Kenya is attempting to tax more than 4 million owners of digital assets through a new bill that, if passed, will put this quickly expanding sector under regulatory scrutiny for the first time ever in the East African nation’s history.…
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Kraken’s Jesse Powell Says FTX Crash Could Set Industry Back 3 Years
Jesse Powell, the founder and chairman of the cryptocurrency exchange Kraken, reacted to the FTX crash on Twitter and suggested that the crypto community needed to stop being so trusting and strengthen its standards. In a 14-Tweet thread, Powell appeals…
The Dark Side of Crypto Highlighted by US Congress Think Tank
One of the report, Congress Research Service report “Long Live Cash: The Potential Decline of Cash Usage and Related Implications” released on May 10, 2019, examines the decline of cash usage in the United States and contemplates on the rise…
UK Legislators Enact Laws to Restrict Crypto Ads
On Thursday, a committee of the House of Commons enacted new legislation without resistance or additional discussion that prohibits crypto advertisements and makes it illegal for unregistered operators to offer services. Restrictions Now Formally Enacted The restrictions, which are now…
China Has A $3.9 Billion Bitcoin Stash Despite Hostile Crypto Stance
The Chinese government is a crypto whale, according to Ki Young Ju, co-founder of CryptoQuant, despite its hostile stance toward the sector. Young Ju claims that China has seized $6 billion worth of cryptocurrencies from the PlusToken scam in 2019,…
Zimbabwe Pushing On With CBDC Plans, Draws Lessons From Nigeria
Despite the country’s waning interest in cryptocurrency, Zimbabwe does not appear to be ready to abandon its cryptocurrency aspirations, according to sources. Not only is Zimbabwe not giving up, but it is also taking notes from Nigeria when it comes…
Blockchain Powered IDs will be used in South Korea by 2024
South Korean citizens will be using digital IDs instead of traditional resident cards as proof of identity by 2024. It will be secured by blockchain technology and will work in tandem with smartphones. This will make it easier to verify…
IRS 2022 Tax Guidelines to Treat NFTs as Cryptocurrencies and Stablecoins
The U.S. Internal Revenue Service (IRS) has provided NFT investors with greater clarity regarding how the assets are expected to be taxed. Same Tax Law For All Digital Assets According to the IRS’s tax year 2022 guide, all “digital assets,”…
China’s Digital Is Now the World’s Most Adopted CBDC
According to a statement from the People’s Bank of China (PBoC), since the pilot program’s start in 2020, transaction volumes for the central bank digital currency (CBDC) have surpassed $14 billion. Through its official WeChat channel, the central bank made…
Iran Plans Launch of National Cryptocurrency to Ditch Dollar in Oil Trade
Tehran is taking action to be able to bypass looming US sanctions by launching a cryptocurrency that would assist the Islamic Republic trade oil even without dollar. “We are trying to prepare the ground to use a domestic digital currency…