Bitcoin News and Finance

Report: South African Taxes and Smuggling Behind Gold’s Price Distortions in Zimbabwe

Despite gold’s longstanding status as an alternative store of value, the commodity continues to experience unusual price variations in countries like South Africa and Zimbabwe. In turn, such price variances, as well as the rampant smuggling of the commodity, are distorting the precious metal’s actual production figures. Recycled Gold vs Non-Recycled Gold According to a new report that outlines the extent of the problem, such price discrepancies (which seem to be more prevalent in Southern Africa) stem from South Africa’s gold tax policies. Explaining how South Africa’s distinction between recycled and non-recycled gold is creating opportunities for illicit traders, the report states: In South Africa, the sale of second-hand gold products, such as jewellery, are tax exempt. Gold that is either illegally produced or smuggled into the country is often disguised as recycled gold. Therefore, South African gold merchants seeking to benefit from this tax exemption rule will simply “fa...

Mecum Auctions Now Accepts Digital Currency Payments for Collector Cars

The popular collector car auction company Mecum Auctions has announced the company is now accepting crypto assets for payments. The company says that the new payment acceptance allows the auction firm to “attract new customers and sales.” Collector Car Auctions Giant Plans to Start Accepting Crypto Assets at Dana Mecum’s Original Spring Classic The Wisconsin-based Mecum Collector Car Auctions, the largest collector car auction company globally, has revealed the firm will now accept cryptocurrency payments through Bitpay. Mecum Auctions was invoked by a father and son duo Dana and Frank Mecum, alongside a number of Mecum family members. In 2014, Dana Mecum and his son Frank also starred in a reality program that aired on NBCSN called “Mecum Dealmakers.” In the announcement sent to Bitcoin.com News, Mecum explains the firm is “welcoming in a whole new dimension to the live auction events” with its digital currency acceptance. According to the announcement, registered Mecum bidders ...

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Report: South African Taxes and Smuggling Behind Gold’s Price Distortions in Zimbabwe

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Mecum Auctions Now Accepts Digital Currency Payments for Collector Cars