Bitcoin News and Finance: What You Need to Know

Portugal, one of the countries considered a crypto tax haven due to its absence of crypto-related taxation, is preparing to change this policy. Fernando Medina, minister of finance of Portugal, stated that the country is working on a framework to allow the taxation of cryptocurrency income gains following the principles of “justice” and “efficiency,” and declared that there cannot be gaps for any income gains to be obtained without taxation. Portugal to Tighten Cryptocurrency Taxation Policy Portugal, one of the countries that has been touted as a crypto haven due to the absence of taxation in this regard, is working on the establishment of laws that will allow it to tax these digital assets. The statements on the subject were made by the minister of finance of the country, Fernando Medina, during a state budget discussion. Medina explained: Several countries are building their models regarding this matter and we are going to build ours. I do not want to commit myself to a date ...

The Securities and Exchange Board of India (SEBI) has reportedly proposed banning public figures, including celebrities and sportsmen, from advertising and endorsing crypto products. The regulator also proposed that public figures be held liable for any law violations when promoting crypto products. SEBI’s Crypto Advertising and Endorsement Proposal The Securities and Exchange Board of India (SEBI), the country’s securities and commodity market regulator, has proposed prohibiting public figures, including celebrities and sportsmen, from endorsing crypto products, Businessline reported last week. In addition, the regulator proposed requiring advertisers to disclose possible law violations. SEBI recently shared its view on the subject with India’s Parliamentary Standing Committee on Finance when it was questioned about various crypto issues, sources told the publication. The regulator subsequently submitted a detailed written response to the committee. The Indian Ministry of Finance...

Iran’s Ministry of Intelligence has reportedly blocked almost 10,000 bank accounts over suspicious foreign currency and cryptocurrency transactions. The action was carried out in collaboration with the country’s central bank. 9,219 Bank Accounts Blocked Iran’s Ministry of Intelligence issued a statement Saturday stating that it has blocked a number of bank accounts due to suspicious foreign currency and cryptocurrency transactions, local media reported. The ministry detailed: A total of 9,219 bank accounts belonging to 545 individuals were blocked. The statement adds that the total transaction value blocked was over 60 trillion Iranian tomans, which is approximately $2 billion based on the daily dollar exchange rate in the Iranian open market. Iran’s currency recently hit a four-month low against the U.S. dollar. However, the ministry did not provide any details on the accounts or how much of the turnover was in digital currency. The Ministry of Intelligence’s action was carri...

Former Federal Reserve chairman Ben Bernanke says the main use of bitcoin is “mostly for underground economy activities and often things that are illegal or illicit.” He added, “I don’t think bitcoin is going to take over as an alternative form of money.” Ben Bernanke on Bitcoin, Cryptocurrency Former Federal Reserve chairman Ben Bernanke shared his view on bitcoin and other cryptocurrencies in an interview with CBNC Monday. Bernanke is an economist who served two terms as the chairman of the U.S. Federal Reserve, from 2006 to 2014. He oversaw the Fed’s response to the late 2000s financial crisis during his tenure as chairman. Noting that the values of bitcoin and other cryptocurrencies change minute-to-minute, he said Monday: They’ve been successful as a speculative asset. However, he pointed out that “They were intended to be a substitute for fiat money,” adding that “in that respect, they have not succeeded.” He continued: “If bitcoin were a substitute for fiat money, you ...

Grayscale Investments has announced the launch of an exchange-traded fund (ETF) in Europe. The company’s Future of Finance UCITS ETF will list on the London Stock Exchange (LSE), Borsa Italiana, and Deutsche Börse Xetra. Grayscale Launches ETF in Europe Grayscale Investments, the world’s largest digital asset manager, announced Monday the launch of its first European exchange-traded fund (ETF) called Grayscale Future of Finance UCITS ETF (ticker: GFOF). It will list on the London Stock Exchange (LSE), Borsa Italiana, and Deutsche Börse Xetra, the company said. The announcement details: GFOF UCITS ETF tracks the investment performance of the Bloomberg Grayscale Future of Finance Index and seeks to offer investors exposure to companies at the intersection of finance, technology, and digital assets. UCITS ETFs are products domiciled in European markets that are subject to the Undertakings for the Collective Investment in Transferable Securities regulation. The GFOF UCITS ETF is G...

David Marcus, former cryptocurrency head at Meta, is launching Lightspark, another payments company that will use crypto as its central payment tool. The startup, which will have Marcus at the helm as CEO, also features some of Meta’s former employees and will explore the possibilities of using the layer 2 Lightning Network (LN) as a vehicle for bitcoin payments. Meta’s Former Crypto Boss Kickstarts Lightspark David Marcus, former cryptocurrency project boss at Meta, is doubling down on the importance he thinks crypto might have for payments in the future. Marcus announced this week on social media he and others were launching a cryptocurrency company called Lightspark that aims to harness the capabilities of crypto for the payments area. Marcus is not alone in this task. He took on some of the former Meta employees for this startup. While the details of the company are still scarce, Marcus explained that Lightning Network (LN), the second layer scalability protocol for Bitcoin, ...

The Tezos Foundation recently said it has committed $1.23 million to a fund that will be used to collect non-fungible tokens (NFTs) created by African and Asian artists. Photographer Misan Harriman has been selected as the curator of the foundation’s permanent art collection. Supporting a New Generation of Artists The Swiss non-profit organization, Tezos Foundation, recently said it has committed about $1.23 million (£1 million) to a fund, which will be used to collect non-fungible tokens (NFTs) of upcoming artists from Africa and Asia. The artists’ works will be curated by Misan Harriman, a renowned photographer and one of the pioneers in the making and collection of NFTs. As per The Art newspaper report , Harriman — the chair of London’s complex of artistic venues, Southbank Center — will also focus on acquiring the works of artists from regions with less representation in the NFT community. Commenting on his role as the curator of Tezos Foundation’s so-called permanent art coll...

A soccer referee’s decision to toss a bitcoin before the start of a recent match between Istanbul giants Beşiktaş and Fenerbahçe has sparked controversy in Turkey. The country’s football authority is trying to establish why a crypto coin was used for the ritual when that role should have been reserved for the Turkish lira. Bitcoin Coin Toss at Soccer Game Under Investigation in Turkey The latest clash between Istanbul soccer clubs Beşiktaş and Fenerbahçe ended in a 1-1 draw but it’s not the tight game that drew the most attention, the Turkish daily Hürriyet wrote in article about the sports event. With photos posted on social media showing the referee flipping a Bitcoin-branded coin, it’s the kick-off ceremony that came to the forefront, the newspaper notes. Before every soccer match, the referee would flip a coin to determine which team is going to start with the football. The Turkish Football Federation ( TFF ) is now examining the case as according to its rules, referees are on...