What is Rainbow Currency?
by Jose P. Online Entrepreneur
The YEM (Rainbow Currency) is different from other cryptocurrencies: already in 2017, the YEM was developed by more than 3700 Internet users as a counter-concept to Bitcoin and Co. Privacy instead of anonymity, stability instead of volatility, fast, secure and inexpensive transactions, global tax security and ease of use are just some of the goals to be achieved with the YEM. YEM stands for "Your Everyday Money", because the Rainbow Currency is to be established worldwide as an alternative means of payment in everyday life. In December 2018, the first sale of a new car in Germany for payment with Rainbow Currency (YEM) will take place. A black Hyundai i10 from the car dealership Gerdes in Oldenburg was previously auctioned in an online auction in which bids could only be submitted in the virtual currency YEM. After a few exciting weeks and over 2000 bids, the winner was able to receive the vehicle at the beginning of 2019, of course labeled "THE FIRST KRYPTO MOBIL" and the logo of the Rainbow Currency.
Currently, a platform is in preparation for which Internet users can configure their desired vehicle and reserve it with the help of a smart contract. The net purchase price will then be deposited in TMC, Mobility Coin in YEM World and the vehicle will be delivered on the desired date of 2020 or 2021. The possible savings are 50% and even more.On 27 February 2018, the Federal Ministry of Finance refers to a judgment on the tax treatment of virtual currencies in a circular to the highest tax authorities of the Länder.
'In view of the grounds of the judgment and taking into account the principle of equal treatment, other so-called virtual currencies shall also be treated as legal tender in so far as those currencies are treated by the parties to the transaction as alternative contractual and direct means of payment have been accepted and serve no purpose other than the use as a means of payment.
Accordingly, the conversion of such so-called virtual currencies into legal tender and vice versa is exempt from tax."On February 15, 2019, UAC Holding GmbH was the first German limited liability company to be entered in the Commercial Register (HRB 20401 KI) whose basic deposit was 100% in a virtual currency (YEM). A capital reserve of 200,000 euros was also provided when it was founded in YEM.
This was made possible by the expert opinion of a German auditing firm, which, after intensive examination, confirmed the value of Rainbow Currency. This opinion was fully accepted by the Registry Court.
Since then, several corporations at home and abroad have created capital reserves in YEM.Moving to your own blockchain
Originally launched as an ERC-20 token, it quickly became clear that the Ether blockchain does not meet the high requirements of Rainbow Currency. The anonymity allowed fraudulent individuals to set up wallets uncontrollably, list Rainbow Currency on dubious exchanges, circulate false information, and distort the price through manipulation.
For this reason, a team of blockchain experts has been commissioned to develop their own blockchain, which is 100% protected from such access. In August 2018, the Rainbow Currency moved from the Ether Blockchain to tWNKLCHAIN. Unfortunately, it was not possible to take original symbol TWNKL with you, so since August 2018 YEM is considered the official and only symbol for the Rainbow Currency.
TWNKLCHAIN sets new standards in terms of security, privacy, speed, and, above all, tax honesty. In order to meet the different requirements of the different states from the outset, each transaction on TWNKLCHAIN is automatically, simultaneously and unmanipulously converted into the national currencies of all persons involved in the transaction and stored indelible on the blockchain. In this way, each participant can comply with his personal tax laws and correctly record virtual transactions including the intended use.
PERNUM is the official wallet provider for Rainbow Currency (YEM), Twnkl Estate Coin (TEC), The international Vacation Club (IVC), Mobility Coin (TMC), and other coins/tokens on the TwnklChain.
Created on Jan 11th 2020 03:59. Viewed 199 times.