Companies working on the development of blockchain could receive tax benefits from the South Korean government in the future, according to TheNextWeb. According to reports, the Ministry of Strategy and Finance said that the amendments to the 2018 tax law, which is said to come into effect next month, will see companies receiving a tax benefit for working with certain technologies. In particular, the outlet noted that companies would be able to deduct taxes from their expenses in research and development (R & D).
And the New York City Economic Development Corporation is putting its efforts towards the blockchain, with a blockchain center in Manhattan as part of those efforts, reported Bloomberg. Furthermore, the city could potentially experiment with blockchain in the future. Ana Arino, EDC's Chief Strategy Officer, said the organization is looking towards the "long game". Arino said at the outlet, "while we do not know what the future holds, we want to make sure we have a seat at the table to shape it."
In another note, the bitcoin fell on Thursday (January 10th) as many other large digital currencies also recorded "double-digit drops", Marketwatch reported. At the time of writing the outlet report, the popular cryptocurrency reached $ 3,577, its lowest price since mid-December. Nick Cawley, an analyst for FX daily, wrote: "After a positive start at 2019 with slightly higher prices, the sale returned with a bang in the cryptocurrency space, sustained by a considerable volume of pickups". The price of the bitcoin was $ 3,617.53 at 9:23 pm Thursday (January 10th), according to Coindesk.
And the Chinese government is stepping up efforts to regulate blockchain platforms in the country, according to Reuters. Through the regulations that will come into force next month, China's cybernetic administration (CAC) intends to "advance the healthy and orderly development of the sector". For example, Blockchain platforms will have to register users with their real names via a telephone number or national ID.