1. Ripple Could Launch xRapid Solution In The Next Month
The xRapid product is a real-time settlement platform, built for commercial use, backed by XRP tokens and designed to speed up international payments. The xRapid addresses the issue of minimizing liquidity costs and making cross-border payment transactions faster. The new partnership made in August between Ripple, U.S.-based Bittrex, Mexican Bitso, and Philippin This spring, various financial institutions participated in a pilot of the xRapid platform, which tested payments between the U.S. and Mexico. The participants reported transaction savings of 40–70 percent. e Coins.Ph will enable xRapid to move between XRP, U.S. dollars, Mexican pesos, and Philippine pesos.
2. Ukrainian Parliament Proposes Tax Bill for Digital Currencies
The Ukrainian Parliament, Verkhovna Rada, proposes bill that would tax operations with crypto assets. It suggests a five percent tax on individuals and legal entities operating with virtual currency assets, such as cryptocurrencies and tokens. The main goal is to increase state budget revenues by adding a brand new type of revenue, as well as to encourage the development of crypto-related activity in Ukraine. Starting Jan. 1, 2024 crypto-related profits by businesses would be taxed at 18 percent, which is a basic rate for corporate and personal income tax in Ukraine. In June, the State Service for Special Communication and Information Protection of Ukraine revealed that the authority is not planning to regulate cryptocurrency mining, although there is a possibility that the Ukraine’s National Securities and Stock Market Commission (SSMCS) will consider recognizing cryptocurrencies as a financial instrument.
3. Robinhood Accused of Taking from Younger Investors to Benefit Wall Street Traders
Robinhood has taken both the legacy retail stock exchange market and the cryptocurrency exchange market by storm, offering commission-free trades. In a short time, the startup has earned a multi-billion dollar valuation, which have brought the firm a lot of very positive media coverage. Financial journalist Logan Kane is accusing Robinhood of being less than transparent – Robinhood not only engages in selling customer orders but seems to be making far more than their competitors from it. Among brokers that receive payment for order flow, it’s typically a small percentage of their revenue but a big chunk of change nonetheless. Robinhood appears to be operating differently. He thinks that the only reason high-frequency traders would pay Robinhood tens to hundreds of millions of dollars, is that they can exploit the retail customers for far more than they pay Robinhood.