Bitcoin News and Finance: What You Need to Know

A special council under Ukraine’s securities regulator will be tasked to develop rules for crypto taxation in the country. The new body will be also responsible for coordinating the regulation of various crypto activities and adjustments to the applicable legislation. Advisory Board to Take On Matters Related to Cryptocurrency Taxation in Ukraine The National Securities and Stock Market Commission of Ukraine (NSSMC) has set up an advisory council that will be entrusted with the further development of the regulations for the digital asset market in the Eastern European nation. The new board’s first task will be to prepare amendments to the country’s Tax Code reflecting the specifics of taxing cryptocurrency transactions, the authorities in Kyiv said in an announcement published before the weekend. The changes are necessary in order to enforce Ukraine’s law “On Virtual Assets,” which was adopted in September 2021 and signed after revisions by President Volodymyr Zelenskyy in Mar...

Binance CEO Changpeng Zhao (CZ) says India is currently not a viable business environment for his cryptocurrency exchange, citing a strict tax regime. The executive explained: “Binance goes to countries where regulations are pro-crypto and pro-business.” Binance’s CEO on Indian Crypto Environment The CEO of cryptocurrency exchange Binance, Changpeng Zhao (CZ), does not currently see India as a viable country to expand his crypto exchange operations. He detailed at a Techcrunch Crypto conference Thursday: To be honest, I don’t think India is a very crypto-friendly environment. Zhao is particularly discouraged by the crypto tax regime that the government of India implemented earlier this year. In addition to taxing crypto income at 30%, crypto transactions are subject to a 1% tax deduction at the source (TDS). Citing India’s aggressive tax environment, the Binance CEO said: “If you are going to tax 1% on each transaction, there is not going to be that many transactions.” He stre...

Amazon founder and former chief executive Jeff Bezos has given some advice to consumers and small businesses about what they should do given that the U.S. economy is either already in a recession or is headed into one “very soon.” The billionaire said: “The economy does not look great right now. Things are slowing down. You’re seeing layoffs in many, many sectors of the economy.” Jeff Bezos on U.S. Economy and How People Should Prepare for a Recession Jeff Bezos, founder and former CEO of retail giant Amazon, shared his view about the U.S. economy heading into a recession and what consumers and small businesses should do in an interview with CNN last week. Responding to a question about whether the U.S. is in a recession and what his advice would be for small businesses, the billionaire, who currently serves as Amazon’s executive chair, cautioned: The economy does not look great right now. Things are slowing down. You’re seeing layoffs in many, many sectors of the economy. Whil...

Former Twitter CEO Jack Dorsey and Elon Musk, Tesla’s CEO and the new owner of Twitter, have addressed suggestions that the social media platform should have less anonymity. Clinical psychologist Dr. Jordan B. Peterson is among the users who want less anonymity on the platform while Dorsey believes it would be a big mistake to impose a policy allowing less anonymity. Elon Musk and Jack Dorsey Discuss Twitter’s Anonymity The topic of how much anonymity Twitter should allow its users to have has been heavily discussed on the social media platform. Clinical psychologist Dr. Jordan B. Peterson is among the Twitter users who want less anonymity on the platform. On Friday, he tweeted to Elon Musk, who recently bought Twitter for $44 billion: Don’t allow the anonymous troll-demons to post with the real verified people. Peterson added: “Put them in their own hell, along with others like them: LOL LULZ BRO BRUH hyper-users are narcissistic, Machiavellian, psychopathic and sadistic.” In...

Former Federal Deposit Insurance Corporation (FDIC) Chair Sheila Bair likens the fall of crypto exchange FTX and its former CEO Sam Bankman-Fried to the infamous Ponzi Scheme of Bernie Madoff. “It felt very Bernie Madoff-like in that way,” she said. Former FDIC Chair Compares FTX and Sam Bankman-Fried to Bernie Madoff’s Ponzi Scheme Sheila Bair, a top U.S. regulator during the 2008 financial crisis, explained in an interview with CNN Monday that there are eerie similarities between the rise and fall of FTX and former CEO Sam Bankman-Fried and that of Bernie Madoff. Bair chaired the Federal Deposit Insurance Corporation (FDIC) from 2006 to 2011. She now sits on the board of directors at blockchain infrastructure firm Paxos. She explained that both Bankman-Fried and Madoff proved adept at seducing sophisticated investors and regulators into ignoring red flags hiding in plain sight. FTX filed for Chapter 11 bankruptcy last week and Bankman-Fried stepped down as the CEO. “Charming re...