Bitcoin News and Finance: What You Need to Know

The province of Buenos Aires in Argentina will begin taxing cryptocurrency mining and possibly staking, in 2023. A new proposal modifies the tax law to introduce cryptocurrency mining as a taxable activity that will levy 4% on the income calculated via these operations. However, it is still unclear if staking will be taxed. Buenos Aires Adds Cryptocurrency Mining as Taxable Activity The province of Buenos Aires in Argentina approved a project to add cryptocurrency mining as a taxable activity for the next year. A document , presented by the governor of the province, Alex Kicillof, establishes that the activity formally described as “Processing and validation services for crypto assets and/or cryptocurrency transactions (crypto asset and/or cryptocurrency mining)” will require a 4% aliquot over income produced in these operations. The taxes would be paid to the government of the province, and would not be related to any other taxes established by the Argentine national government. T...

The governor of India’s central bank, the Reserve Bank of India (RBI), has warned that the next financial crisis will come from cryptocurrencies, like bitcoin and ether. The central bank chief added that cryptocurrencies pose “huge inherent risks” to India’s macroeconomic and financial stability. Indian Central Bank Warns About Crypto Causing the Next Financial Crisis Reserve Bank of India (RBI) Governor Shaktikanta Das warned about the danger of cryptocurrency Wednesday. The central banker cautioned: Cryptocurrencies have … huge inherent risks for our macroeconomic and financial stability. The RBI is primarily concerned about cryptocurrencies having no underlying value, Das clarified, emphasizing that crypto is “speculative” and should be banned. Indian authorities refer to any non-government-issued cryptocurrencies, such as bitcoin and ether, as “private” cryptocurrencies. Commenting on crypto trading, Das said: It is a hundred percent speculative activity, and I would stil...

A U.S. senator has introduced a bill to “establish the first federal regulatory framework for payment stablecoins.” The lawmaker explained: “This bill will also ensure the Federal Reserve, which has displayed significant skepticism about stablecoins, won’t be in a position to stop this activity.” Stablecoin TRUST Act of 2022 U.S. Senator Pat Toomey (R-PA), ranking member of the Senate Committee on Banking, Housing, and Urban Affairs, introduced the “Stablecoin Transparency of Reserves and Uniform Safe Transactions Act of 2022” on Wednesday. The bill is also known as the “ Stablecoin TRUST Act of 2022 .” According to the lawmaker, the legislation would “establish the first federal regulatory framework for payment stablecoins and guide Congress towards a path for sensible regulation of cryptocurrencies.” Senator Toomey opined: I hope this framework lays the groundwork for my colleagues to pass legislation next year safeguarding customer funds without inhibiting innovation … This bi...

After close to two years, following the U.S. federal government accusing the Crypto Six of unlicensed money transmission, the case is seemingly coming to an end. According to multiple reports, Keene resident and libertarian activist, Ian Freeman, the last member of the Crypto Six case to be tried, was found guilty on all counts which included unlicensed money transmission, money laundering, and tax evasion. Freeman faces eight years in prison but he was not taken into custody on Thursday afternoon (ET). Reports detail that he must appear for sentencing on April 14, 2023, or appeal the verdict. Ian Freeman Found Guilty of Unlicensed Money Transmission, Sentencing Hearing Scheduled for April 2023 During the first week of Dec. 2022, Bitcoin.com News reported on the Crypto Six case and how the co-host of the radio broadcast Free Talk Live, Ian Freeman, was preparing to head to trial. Freeman was the only defendant left that remained in the Crypto Six case, as he decided to take the iss...

Paxful, a New York-based, peer-to-peer (P2P) cryptocurrency exchange, will drop Ethereum trading from its platform on Dec. 22. Ray Youssef, CEO of the company, cited different reasons for this decision, with increased centralization and the recent consensus mechanism pivot amongst them. Youssef also stated that tokens built on top of Ethereum have been primarily scams. P2P Exchange Paxful Drops Ethereum Paxful, a New York-based, peer-to-peer cryptocurrency exchange, has announced that it will drop Ethereum from its platform. The announcement was made via email, and then using social networks, by Paxful’s CEO Ray Youssef, who stated that the changes the token has undergone recently have changed it into a “digital form of fiat.” Youssef explained that one of the first reasons behind this action has to do with the pivot that Ethereum executed, changing from a proof-of-work consensus mechanism like the one Bitcoin also implements, to a proof-of-stake mechanism. Youssef explained that ...

Cryptocurrency exchange Binance is behind an initiative to qualify university students in Kazakhstan to work in the industry. Under an agreement with the government, the blockchain course will be added to the curricula of higher education institutions across the country. Binance Exchange to Help Teach Blockchain at Kazakhstan’s Universities The world’s largest crypto exchange, Binance, is launching an education program in Kazakhstan. The trading platform is preparing to provide blockchain training to more than 40,000 students by 2026 at universities and colleges across the Central Asian nation, according to a press release published on Tuesday. Binance is partnering on the initiative with the Blockchain Center research lab established by the Center for the Development of Payment and Financial Technologies of the National Bank of Kazakhstan (NBK) and the Astana International Financial Centre ( AIFC ), the Ministry of Digital Development, and the Ministry of Education. The project w...