Canada Adopts International Crypto Tax Reporting Standard
Canada is aimed at having the OECD standard for crypto asset tax reporting in place by 2027, as agreed with 46 countries.
Input Output HK, the team behind Cardano (ADA)has announced that the project’s latest test net has transitioned from Blue to White – expanding the network’s offering and use of smart contracts.
HARD FORK SUCCESSFUL: Delighted to report around 19.44 UTC today we successfully forked the #Alonzo testnet to the new #AlonzoWhite node. The new network is happily making blocks already. 1/5
— Input Output (@InputOutputHK) July 14, 2021
Alonzo Blue, the project’s previous test net, provided some features as part of its smart contract executions – but the functions were limited to a fraction of users. Now, Alonzo White will allow up to 500 users who will be able to validate, stake pools and work on the project as developer testers. It is set to run for the next few weeks until the platform upgrades to Alonzo Purple – the final testnet for the cryptocurrency s development phase.
The project seemed positive about the future of the platform, with the introduction of the next phase as an optimistic one:
“Over the past week, we have spun up a new network and onboarded our new intake ready to help us move us closer to smart contracts. Now the next stage of the journey begins… Thanks as ever to all our #Alonzo testnet volunteers helping us on the journey to #Cardano #smartcontracts! Onwards!”
Cardano Founder: Things on track with cryptocurrency
According to Charles Hoskinson, Cardano is on track with its roadmap. He noted that more than $10 million worth of non-fungible tokens (NFTs) have been sold on the platform – both highlighting the promising platform and the future of the NFT industry. With more than just a value store, Cardano sets itself as a cryptocurrency with greater use-case and potential for functionality. Hoskinson also noted that developers will be able to launch dApps, NFTs and other smart contract-run operations on the mainnet soon.