Bitcoin News and Finance: What You Need to Know

An Indian parliament member has urged the government to increase the tax on crypto income from the current proposed rate of 30%, stressing that crypto trading is similar to gambling. He has also requested that the goods and services tax (GST) be imposed on the total transaction value of crypto. Indian Parliament Member Wants to Tax Crypto Income More Than 30% India’s Finance Bill 2022 containing the proposed 30% tax on crypto income is now being considered in Rajya Sabha, the upper house of India’s parliament. Parliament member Sushil Kumar Modi reportedly asked the government Monday to increase the tax on cryptocurrency income from the current rate of 30%. He said: I would like to request the finance minister that the 30% tax that you have imposed on crypto, please consider in the coming days if this tax can be further increased. Parliament member Modi argued that cryptocurrency is not a commodity, an asset, goods, or a service, emphasizing that it does not have intrinsic valu...

Over the past six months, the Everscale network has gone through a complete metamorphosis. Originally called FreeTON, the network has made great strides in improving its technical capabilities as well as developing a robust ecosystem of DeFi platforms. The scale of these changes led the coчафmmunity to call for a rebranding to reflect how the project has come into its own as a mainstay of the DeFi industry, distinct from its origin as a continuation of the no-longer active Telegram TON project. Under the hood, the main technical changes to the network consisted in a revamping of the programming language complete with a node switch from C++ to more stable and efficient Rust nodes. The changes have made the network’s scaling capabilities virtually limitless and have improved its already top-of-the-line speed. Following the changes that were introduced to the network and subsequent rebranding, platforms that have been constructed around the network and helped its ecosystem crystallize...

The Indian government has revealed that 11 cryptocurrency exchanges have been under investigation by the country’s tax authority. About 95.86 crore rupees ($12.6 million) have been recovered from them. 11 Crypto Exchanges Investigated for Tax Evasion The Indian government answered some questions regarding the taxation of cryptocurrency exchanges Monday in Lok Sabha, the lower house of parliament. Parliament member S. Ramalingam asked the finance minister “whether it is true that some cryptocurrency exchanges were involved in evasion of goods and services tax (GST) and it was also detected that other cryptocurrency exchanges and major investors in digital currencies are under investigation by the government.” In addition, the parliament member asked the finance minister about “the action taken or proposed to be taken by the government against those cryptocurrency exchanges that were detected in GST evasion.” The minister of state in the ministry of finance, Pankaj Chaudhary, repli...

Vietnam is creating a legal framework for cryptocurrency. The country’s deputy prime minister has instructed the Ministries of Finance, Justice, and Information & Communications to work with the central bank, the State Bank of Vietnam, on the framework. Vietnam Creating Legal Framework for Crypto Vietnamese Deputy Prime Minister Le Minh Khai reportedly notified three ministries last week instructing them to work with the central bank, the State Bank of Vietnam, and other relevant bodies to build a legal framework for cryptocurrencies. The three ministries are Finance, Justice, and Information & Communications. The deputy prime minister has tasked the Ministry of Finance with the prime responsibility of reaching an agreement with other regulatory bodies and the central bank to identify specific pieces of legislation that need to be amended, supplemented, and promulgated as well as recommending a specific time frame for implementation. The legal framework for crypto will be...

On March 28, the Crypto Fear and Greed Index has jumped back to the “greed” position for the first time in four months. The last time the index reached the current position was when bitcoin reached a high of $69K per unit last year on November 10. Crypto Index Dedicated to Emotions and Sentiments Reaches ‘Greed’ for the First Time in Months The crypto economy has surged in value during the last day jumping 5.4% in value to $2.26 trillion. The price of bitcoin (BTC) reached a high of $48,234 at roughly 3:00 p.m. (ET) on Monday afternoon. Ethereum (ETH) tapped a high of $3,431 per unit roughly around the same time frame as BTC ’s daily high. Presently, bitcoin (BTC) has a dominance of around 40.3% of the $2.26 trillion, while ethereum (ETH) commands 18.1%. For the first time since November 16, 2021, and the week that preceded that date, the Crypto Fear and Greed Index has once again reached the “greed” position. On a daily basis, the index analyzes the “emotions and sentiment...

The former CEO of the bankrupt bitcoin exchange Mt Gox, Mark Karpeles, announced he has launched a non-fungible token (NFT) project that will give Mt Gox customers registered between 2010 and 2014 an airdropped NFT. The Mt Gox NFTs are ERC721-compatible tokens that claim to provide “specific use cases.” Former Exchange CEO Announces Commemorative Mt Gox NFTs Mark Karpeles is once again returning to the crypto industry, as he’s announced the launch of an NFT collection tied to the Mt Gox bankruptcy. “You can claim your Mt Gox NFT on [mtgoxnft.net] if you were a Mt Gox customer between 2010 and 2014. The NFT is airdropped for free, and available no matter if you had a balance or filed a claim with the bankruptcy,” Karpeles tweeted on March 28. Karpeles explained that the NFTs don’t feature artwork, and also said the project would “not be using ethereum, because of the fees” and he mentioned that Polygon “looks like a much better choice at this point.” The Mt Gox NFTs also have a w...

In a recently released document, the Bank of Ghana (BOG) outlines some of its key reasons for developing the central bank digital currency (CBDC). Also, in the document, the bank’s governor insists the institution is open to suggestions that will help it to successfully launch the digital currency. Benefits of a CBDC The Ghanaian central bank recently released a document that outlines the key motivations behind its plan to issue a central bank digital currency (CBDC). The document also touches on the digital currency’s design as well as the benefits it will bring to the Ghanaian economy. As previously reported by Bitcoin.com News, the Bank of Ghana (BOG) began developing its CBDC sometime in 2021 and there were hopes it would start piloting the digital currency before the end of that year. In August 2021, it was reported the BOG had selected Giesecke Devrient to become its implementation partner. Before that, Ghana’s vice president, Mahamudu Bawumia, had praised the central bank’...

Hacking group Anonymous has reportedly published a large amount of data allegedly belonging to the Bank of Russia. The release comes after the collective announced it had hacked Russia’s central bank earlier this week, a claim that was denied by the monetary authority in Moscow. Anonymous Publishes Leaked Bank of Russia Files A group affiliated with the international hacktivist collective Anonymous, identified by the Twitter handle @Thblckrbbtworld (The Black Rabbit World), has announced it leaked 28GB of data obtained from the Central Bank of Russia ( CBR ). Another Twitter account associated with the hackers, @YourAnonTV (Anonymous TV), confirmed the news. JUST IN: The Central Bank of Russian Federation leak (28 GB) has been published by #Anonymous hackers ( @Thblckrbbtworld ). #Ukraine #OpRussia 🔻 https://t.co/msXQ24qDZ2 — Anonymous TV 🇺🇦 (@YourAnonTV) March 25, 2022 On Thursday, Anonymous said it had hacked the CBR and vowed to release more than 35,000 files within t...

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 ...

At the Avalanche Summit in Barcelona, the Canadian musician and record producer Grimes announced she plans to launch an “intergalactic children’s metaverse book.” Grimes’ children’s metaverse book project is part of a $100 million initiative started by the Avalanche Foundation and the non-fungible token (NFT) launchpad OP3N. Grimes Partners With OP3N to Launch ‘a Series of Educational Art for Babies and Small Children’ on Avalanche On March 22-27th, at the Avalanche Summit at Poble Espanyol in Barcelona, the NFT launchpad OP3N and the Avalanche Foundation announced a $100 million initiative dedicated to Web3 entertainment called Culture Catalyst. Ava Labs president John Wu said that Culture Catalyst will bolster Web3 entertainment apps on the Avalanche network. “The Avalanche Foundation’s Culture Catalyst Initiative with OP3N marks a watershed moment for entertainment and pop culture applications on Avalanche,” Wu explained. “Users can expect the already robust Avalanche NFT scene...

PRESS RELEASE. Finally, Rigel Protocol is ready to join the NFTs Buzz with its first NFTs Collections for each unique DApp on the platform ( SmartSwap , GiftDApp and LaunchPad ). NFTs would be available for purchase at the Rigel Protocol NFT Marketplace or will be claimable on Rigel Protocol DApps after NFTs Sales are completed. All you need to know about Our NFTs Collections The Rigel Protocol Collections will be unlike most NFTs we see ongoing in the Defi ecosystem. As NFTs are not going to be just minted and worthless images put out there for you to hold, whilst just keeping them shining in your wallets. The Rigel Protocol NFTs are going to be backed by Proof of work with massive use cases built around them, thus giving them notable value. The NFT Launch will start off with the main NFTs versions on the SmartSwap , GiftDApp and LaunchPad applications on both Binance Smart Chain and the Polygon Networks as preferred by our active community. SmartSwap NFT Collection First N...

Israel’s second-largest bank, Leumi, is launching a cryptocurrency trading service to allow customers of its digital investment platform to trade cryptocurrencies. “The service will allow Pepper Invest customers to buy, hold, and sell cryptocurrencies.” Major Israeli Bank Launching Crypto Trading Service Pepper Invest, the digital investment platform of Pepper by Leumi (TASE: LUMI), announced Friday the upcoming launch of its cryptocurrency trading service. “Pepper will be the first banking platform in Israel … to allow its customers to trade cryptocurrencies, in an attractive pricing model,” the announcement details, adding that the service will also become accessible to other Bank Leumi customers in the near future. The new service is a collaboration between Leumi Group and Paxos, a regulated U.S. blockchain infrastructure platform. The announcement adds that upon completion of the regulatory approvals required: The service will allow Pepper Invest customers to buy, hold and s...

Bitcoin and ethereum began the weekend trading close to key resistance levels, as crypto markets continued to sustain recent gains. Overall, the global cryptocurrency market cap was marginally higher on Saturday, as traders prepared for this weekend’s session. Bitcoin BTC is currently trading 6% higher than at the beginning of the week, this coming as prices rallied to multi-week highs. On Saturday, BTC /USD hovered marginally below its resistance of $45,050, as prices rose to an intraday high of $44,999.49. Following four consecutive days of gains, today’s consolidation sees bulls identifying the current area of uncertainty, and wondering whether to sustain pressure or secure earlier gains. BTC has not truly traded above the current resistance level since December 29, when prices were falling from a then high of $52,198. Looking at the chart, the 14-day RSI indicator has marginally moved beyond its own resistance of 62.10, which is a slight positive for bulls. However, the p...

A new cryptocurrency-related survey presented by Sherlock Communications highlights the growth that Latam countries are expected to experience this year, due to the particular traits the region has compared to other areas of the world. The results of the survey make projections that see crypto adoption growing by triple digits in some countries like Argentina and Brazil. Survey Indicates Crypto Will Thrive in Latam This Year A new survey commissioned by Sherlock Communications presents a very healthy panorama for the future of cryptocurrencies in Latin America. The report prepared by the PR company indicates that countries like Argentina and Brazil will experience big gains when it comes to cryptocurrency adoption. For example, in Argentina, the number of people buying cryptocurrencies is expected to more than triple, going from 5.55% to 18.4%, growing by 235%. But this is not just limited to Argentina. The optimistic projection is replicated in all countries of the region. Arge...

Krafton, the company behind the development of the blockbuster videogame PUBG, has announced a partnership with Solana Labs with the objective of building its blockchain game offering. The new business plan of the company includes the creation of token economies to power play-to-earn (P2E) experiences to build its own Web3 offerings. Krafton Chooses Solana to Build Its Web3 Games Krafton, one of the biggest Korean game development companies, has proceeded with yet another stage in its recent pivot to blockchain gaming. The creators of the successful multiplayer game PUBG have announced a new partnership with Solana Labs, the developers and maintainers of the Solana blockchain, to power its own tailored Web3 experiences. The deal between Krafton and Solana Labs involves a “long-term cooperative relationship for the development and operation of blockchain- and NFT-based games and services.” This means that the two companies have agreed to cooperate in the establishment of joint busi...

The Italian luxury brand Michele Franzese Moda has announced the firm is accepting crypto assets for payments. The company revealed the decision via Michele Franzese Moda’s online magazine in an article called “Its Time for Crypto.” Italian luxury Brand Michele Franzese Moda Says ‘Its Time for Crypto’ According to the company’s fashion news blog, Michele Franzese Moda will accept bitcoin (BTC) and a number of other crypto assets for items stemming from the luxury catalog. The announcement post says that it’s time for the luxury brand to accept crypto and going forward e-commerce and Android shoppers will be able to pay with digital currencies. Currently, Michele Franzese Moda will accept payments in bitcoin (BTC) , bitcoin cash (BCH) , bitcoinsv ( BSV ), cardano ( ADA ), dogecoin (DOGE), ethereum ( ETH ), voyager token (VGX), solana (SOL), polkadot (DOT), litecoin ( LTC ) and a number of other crypto tokens. The announcement claims that “Michele Franzese Moda is the first majo...

PRESS RELEASE. Singapore, Singapore / Mar 26, 2022 / — APENFT Marketplace aims to lower the entry barrier for users through a new NFT market and build new forces in the TRON community by issuing exclusive Genesis NFT badges live on March 31. As an essential art foundation in the TRON ecosystem, APENFT’s goal is to achieve cross-field collection worldwide and provide a bridge for top traditional artists to make inroads into the NFT market. It’s backed by the TRON network’s underlying technology with support from the world’s most extensive distributed storage system, BitTorrent File System (BTFS) , to provide secure, reliable, efficient, and decentralized services to NFT art lovers across the globe. Like how blockchain democratizes finance, APENFT turns prominent art pieces into NFTs. It upgrades the way artworks are hosted and transforms them from elite-exclusive items to something that truly belongs to the people. APENFT believes in art for everyone. The Genesis NFT badge is an e...

The U.S. Department of Justice (DOJ) has charged two people allegedly behind a million-dollar non-fungible token (NFT) “rug pull” scheme. They abandoned the NFT project within hours after selling out, deactivated the website, and transferred over $1 million in crypto to the wallets they controlled, the justice department explained. NFT Purchasers Defrauded in a Rug Pull Scam The U.S. Justice Department announced Thursday that two 20-year-olds have been charged in a “non-fungible token (NFT) fraud and money-laundering scheme.” The defendants, Ethan Nguyen and Andre Llacuna, allegedly defrauded purchasers of NFTs advertised as “Frosties.” According to the DOJ, on or about Jan. 9, the defendants “abandoned the Frosties NFT project within hours after selling out of Frosties NFTs, deactivated the Frosties website, and transferred approximately $1.1 million in cryptocurrency proceeds from the scheme to various cryptocurrency wallets under their control in multiple transactions designed t...