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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.

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Canadian Musician Grimes Reveals ‘Intergalactic Metaverse Children’s Book’ at Avalanche Summit

At the Avalanche Summit in Barcelona, ​​Canadian music and music producer Grimes announced plans to release an “intergalactic children’s metaverse book.” Grimes’ metaverse children’s book project is part of a $100 million initiative initiated by the Avalanche Foundation and non-fungible token launch platform (NFT) OP3N.

Grimes partners with OP3N to launch ‘an educational art series for babies and toddlers’ on Avalanche

From March 22-27, at the Avalanche Summit in Barcelona’s Poble Espanyol, NFT Launch Pad OP3N and the Avalanche Foundation announced a $100 million initiative dedicated to Web3 entertainment called Culture Catalyst. Ava Labs President John Wu said Culture Catalyst will bolster Web3 entertainment apps on the Avalanche network.

“The Avalanche Foundation’s Cultural Catalyst Initiative with OP3N marks a watershed moment for entertainment and pop culture applications at Avalanche,” explained Wu. “Users can expect Avalanche’s already strong NFT scene to grow into new areas and be part of a new chapter in the history of Web3 culture.”

In addition to Culture Catalyst, Canadian singer Grimes revealed that she plans to release an “intergalactic children’s metaverse book” as one of the initiative’s projects. Speaking to Avalanche Summit guests from a video screen, Grimes spoke about Web3 and how pleased he was to help OP3N’s efforts.

“When I joined Web3, this was the kind of project I was hoping to see,” Grimes told the audience. “I am very excited to partner with OP3N to launch an educational art series for babies and toddlers with the goal of creating a profound experience for babies that is also deeply meaningful for adults,” added the musician.

Grimes has been heavily involved in the non-fungible token (NFT) ecosystem for the past two years. Grimes is also the wife of Elon Musk and the mother of his son “X Æ A-12”. In March 2021, Grimes teamed up with the NFT Nifty Gateway marketplace to introduce their NFT collection titled “Warnymph Collection Vol. 1”. The NFT raised about $6 million and the NFT called “Newborn 1 and 3” was split.

“I hadn’t dropped any NFTs since the first crash due to environmental concerns. But I feel totally comfortable launching Avalanche,” Grimes said at the blockchain event.

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Canadian Internet Provider Oxio Says “Yes” to Cryptocurrency Payments

Oxio, an internet provider in Canada, became the first internet service company in the country to accept bitcoin and cryptocurrencies as payment methods.

Oxio Says “Yes” to Cryptocurrency

Oxio has partnered with Coinbase Commerce, a platform linked to the popular cryptocurrency exchange that allows merchants to accept digital currencies for goods and services. Marc-Andre Campagna, CEO and co-founder of Oxio, explained in a statement:

As the first independent digital ISP in Canada, it was easy for Oxio to offer its customers a payment method built for the people of the Internet. Canadians are increasingly interested in cryptocurrencies and we are happy to offer them a way to pay their bills with their preferred cryptocurrency, be it bitcoin, Ethereum, Litecoin or others.

For now, the service is only available to people who want to pay their bills online. With that said, this is undoubtedly a breakthrough in the space, as many cryptocurrencies were initially designed as payment methods. They were created to do away with checks, credit cards and fiat currencies, although this has been a relatively slow ride as the volatility that often accompanies digital currencies has caused many companies to say “no” to cryptocurrency payments.

The fact is that many of these companies are at risk of losing profits if they accept bitcoin. Consider the following scenario: a person walks into a store and buys $50 worth of goods with BTC. For one reason or another, the company accepting the payment cannot immediately convert BTC into fiat currency.

24 hours pass and then the price of the asset drops, causing $50 to become $30. While the person can still keep everything they bought, the store has lost profits. Is this a fair scenario? Not everyone thinks so.

The idea that Oxio is now willing to take that risk and allow bitcoin payments is a big move on their part. Furthermore, the company is clearly realizing that the crypto space is becoming bigger than anyone could have predicted. More and more people are adding digital currencies to their wallets, with 30% of millennials buying cryptocurrencies in recent years.

Marc-Andre Campagna completed his statement with:

This initiative will allow Oxio to lead the charge, offering a crypto-friendly alternative in the connectivity space.

keep things up to date

The company has a history of updating its payment methods. Oxio initially started accepting credit card payments, although it changed things to allow customers to pay directly from their bank accounts. Now, cryptocurrency has been added to the company’s mix of potential options.

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The Bank of Russia allows Sberbank to issue digital financial assets

Sberbank, the largest bank in Russia, has been authorized by the country’s monetary policy regulator to issue digital financial assets. The move comes amid tightening Western sanctions over the Ukraine war, including limiting Moscow’s access to the world financial market.

Sberbank added to the Register of Issuers of Crypto Assets of the Central Bank

The Central Bank of Russia (CBR) added Sberbank, the country’s leading banking institution, to its register of information system operators authorized to issue digital financial assets (DFA). The term is used to describe various types of cryptocurrencies in the current legislation of the country. On Thursday, the commercial bank confirmed the news and elaborated:

The accounting and circulation of the DFA issued on the Sber digital assets platform will be carried out in an information system created from a distributed ledger using blockchain technology, which guarantees data security and the impossibility of replacing information.

The largest state-owned banking and financial services company detailed that other legal entities will be able to issue their own digital assets certifying monetary claims to attract investments. Companies will also acquire DFAs issued on the Sberbank platform and conduct other transactions with them in accordance with applicable regulations.

The “On Digital Financial Assets” law, which came into force in January 2021, regulated various activities related to cryptocurrencies, including the issuance of digital currencies and the raising of funds through tokens. However, it did not introduce rules for other major cryptocurrency operations such as mining, trading, and circulation in the Russian economy.

A working group in the State Duma, the lower house of parliament, has been preparing proposals to address the regulatory loopholes. In February, the Ministry of Finance introduced a new draft law “On Digital Currency” that aims to legalize investments in cryptocurrencies, but at the same time consolidate the ban on the use of cryptocurrencies for payments in Russia.

Amid mounting sanctions over the invasion of Ukraine, including in the financial realm, concerns have been raised in the West that the Russian government and sanctioned individuals may turn to crypto assets as a tool to circumvent restrictions.

Recent statements by a member of the regulatory working group in Moscow confirmed Russia’s interest in employing digital currencies to restore its access to global finance. Russian authorities are now proceeding with efforts to legalize the country’s crypto space.