PayPal volume record at $242 million, Bitcoin hasrate at ATH and 20% tax in Korea

Photo by Ewan Kennedy on Unsplash

All-hime high Trading Volume for PayPal

PayPal has revealed that they broke their previous trading volume record. According to Nomics, a total of $242 million worth of cryptocurrency was moved through the financial payment system, beating the previous record by over $100 million.

PayPal started selling Bitcoin for their American customers end 2020. To do so, they partered with itBit. Everyone who buys BTC through their crypto portal, is not able to withdraw the satoshi’s their their own self-hostel non-custodial wallet.

Source: Cryptopolitan

Bitcoin hashrate on all-time high

The hashrate of the Bitcoin ecosystem also spiked to an all-time high. A total of 148 Exa hashes per second are being calculated by thousands of miners all across the world. This makes the network more secure than it has ever been before.

At the same time, the mining difficulty also increased with more that 10%, compared to the previous era, which ended 2016 blocks ago.

The more hasrate the ecosystem has, the more secure it is against 51% attacks. If someone wants to censor transactions and/or do a rollback, it needs at least 50% of the hasrate, for a longer period of time. The Proof-of-Work mechanism protects the network against fraud.

20% Crypto tax to be introduced in South Korea

According to reports, the South Korean government is going to start implementing a 20% tax on some crypto transactions that meet certain thresholds. This was made known by the country’s Ministry of Economic and Finance.

A recent notice by the legislative arm of the country added that this crypto tax law was still subject to being ratified by Vice Ministers and the cabinet members. However, it is expected that this would be done by the end of the month.

It was also stated that the tax was earlier scheduled to come into existence by 2021 Q4 but the authorities have accepted to move the implementation to the first quarter of 2022 due to the concerns of crypto exchanges.

Source: Cryptopolitan

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