Digital Currencies on August 20
Cryptocurrencies such as Bitcoin, Ethereum, and others are becoming more popular around the world. NBA is the most successful basketball league, and when teams like Sacramento Kings and Dallas Mavericks accept cryptocurrencies this is good news for Bitcoin. Basketball fans can use the crypto money to buy the tickets for the game.
Professional sports is just one of the examples of how cryptocurrencies can be used regularly as a form of payment. A luxury condominium complex situated in Orlando, Florida signed a contract with BitPay. According to this agreement, Grove Resort & Water Park officially recognized the cryptocurrencies as a form of payment. For people who are not familiar with the digital currencies, this might not be big news; however, this was important news for the crypto community.
This is not the first agreement connected with the real estate market. For instance, in 2017, BitPay handled almost $20 million in real estate sales. The results fell in 2018 when the company still processed around $6 million in real estate development; the interest remains high.
Singapore’s code of practice
As mentioned above, digital currencies became more popular as a result; this increased the risk of illegal activities. There are many ways to counter such problems. For instance, the Association of Cryptocurrency Enterprises and Startups of Singapore (ACCESS) created a code of Practice. ACCESS in cooperation with law firm Linklaters created the document to deal with problems connected to the illegal activities.
The primary purpose of this code is to help the authorities as well as ordinary citizens the chance to counter the money laundering. Moreover, it covers other issues as well, such as financing of terrorist activities by using the cryptocurrencies. Government officials fully support this code of Practice. The Monetary Authority of Singapore, which is the central bank of Singapore, also supports this initiative. This code of practice is an essential document as Singapore is a global business hub.
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