Posts filtered by tags: Cryptocurrency[x]


Britain’s crypto exchanges to be levied with a 2% tax

A recent update to Her Majesty’s Revenue and Customs regulations has introduced a digital services tax that will be levied on cryptocurrency exchanges operating in the United Kingdom. Crypto exchanges in the UK will now have to pay a 2% digital services tax according to a Telegraph report. Britain’s tax authorities reportedly demanded that several crypto-asset exchanges hand over details on customers from transactions and holdings in August 2019. [Via]
Tags: Business, UK, News, Britain, Telegraph, Customs, Cryptocurrency, United Kingdom Crypto

Tanzania also plans to introduce CBDC.

The Bank of Tanzania is reportedly planning to introduce a central bank digital currency, or CBDC, for the African nation after neighboring countries announced similar initiatives. In preparing to launch a CBDC, the governor said Tanzania is also planning to expand research into digital currencies and strengthen the capacity of central bank officials. If successful, Tanzania would be among a select group of countries currently exploring a rollout of a CBDC. Many industry experts are looking at ...
Tags: Business, News, China, Tanzania, Cryptocurrency, Bank of Tanzania, CBDC

According to a survey, 26% of crypto investors in Japan have tried out NFTs.

The survey results suggest that as many as 26% of Japanese crypto investors have tried out holding NFTs, with the majority of NFT investors representing younger generations, aged between 20 and 40. According to survey results, 39% of the survey’s NFT holders indicated that they have never sold their NFTs and are not sure of their value, while more than 22% of respondents have not sold their NFTs but were aware of their value. Another 19% of respondents said that they benefited from selling NFTs...
Tags: Business, Japan, News, Cryptocurrency, NFT

Unknown Crypto Omicron token increased by 900% after new variant emerges

A relatively obscure cryptocurrency called Omicron has surged to an all-time high today as a new fast-spreading COVID-19 variant got christened with the same name. The move has added another 200% gains on the day for the token and a whopping 945% since Saturday when it was trading around $65. The token shares its name with a new Covid-19 variant that was first discovered in South Africa on Nov. 23. A crypto token named after the new COVID-19 variant ‘Omicron’ is up over 650% within the 3 days, ...
Tags: Business, News, South Africa, Cryptocurrency

Bitcoin is too volatile to be used as legal money, according to Bank of England’s Chief

Bank of England governor Andrew Bailey has expressed concerns over El Salvador’s adoption of Bitcoin as legal tender after President Nayib Bukele announced the launch of Bitcoin City. Trading around $43,000 on the first day of El Salvador’s Bitcoin adoption as legal tender, Bitcoin surged to a new historical high above $68,000 on Nov. 9. The IMF previously issued a warning against El Salvador’s Bitcoin Law in June, which didn’t prevent the country from adopting it and accepting BTC as legal ten...
Tags: Business, England, News, Bank Of England, Bitcoin, El Salvador, Btc, Cryptocurrency, Imf, Andrew Bailey, NAYIB BUKELE

The many alleged identities of Bitcoin's mysterious creator, Satoshi Nakamoto

Blue bitcoinYuichiro Chino The identity of Bitcoin's creator is at the center of a Florida lawsuit over Satoshi Nakamoto's $54 billion stake. Since it was created in 2009, bitcoin has become a top digital currency. Many names have been dropped as Bitcoin potential creators, but none have been proven. Visit the Business section of Insider for more stories. The mystery behind the creator of Bitcoin and their over $54 billion stake has captured public attention once more, as a court case...
Tags: Silk Road, Spacex, Elon Musk, Florida, UK, New York, Money, News, Wikipedia, US, Los Angeles, Trends, Tech, Tesla, Bbc, Features

Bitcoin tumbles as new coronavirus variant shakes markets

Bitcoin tumbled almost 8% on Friday after the discovery of a new, potentially vaccine-resistant coronavirus variant saw investors dump riskier assets for the perceived safety of bonds, the yen, and the dollar. Bitcoin, the largest digital currency, fell as much as 7.8% to $54,377, its lowest since Oct. 12. Bitcoin hit an all-time high of $69,000 earlier this month as more large investors embraced cryptocurrencies, with many drawn to its purported inflation-resistant qualities. [Via]
Tags: Business, News, Bitcoin, Cryptocurrency

India cannot afford to be a late adopter of cryptocurrency, according to Ashish Singhal of CoinSwitch.

Cryptocurrencies provide India an opportunity to turn into a net exporter from a net importer of technology, according to Ashish Singhal, Founder and CEO of crypto exchange CoinSwitch Kuber. Early participation in cryptocurrencies could give India the chance to become a net exporter of crypto and blockchain technology, Singhal added. The crypto bill, named ‘Cryptocurrency and Regulation of Official Digital Currency Bill, 2021’ is part of the list. [Via]
Tags: Business, News, India, Cryptocurrency, Singhal, Ashish Singhal

The new German coalition is aiming to make the “European financial market supervisory law” fit for crypto-assets and businesses

Three German political parties agreed to a coalition deal this week that will see left-leaning Social Democrats, the Green Party, and the right-friendly Free Democrats take the reins from December this year. The formation of the coalition reportedly took two months of negotiations following the German federal election on Sept. 26, and it marks the end of Angela Merkel’s 16-year reign as Chancellor who is retiring and will be replaced by the SDP’s Olaf Scholz. Crypto progressing across the EU. E...
Tags: Business, News, Angela Merkel, Eu, Green Party, Cryptocurrency, European Council, SDP, Olaf Scholz

A new set of rigorous regulations for token issuers proposed by South Korean regulator.

South Korea’s Financial Services Commission has issued a report outlining its new definition of cryptocurrencies, along with proposed procedures for token issuers and punishments for non-compliance. The report first addresses token-issuing businesses, which include ICO operators, Decentralized Autonomous Organizations, and nonfungible token minting services. The FSC would require these entities to submit a white paper, obtain a favorable rating from a recognized token evaluation service, obtain...
Tags: South Korea, Business, News, FSC, Cryptocurrency, Ico, Financial Services Commission

Thai lawmakers have been asked to authorise tourist cryptocurrency in order to attract digital nomads.

The rollout of the Tourism Authority of Thailand’s TAT Coin is coming closer to fruition, and is now awaiting government approval according to local figures. A push in Thailand to boost gross domestic product by targeting crypto digital nomads is coming closer to fruition according to local media. The initiative aims to attract crypto wealthy digital nomads and the TAT has been in discussions with the Stock Exchange of Thailand regarding TAT Coin’s issuance. [ ]
Tags: Business, News, Thailand, Cryptocurrency, Tourism Authority, Tat, Stock Exchange of Thailand

Bitcoin surpasses PayPal in terms of value transferred and now sets sights on Mastercard : Report

The Bitcoin network already processes more volume by dollar value than PayPal, and the largest decentralized cryptocurrency network in the world by market capitalization could outstrip Mastercard by as early as 2026. Three factors could see the Bitcoin network rise to the level of the two credit card giants in terms of total volume processed: the total number of transactions, the average amount of Bitcoin sent per transaction and the rise of the price of Bitcoin. The trend could change in the f...
Tags: Business, News, Paypal, Bitcoin, Cryptocurrency, Mastercard

Bank of Russia claims Russians transact $5 billion in cryptocurrency each year.

Citing estimations reported by major local banks in July 2021, the Bank of Russia suggested that the total annual volumes of crypto transactions of the Russian population amount to 350 billion rubles, or $5 billion. The Bank of Russia has taken a hard stance on cryptocurrencies, with governor Elvira Nabiullina arguing that responsible governments should not drive crypto adoption. The central bank is known for not allowing local banks to deal with crypto and promoting the use of its own digital ...
Tags: Business, News, Russia, Cryptocurrency, Elvira Nabiullina, Bank of Russia

Two proposals for digital assets have been approved by the European Council.

On Wednesday, the European Council, which guides the EU’s political agenda, announced its position on the Markets in Crypto Assets framework and the Digital Operational Resilience Act. The European Council’s own MiCA negotiation mandate, which is over 400 pages long, suggests that the EU will not be relaxing its stance on asset-referenced token issuers. The European Commission released the MiCA framework in September 2020, as part of its larger digital finance initiative. [Via]
Tags: Business, News, Eu, European Commission, Cryptocurrency, European Council

Cryptocurrency won’t be considered legal tender by any form in India , says finance secretary TV Somanathan

Somanathan’s remarks come amid the backdrop of the Centre’s decision to bring a bill in the Winter Session of Parliament to regulate cryptocurrency and a crash in prices of some popular cryptocurrencies. Cryptocurrency trading in India occupies a grey area until legislation covering it comes into effect. They added that cryptocurrency will not be recognized as legal tender as this is dangerous for the currency and taxation system of the country. [Via]
Tags: Business, News, India, Parliament, Cryptocurrency

Telangana man dies by suicide after losing Rs 70 lakh in cryptocurrency

A man in Telangana’s Suryapet town allegedly committed suicide after losing money in cryptocurrency, police said. G. Ramalingaswamy, hailing from Khammam, allegedly killed himself by consuming poison at a lodge in Suryapet town. Shocked over losing the money and unable to bear the alleged harassment by the lenders, Ramalingaswamy went to Suryapet town on November 22 and was staying in a lodge. [Via]
Tags: Business, News, Cryptocurrency, Telangana, Khammam, Suryapet, G Ramalingaswamy, Ramalingaswamy

A man suicides in Telangana after losing money in cryptocurrency

A man in Telangana’s Suryapet town allegedly committed suicide after losing money in cryptocurrency, police said. G. Ramalingaswamy, hailing from Khammam, allegedly killed himself by consuming poison at a lodge in Suryapet town. Shocked over losing the money and unable to bear the alleged harassment by the lenders, Ramalingaswamy went to Suryapet town on November 22 and was staying in a lodge. [Via]
Tags: Business, News, Cryptocurrency, Telangana, Khammam, Suryapet, G Ramalingaswamy, Ramalingaswamy

Crypto ban in India will encourage non-state players : BACC

  IAMAI believes a blanket ban on cryptocurrencies will encourage non-state players thereby leading to more unlawful usage of such currencies. Blockchain and Crypto Assets Council (BACC), of Internet and Mobile Association of India, said in a statement that supported the use of cryptocurrencies only as an asset. BACC added it had listed several negative outcomes of a ban such as zero accountability and traceability of the origin and end usage of the cryptocurrencies; besides a complete evasio...
Tags: Business, News, India, Cryptocurrency, IAMAI, BACC

Kazakhstan considers nuclear power as a solution to its bitcoin mining power shortage.

The exodus of Bitcoin miners from China into Kazakhstan has contributed to an energy crunch that the central Asian country’s president has proposed solving with nuclear energy. While Tokayev did not connect the proposal to Bitcoin mining power use, failing to keep miners in the country could jeopardize the estimated $1.58 billion in tax revenue those miners represent. Power shortages have already forced Bitcoin mining marketplace Xive to leave Kazakhstan. [Via]
Tags: Business, News, China, Bitcoin, Kazakhstan, Cryptocurrency, Tokayev

Strong regulation over crypto is required to stop manipulation by Russia and China : Hilary Clinton

Former Secretary of State Hillary Clinton has said that cryptocurrency markets need stronger regulations to protect against technological manipulation by Russia, China and others. Her comments on cryptocurrency were part of a larger segment in a Wednesday interview with MSNBC TV news host Rachel Maddow on the manipulation of social media platforms by certain nations. In recent weeks, Clinton has spoken out against the problems cryptocurrency can pose for the U.S. dollar’s global dominance. [Vi...
Tags: Business, Rachel Maddow, News, China, Russia, Hillary Clinton, Msnbc, Cryptocurrency, Hilary Clinton, Clinton, State, Russia China

Regulators of Finland tighten the screw on digital currency marketing

The Finnish Financial Supervisory Authority published stricter rulings regarding crypto marketing. Hot on the heels of the rising cryptocurrency hype, Finnish regulators have dropped a formal notice. As a result, while regulators get to grips with the local market, Finnish crypto advocates can continue to visit international crypto websites. [Via]
Tags: Business, News, Finland, Cryptocurrency, Financial Supervisory Authority

Crypto creates no big risk to economy so far according to Bank of Canada official

Cryptocurrencies like Bitcoin do not pose any significant risk to the financial system at their current level of adoption, according to Bank of Canada deputy governor Paul Beaudry. Canada has also been a popular spot for global crypto miners, ranking the fourth-largest nation in terms of hash rate according to Cambridge Bitcoin Electricity Consumption Index as of August 2021. Despite progressive crypto development and adoption, the Bank of Canada has expressed some skepticism about crypto befor...
Tags: Business, News, Cryptocurrency, Bank of Canada, Paul Beaudry Canada

JRR Tolkien’s Estate has blocked a cryptocurrency based on The ‘Lord Of The Rings’

A cryptocurrency inspired by the “Lord of the Rings” has been blocked by the family and estate of JRR Tolkien, the author of the trilogy. The estate of the writer, who died in 1973, argued in the arbitration that the token violated trademark rights to the JRR Tolkien name and used the intellectual property of his works. The cryptocurrency , called “JRR Token”, was launched in August this year by Florida-based developer Matthew Jensen. [Via]
Tags: Business, Florida, News, Tolkien, Cryptocurrency, Matthew Jensen

Crypto industry urges investors to remain calm and govt to take more balanced approach

Amid lightning pace developments in the cryptocurrency space in the country, the industry has urged investors to remain calm and not arrive at a rushed conclusion. BuyUcoin CEO Shivam Thakral said it expects the Bill to accommodate the aspirations of Indian crypto owners, Indian crypto entrepreneurs, and investors who have put their faith in India’s crypto growth story. Last week, the Standing Committee on Finance, chaired by BJP member Jayant Sinha, met the representatives of crypto exchanges ...
Tags: Business, News, India, BJP, Bill, Cryptocurrency, Jayant Sinha, BACC, Standing Committee on Finance, Shivam Thakral

Virtual real estate plot sold for record $2.4 million in Metaverse

 A patch of virtual real estate in the online world Decentraland sold for a record $2.4 million worth of cryptocurrency, the buyer crypto investor and Decentraland said on Tuesday. Crypto enthusiasts buy land there as a speculative investment, using Decentraland’s cryptocurrency, MANA.A subsidiary of, called the Metaverse Group, bought a patch of real estate for 618,000 MANA on Monday, which was around $2,428,740 at the time, a Decentraland spokesman and a statement by Tok...
Tags: Business, News, Cryptocurrency, MANA, Metaverse, Decentraland, Metaverse Group

Most existing cryptocurrencies won’t survive: Raghuram Rajan

Former Reserve Bank of India governor Raghuram Rajan believes that out of the 6,000-odd cryptocurrencies in existence today, most will perish. Rajan compared the current fad in cryptocurrencies to the tulip mania in the Netherlands of the 17th century. For India, Rajan said, the Centre must allow the underlying blockchain technology to flourish. [Via]
Tags: Business, News, India, Netherlands, Cryptocurrency, Rajan, Raghuram Rajan, Former Reserve Bank of India

Local crypto prices recover partially after overnight plunge

Local prices of cryptocurrencies fell sharply overnight as selling accelerated after the government listed a bill to deal with such tokens for the upcoming session of Parliament. Local prices are based on quotes on WazirX, while overseas prices are based on CoinDesk data. Overall, across a basket of tokens, local prices saw about a 15% drop overnight compared to international markets, the head of a local exchange said on the condition of anonymity. [Via]
Tags: Business, News, Cryptocurrency, Coindesk, Parliament Local

WazirX CEO Nischal Shetty says ‘WazirX restored, huge panic selling led to crash,’

The government’s proposal to ban private cryptocurrencies in India with certain exceptions led to massive amounts of panic selling on Tuesday night leading to the crash of India’s biggest crypto exchange, WazirX. Nischal Shetty, founder and CEO of WazirX told BusinessToday. At 10 am on Wednesday, Bitcoin( BTC) prices on WazirX dropped by 17.17 per cent to touch Rs 37,78,000, Ethereum value in INR declined by 14.1 per cent to Rs 2,87,773. According to statistics from Internet Mobile Association ...
Tags: Business, News, India, Btc, Cryptocurrency, Nischal Shetty, WazirX Nischal Shetty, Internet Mobile Association of India

Govt to ban cryptocurrencies, get ready for India’s own digital currency issued by RBI

Govt to ban cryptocurrencies, make way for India’s own digital currency. The government is set to introduce a bill to ban private cryptocurrencies and create a framework for an official digital currency to be issued by the Reserve Bank of India during Parliament’s Winter Session starting November 29. RBI said in July it was working towards its own digital currency and the Central Bank Digital Currency. [Via]
Tags: Business, News, India, Parliament, Digital Currency, Cryptocurrency, RBI, Reserve Bank of India, Central Bank Digital Currency

Bill to ban private cryptocurrencies to be introduced in this Winter Session

The Crypto Bill is among a total of 29 Bills that have been listed for introduction. A Bill to prohibit all private cryptocurrencies in India with certain exceptions is expected to be taken up for final consideration and passing during the Winter Session starting on November 29, 2021. The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, is among 26 new Bills of a total of 29 Bills in the government’s legislative agenda. [Via]
Tags: Business, News, India, Bill, Cryptocurrency

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