Bitcoin News and Finance: What You Need to Know

While operations with digital assets are not taxed in Uzbekistan, the government is receiving a growing amount of revenues from the industry. The increase in budget receipts has been attributed to the licensing regime and the introduction of fees for crypto companies. Crypto Exchange in Uzbekistan Pays Over $10,000 a Month to the State Coffer Licensed crypto firms have paid 3.5 billion Uzbekistani som (more than $310,000) to the budget in the course of 2022, Uzbekistan’s regulatory authority responsible for the oversight in the sector revealed during a press conference, quoted by the crypto news outlet Forklog. At the briefing , the National Agency of Perspective Projects ( NAPP ), a body subordinated to the president, announced the results of its activities. Officials said that the government has been able to collect the money thanks to the revamped licensing system and the imposing of fees for businesses working with digital assets. Five crypto platforms are currently authorized

Egyptian lawmakers recently hailed the parliament’s endorsement of a pact that allows the country to join the New Development Bank, a report has said. According to the report, the lawmakers believe joining this BRICS-backed institution will help Egypt reduce its demand for dollars and enable it to preserve its forex reserves. Joining BRICS Following the Egyptian parliament’s recent endorsement of an agreement that paves the way for the country to join the New Development Bank, lawmaker Mohamed Abdel-Hamid, reportedly said the move helps reduce demand for U.S. dollars. Set up by Brazil, Russia, India, China and South Africa or BRICS nation states, the New Development Bank seeks to support “public or private projects through loans, guarantees, equity participation and other financial instruments.” In addition to helping Egypt preserve its foreign currency reserves, Abdel-Hamid, who is the deputy chairman of the parliament’s economic committee, said joining the institution enables the

Russian banks may be the main losers from the introduction of a digital ruble while retailers will save on acquiring fees, analysts have predicted. The benefits for consumers using the new digital currency are not that obvious as they may not be paid any interest or cashback. Launch of Russia’s Digital Ruble Said to Result in Losses for Banking Institutions Commercial banks may lose up to 50 billion rubles annually (almost $715 million) when a digital version of the ruble is introduced, according to a forecast produced by financial experts at Yakov and Partners, the former Russian division of management consultancy McKinsey. Meanwhile, retail chains could potentially increase their income by up to 80 billion rubles each year, believe the authors of the research, quoted by the Russian edition of Forbes. At the same time, consumers may receive no interest on their balances or cashback for their transactions. The specialists see the digital ruble occupying a niche in the domestic ret

The online marketplace giant, Ebay, is seeking to fill several positions in the area of Web3 and non-fungible token (NFT) technology, according to several Linkedin job postings. Ebay is looking for a “creative crypto attorney” for the marketplace, Knownorigin, which it acquired in June 2022. Big Corporations Still Seek Workers to Manage Crypto and Blockchain Services Amid Widespread Layoffs According to Ebay job postings published on Linkedin, the e-commerce company is seeking to fill several positions in the non-fungible token (NFT) technology and Web3 space. This follows Ebay’s acquisition of the NFT marketplace Knownorigin and the company’s filing for trademark applications for various NFT and metaverse services in the same month. The new job openings include positions such as “ crypto counsel ,” “ head of community ” for Knownorigin, and “ marketing campaign executive ” for Knownorigin. So far, over the last 24 hours, 17 people have applied for the crypto attorney position, 3

A U.S. district judge has dismissed a lawsuit against Coinbase and its CEO Brian Armstrong filed by customers of the crypto exchange. The lawsuit alleges that Coinbase sold 79 crypto tokens that are unregistered securities. Customer Lawsuit Against Coinbase Dismissed A proposed class action lawsuit filed in Manhattan by customers of cryptocurrency exchange Coinbase (Nasdaq: COIN) was dismissed with prejudice by U.S. District Judge Paul Engelmayer on Wednesday, meaning they cannot be brought again, Reuters reported. The lawsuit was filed against Coinbase Global Inc., Coinbase Inc., and CEO Brian Armstrong in March last year. The plaintiffs accused the crypto exchange of selling 79 crypto tokens that were unregistered securities and failing to register as a broker-dealer. The lawsuit seeks damages from the sale or soliciting of the crypto tokens, which the plaintiffs claimed were illegal contracts because Coinbase is not registered with the U.S. Securities and Exchange Commission (S

Warren Buffett’s right-hand man and the vice chairman of Berkshire Hathaway, Charlie Munger, has urged the U.S. government to ban cryptocurrencies like China has done. “A cryptocurrency is not a currency, not a commodity, and not a security. Instead, it’s a gambling contract with a nearly 100% edge for the house,” he stressed. Berkshire Vice Chair Charlie Munger Wants Cryptocurrencies Banned Berkshire Hathaway Vice Chairman Charlie Munger has urged the U.S. government to ban crypto in an opinion piece titled “Why America Should Ban Crypto,” published by the Wall Street Journal Wednesday. The Berkshire executive wrote: A cryptocurrency is not a currency, not a commodity, and not a security. Instead, it’s a gambling contract with a nearly 100% edge for the house, entered into in a country where gambling contracts are traditionally regulated only by states that compete in laxity. “Obviously the U.S. should now enact a new federal law that prevents this from happening,” Munger stres

The famous author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, has shared his view on why the prices of gold, silver, and bitcoin are rising higher. Noting that silver is cheap right now, Kiyosaki urged investors to buy a silver coin and start getting richer. Robert Kiyosaki Bullish on Gold, Silver, Bitcoin The author of Rich Dad Poor Dad, Robert Kiyosaki, has shared his thoughts on why the prices of his top three investment picks — gold, silver, and bitcoin — are going up. Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. More than 32 million copies of the book have been sold in over 51 languages across more than 109 countries. Kiyosaki tweeted a question Tuesday asking why gold, silver, and bitcoin are going higher. He then answered his own question, stating that it is because the poor and middle class in the U.S. are getting poorer and deeper into debt. “Please don’t

Press Release. LONDON, ENGLAND – February 2nd, 2023 – Neon Link , a blockchain gaming company building a technologically robust and scalable environment, announced its opening of the presale of the $NEON token, taking place on the 15th February at 5PM UTC, which is set to fuel the next generation of games that sit on top of the project’s own cross-chain network. The $NEON pre-sale is only one side of the coin distribution – soon after that, the Neon Link public sales will follow. The earliest adopters to join in and participate may end up quite lucky in joining possibly one of the next big players in crypto gaming, which is to become apparent once the bulk of Neon Link’s products finally enters the market. The game-focussed $NEON token will power every product under Neon Link’s wing, including upcoming games like Ascend The End, as well as more utility-based tools such as the Neon Wallet, Neon NFT marketplace, Neon Gaming ID + Name Service (NNS), Neon Bridge, and others. Most of t

Nigerian blockchain and crypto enthusiasts have said recent reports suggesting that local residents are paying a premium of almost 100% on top of the prevailing price of bitcoin “are totally false.” They argue that such reports are based on a claim that is being propagated by persons who do not fully grasp the dynamics in the country and should therefore be ignored. Supposed 100% BTC Premium Generates Global Interest Some Nigerian crypto and blockchain users and enthusiasts have said recent reports suggesting that the value of BTC on local crypto exchanges is nearly double the prevailing U.S. dollar value are totally false. According to the users, the reports are based on tweets posted by social media users who do not fully understand how Nigerian residents use local crypto exchange platforms. Look how much Nigerians are paying for #Bitcoin right now on @paxful pic.twitter.com/WxAam58mWR — 🧡NEEDcreations is stacking sats & jamming to EDM (@NEEDcreations) January 30, 2023

An economics professor and former adviser to the People’s Bank of China has urged the Chinese government to reconsider its ban on cryptocurrencies. He warned that banning crypto activities could result in missed opportunities that are “very valuable” to regulated financial systems. Chinese Economist Warns of Missed Opportunities Due to Crypto Ban A former adviser to the Chinese central bank, the People’s Bank of China (PBOC), has called on the Chinese government to reevaluate its cryptocurrency ban, the South China Morning Post reported Monday. Huang Yiping served as a member of the Monetary Policy Committee at the People’s Bank of China between 2015 and 2018. He is currently a professor of finance and economics at Peking University’s National School of Development. While acknowledging that a cryptocurrency ban may be practical for China for the time being, the former central bank adviser stressed that the government should consider whether such policies will be sustainable in the

The Indian government has introduced new crypto tax penalties, including for non-payment of crypto tax deducted at source (TDS). Much to the disappointment of the crypto community, Finance Minister Nirmala Sitharaman did not mention crypto in her Budget speech this year. Crypto income remains taxed at 30% while TDS stays at 1%. No Crypto Tax Relief in India Indian Finance Minister Nirmala Sitharaman presented the Union Budget 2023 in parliament Wednesday, one day after she presented this year’s Economic Survey which highlighted the need for “a common approach to regulating the crypto ecosystem.” Much to the disappointment of the Indian crypto community, Sitharaman made no mention of crypto during her Budget speech. Following her speech, many Indian crypto proponents took to Twitter to voice their opinions. Neeraj Khandelwal, co-founder of crypto exchange Coindcx, tweeted: No changes to crypto taxation in India in the Budget Session. It stands at 1% TDS and 30% on profits. This p

Non-fungible token (NFT) sales increased 41.96% from the previous month, according to data recorded on Feb. 1, 2023. NFT sales reached nearly $1 billion in 30 days, with an approximate total of $997.53 million. Additionally, the number of digital collectible transactions rose more than 22% in the past month. Bored Ape Yacht Club Dominates, Ethereum Leads With 78% of Total NFT Sales in January 2023 NFT sales mirrored those of crypto assets in January 2023, reaching $997.53 million, a 41.96% increase from December 2022. Data from cryptoslam.io shows that out of 20 blockchain networks, Ethereum led NFT sales with $784.87 million, or 78.681% of the total for the month. Solana followed with $150.4 million in NFT sales over the last 30 days, accounting for 15.07% of the total. The other top five blockchain networks in terms of NFT sales are Cardano, Immutable X, and Polygon, respectively. In terms of top-selling NFT collections in January 2023, Bored Ape Yacht Club (BAYC) NFTs generated

According to research from Recap, a cryptocurrency tax software company, London has become the world’s leading hub for cryptocurrencies. The researchers analyzed eight indicators, including the number of cryptocurrency businesses and the quantity of cryptocurrency ATMs in each country. Key Findings of Recap’s Study on Global Cryptocurrency Hubs Crypto tax firm Recap released a research report on Jan. 25, 2023, highlighting the top global cryptocurrency hubs, with London named the “most crypto-ready city.” Recap used criteria from eight elements, including the number of cryptocurrency businesses and employees, research and development spending compared to each city’s GDP, the number of cryptocurrency ATMs, cryptocurrency ownership, and capital gains tax rates. Recap’s report details that London has the most people employed in the cryptocurrency industry compared to other global regions. The city is home to over 800 cryptocurrency-based companies and hosted the second-highest numbe

On Wednesday, 60 organizations involved in cryptocurrencies, open-source and free software, and human rights and privacy-preserving projects launched a new campaign calling on the 118th U.S. Congress to protect privacy. The groups, including Fight for the Future, Electric Coin Co., and the Tor Project, insist that Congress needs to deliver policies dedicated to standing up for privacy. Campaign Urges Lawmakers to Take Bold Stance on Pro-Privacy Policies A new campaign , launched by 60 organizations, carries the slogan “Tell Congress to protect privacy.” The groups are calling for the United States federal government’s legislature to stand up for privacy both online and offline. Supporting entities include Fight for the Future, Blockchain Association, Proton, the Tor Project, Mobilecoin, Protocol Labs, Filecoin Foundation, Electric Coin Co., the Defi Education Fund and Tutanota. The campaign follows Fight for the Future’s open letter to Congress, in which they stated that privacy is

Leading crypto exchange Binance and credit card giant Mastercard have partnered to launch a prepaid crypto-linked card in Brazil as part of Binance’s expansion plans in Latam. The Binance card features 8% cashback for eligible purchases and supports on-the-fly conversion of 13 cryptocurrencies to make payments to local merchants. Brazil Receives Binance Prepaid Card Binance, a leading cryptocurrency exchange by volume traded, announced on Jan. 30 the launch of its Binance card in brazil, a product that will allow crypto users to make payments in crypto to legacy merchants. The card, which is backed by Mastercard, will enable registered customers of the exchange from all over Brazil to make crypto payments with 13 supported cryptocurrencies, including on-the-fly conversions to the Brazilian real. The release of this product comes as no surprise to some, as Matthew Shroder, global vice president and regional director at Binance, had stated in September that Brazil was one of the to

After initially ignoring pleas to extend the period for returning old naira banknotes, the Nigerian central bank recently said it has shifted the deadline for returning old banknotes to Feb. 10. The bank’s governor, Godwin Emefiele, said some 30,000 so-called super agents have been deployed nationwide to help with the cash-swapping process. CBN Governor Says Currency Swapping Exercise Has Been a Success The Central Bank of Nigeria (CBN) recently said it had extended the deadline for returning the old naira banknotes by ten more days. In his Jan. 29 press statement , CBN governor Godwin Emefiele said while the exercise has been a success, shifting the deadline date from Jan. 31 to Feb. 10 helps the bank achieve success in rural communities. The announcement follows weeks of pleas by residents who wanted to be granted more time to return the soon-to-be demonetized naira banknotes. The announcement of the extension also came just a few days after a Bitcoin.com News report suggested t

India’s Finance Ministry has highlighted the necessity for “a common approach to regulating the crypto ecosystem” in its flagship Economic Survey this year. “Crypto assets are self-referential instruments and do not strictly pass the test of being a financial asset because it has no intrinsic cashflows attached to them,” the Indian government stated. Finance Ministry’s Economic Survey Includes Crypto This Year Indian Finance Minister Nirmala Sitharaman presented the Economic Survey 2022-23 in Parliament Tuesday. The Economic Survey is an annual flagship document of the Ministry of Finance that outlines the performance of the Indian economy in the previous financial year and presents an economic outlook for the current financial year. Including cryptocurrency for the first time this year, the Economic Survey highlights the “necessity of a common approach to regulating the crypto ecosystem.” The 414-page document explains, “The recent collapse of the crypto exchange FTX and the ens

Tesla’s latest filing with the U.S. Securities and Exchange Commission (SEC) shows that the fair market value of the company’s bitcoin holdings was $191 million at the end of 2022. In addition, billionaire Elon Musk’s electric car company recorded $204 million of impairment losses resulting from changes in the prices of bitcoin. Tesla’s Digital Assets and Its Bitcoin’s Fair Value Elon Musk’s electric car company, Tesla (Nasdaq: TSLA), filed its annual report for the year ended Dec. 31, 2022, with the U.S. Securities and Exchange Commission (SEC) on Monday. The filing shows that the fair market value of Tesla’s BTC holdings was $191 million at the end of 2022 while their carrying value was $184 million, as Bitcoin.com News previously reported . “As of December 31, 2022, and 2021, the carrying value of our digital assets held was $184 million and $1.26 billion, which reflects cumulative impairments of $204 million and $101 million, each period, respectively,” the company detailed, e

Asset management firm Devere Group says that 82% of millionaires surveyed have asked their financial advisors about adding cryptocurrencies, such as bitcoin, to their portfolios despite the crypto winter. “Wealthy investors understand that digital currencies are the future of money, and they don’t want to be left in the past,” the firm’s chief executive said. Millionaires to Capitalize in Forthcoming Crypto Bull Run, Devere Says Devere Group, a global financial advisory and asset management firm with $12 billion in assets under management (AUM) worldwide, published the results of its crypto survey Monday. Devere found that among its millionaire clients with between $1 million and $5 million of investable assets, 82% have sought advice about investing in cryptocurrencies. Without providing additional details, the asset management firm wrote: Eight out of 10 high net worth (HNW) individuals have asked their financial advisers about including cryptocurrencies, such as bitcoin, into t

During the first month of 2023, the top two leading cryptocurrencies, bitcoin and ethereum, experienced double-digit gains against the U.S. dollar. Meanwhile, several alternative cryptocurrencies saw even greater increases in value, with metaverse tokens like Decentraland’s MANA and The Sandbox’s SAND rising 92-150% against the greenback. Metaverse Crypto Assets Outshine Bitcoin and Ethereum Metaverse crypto assets have outperformed both bitcoin (BTC) and ethereum (ETH) , the leading crypto asset and top smart contract token, respectively. In the past month, Decentraland’s MANA token has been the top performer, rising 150% against the U.S. dollar. Over the last two weeks, MANA climbed 7.3%, and in the past seven days, it rose 2.9%. On January 31, 2023, a single MANA was trading for $0.716 to $0.755 per unit. The Sandbox’s SAND metaverse token has increased 92% in the past 30 days and has risen 5% in the last two weeks. However, despite the 30-day increase, seven-day metrics show

Bitcoin fell below $23,000 on Jan. 31, following a recent move to a five-month high over the weekend. Market volatility has since increased, as traders prepare for a big few days of economic data from the United States. The conference board will release its consumer confidence report later today, with the Federal Reserve holding its policy meeting on Wednesday. Ethereum also moved lower today. Bitcoin Bitcoin ( BTC ) retreated from a recent five-month high on Tuesday, with prices falling below the $23,000 mark in today’s session. BTC /USD fell to a low of $22,657.58 earlier in the day, less than 24 hours after hitting a high at $23,296.53. The move comes as traders appear to have secured gains from recent surges in price, and ahead of the upcoming Federal Reserve policy decision. As can be seen from the chart, today’s drop saw BTC move closer to a price floor at $22,500, with the relative strength index (RSI) hitting a floor of its own. Currently, the index is now tracking at 6