April 2023

Web3 News From Consensus

April 28, 2023

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Bermuda Premier David Burt: 'Nobody is Coming to Bermuda to Flee Regulation'

April 28, 2023

CryptoX – Cryptocurrency Analysis and News Portal Five years after the island jurisdiction passed its digital assets regulation, a steady stream of companies is coming to Bermuda to be regulated. Original Source The post Bermuda Premier David Burt: 'Nobody is Coming to Bermuda to Flee Regulation' appeared first on CryptoX. CryptoX Portal

UK Treasury seeks input on taxing DeFi staking and lending: Finance Redefined

April 28, 2023 boss

Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you the most significant developments from the past week. The taxation arm of His Majesty’s Treasury in the United Kingdom has proposed new regulatory changes to simplify how DeFi returns are taxed and reduce the “administrative burden” for taxpayers. A DeFi options protocol has raised $17 million for a buy-side marketplace and an expanded number of listed tokens. USD Coin (USDC) issuer Circle launched a cross-chain USDC transfer protocol between Ethereum…

Bitcoin (BTC) Use Cases Are Seeing ‘Explosive Growth,’ Trust Machines Says

April 28, 2023

While the Web3 development has grown exponentially based on other blockchains such as Ethereum, development on Bitcoin has lagged. However, with new use cases and technologies emerging, this is likely going to change, said Muneeb Ali, CEO of Trust Machines and co-founder of Stacks, during a panel Friday at Consensus 2023, titled “Building on Top of Bitcoin (for Real).” Source

Terra Classic Advocates Propose Plan to Re-Establish USTC’s Peg With US Dollar, Token’s Value Surges by Over 9% – Bitcoin News

April 28, 2023 boss

Almost 12 months back, terrausd (UST), an algorithmic stablecoin, suffered a detachment from the U.S. dollar, causing the Terra ecosystem to crumble shortly thereafter. At present, supporters of the Terra Classic blockchain community are deliberating on a plan to revive the ecosystem by re-establishing the once-stable token’s peg with the U.S. dollar. In response to the proposed development, the value of UST, renamed USTC, has escalated by more than 9% in the past 24 hours. Terra Classic Community Plans to Take Action to Restore USTC’s Peg With USD Terra Classic…

Venmo will enable fiat-to-crypto payments in May

April 28, 2023 boss

Users of mobile payments service Venmo will soon be able to buy cryptocurrencies and send them to other Venmo users or external wallets beginning in May, according to an April 28 announcement from PayPal executive Jose Fernandez da Ponte. PayPal is the parent company of Venmo. Dropping in to announce a new feature of ours: crypto transfers⚡Get started now. https://t.co/R9QtUENfae pic.twitter.com/UoeEAWVhlz — Venmo (@Venmo) April 28, 2023 At a Consensus 2023 interview titled “PayPal’s Next Chapter in Crypto,” da Ponte explained how the new feature will work: “Starting in May,…

Tax law researchers propose IRS framework for deducting crypto losses

April 28, 2023 boss

Researchers at Indiana University and the University of Maine recently published a study examining the current state of cryptocurrency tax law in the United States. The research concludes with recommendations for the Internal Revenue Service (IRS) that, if adopted, would prevent taxpayers from weighing crypto losses against other capital gains. The paper, dubbed simply “Crypto Losses,” seeks to define the various forms of loss that can be accrued by businesses and individuals invested in cryptocurrency and proposes a “new tax framework.” Current IRS guidelines concerning cryptocurrency are somewhat nebulous. For…

Mastercard Launches Crypto Credential Service for Cross Border Transfers

April 28, 2023

“If two people want to transfer value from one country to another country, the level of compliance and verification needed is complex,” said Raj Dhamodharan Head of Crypto and Blockchain at Mastercard. “So how do you identify those wallets, and how do you exchange enough information about the other party?” Source

‘The Metaverse Is Not New’

April 28, 2023

“The reality is the metaverse is not new,” he said. “World of Warcraft, for all intents and purposes, is a metaverse,” he added. “But what Web3 is enabling is not only new interaction and ways for players to find communities that go beyond necessarily the game itself.” Source

How would a US debt default impact Bitcoin?

April 28, 2023

Macro Markets, hosted by crypto analyst Marcel Pechman, airs every Friday on the Cryptox Markets & Research YouTube channel and explains complex concepts in layperson’s terms, focusing on the cause and effect of traditional financial events on day-to-day crypto activity. The risks of a United States debt default are the first topic of this week’s show, which comes from none other than Treasury Secretary Janet Yellen. Yellen warned of potential mass unemployment, payment failures and broad economic weakness if the U.S. failed to pay its debts. This issue emerges every couple…