations that do not recognise Mr. Maduro as Venezuela’s legitimate president.