Bitcoin News and Finance: What You Need to Know

An Indian parliament member has warned that imposing a 1% tax deducted at source (TDS) on every crypto transaction will kill the nascent asset class. This tax provision is contained in Finance Bill 2022 which Lok Sabha, the lower house of India’s parliament, has passed. However, India’s finance minister insists that the TDS on crypto transactions is for tracking purposes. Parliament Member Raises Concerns Over 1% TDS on Crypto Transactions Lok Sabha, India’s lower house of parliament, passed Finance Bill 2022 Friday which includes a proposal to tax crypto income at 30% and impose a 1% tax deducted at source (TDS) on every crypto transaction. The 1% TDS will go into effect on July 1 while the 30% income tax will start levying on April 1. Parliament member Ritesh Pandey raised concerns regarding the 1% TDS on crypto transactions. He explained in Lok Sabha how this tax will kill the crypto industry. For example, he said that if a user buys crypto, then transfers the coins to a wallet...

PRESS RELEASE. At the Dubai Crypto Expo that happened between March 16 and 17, 2022, the NoVa Battles team led by CEO Lucian joyfully received the prestigious title of “Best Crypto Game 2022” in Dubai. The NoVa Battles ecosystem is designed to reward its community members in multiple ways for their time and effort. In addition to incorporating their own NFTs and Crypto Token, more blockchain technology is planned for the NoVa Battle system such as digital real estate, subdivisions of the game ecosystem, and Metaverse, complete player customization of virtual assets, which will create a truly unique and decentralized virtual environment. All of these factors and even more were responsible for its victory at Crypto Expo Dubai 2022 as a prize winner in the category of “The Best Crypto Game” . Keep reading to learn more about NoVa Battles and how it won the best crypto game at the Expo. What is NoVa Battles? Nova Battles is a mobile multiplayer online arena game powered by Ethereum ...

Two U.S. senators are working on a bipartisan, broad-based regulatory framework for cryptocurrency. “The work we’re doing is going to be a very complex and intensive review of the different aspects of this industry,” said one of the senators. US Senators to Introduce Comprehensive Framework to Regulate Crypto Industry U.S. Senators Kirsten Gillibrand (D-N.Y.) and Cynthia Lummis (R-Wyo.) are working together on “a broad-based regulatory framework” for how the crypto industry should be regulated, they explained Thursday at a Politico Live event. Senator Gillibrand described: The work we’re doing is going to be a very complex and intensive review of the different aspects of this industry. “Some will be regulated under the CFTC [Commodity Futures Trading Commission], some parts will be regulated under the SEC [Securities and Exchange Commission], some we will need to look at more broadly and we intend to have a regulatory commission that can look at these issues of first impressio...

Tesla and Spacex CEO Elon Musk says that he is “giving serious thought to” creating a new social media platform with free speech as a top priority. “Given that Twitter serves as the de facto public town square, failing to adhere to free speech principles fundamentally undermines democracy,” the Tesla billionaire said. Elon Musk Considers Building New Social Media Platform, Says Free Speech Is Essential to Democracy The CEO of Tesla and Spacex, Elon Musk, has been discussing the need for a new social media platform on Twitter over the past couple of days. He has recently become more critical of Twitter and its policies, claiming that the social media platform is undermining democracy by failing to adhere to free speech principles. Replying to a question about whether he would consider building a new social media platform with an open source algorithm, where free speech is given top priority and propaganda is minimized, Musk replied: “Am giving serious thought to this.” The discuss...

The crypto economy has managed to remain above the $2 trillion mark during the last five days since March 22. Currently, the global cryptocurrency market capitalization is 1.3% higher during the last 24 hours, as the valuation stands at $2.1 trillion today. Furthermore, the price of bitcoin jumped over the $46K zone on Sunday as well capturing an $870 billion market cap. Digital Assets Gain This Week, Bitcoin Cracks $46K, TVL in Defi Holds Above $200 Billion Digital currencies have gained in value during the last seven days and for five consecutive days, the crypto economy’s total value has held above $2 trillion. The last time the crypto economy was above the $2 trillion zone was during the first week of March. During the last seven days, bitcoin (BTC) increased by 8.9% and ethereum ( ETH ) gained 8.5% against the U.S. dollar. Out of the top ten largest crypto market caps, cardano ( ADA ) saw the biggest seven-day gain with ​​26.5% this week. The 13,421 crypto assets traded on 5...

El Corte Ingles, one of the biggest retailers and distributors in Spain, has taken its first step into the cryptocurrency world. The company is reportedly launching its own cryptocurrency exchange for customers of its stores. The firm has enrolled the help of Deloitte to build a new platform that will allow its customers to access cryptocurrencies as investments. El Corte Ingles Goes Crypto El Corte Ingles, the third-biggest retailer and distribution company in Spain, is reportedly launching its own cryptocurrency exchange. The goal is reportedly to take advantage of its current customer portfolio, having an already established target regarding investors. The customers of El Corte Ingles are small savers that the company feels could be intrigued about investing in cryptocurrencies through a known company, instead of turning to other, newer brands. The company has partnered with Deloitte , one of the Big Four firms, to help create a platform to serve the more than 11 million custo...

Koinly is a tax solution for cryptocurrency investors and accountants. Anyone who owns multiple exchange accounts or wallets knows the pains when it comes to declaring taxes. Koinly was built to solve this very problem – by integrating with all major blockchains and exchanges Koinly reduces crypto tax reporting to a few minutes of work. Robin Singh is the Founder of Koinly . He recently joined the Bitcoin.com News Podcast to talk about the challenges crypto users face with regards to taxes in 2022: Koinly currently supports USA, UK, Canada, Australia, Sweden, Norway, Ireland and 20+ other countries – check out the website for the full list and use the code Bitcoin20 to get a 20% discount. The Bitcoin.com News podcast features interviews with the most interesting leaders, founders and investors in the world of Cryptocurrency, Decentralized Finance (DeFi), NFTs and the Metaverse. Follow us on iTunes , Spotify and Google Play . This is a sponsored podcast. Learn how to reach o...

Prime Minister Mikhail Mishustin and the Russian Ministry of Economic Development have backed efforts to regulate cryptocurrencies and integrate them into the country’s economy. The support comes amid mounting sanctions over the war in Ukraine which restrict Russia’s access to global finances. Finance Ministry’s Push to Legalize Russian Crypto Space Gains Traction Russian authorities are moving towards the adoption of a comprehensive legal framework for cryptocurrencies, despite the central bank’s persisting opposition. The Finance Ministry’s approach, which favors legalization, has been winning support from other government institutions and officials, even more so now as Russia faces unprecedented sanctions, including financial restrictions. In early February, the federal government announced its approval of Minfin’s regulatory concept. Then the ministry submitted a new draft law “On Digital Currency” aiming to fill the regulatory gaps remaining after the enforcement of the law ...