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Visa CEO Says Payments Giant Set to Introduce Cryptocurrency Trading on Its Network – Fintech Bitcoin News

Payments giant Visa Inc’s CEO Alfred Kelly has revealed his firm’s plans to enable cryptocurrencies trading on its network.

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Visa CEO Says Payments Giant Set to Introduce Cryptocurrency Trading on Its Network

Payments giant Visa Inc’s CEO Alfred Kelly has revealed his firm’s plans to enable cryptocurrencies trading on its network. Kelly, who is also chairman of the firm, explains that there is no reason not to add cryptos when these are increasingly becoming “a recognized means of exchange.”

Digital Gold Segment

In an earnings call with analysts, Kelly opines that due to Visa’s “global presence, its partnership approach as well as its trusted brand”, the fintech giant is “uniquely positioned to help make cryptocurrencies more safe.” The CEO adds that Visa also wants to make cryptos “more useful and applicable for payments.”

However, to achieve this, Kelly says his organization will divide the crypto market into two segments, namely cryptocurrencies and digital currencies. Describing the assets that will be included in the cryptocurrency segment, the CEO says these will be viewed “as digital gold.” According to Kelly, such currencies are “predominantly held as assets that are not used as a form of payment in a significant way at this point.” The Visa boss then discusses the firm’s plan for such currencies saying:

Our strategy here is to work with wallets and exchanges to enable users to purchase these currencies using their Visa credentials or to cash out onto a Visa credential to make a fiat purchase at any of the 70 million merchants where Visa’s accepted globally.

According to Kelly, this strategy will be similar to Visa’s approach to “connect closed-loop wallets such as Line Pay and Paytm.”

Digital Currency Segment

Concerning digital currencies that will feature in the second segment, the Visa CEO says these will be consist of “fiat-backed digital currencies including stablecoins and central bank digital currencies.” He adds that these emerging payments innovations can potentially be “used for global commerce much like any other fiat currency.”

Meanwhile, the Visa CEO reveals some of the 35 organizations that have already chosen to issue Visa cards. These include leading digital currency platforms and wallets providers like “crypto.com, Blockfi, Fold, and Bitpanda.” According to Kelly, these wallet relationships “represent the potential for more than 50 million Visa credentials.”

What do you think of Visa’s plan to introduce crypto trading on its platform? You can share views in the comments section below.

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However, to achieve this, Kelly says his organization will divide the crypto market into two segments, namely cryptocurrencies and digital currencies. Describing the assets that will be included in the cryptocurrency segment, the CEO says these will be viewed “as digital gold.” According to Kelly, such currencies are “predominantly held as assets that are not used as a form of payment in a significant way at this point.” The Visa boss then discusses the firm’s plan for such currencies saying:

Source: https://news.bitcoin.com/visa-ceo-says-payments-giant-set-to-introduce-cryptocurrency-trading-on-its-network/

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Google might be working to compete with Apple’s device-locating network

Check out this latest news from Business Standard – Google might be working to compete with Apple’s device-locating network.

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Google might be working to compete with Apple’s device-locating networkBusiness Standard|12 hours ago

Last year, 2,352 employees were paid more “across nearly every demographic category,” according to Google. (Photo: Bloomberg)

(Photo: Bloomberg)

American technology giant Google might be working on turning Android phones into a hivemind capable of finding lost devices, similar to what Apple’s Find My network does.

According to The Verge, a toggle for this new feature recently showed up in a beta version of Google Play Services, with code referencing the ability for phones to help locate other devices, potentially signalling that Android phones could soon become easier to find.

Google’s own support page says, the current Find My Device system can only find phones that are powered on, have a data or Wi-Fi signal, and have location services enabled.

At this early stage, it’s quite unclear as to which, if any, of those limitations the relay network feature, apparently called Spot, would solve, but when one is looking for a lost phone, any advantage is good to have.

As per Mashable, there is also a setting that would allow users to turn off the feature, making it so their phone wouldn’t help locate other devices.

Given the limited information, it’s unclear whether the Find My Device network will be able to find things other than phones, like Apple’s Find My network or Samsung’s Galaxy Find network are capable of doing. Because this an unpacked code from a Beta release, there is a chance that these changes might never see an actual public release.

Notably, Google has other projects that involve using a network of Android phones, like its earthquake detection feature. While the implementation is different, the underlying concept is likely very similar.

There are more than 3 billion active Android devices, which is a large crowd to source information from, be it their accelerometer data, or the location of a misplaced phone.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
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First Published: Sun, June 20 2021. 17:58 IST

Source: https://www.magzter.com/news/395/2631/062021/41d0n

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Google working on Find My Device network for Android users

Taking a cue from Apple, Google is reportedly working on a Find My Device network that will help nearly three billion Android users locate their lost devices…. Read Full Story of Computer News, Google working on Find My Device network for Android users

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New Delhi, June 19: Taking a cue from Apple, Google is reportedly working on a ‘Find My Device’ network that will help nearly three billion Android users locate their lost devices.

The feature named ‘Spot’ has been spotted in the latest beta of Google Play Services that shows code “referencing the ability for phones to help locate other devices,” reports 9to5 Google.

Currently, the beta version refers to helping find “other people’s devices” and does not list what kind of devices like phones, tablets, watches and headphones.

The current ‘Find My Device’ system, described on Google’s support page, can only find smartphones that are powered on, have a data or Wi-Fi signal, and have location services enabled.

However, the ‘Spot’ feature will help Android users find a lost phone without an internet signal too.

The Find My app on iPhone, iPad, iPod touch, and Mac makes it easy to locate missing Apple devices, as well as keep up with friends and family, all while protecting user privacy.

If a user ever loses their Apple device, the Find My app allows them to locate it on a map, play a sound to pinpoint its location, put it in Lost Mode to lock it immediately, and display a message with a contact number. It also lets them remotely erase the device in case it has fallen into the wrong hands.

(IANS/2 hours ago) https://www.newkerala.com/computer-news.php

The Find My app on iPhone, iPad, iPod touch, and Mac makes it easy to locate missing Apple devices, as well as keep up with friends and family, all while protecting user privacy.

Source: https://www.newkerala.com/news/2021/85637.htm

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Montana Ag Network: “A generation-defining investment in rural America”

During an exclusive MTN interview with the Montana Ag Networks Lane Nordlund, Sec. Vilsack called the proposal, “a generation-defining investment in rural America.”

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President Joe Biden says his American Families Plan will support children, teachers, and working families in rural America. The $1.8 trillion proposal was unveiled during the president’s address to Congress at the end of April.

In rural parts of the nation the proposal and its price tag are receiving mixed reviews. That’s why Secretary of Agriculture Tom Vilsack has been stumping on behalf of President Biden’s plan.

During an exclusive MTN interview with the Montana Ag Networks Lane Nordlund, Sec. Vilsack called the proposal, “a generation-defining investment in rural America.”

“Even before the pandemic, a lot of families, middle-class families, working families were having a very difficult time making ends meet,” said Vilsack. “The American Families Plan is designed to do two very important things. First, to provide help and assistance to families so they can, in fact, make it. Secondly, creating the opportunity for us to have an economy that is competitive and able to meet the challenges of the future.”

Among other things, the $1.8 trillion package proposes to expand child nutrition assistance, offer free community college, universal pre-K, paid family and medical leave and extend Affordable Care Act subsidies.

To pay for the nearly $2 Trillion plan, the Biden Administration is planning to impose higher taxes on corporations, high-income earners and capital gains taxes on inherited assets.

It’s the capital gains tax and possible elimination of the stepped-up basis that has family farmers and ranchers concerned.

Watch the entire MTN exclusive interview with Sec. Tom Vilsack in the video below:

Secretary of Agriculture Tom Vilsack full interview with Montana Ag Network

Capital gains taxes are based on the change in the value of an asset, such as farmland, livestock or timber, when that asset is sold.

Currently, the top capital gains tax rate is 20%. To reduce the capital gains tax, farmers and ranchers use stepped-up basis, which provides a reset for the basis during intergenerational transfers. In effect, upon the transfer of assets following a death, the basis is reset to the market value at the date of death.

Following the adjustment, taxes can be levied only on gains realized by the individual during his or her ownership, not on gains realized prior to the step up in basis.

Proposed legislation in Congress would tax capital gains at death and eliminate stepped-up basis as a way to raise revenue for government spending. The American Farm Bureau Federation (AFBF) said this would be devastating to American agriculture.

“Funding the government should not come from targeting hardworking families who have spent a lifetime building businesses and creating jobs,” AFBF said in statement. “Farmers have endured weather disasters, trade wars and COVID-19 – immense burdens that would destroy less resilient industries.”

“Farms are often kept in the family for many years,” AFBF added. “Tracking the appreciation of land and equipment over a period of decades would be extremely complex, and the value of land is likely to have increased so much that without stepped-up basis the next generation of farmers and ranchers could be forced to sell the land just to pay the taxes.

Sec. of Agriculture Vilsack said he has made a promise to the nation’s agriculturists that they will be protected from any changes to capital gains taxes that regarding the American Families Plan.

“If you are a farm family, and mom and dad pass away and they passed the farm on to their children, and their children continue to own the farm and operate the farm, then there is no impact of stepped-up basis,” explained Vilsack. “There’s no capital gains that needs to be collected at that point in time. It’s just business as usual.”

It is a different scenario for those that sell the land they inherit.

“If the children decide to sell the farm, then the stepped-up basis does get triggered,” said Vilsack. “However, there is a $1 million per person exemption.”

Vilsack added that a large majority of farms and ranches will not be impacted by proposal.

“We’ve calculated between those two issues of being able to operate the farm without having any tax implication and the million dollar per person exemption if they sell the land,” said Vilsack. “That calculation shows that 98.5% of farms and ranches in this country will not be impacted or affected by this at all.”

Even with that assurance, many in rural America have said a promise made by USDA is different than actual legislation passed by politicians.

That’s why the American Farm Bureau Federation said they will remain committed to preserving family farms and advocating for tools like the stepped-up basis.

“Assuming a very likely capital gains tax rate of 20%, without stepped-up basis, it’s estimated that the tax burden on farmers and ranchers inheriting cropland would be significantly larger than the cash rental income generated on the farmland,” said the Farm Bureau. “In the case of most farm operations, the capital gains tax would take several years of rental income to pay the tax obligation. Heirs facing these taxes would incur steep costs from selling the land, thereby increasing costs for everyone in the marketplace. If an estate is passed on with debt, it may not be possible for the family to meet the tax obligation.”

Click here to read the full text of the American Families Plan.

Copyright 2021 Scripps Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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Source: https://www.ktvq.com/news/montana-ag-network/vilsack-american-families-plan-a-generation-defining-investment-in-rural-america

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