In the Order, the CFTC for the first time finds that Bitcoin and other virtual currencies are properly defined as commodities.
The designated price of Bankcoin is linked directly to the price of 1oz of gold, as this is a pricing mechanism. Bankcoin is a primary medium and is not backed by any other asset. Those creating financial instruments with Bankcoin may need to be physically backed and subject to applicable laws and regulations.
Bankcoin has many global advantages which gives it its own intrinsic store of value.
Market price to 1st March 2017
Bitcoin is the perfect medium of exchange with a huge amount of growth potential. What Bankcoin Reserve believes is, Bankcoin is the perfect store of value with a stable price mechanism and the ability to support Bitcoin.
New exchanges are being worked on for Bankcoin as are brokerages and clearing houses for those wanting to trade their Bankcoin on a current market and price basis.
All 100M Bankcoins were mined in 10 days, 14th May 2014 to 24th May 2014. Therefore 100M Bankcoins are now in the market place, however major stakeholders have advised the BCR they will be using their Bankcoin purely to mint. What this means is there will be a limited number of Bankcoin actually in the market place to acquire, and this may be expected to diminish over time as more and more acquire Bankcoin for the specific purpose to mint the transaction fees. Bankcoin is a POS coin meaning it can mint the transaction fees throughout the network. The developer has stated it will produce up to 10% pa.
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The Bankcoin Reserve (BCR) does not sell Bankcoin, it was instituted to provide the Bankcoin community with security and a stable price & mechanism (gold oz price). The Bankcoin Reserve has 10M Bankcoin as a security position should any issues arise throughout the Bankcoin network. The Bankcoin Reserve is a self regulated Reserve and complies with all national and international regulations.
Bankcoin Price: Bankcoin Reserve (BCR). Fixing levels are set per Bankcoin. The Bankcoin Reserve sets the price for Bankcoin which is globally considered as the international standard for pricing of Bankcoin. The Bankcoin price is now set 1st of every month. At this point the price is announced as the 'Fixed' price for Bankcoin and all business is conducted on the basis of that price. We look forward to working with governments, policy makers, regulators including those in the financial sector to develop, implement, improve and strengthen the regulatory framework surrounding Bankcoin.
Preamble This guidance paper provides an overview of the tax treatment for transactions associated with crypto-currencies, specifically bitcoin. Where other crypto-currencies have the same characteristics as bitcoin, the information in this guidance paper applies equally to the taxation treatment for other crypto-currencies. Australian Tax OfficeATO