Zambia has reportedly initiated a process to establish an artificial intelligence framework and is collaborating with the Tony Blair Institute to formulate an artificial intelligence strategy. Sarah Luyele Njamu said Zambia can leverage AI for economic growth, improved healthcare, enhanced education, and sustainable development. Zambia Revising Cyber Security and Crime Law The Zambian government has […]
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Messari Founder Ryan Selkis Accuses Martin Shkreli of Working Covertly to Hurt Trump’s Campaign Through DJT
Ryan Selkis, founder and CEO of Messari, a cryptocurrency market intelligence firm, has called out “Pharma Bro” Martin Shkreli for supposedly acting with federal agencies to hurt Donald Trump’s campaign. Shkreli, allegedly the creator of DJT, disregarded this notion, calling out Selkis for “watching too many movies.” Messari’s Ryan Selkis Accuses Martin Shkreli of Organizing […]
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Ripple Working With 10 Governments Globally, CEO Reveals in Rediscovered Interview
In a resurfaced video clip, Ripple CEO Brad Garlinghouse stated that his crypto firm is collaborating with around 10 governments globally on central bank digital currencies (CBDCs). “A central bank digital currency is a stablecoin. It’s just issued by the government,” the executive described. Ripple CEO on Working With Governments Worldwide A video clip surfaced […]
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India Working on Offline Transferability of Digital Rupee, Says Central Bank Governor
India’s central bank, the Reserve Bank of India (RBI), is in the process of making its central bank digital currency (CBDC) available without relying on internet access. RBI Governor Shaktikanta Das has emphasized the importance of ensuring the digital rupee’s ease of use. RBI Governor Updates Digital Rupee Progress During an event hosted by the […]
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Kenya Establishes Working Group to Draft Rules Governing Crypto Entities
The Kenyan government recently established a multi-agency technical working group tasked with developing a framework for regulating and monitoring the cryptocurrency industry. The group, which includes financial regulators such as the Central Bank of Kenya, is set to draft rules for controlling and monitoring Virtual Asset Service Providers (VASPs). FATF Grey Listing Threat The Kenyan […]
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FATF Grey Listing Concern Prompts Kenya to Establish a Crypto Working Group
The fears that Kenya’s lack of a regulatory framework for overseeing the crypto industry has prompted the government to establish a working group tasked with drafting crypto regulations. Authorities in the East African nation are confident that the approved regulations will designate a sole regulatory body to oversee the cryptocurrency industry. Lack of Regulation Threatens […]
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Blockchain Basics Act Reaches Tennessee, 16 Legislatures Working on Similar Bills
The Blockchain Basics Act, a bill that seeks to secure the rights of state citizens regarding cryptocurrency ownership, self-custody, and mining, has reached Tennessee. The bill, supported by the Satoshi Action Fund, was introduced to the State House by Rep. Kevin Vaughan and simultaneously to the State Senate by Sen. Bo Watson.
Blockchain Basics Act Introduced in Tennessee
The Blockchain Basics Act, a bill that aims to enshrine cryptocurrency rights such as self-custody, ownership, and mining, has reached Tennessee. The bill was recently introduced both to the Tennessee State House (HB2309) and to the State Senate (SB2370) by Rep. Kevin Vaughan, chairman of commerce, and Sen. Bo Watson, who also serves as chairman of finance, chair of rules, and vice-chair of pensions.
As in other states, the bill seeks to prevent the state government from approving rules affecting cryptocurrency mining operations specifically and guarantee that citizens of the state might use cryptocurrency without restrictions, including running their own nodes. Similarly, it eliminates state capital gains tax for transactions under 0.
Dennis Porter, CEO and co-founder of the Satoshi Action Fund, a nonprofit that educates lawmakers about introducing crypto-specific regulations, explained that while the institution had already helped pass two bills to protect bitcoin adoption, this might be an uphill battle in some states.
He also reported that there was additional work on different legislatures to keep expanding the reach of the Blockchain Basics Act at a state level. Porter declared:
We are now actively working in 16 different legislatures in 2024 to pass similar legislation, so this goes far beyond just one state. You and I cannot take our foot off the gas.
The Satoshi Action Fund’s work has been essential in introducing similar regulations in five states across the U.S.: Virginia, Missouri, Indiana, Nebraska, and Tennessee. Porter believes that bitcoin adoption won’t happen from the top down in the U.S., trying instead to mimic what happened with cannabis, which was treated more favorably at the state level than by the federal government.
What do you think about the introduction of the Blockchain Basics Act in the state of Tennessee? Tell us in the comments section below.
NAKA Launching the First Self-Custodial Payment Card/Scheme Working on POS Terminals Worldwide
PRESS RELEASE. SLOVENIA – Sep 27th, 2023 – NAKA introduces a new decentralized approach to finances, built upon a pioneering blockchain-based payment scheme and a payment card that links to the wallet managed by MetaMask and can be read by any POS terminal worldwide.
NAKA has developed a new technology that bridges the gap between the traditional payment industry and the blockchain world. It encompasses a unique payment scheme running fully on smart contracts and a self-custodial payment card that is available to anyone without any bank intermediaries. The NAKA payment scheme and card are fully compatible with the EMV standard, an acronym representing Europay, Mastercard, and Visa. This allows compatibility with virtually any point-of-sale (POS) system on a global scale.
The initial testing phase for NAKA’s card and scheme will take place in two strategically selected locations: Switzerland and El Salvador. These regions have established robust infrastructure for accepting Bitcoin payments at POS terminals, making them ideal for testing NAKA’s cryptocurrency and card payments. NAKA’s payment acceptance system will seamlessly support Bitcoin on the Lightning Network (LN) and the stablecoin USDt on the Polygon, Tron, and Ethereum networks, augmenting its versatility and usability.
Here is what you need to know about NAKA:
What is a NAKA card?
NAKA designed a self-custodial payment card that can be obtained by any user. The card connects to a non-custodial wallet and enables its user to manage his funds at his discretion. The new NAKA card is opening the door to decentralized financial services, benefiting unbanked individuals and those who lost trust in centralized financial institutions.
The card is backed by the NAKA payment scheme, a blockchain-based payment network that executes transactions and settlements by relying on smart contracts. This pioneering technology is disrupting the flow of transactions as we know it today.
What makes NAKA unique?
- NAKA cards can be used with the existing payment acceptance infrastructure.
Compatible with the legacy payment industry standards, the NAKA scheme and card have the potential to be used on any conventional POS device.
During its test phase, the NAKA card will be supported at all NAKA point-of-sale locations across Switzerland and El Salvador launching in October and November this year.
- The NAKA card is self-custodial.
NAKA cardholders use the NAKA decentralized application (dApp) to connect their NAKA cards to a wallet, managed by MetaMask and fund their cards with their MetaMask assets (USDt on Polygon supported) or top them up directly with USDt on the Polygon network.
- Anyone can issue the NAKA card without obtaining additional licenses.
The NAKA card can be issued by any legitimate company either as a so-called primary issuer, where the issuing of cards is communicated directly with NAKA, or through a NAKA sponsoring issuer.
For more information about becoming a NAKA issuer visit our Partners webpage.
Where can you use NAKA?
The NAKA card will officially launch at the Plan ₿ Forum in Lugano, Switzerland, on October 20th and 21st, 2023. NAKA’s CEO, Dejan Roljic, will perform the first-ever transaction with the NAKA card during his live speech in Villa Ciani. During the two-day event, the selected few will become the first cardholders of NAKA and will be able to try out card payments with USDt across the venue and the entire Lugano region.
NAKA powers three Bitcoin Cities
After the official launch, NAKA will be supported in three Bitcoin Cities across the globe: Lugano, Switzerland; San Salvador, El Salvador; and Ljubljana, Slovenia. After the initial phase, NAKA will expand to other markets as well.
Visit NAKA website to learn more about the products and services that will help you unlock your money.
About NAKA
NAKA is a FinTech company developing a comprehensive suite of financial products and services, including a dedicated self-custody payment card, a blockchain payment scheme, and a holistic point-of-sale payment solution, offering a complete payment ecosystem. Built on the foundation of GoCrypto’s success story, NAKA’s blockchain-powered financial ecosystem bridges traditional and decentralized finance, committed to decentralizing finances and achieving financial inclusion for all. Its vision is to pioneer decentralized technology solutions that empower individuals, transcending boundaries to provide universal access to financial freedom for everyone.
Contact: [Nuša Sterniša] [Head of PR] [GoCrypto] [nusa.sternisa@naka.com] [www.naka.com]
This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
IMF Working Paper Urges Tax System Overhaul to Tackle Crypto’s Tax Collection Challenges
A research paper published by the International Monetary Fund (IMF) warns that tax collection is significantly more challenging with cryptocurrency assets, and current tax systems are not designed to handle them. The IMF’s working paper emphasizes that certain crypto assets may not persist in the future, while others that endure become “fundamental innovations in decentralized finance.” Consequently, the IMF asserts that tax systems must adapt to cryptocurrencies with “coherence, clarity, and effectiveness.”
Crypto Assets Pose Tax Collection Hurdles, Warns IMF Working Paper
On July 5, 2023, the International Monetary Fund (IMF) released a working paper on taxation and cryptocurrency assets authored by Katherine Baer, Ruud de Mooij, Shafik Hebous, and Michael Keen. While published by the IMF, working papers are the opinions of the authors and do not necessarily reflect the views of the IMF, its executive board, or IMF management.
The authors observe that the current taxation framework is inadequate in many regions worldwide due to the dual nature of crypto assets, which can serve both as a currency and an investment. The IMF’s working paper further highlights that “crypto’s quasi-anonymity is an inherent obstacle to third-party reporting” significantly complicating tax collection. The investment and currency aspects introduce additional tax collection challenges in today’s modern world.
“Conceptually, the dual nature of cryptocurrencies as both investment assets and means of payment — the latter, though less prominent than the former, being a primary purpose for their development — creates potential difficulty in capturing capital gains and losses in their asset role without thereby constructing obstacles to their use as currency,” the IMF authors opine.
The IMF researchers caution policymakers to promptly address these concerns and familiarize themselves with the necessary corrective measures. The authors of the IMF paper also mention the concept of implementing a carbon tax on proof-of-work (PoW) cryptocurrency assets to “address the significant climate impact of proof-by-work consensus mechanisms.”
Although the working paper acknowledges tax evasion as a pressing issue, page 18 specifically addresses the “revenue potential” that tax collectors overlook concerning cryptocurrencies. Furthermore, the IMF paper references the blockchain surveillance company Chainalysis and its capability to “probabilistically” associate a crypto user with their country of origin.
The issue of crypto anonymity is described as a “fundamental obstacle to tax enforcement,” according to the IMF’s explanation on page 20. “Income can be hard to identify from transactions, and it is not simply that the tax authorities cannot identify individuals — nobody can,” the researchers elaborate. The IMF report emphasizes the need to maintain an ongoing focus on the realm of crypto asset transactions and taxation.
The researchers further argue that although data is limited, “there is strong evidence that crypto wealth is highly concentrated, even more so than ownership of equities.” Ultimately, the paper concludes by highlighting the challenge policymakers face in integrating cryptocurrencies into tax systems that currently lack the necessary tools to accommodate their existence.
What are your thoughts on the IMF’s call for tax system adaptation to tackle cryptocurrency taxation challenges? Share your thoughts and opinions about this subject in the comments section below.
IMF Working on Platform to Support CBDC Cross-Border Interoperability
The International Monetary Fund (IMF) is working to develop a platform that would serve as an interoperability layer for central bank digital currencies (CBDCs), allowing for settlements among different countries. According to statements from IMF Managing Director Kristalina Georgieva, this would avoid the underutilization of CBDCs for domestic purposes.
IMF Working on CBDC Cross-Border Integration Platform
The International Monetary Fund (IMF) is building a solution to integrate and support cross-border payments among central bank digital currencies (CBDC). According to IMF Managing Director Kristalina Georgieva, this would prevent underutilization of these currencies, expanding their usage to international markets.
At a conference in Morocco, Georgieva reinforced the need for interoperability. She stated:
CBDCs should not be fragmented national propositions. To have more efficient and fairer transactions we need systems that connect countries: we need interoperability.
Georgieva also remarked on the need for CBDC regulation on a global scale to support this interoperability use case. The failure to reach agreements on this subject would lead to the growth of cryptocurrencies as a substitute for the void created, Georgieva explained.
The official added that 114 central banks were involved in CBDC exploration projects, with ten already arriving at the finish line.
Some CBDC projects are already live. China is already using its CBDC, the e-yuan, to pay salaries in some regions of the country, while the Venezuelan petro, a state-issued digital currency, is facing a liquidation amidst a cryptocurrency corruption probe, according to recent reports.
Also, the European Central Bank (ECB) is in its final phases of deciding on issuing a digital euro that would be focused on providing payment rails to Europeans.
A Case for CBDCs
Georgieva stressed the benefits that the issuance of CBDCs might bring to countries adopting them, stating that if implemented currently, they might “help to increase inclusion” and “strengthen the resilience and efficiency of payment systems.”
The executive also commented that CBDCs could “make cross-border payments and remittances cheaper,” as the cost of transferring money across borders stands at 6.3%, an industry that brings service providers billion annually.
Georgieva, who has advocated for anti-crypto regulation in the past, established differences between cryptocurrency assets and CBDCs, clarifying that, for her, the latter should be backed by assets. Furthermore, she stated that cryptocurrencies backed by assets could be considered investment opportunities, calling unbacked cryptocurrencies “speculative investments.”
What do you think about the IMF’s work on a CBDC interoperability platform? Tell us in the comment section below.