Several U.S. lawmakers have introduced the Virtual Currency Tax Fairness Act to strengthen “the legitimacy of cryptocurrency in our digital economy.” The bill also aims to expand the use of cryptocurrencies for payments.
The Wormhole exploit shined the spotlight on a number of things in the crypto industry as users scrambled for answers. Solana, Ethereum, DeFi, cross-chain protocols, and Solana’s proof-of-history consensus mechanism, all came under intense scrutiny. Now, with Wormhole releasing its incident report, there are more voices chiming in.
In the past year, we’ve seen the crypto economy undergo exponential expansion as heaps of money poured into various cryptocurrencies, decentralized finance (DeFi), nonfungible tokens (NFT), crypto indices, insurance products and decentralized options markets.
The Venezuelan Government has approved a new tax that would affect transactions made in foreign currency and cryptocurrency transactions. Approved by the National Assembly of the country, the tax, called the “large financial transactions” tax would collect up to 20% over transactions made in currencies different from the national fiat currency or the Petro.
ABC’s Shark Tank star, Kevin O’Leary, has sounded a warning that environmental, social, and governance (ESG) reporting is going to shake up the Bitcoin mining industry.
Disney appears to be interested in jumping into the non-fungible token (NFT) space. The entertainment giant is currently advertising for an open “business development” manager position.
It has arguably never been easier to participate in the crypto ecosystem. After centralized exchange powerhouse Coinbase recently began allowing its users to deposit part of their fiat paychecks into the exchange in the form of crypto, more people are beginning to realize the potential of the industry and participate in this ever-growing ecosystem.