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Coinbase to Sign Spree Amid New Push to Expand in Indian Market

Leading US crypto exchange Coinbase is making a new push to expand its presence in India with plans for a major signing wave.

In a new blog post, CEO Brian Armstrong points out how Coinbase Ventures, the company’s venture capital arm, has already invested $150 million in Indian tech companies in the cryptocurrency and web3 space.

Now the exchange plans to quadruple its presence in the country, adding 1,000 new full-time employees to its current headcount of 300.

Armstrong says,

“Coinbase’s Indian tech hub was launched last year and already has more than 300 full-time employees across the state and regions of India. We are excited to harness the dynamic talent of Indian software to develop our products and will continue to invest heavily in our hub in India. We have ambitious plans for India and are looking to hire over 1,000 people at our India hub this year alone.”

In a blog post in February, Nana Murugesan, Vice President of International and Business Development at Coinbase, announced the company’s plans for rapid global expansion.

As part of Coinbase’s plans to establish itself in India, the exchange has made investments in cryptocurrency platforms CoinSwitch Kuber and CoinDCX. Murugesan also listed the top three markets Coinbase had its eye on expanding into.

“An important first step in our strategy is recruiting experienced regional and country leaders from around the world. We are now embarking on a broad global expansion strategy, with hiring and investment plans to enter these markets, which will allow Coinbase to serve customers more locally:

Americas — Latin America, Canada

EMEA: Europe, Middle East and North Africa, Sub-Saharan Africa

APAC — South Asia, Southeast Asia and Oceania, North and East Asia”
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Japan Central Bank Wants Urgent Crypto Regulation, Warns Global Settlement System Could Be Overthrown

A senior Bank of Japan (BoJ) official said the group of 7 nations urgently needs a common framework to regulate cryptocurrencies before they “destroy” the global settlement system.

One of the main reasons given for this was the possibility that Russia used cryptocurrencies to avoid the sanctions that were imposed on it after the invasion of Ukraine.

According to a Reuters report, the BoJ believes that the cryptocurrency is under the spotlight due to the conflict between Russia and Ukraine and that a loophole could be created that would allow Russia to avoid international sanctions by using it.

In fact, Kazushige Kamiyama, head of the BOJ’s Payment and Settlement Systems Department, says it would not be difficult to create an individual global settlement system using stablecoins, which could include the yen, the US dollar or the euro.

Kamiyama urges the group of seven advanced economies to move quickly to update current rules that will take digital currencies into account. kamiyama said:

“The G7 nations are now working together on this front, while sharing information on current developments,”

However, Kamiyama’s comments run counter to expert opinion on Russia’s ability to use cryptocurrencies with any degree of success. The Financial Crimes Enforcement Network (FinCEN) stated that the use of cryptocurrencies by the Russian government was “not necessarily practicable.”

It can probably be said that the BoJ is much more interested in designing and rolling out its own central bank digital currency (CBDC). Any development in crypto regulation could have knock-on effects for a central bank digital yen.

Kamiyama noted that the BoJ was keen to keep up with developments and did not want to be left behind.

“Given the number of advanced nation central banks collectively, dramatically and simultaneously moving into CBDC, this could cause major changes to the settlement system in the future,” he said. “Japan needs to make sure it’s not left behind.”

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Rio de Janeiro Permits BTC Payments for Real Estate Taxes

If you’re a bitcoin lover and you own real estate in the city of Rio de Janeiro, Brazil, there’s a good chance you’re feeling pretty lucky right about now. The city government has announced that those who own real estate in Rio de Janeiro can pay their real estate taxes with bitcoin and other forms of crypto.
Rio de Janeiro Is Pushing Crypto Forward

The move is proof, once again, that Latin America and crypto appear to go hand in hand. Several countries in that neck of the woods, over the past few years, have done quite a bit to not only legalize crypto but push for higher usage, and now Rio de Janeiro is taking a huge step forward in making the initial goals of digital currency become realities.

While bitcoin and many of its altcoin cousins have taken on very speculative shapes over the past few years, it’s easy to forget that a lot of these assets were initially designed to be used for purchasing goods and services. They were designed to serve as payment methods that would push checks, credit cards, and fiat currencies to the side, but this has been a slow journey given how volatile they are. Many businesses and institutions, as a result, are reluctant to say “yes” when it comes to accepting crypto payments, and to a certain extent, we can understand why.

Consider the following scenario: a person walks into a business and purchases $50 worth of items with bitcoin. For one reason or another, the organization does not convert the BTC into fiat right away. 24 hours go by, and the price of bitcoin drops, causing that $50 to turn into $40. While the customer gets to keep everything they bought, the company has lost money. Is this fair? Not everyone thinks so.

Thanks to Rio de Janeiro and its regulators, the push for crypto payments just got a lot stronger. The acceptance of crypto for real estate taxes is occurring through a joint effort between Binance – the largest and most popular digital currency exchange in the world – and Eduardo Paes, the mayor of the city. In an interview, the chief executive officer of Binance Changpeng Zhao explained:

He (Mayor Paes) has done his share and we are doing ours.

Binance Will Help Out

City officials also took the time to chime in, claiming:

To facilitate the operation, the municipality will contract with firms that specialize in converting cryptocurrency to reais. In this manner, city hall will receive the whole amount in money.

Rio de Janeiro, despite its good intentions, still has quite a way to go if it’s going to compete with other Latin American nations such as El Salvador, which has done all it can to put bitcoin on the map. The country declared BTC legal tender last September and hasn’t looked back.

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Binance Launches Binance Bridge 2.0 to integrate CEFI and Defi

The service would allow users asset bridges of any block block to the BNB chain.

On March 29, the Centralized Cryptocurrence Exchange Bnance announced the Binance Bridge 2.0 impulse. The feature allows active users to tarnate any block block, even tokens that are not listed in the Binance application for the BNB chain. The bridges listed in billions will be stored in funding or in the portfolio to detect, while the not listed binding tokens will be transferred to the funding portfolio only.

Users can fill or bridge tokens between their native blocks of blocks and BNB chain through regular tank functions and removal. In the future, Binance also plans to create a better version of your mobile application to allow users to provide this conversion to facilitate through a single click. With regard to development, Mayur Kamat, Binance Manager, said:

"With Binance Bridge 2.0, we can make decentralized finances accessible to a larger public worldwide, while providing user-free user experience offered by centralized finance offerings. We are already seeing this through tremendous adoption of the Mini Pancheckap application.

Binance has also implemented a new automated token control system in Binance Bridge 2.0. The exchange will not maintain a surplus of fixed chips, also known as enveloped assets, except for a buffer size in hot portfolios. Instead, you will print additional tokens when users will remove fallen tokens into the BNB intelligent chain.

The company indicated that all other circulations will be supported by the native tokens deposited by the users of the original block tables. When users want to change the tokens glued to the original tokens, they can deposit the fixed sheets in the binave and remove the original tokens. Simultaneously, excessive tokens will be swept to the cold portfolio and will burn automatically.

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Cryptocurrency tax rules will reduce US budget deficit by $11 billion in ten years: White House

The Biden administration’s budget said modernizing tax rules to include digital assets will bring the government $4.9 billion in revenue in 2023.

The US government’s fiscal 2023 budget includes about $11 billion in revenue over the next decade from modernizing rules on digital assets.

According to US President Joe Biden’s fiscal year 2023 budget released by the White House on Monday, changing tax rules on digital assets will reduce the deficit by $10.9 billion from 2023 to 2032. White House said it would “modernize the rules” to include certain taxpayers who declare possessions. of digital assets in foreign accounts, amending market adjustment rules to include digital assets, and requiring financial institutions and cryptocurrency exchanges to report additional information. In addition, it proposed to “treat bond lending as tax-exempt to include other asset classes and address income inclusion.”

The Biden administration has estimated that modernizing tax rules to include digital assets will bring the government $4.9 billion in revenue in 2023. In addition, the budget included $52 million to combat the “misuse of cryptocurrencies,” expanding the Department of Justice’s ability to deal with cyber threats. for the United States. The funding will provide the government agency with “more agents, improved response capabilities, and enhanced intelligence collection and analysis capabilities.”

President Biden said his administration is on track to reduce the US deficit by more than $1.3 trillion by 2022. Among the president’s proposals to increase government revenue is one that calls for a tax rate above 20% of income for American families worth more than $100 million, about 0.01% of households, according to the White House.

Under the leadership of @POTUS, America is on the move again.
-We created more than 6.5 million jobs in 2021.
-Our economy had the highest growth in almost 40 years.
-The unemployment rate dropped to 3.8%.
-And the deficit fell last year by more than $350 billion. pic.twitter.com/lkiH9pZvTb
— The White House (@WhiteHouse) March 28, 2022

The proposed budget followed Biden signing an executive order on March 9 establishing a regulatory framework for digital assets in the United States. The order will require government agencies to explore the potential launch of a digital dollar, as well as coordinate and consolidate policy into a federal framework for cryptocurrencies.

Related: Regulators and Industry Leaders React to Biden’s Executive Order on Cryptocurrencies

The current administration in the US has now considered cryptocurrencies both in their budget estimates and in a regulatory framework. However, the world’s largest democracy recently voted to establish a framework on digital assets through tax policy. On Friday, Indian lawmakers passed a finance bill that included an amendment to a 30% tax on digital assets and non-fungible token transactions. In addition, the framework will not allow deductions for business losses when calculating revenue.