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The Excise Department in Thailand is poised to introduce a new way of refunding overpaid taxes to oil exporters by using blockchain technology.

On Nov. 25, director-general Patchara Anuntasilpa told the Bangkok Post that the Thailand Excise Department will change its current tax refund practice by introducing a blockchain-based tax payback system, which it hopes to implement by the middle of 2020.

One of three blockchain-based pilots

Patchara explained that the future tax payback system will require oil exporters to pay excise tax and claim overpaid taxes after they have shipped the fuel. Blockchain technology will make it more efficient for the department to inspect the tax payments, he added.

Currently, oil exporters are required to submit documents for a tax waiver, and the inspection is not as thorough as it could be, according to Patchara.

The Excise Department will reportedly collaborate with the Krungthai Bank to develop the blockchain-based tax refund system, which is one of three pilot projects. The other two projects involve e-bank guarantees, annual fee payment for liquor and tobacco, and playing card distribution licenses.

Oil and gas firm develops blockchain-based renewables platform

In September, the Thailand-based multinational energy conglomerate PTT and blockchain energy nonprofit Energy Web Foundation announced that they will build a blockchain-based renewables platform. The two parties were in the midst of developing a regional solution based on the Energy Web Chain, which will also be compliant with the International Renewable Energy Certificate (I-REC) Standard, which certifies renewable energy sources.

In 2018, Thailand reportedly produced about 28 million megawatt-hours of clean electricity, while just 0.16 million I-REC MWhs were issued. EWF CEO Jesse Morris said that the new blockchain-based platform will help to connect supply and demand for the certificates.

Cointelegraph By Joeri Cant , 2019-11-26 00:48:00 ,

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NewsBlock © 2019 - 2020 All rights reserved.

NewsBlock © 2019 - 2020. All rights reserved.


While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.

Related Reading: Analyst: Bitcoin Price Likely to Fall to Low-$8,000s as Chart Remains Weak

A brief aside: A fractal, in the context of technical analysis and financial markets anyway, is when an asset’s price action is seen during a different time. This form of analysis isn’t that popular, but it has proven to be somewhat valuable in analyzing Bitcoin.

One recent fractal popularized by a well-known cryptocurrency trader is implying that BTC is going to return to the low-$7,000s in the coming days.

Bitcoin Fractal Implies Retracement to Low-$7,000s

A well-known crypto trader going by “Tyler Durden” on Twitter recently posted the chart below, which shows that a Bitcoin price fractal may be playing out. The fractal has four phases: horizontal consolidation marked by one fakeout, a surge above the consolidation phase, a distribution, then a strong drop to fresh lows.

If the fractal plays out in full, BTC could reach the low-$7,000s again, potentially as low as $7,100. This would represent a 20-odd percent collapse from the current price point of $8,800.

It isn’t only a fractal that is hinting Bitcoin has the potential to visit its lows. As we reported on Saturday, Bloomberg believes that if the GTI Vera Convergence Divergence Indicator flips red, a downtrend could push the cryptocurrency back to $7,300.

Related Reading: Stephen Colbert Pokes Fun at Bitcoin in Monologue: Mainstream Gone Wrong?

Can Bulls Step In?

But again, many believe it is irrational to have such bearish interpretations of the cryptocurrency’s chart at the moment. As reported by NewsBTC earlier, Popular crypto trader Mayne recently noted that the “people waiting for $6,000” are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that it’s totally possible we can go lower from $8,800.

The medium-term technicals support this.

Trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses.

Also, a Bitcoin price model created using Facebook Prophet machine learning found that the leading cryptocurrency is likely to end the year at just over $12,000. What’s notable about this model is that it called the price drop to $8,000 months in advance, and forecasted a ~$7,500 price bottom for BTC.

To put a cherry on the cryptocurrency cake, Crypto Thies observed that when Bitcoin bottomed at $7,300, it bounced decisively off the 0.618 Fibonacci Retracement of the move from $3,000 to $14,000, which correlates with the two-week volume-weighted moving average. He added that summer 2019’s consolidation was marked by Bitcoin flipping major resistances into support levels, implying that a bullish reversal and subsequent continuation is likely possible in the coming weeks.

Featured Image from Shutterstock


Nick Chong , 2019-11-10 12:00:38

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