Archives: January 2023

Kremlin Advisors Propose Ban on Home Crypto Mining to Prevent Fires

29. January 2023 at 1:22 by

• Advisors to the Kremlin have proposed a ban on home crypto mining in order to prevent fires in residential buildings.
• The Energy Committee of the State Council has recommended a ban on the minting of digital currencies in residential areas to reduce fire hazards.
• Anton Tkachev, member of the State Duma Committee on Information Policy, Information Technologies and Communications, believes this is a logical move as industrial mining farms already consume critical amounts of energy.

Recently, advisors to the Kremlin proposed a ban on home crypto mining in Russia, or in some of its regions. This was done in order to prevent fires in residential buildings that have been blamed on high loads on the grid causing breakdowns and blackouts due to amateur miners. The Energy Committee of the State Council, an advisory body to the Russian president, has suggested completely prohibiting the production of cryptocurrencies in apartment blocks and houses in the country, or at least in parts of Russia experiencing energy deficits. These include Moscow and the Moscow Oblast, the region adjacent to the Russian capital.

The crypto-related activity, which is a source of additional income for many Russians, especially in areas with access to cheap electricity, is not yet regulated. A bill tailored to do that is currently under review in the State Duma, the lower house of Russian parliament. The energy experts also suggested that the federal government should grant regional authorities powers to impose additional taxes on cryptocurrency mining.

Anton Tkachev, member of the State Duma Committee on Information Policy, Information Technologies and Communications, believes the push to ban mining in residential areas and energy-deficient regions is a logical move as industrial mining farms already consume critical amounts of energy. He also expressed his support for the proposal, citing the potential danger of fire hazards in residential areas due to mining activities.

The ban on home crypto mining has been met with mixed reactions from the public. Some believe it is necessary in order to protect citizens from potential danger, while others feel it will limit their ability to generate income from crypto mining. Regardless, the proposal is currently under review and is expected to be implemented in the near future.

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Revolutionize Investing in Games with Spacewalkers: Secure and Transparent Blockchain Tech

20. January 2023 at 12:26 by

• Spacewalkers is a Polish gaming studio founded in 2020 by experienced developers with a proven track record of success.
• They have released their first game, Interregnum Chronicles: Signal, on Steam to offer investors and players a chance to familiarize themselves with the brand.
• Spacewalkers is now offering the opportunity for anyone to invest in their games through the use of blockchain technology.

Spacewalkers is a gaming studio that is revolutionizing the way that investors can participate in the profits of their projects. Founded in 2020, the Spacewalkers development team is Polish and comprises of individuals who have decades of experience over multiple projects in well-established studios such as Flying Wild Hog and Techland. Their impressive track record of performance and delivering on their promises has made them a credible and reliable studio.

The first game released by Spacewalkers was Interregnum Chronicles: Signal, and it was launched in 2021 on the Steam platform. This gave the team an overview of the logistics involved when completing production and gaining certification, as well as experience in game release on a global platform, promotion and connecting with players. The game was developed in just six months, proving that Spacewalkers delivers.

Spacewalkers is now offering the opportunity for anyone to invest in their games through the use of blockchain technology. This allows investors to benefit from the profits of the games and have a direct stake in their success. Blockchain technology is a secure and transparent system, which means that the process is quick, efficient and secure.

The team at Spacewalkers has a wealth of experience and a track record of success, and they are determined to continue to revolutionize the gaming industry. With their innovative approach to investing, anyone can now become a part of their success and benefit from the profits of their games.

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Brazilians Turn to Stablecoins for Financial Protection Amid Economic Volatility

11. January 2023 at 23:30 by

– Brazilians are turning to stablecoins as a way of shielding themselves from the volatility of economic circumstances.
– Exchange executives have declared that demand for stablecoins has skyrocketed during 2022, and exploded during the last months of the year.
– Tether’s USDT is one of the assets that recorded a significant increase in demand from Brazil.

In the wake of the inauguration of the new government of Luis Inacio “Lula” Da Silva, Brazilians are turning to stablecoins as a way of shielding themselves from the volatility of economic circumstances. Stablecoins provide a way to hedge against asset market volatility, by allowing investors and companies to take refuge in the U.S. dollar.

Executives from several exchanges have declared that demand for stablecoins has skyrocketed during 2022, and exploded during the last months of the year. Jose Artur Ribeiro, CEO of Coinext, a national exchange, told local newspaper O’Globo about the benefits that using stablecoins presents, versus using dollars in bank accounts. He stated: “Stablecoins do not pay an administration or performance fee. Those who know how to manage money prefer to leave management to themselves. And the stablecoin has an absolutely liquid market that works 24 hours a day reflecting the market price.”

Thales Freitas, CEO of Bitso in the country, indicated that the volume of stablecoin trading grew by 85% in 2022 and that the platform has observed greater interest of Brazilians for these cryptocurrency assets. He explains that small and medium-sized companies, and individuals going abroad, are the ones fueling the demand for stablecoins.

Ribeiro added that USDT, the dollar-pegged stablecoin issued by Tether, was one of the assets that recorded a significant increase in demand from Brazil. He stated that the use of these coins increases “the security of those who do not have full confidence in the traditional banking system, since they are not subject to the same rules as banks.”

The increased demand for stablecoins in Brazil shows that people are looking for ways to protect themselves from economic volatility. With the current economic uncertainties, it is likely that the demand for stablecoins will continue to rise in the future. It is a sign that people are looking for alternative solutions to protect their money, and that stablecoins are becoming increasingly popular as a way to achieve that goal.

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Italian Parliament Approves Capital Tax on Crypto Gains, Offers Tax Breaks

3. January 2023 at 10:34 by

• The Italian Parliament has approved a 26% capital tax on cryptocurrency gains as part of the 2023 budget law.
• The budget law includes incentives for taxpayers to declare their cryptocurrency holdings, such as a 3.5% aliquot for undeclared cryptocurrencies held before Dec. 31, 2021, and a 0.5% fine for each additional year.
• Taxpayers can also cancel their capital gains tax at 14% of the price of cryptocurrency held on Jan. 1, 2023.

The Italian Parliament has recently approved a new capital tax on cryptocurrency gains as part of its 2023 budget law. This law is set to take effect in 2023 and aims to encourage citizens to disclose their cryptocurrency holdings and pay taxes accordingly.

The approved budget law includes a 26% aliquot for cryptocurrency gains above 2,000 euros (approx. $2,060) during a tax period. To encourage taxpayers to declare their cryptocurrency holdings, the document also offers incentives such as a 3.5% aliquot for undeclared cryptocurrencies held before Dec. 31, 2021, and a 0.5% fine for each additional year.

The budget law also allows taxpayers to cancel their capital gains tax at 14% of the price of cryptocurrency held on Jan. 1, 2023. This is significantly lower than the price paid when the cryptocurrency was purchased, thus being a beneficial incentive for taxpayers. Similarly, cryptocurrency losses higher than 2000 euros in a tax period will count as tax deductions and will be able to be carried out to the next tax periods.

The Italian Parliament’s approval of this new law is set to have a positive effect on the country’s cryptocurrency industry, as it provides a clear framework for taxation and incentivizes taxpayers to declare their holdings. This will ensure that all cryptocurrency activities are conducted in a transparent manner, and that all taxes due are properly paid. As such, the Italian Parliament’s approval of this law is an important step towards the regulation of cryptocurrency in Italy.

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2023: 3 Macroeconomic Events to Watch for Market Volatility

2. January 2023 at 23:21 by

• The Ukraine-Russia War, US Presidential Election, and the Impact of the Coronavirus Pandemic are three macroeconomic events to watch in 2023.
• The Ukraine-Russia War has the potential to affect the global economy, while the US Presidential Election could lead to a change in policy.
• The Coronavirus Pandemic is still impacting the economy and could continue to do so into 2023, leading to further volatility across assets.

2023 promises to be an interesting year for the global economy and the financial markets. With the world still reeling from the effects of the Coronavirus Pandemic and the ongoing Ukraine-Russia War, both of which had a major impact on the markets in 2022, there is a great deal of uncertainty and volatility in the air. As such, it is important to be aware of the macroeconomic events that could shape the global economy and the markets in the coming year.

The Ukraine-Russia War is one of the key macroeconomic events to watch in 2023. After Russian President Vladimir Putin delivered his New Year’s Eve address to the nation, it has become increasingly clear that the war will continue at his discretion. The war in Europe has already had a major impact on the global economy and the world’s assets in 2022, and the situation could worsen in 2023.

Another important macroeconomic event to keep an eye on in 2023 is the US Presidential Election. This election could lead to a change in policy, which could have a significant impact on the US economy and the markets. With the US economy being the largest in the world, any changes in policy could have a ripple effect across the globe, leading to increased volatility in the markets.

Finally, the Coronavirus Pandemic is still impacting the global economy and could continue to do so into 2023. The markets were already volatile in 2020 and 2021 due to the pandemic, and the situation could worsen if the virus continues to spread. This could lead to further volatility across assets, making it important to be aware of the situation.

2023 is sure to be a volatile year for the markets. With the world still dealing with the effects of the Coronavirus Pandemic, the ongoing Ukraine-Russia War, and the US Presidential Election, there is a great deal of uncertainty in the air. Therefore, it is important to be aware of the macroeconomic events that could shape the global economy and the markets in the coming year. By understanding the potential impact of these events, investors can better prepare themselves and their portfolios for the year ahead.

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FTX Customers in Japan to Withdraw Funds From Bankruptcy By Mid-February

at 4:35 by

• FTX customers in Japan will soon be able to withdraw their funds that are currently frozen due to the bankruptcy process.
• Two FTX-owned crypto exchanges, FTX Japan and Liquid, are developing a system to allow withdrawals by mid-February.
• Japanese exchange Liquid was acquired by FTX earlier this year.

FTX customers in Japan will soon have access to their funds that have been frozen due to the bankruptcy process. The two FTX-owned crypto exchanges, FTX Japan and Liquid, have announced that they are working on a system that will allow users to withdraw their funds by mid-February.

The news comes after Japanese exchange Liquid was acquired by FTX earlier this year. The acquisition included Quoine Corp., one of the first crypto exchanges to register with Japan’s top financial regulator, the Financial Services Agency (FSA). The deal included debt financing of $120 million, provided by FTX, after a major hack resulted in the loss of $90 million worth of cryptocurrencies from the Liquid platform.

FTX then filed for bankruptcy on Nov. 11, leaving customers in Japan unable to access their funds. However, FTX Japan confirmed on Dec. 1 that their customers’ assets should not be part of the bankruptcy estate under Japanese law. This announcement was followed by the FSA issuing three orders against FTX Japan: a business suspension order, a business improvement order, and a penalty payment order.

Now, the two FTX-owned crypto exchanges have announced that their users will be able to withdraw funds by mid-February. To do so, customers will need to open an account with Liquid and transfer their assets to the Liquid platform.

The news is a relief for customers who have been unable to access their funds since FTX’s bankruptcy filing. It is also a positive sign for the crypto industry in Japan, as the country is taking steps to ensure the safety of investor funds and clamp down on illegal activity in the space.

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CBRT Conducts First Payment Transactions on Digital Turkish Lira Network

1. January 2023 at 9:49 by

• The Central Bank of Turkey (CBRT) has conducted its first payment transactions on the test network of the digital lira.
• The monetary authority intends to proceed with more testing in 2023 and plans to invite banks and fintech companies to join the trials.
• The CBRT has highlighted that examination of the legal aspects of the CBDC has shown that digital identification is of critical importance for the project.

The Central Bank of the Republic of Turkey (CBRT) has made progress in its digital currency project, announcing on Thursday that it has successfully carried out the first payment transactions on the Digital Turkish Lira Network. The operations were executed as part of studies during the first phase of the CBDC project.

The CBRT also said it will continue to perform pilot tests with technology stakeholders in the first quarter of next year, on a limited scale and in a closed-circuit environment. The findings from these tests will be revealed to the public in a comprehensive evaluation report, it promised.

The Turkish central bank intends to expand the collaboration platform for the digital lira in 2023. Selected banks and financial technology companies will be invited to join the trials and advanced phases of the pilot study unveiled to further widen participation. The regulator will continue to run tests for authentic architectural setups designed in areas such as the use of distributed ledger technologies in payment systems and the integration of these technologies with instant payment systems.

In addition, the CBRT has highlighted that examination of the legal aspects of the CBDC has shown that digital identification is of critical importance for the project. For this reason, the CBRT intends to prioritize studies on the use of digital identity systems. It will also focus on the development of the infrastructure and the institutions that will ensure the secure operation of the digital lira.

The Central Bank of Turkey’s project is part of a wider trend in which other countries are exploring the potential of a central bank digital currency. CBDCs offer a range of benefits, such as greater financial inclusion, improved cost efficiency, and faster transaction times.

Overall, the CBRT’s progress in its Digital Turkish Lira Network is an encouraging sign for the potential of a CBDC. The regulator is now looking to continue testing in 2023 and invite banks and fintech companies to join the trials. It is also focusing on the development of the infrastructure and the institutions that will ensure the secure operation of the digital lira.

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