The latest data from the United Nations Conference on Trade and Development (UNCTAD) suggest that Kenya has the highest proportion of crypto-owning inhabitants than any other African country. To counter the growing use of cryptocurrencies, UNCTAD said it recommends the imposition of taxes that discourages crypto trading. โA Way to Protect Household Savingsโ According to the data in the latest (UNCTAD) policy brief, Kenyaโs digital currency ownership as a share of the population of 8.5% is the highest in Africa and the fifth-highest globally. Only Ukraine with 12.7%, Russia (11.9%),…
Month: July 2022
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Believe it or not, metaverse land can be scarce after all
Just recently, Yuga Labs, the team behind the world-famous bored nonfungible token (NFT) primates, nabbed some $300 million with its sale of Otherdeed NFTs, a collection of land plots in a soon-to-be metaverse. Indeed, NFTs, the blockchain industryโs primary method of creating digital asset scarcity, have emerged as the preferred way to handle virtual land ownership for most metaverse projects, including Decentraland and The Sandbox. All of this has prompted an interesting question in the community: In the metaverse, a vast, near-endless digital space, how can digital land ever be…
Bitcoin’s ‘Fundamental Value Is Not in Line With Market Price’ โ Crypto Miner โ Interview Bitcoin News
Profitable bitcoin mining is essentially a result of an efficient and highly skilled team of professionals that can maintain runtime, a founder of a Bitcoin mining company has asserted. Therefore, even when the price is hovering around $20,000, a bitcoin miner with these attributes can still operate profitably. โBitcoin Fundamentals Rarely Changeโ The drop in value of bitcoin from just under $30,000 at the start of June to below $20,000 by mid-month is believed to be one of the factors that contributed to the collapse and insolvency of large crypto…
How to report cryptocurrency transactions on your 2021 tax return
โถ Coinbase Website: Coinbase.com โถ CEX Website: cex.io People who traded cryptocurrency last year will now have to report it in their 2021 tax return. Shehan Chandrasekera, certified public accountant and head of tax strategy at CoinTracker, joins โCBS News Morningsโ with helpful tips for crypto investors. CBS News Streaming Network is the premier 24/7 anchored streaming news service from CBS News and Stations, available free to everyone with access to the Internet. The CBS News Streaming Network is your destination for breaking news, live events and original reporting locally,…
US dominates crypto ATMs installations and BTC hash rate worldwide
Despite the myriads of state and federal regulatory hurdles faced by crypto businesses in the region, the United States plays a major role in preserving the Bitcoin (BTC) and crypto ecosystem. With China moving out of the picture following a permaban on crypto, the United States maintains the top position in terms of hash rate contribution and ATM installations worldwide.ย Prior to cracking down on BTC mining, China historically represented over 50% of the total hash rate up until Feb 2021. With China out of the competition, the US picked…
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Crypto Payments Are Acceptable in Foreign Trade, Russiaโs Financial Watchdog Says โ Regulation Bitcoin News
Russian financial watchdog Rosfinmonitoring is ready to accept the use of cryptocurrencies in international settlements, the head of the agency, Yuri Chikhanchin, has indicated. The statement adds to growing support for the legalization of international crypto payments in Russia amid financial restrictions imposed over its invasion of Ukraine. Top Financial Regulator in Russia Welcomes International Crypto Payments The Federal Financial Monitoring Service of the Russian Federation, also known as Rosfinmonitoring, fully accepts that cryptocurrencies can be employed for settlements with foreign partners, Yury Chikhanchin, director of the regulatory body has…
Blockchain as the new internet planner
In my latest article โCrypto, like railways, is among the worldโs top innovations of the millennium,โ I compare the blockchain revolution to the railway boom. If we apply this analogy further, whatโs going to happen next? Stuart Hylton in his book What the Railways Did for Us: The Making of Modern Britain cites this quote: โThe direct effects of railway building are, after all, considerable enough in themselves to require no exaggeration. They profoundly influenced the internal flows of traffic, the choices of the site and the patterns of land…