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22nd October 2024 > > Japan & Stripe.

tl;dr

Japan demonstrates the growing influence of cryptos in the political sphere, which bodes well for the future. Stripe demonstrates the growing influence of cryptos in improving efficiency and productivity, which bodes well for the future.


Market Snap








Market Wrap

That streak of inflows to the spot BTC ETFs was broken yesterday, leading to an immediate price reaction to the downside, which is all terribly disappointing.


Polymarket now has Trump/Harris at 64%/36% though polls cannot distinguish between the two.


Curious Cryptos’ Commentary – Japan

The National Democratic Party has set out its stall as a crypto supporter:


 













Currently, crypto gains are taxed at an extraordinary 55% in Japan. A promise of a reduction to 20% will certainly get the interest of any resident crypto holders. Yuchiro Tamaki makes his pitch plain in a translation from Google instead of my rather mangled understanding of Japanese:


“If you think crypto assets should be taxed separately at 20% instead of treated as miscellaneous income, please vote for the Democratic Party for the People.”


It is interesting that cryptos are increasingly becoming the politician’s friend right across the globe.


Yuchiro, sticking with the ethos of his fellow countryfolk, has yet more pleasantness up his sleeve:


“There will be no tax when exchanging crypto assets with other crypto assets.”


That last comment is what we really want to see. When will the UK catch on, do you think?


Curious Cryptos’ Commentary – Stripe

Stripe is the second largest operator in the online payments business. The biggest beast, PayPal, has already successfully launched its own stablecoin, PYUSD. Now Stripe is getting involved with the acquisition of Bridge, a stablecoin payments platform, for the tidy sum of $1.1bn.


The benefits to these companies of using cryptos to settle payments is obvious. Instantaneous, almost feeless settlement across the globe with no reconciliation issues. That’s a whole lot of efficiency and productivity waiting to be released into the international banking system, lowering the cost of capital, to the benefit of all of us.


I wonder if anyone has told the economists at the ECB?

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