Republic of Georgia has Exempted Cryptocurrencies From Value-Added Tax (VAT)

Georgia’s finance minister Nodar Khaduri recently signed a bill aimed at regulating the taxation of entities that trade or mine cryptocurrencies. The bill entered into force at the end of June. The definition of decentralized currency that the bill puts forward is reportedly the following:

“Cryptocurrencies are digital assets that are exchanged electronically and based on a decentralized network. Their exchange does not require a reliable intermediary and they are managed using distributed ledger technology.”

With the introduction of the bill, residents of the country can exchange cryptocurrencies for fiat currency without the transaction being subjected to VAT. But, Khaduri pointed out that the Georgian lari will remain the legal tender in Georgia and that the country will not allow using cryptos for payments.

Besides, mining companies will still have to pay VAT unless they are registered abroad. This may well result in local mining businesses relocating. (Positive)

Tether Mistakenly Prints $5 Billion

Tether has mistakenly printed $5 billion worth of USDT during a transition from the bitcoin based Omni platform to Tron.

Paolo Ardoino, CTO at Bitfinex, said: “While preparing the issuance for Omni to Tron swap there have been an issue with the token decimals.”

Apparently, they entered too many zeros or misplaced commas with the project intending to print $50 million. Crypto exchange Poloniex stated:

“This occurred while Poloniex was conducting a USDT chain swap with the help of Tether. An incorrect amount of USDT was accidentally minted, and this has since been resolved to the intended value.”

This resulted in Tether minting of the $5 billion while after they burned $500 million 4 minutes later, and then went on to burn another $4.5 billion.

“Unfortunately we have to play with different toolchains across multiple blockchains [sic] and sometimes issues happen. We’re working anyway to prevent this from happening in the future,” Ardoino said.

This was the first time Tether mistakenly printed money due to the astonishing sum. (Negative)

Litecoin Is Now the Official Cryptocurrency of the Miami Dolphins

The Litecoin Foundation just announced that LTC will be the “Official Cryptocurrency of the Miami Dolphins.” The collaboration will launch during the 2019 NFL season when users can pay for raffle tickets at home games with Litecoin (LTC).

If you’re a football fan who follows the Miami Dolphins, you may soon see Litecoin on many of the in-game brandings at Hard Rock Stadium. According to a new announcement made by the Litecoin Foundation, the NFL team and Litecoin are teaming up to bring cryptocurrency adoption to some of the NFL’s most passionate fans.

The Miami Dolphins, Litecoin, and Aliant Payments will collaborate to give home game attendees the option to pay with either LTC or Bitcoin (BTC) when purchasing tickets for the team’s raffle. Half of these proceeds will go towards the Miami Dolphins Foundation for charity. The raffle tickets can be purchased online or at kiosks located in Hard Rock Stadium.

According to Litecoin founder Charlie Lee, “this collaboration propels Litecoin in front of an audience of millions of people around the world.” It will certainly work towards raising awareness of Litecoin, given that the Miami Dolphins boast one of the largest football fanbases in the entire United States. According to Miami Dolphins Vice President Kim Rometo, the collaboration started as a way to “enhance the fan experience.”

The Miami Dolphins are just the latest in a long list of merchants using #PayWithLitecoin as their motto. LTC hopes to keep up this momentum as its halving event comes closer next month. (Positive)