Crypto miners in the United States can now breathe a sigh of relief as plans by the Biden administration to impose a 30% tax on their electricity consumption have been scrapped in the latest deal to raise the country’s debt…
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Biden’s administration Advocates for 30% Cryptocurrency Mining Electricity Tax in the US
The White House is seeking to implement a 30% tax on the electricity consumed by cryptocurrency mining in the next federal budget to minimize the industry’s impact on climate change. The president’s Council of Economic Advisers (CEA) highlights the negative…
Treasury Department and IRS Seek Feedback on Tax Treatment of NFTs as Collectibles
The Treasury Department and Internal Revenue Service (IRS) have announced plans to solicit feedback regarding the tax treatment of nonfungible tokens (NFTs) as collectibles under tax law. The guidance also requests comments on NFTs as collectibles and outlines the IRS’s…
Texas legislature Proposes Tax-Free Shopping with Bitcoin
Texas Bill Proposes Tax-Free Shopping with Bitcoin, Aims to Turn State into Cryptocurrency Capital. Bill HB4474 A new bill before the Texas legislature is calling for a master plan for the expansion of the blockchain industry. The bill, known as…
Is it good to leave Robinhood right away?
Well known mobile trading platform Robinhood has restricted its users for trading in cryptocurrencies on last Friday. This action was taken a day after Robinhood halting the buying of red-hot stocks like those of GameStop. These sudden actions of Robinhood…
Crypto Remuneration is Gaining Popularity Across Crypto Friendly Nations
Crypto remuneration is gathering steam around the world. At the moment, paying wages in decentralized digital coins is normal within the crypto industry. There is however no reason why this can’t be the case in other industries as well. A…
IRS Issues Warning to Crypto Tax Defaulters
The internal revenue service (IRS), has begun to send out letters notifying crypto holders who owe the institution to pay their taxes in good time or face harsh penalties. The IRS is known for not mincing its words, and effecting…
Polish Legislators Introduce New Bill that Will Clarify Crypto Taxation
The crypto taxation policy that was put in place in Poland had been cause for a lot of murmurs and had also raised more questions than answers. After what crypto enthusiasts in the country felt like an eternity of waiting,…
The Taxman’s whip: Tax regulations and the Crypto market
Author – Same Reeds, UK When Bitcoin and other cryptocurrencies ruled the dark web, authorities were less interested in their financial impact and their relevance in the mainstream sector. However, policymakers can be seen to have changed their earlier views…
Introducing Blockchain System into Government Administration
The advantages of blockchain technology can no longer be denied. This decentralized network can offer a lot of benefits to a different section of society like industries, education, and environment.so the governments around the world should think to use blockchain…
