Brazilians Will Be Able To Pay Taxes With Crypto
Individuals in Brasilia will now be able to pay part of their state taxes using cryptocurrency, according to a report. Banco do Brasil, a mixed ownership bank, is also launching the option to make a set payment with cryptocurrencies. Using Bitfy as a payment processor, Brazilian cryptocurrency startup Bitfy is exchanging paid cryptocurrencies for the real, Brazil’s currency, on the fly. In this regard, Lucas Schoch, who is considered the CEO and founder of BitFi, says that we are committed to developing the infrastructure necessary to adopt the new DeFi economy and to increase autonomy, using and using the digital assets eco-system throughout Brazil will definitely drive to make access easy and take it to the people and democratize it.
US crypto lawsuits to reach all-time high with 42% increase in 2022; SEC cases dominate legal battle
If we look at the data after 2018, we find that a new study of lawsuits related to digital currency shows a 42 percent increase in cryptocurrency lawsuits in 2022 after that. The highest number of claims were filed last year in the United States with a total of 41 claims, and according to research, most of the cases or lawsuits are received from the US Securities and Exchange Commission.
Microsoft reportedly shutting down industrial metaverse focused group
Microsoft, the software giant and maker of operating systems such as Windows, is shutting down one of its most important groups dedicated to the development and promotion of the industrial metaverse, and reports say the 10,000 job cuts it announced in January will be cut. During or as a result of that, the company terminated its entire Industrial Metaverse core group, which was made up of 100 employees. At present, Microsoft’s focus is on creating software like Artificial Intelligence and Chat GPT, with the help of which crores of millions of users are being benefited and for this Microsoft has cleared the way for billions of dollars of investment.
Coinbase Argues Its Staking Services Are Not Securities, Criticizes SEC Regulatory Approach
Coinbase, which is considered to be one of the largest cryptocurrency exchanges in the United States, recently stated that the staking services offered on its platform do not constitute securities. Other US based crypto exchanges also criticized the institution’s approach on this statement made in the wake of Kraken’s $30 million settlement completed with the US Securities and Exchange Commission (SEC). These typing services are not securities under the US Securities Acts, nor under the Howe test. Attempting to impose securities laws on processes such as staking services does not help consumers at all and instead continues to impose unnecessarily invasive mandates that will prevent US consumers from accessing infrastructure and crypto services. The Chairman of the Securities and Exchange Commission tweeted that other platforms should take note of this and try to bring it into compliance, including proper disclosure, registration, and the like.
Income tax applies to crypto trading in Bosnia, says tax administration
It has been decided by the Tax Authority of Bosnia that individuals are expected to pay income tax on profits from cryptocurrency trading and in the absence of dedicated regulation, the federal government in Sarajevo has decided to assess the individual risks associated with digital assets. A task force has been constituted for
Bitcoin, Ethereum Technical Analysis: ETH Hits 1-Month Low, Drops Below $1,500
Ethereum starts the week trading below $1500 as Paxos is reported to no longer mine BUSD. This reflects the downside of the stablecoin and comes ahead of the upcoming US inflation report which is also adding to today’s volatility. On February 13, we see a further decrease in the price of bitcoin as it remains at a 3 and a half week low.
Biggest movers: MATIC down 10%, ATOM hits 2-week low
Polygon falls below ten percent on 13 February. If we talk about the numbers, a red wave swept through the cryptocurrency markets during Monday’s session. Volatility was high ahead of Tuesday’s release of the US Consumer Price Index and the BUSD’s decline. Meanwhile, we can also see that Cosmos also appears to be trading at a 14-day low at the beginning of the week.
Binance CEO Warns Of ‘Profound Impact’ On Crypto Industry If BUSD Is Ruled As A Security
Binance CEO Changpeng Zhao (CZ) has issued a warning that there could be “profound impacts” on the crypto industry if the stablecoin Binance USD (BUSD) is included as a security. His warning came after a lawsuit by the US Securities and Regulation Commission against Paxos, the issuer of Binance USD. CEO tweets this and adds this Even though BUSD is known as Binance USD and is not issued or redeemable by Binance….BUSD is a stablecoin that is fully backed by Paxos in terms of absolute ownership.
Iris Energy Increases Self-Mining Capacity with 4.4 EH/s of New Bitmain Bitcoin Mining Rigs
Bitcoin miner Iris Energy has announced plans to increase the company’s own capacity from 2 exahash per second (EH/s) to approximately 5.5 EH/s after acquiring the new 4.4 EH/s Antminer S19J Pro miner from Bitmain.
