Cryptocurrencies in April – Month in Review

Below you can find an overview of what happened in April in the world of cryptocurrencies – brought to you by SimpleFX CFDs trading platform. Whether you took some time off following the news and you’d like to catch up, or you just want to go over last month’s highlights, this article is for you.

April was in many countries, including the US, the month when you had to file a tax return. Around that time it also transpired that tax authorities across the globe regard cryptocurrency gains as constituting taxable income. However, there seemed to be far less consistency or clarity when it comes to the details and guidelines that should be abided by when filing tax returns on crypto. One thing is for sure – you should definitely monitor the developments of the legal regulations where you have your tax residency as the authorities are quite unlikely to stop their efforts to impose taxes on the sector.

Get Into Cryptocurrency Trading Today

April was also the month when Andrus Ansip, a European Commission Vice President said blockchain was going mainstream. If you ask our opinion, it has been there for a while already, just that some mainstream institutions, public and private alike may not have been too eager to admit their affiliation with it. Jokes aside, such statement from authorities are always good news, especially when they are accompanied by twenty-two EU countries signing the European Blockchain Partnership and another EU agency planning a hackathon on the topic in June.

Indeed, cryptocurrencies and its underlying technology have been gaining momentum, with news on their versatile uses coming from different industries. Two healthcare insurance rivals, Humana and UnitedHealth Group started a blockchain project intended to improve the sharing of health data, as well as their quality. Another insurance provider, Allianz has announced the company is working on a blockchain-based token for internal use, which is meant to streamline moving money between entities in different countries, curbing administrative and currency conversion costs. If you add to it the fact that during a congressional hearing William Hinman, an SEC director actually defended ICOs against one of the House Committee members and the rumours that financial moguls such as George Soros and the Rockefeller family are more or less directly entering the cryptocurrency market, one just has to admit that the outlook for the sector is pretty promising.