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The Italian government will provide $46 million in grants for blockchain projects

All companies developing IoT, AI or blockchain technology will be able to apply for government grants as long as the funds are used in specific sectors such as healthcare.

The Italian Ministry of Economic Development has announced that certain blockchain projects will qualify to apply for up to $46 million in government grants starting in September.

In an announcement on Tuesday, the ministry said that public or private companies and research firms will be able to apply for government funds for the development of projects related to artificial intelligence, the Internet of Things and blockchain technology. The fund will have an initial budget of €45 million, approximately $46 million at the time of publication, for expenses and costs of €500,000 to €2 million as part of the Italian government’s targets for investments in technology, research and innovation.

“We support companies’ investments in cutting-edge technologies with the aim of stimulating the modernization of production systems through increasingly interconnected, efficient, safe and fast management models”, said the Minister of Economic Development, Giancarlo Giorgetti. “The objective of competitiveness requires the manufacturing industry to constantly innovate and utilize the potential of new technologies.”

The government ordinance was made possible by a decree in December 2021 that establishes the criteria for using the fund and a subsequent one in June 2022 in which the ministry established the terms and conditions for submitting applications. Under the decree, companies of any size will be able to apply for grants as long as the funds are used for IoT, AI or blockchain in sectors such as industry and manufacturing, tourism, healthcare, environment and aerospace.

As a member of the European Union, Italy is likely to be affected by recent regulations agreed by the EU Parliament aimed at bringing cryptocurrency issuers and service providers under its jurisdictional control under a single regulatory framework. The country’s securities regulator, the Italian Commission of the Stock Exchange and Companies, or CONSOB, has previously warned residents about the potential risks of investing in cryptocurrencies, while Organismo Agenti e Mediatori is largely responsible for granting regulatory approval. The regulator has given the green light to major cryptocurrency exchange Binance to open a branch in Italy.

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African Infrastructure Firm Raises $150M to Launch Crypto Water Token

A new cryptocurrency-powered water supply infrastructure system has received a massive investment from global investment firm GEM Digital.

South Africa-based H20 Securities has raised $150 million from investment firm GEM Digital through the sale of the H20N token.

By investing such a large amount, GEM Digital will have H20N tokens, which will be used to target funding for water distribution infrastructure in areas that do not have sufficient access to fresh water.

GEM Digital is a $3.4 billion investment firm based in the Bahamas that specializes in alternative investments such as digital assets and resource mining devices. H20 Securities aims to bring about more significant development in water infrastructure around the world and hopes that its solution will increase the availability of water for the world’s population.

In a joint announcement on July 4, H20 Securities CEO Julius Steyn said: “The focus with the H2ON token is primarily to finance water projects internationally and not so much the technical engineering and construction of such projects.” .

GEM Digital is used to investing in technologies designed to improve the environmental effects and living conditions of humanity. His portfolio includes investments in Changing World Technologies, a food waste processing company, and Neos Ocular, a company that produces lasers to improve vision.

GEM previously invested in digital asset management service QBNK Holding AB.

The H20N will be used to settle accounts between H20N network participants, including water plant operators and their customers. By raising funds to finance water projects, it aims to reduce the time it takes for water providers to deliver to new customers compared to traditional means.

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Sudbury woman saved from Potential cryptocurrency scam

One woman was in the right place at the right time, which kept her from becoming the latest victim of a cryptocurrency scam.

How a woman was stopped from being the last victim

The elderly woman is believed to have withdrawn approximately $30,000 from her bank account. He then headed to a bitcoin ATM in the city of Sudbury. There, she was directed, over the phone, by someone claiming to be on the Microsoft support team. They were giving you instructions on how to transfer the money through the machine and send it to a specific address.

Area police say what most merchants probably already know… that the caller was not from Microsoft. They were actually a scammer looking to get some cryptocurrencies they didn’t earn. Sudbury Police Spokesperson Lieutenant John Perodeau explained in an interview:

She was hacked. Fortunately, we were able to intervene and she was able to deposit the money into her account.

Crypto scams have increased in volume in recent years as the prices of many assets, despite recent declines, have risen sharply from two years ago. Perodeau says the woman fell victim to ransomware that ended up causing all files on her computer to be encrypted and locked. They gave him a phone number that he thought was Microsoft support. He called the department for help without realizing that this was all part of the scam.

He was instructed over the phone to buy bitcoins through the machine and send the funds to “Microsoft”. Perodeau explained:

As soon as you provide the code, the money will disappear.

Bitcoin ATMs are becoming much more common. On the one hand this is not a bad thing as it contributes to the growing legitimacy and popular appeal of digital currencies, but it has also led to the resurgence of crypto crime as with so many ATMs it is much easier to scam people and steal your digital funds.

Seniors are often targets of these types of scams because they don’t realize the breadth of today’s new technology. They also tend to have limited knowledge of cryptocurrencies and digital finance.

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Coinbase reveals European expansion plan: Seek licenses in Spain, Italy, France and the Netherlands

Cryptocurrency exchange Coinbase has revealed its expansion plan to several European markets. The company is in the process of registering a cryptocurrency exchange in Spain, France, Italy and the Netherlands.

Coinbase expands in Europe

Coinbase Global Inc. (Nasdaq: COIN) is planning to expand its operations in Europe, Bloomberg reported on Wednesday, citing an interview with Nana Murugesan, vice president of International and Commercial Development at Coinbase.

Noting that Coinbase is focused on increasing its presence in Europe, the executive revealed that the exchange is in the process of applying for a license in several European markets, including Italy, Spain, France, and the Netherlands.

The Nasdaq-listed company is currently registered in the UK, Ireland and Germany, Murugesan confirmed, noting that Coinbase also recently hired its first employee in Switzerland.

“In all these markets, our intention is to have retail and institutional products”, emphasized the executive, specifying:

It's almost like an existential priority for us to make sure we can fulfill our mission by accelerating our expansion efforts.

Coinbase is also open to acquisitions that will accelerate its expansion abroad, Murugesan noted.

However, the crypto exchange is shrinking. Earlier this month, CEO Brian Armstrong announced his company’s plan to lay off 1,100 employees, or 18% of its workforce.

Murugesan said Coinbase’s goal is for the international segment to become a “significant” part of its business. He opined:

That's our goal, but just when we get there, all of that, it's a lot of dependencies.

On Monday, global investment bank Goldman Sachs downgraded Coinbase to a “sell” rating. COIN is down more than 85% since it started trading on Nasdaq. At the time of writing, Coinbase Global is trading at $49.75, down over 36% over the past month.

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Cryptocurrency and digital asset issuers are now VAT exempt in Russia

Russia has passed a bill exempting cryptocurrency issuers from Value Added Tax (VAT). This move is to further strengthen its pro-crypto stance through its legislation. The lower house of the Russian legislature, the State Duma, passed this bill.

Allegedly, some other services related to cryptocurrency exchanges will also be exempt. The current tax rate for cryptocurrency companies participating in these digital asset related businesses is 20%. Continued sanction from the West wreaked havoc in Russia following the invasion of Ukraine.

Russia has been experiencing a financial crisis and this, in turn, has made it difficult for Russia to carry out international transactions. To boost its economy, Russia has taken a positive stance towards cryptocurrencies to facilitate the growth of the sector.

Crypto VAT exemption details

In addition to the VAT exemption, this bill that has passed states that the income tax rate will be 13% for cryptocurrency exchanges on the first 5 million rubles, currently valued at $93,000 tax base annually, 15% at values ​​that cross the aforementioned level and 15% in general for currency traders.

However, the Central Bank of Russia is on the opposite side of cryptocurrencies, as are other central banks around the world. Despite opposition to cryptocurrencies, the state authorized the first local digital asset platform, Atomyze Russia. After licensing Atomyze Russia, the main lender Sberbank received a license.

Members of the State Duma approved the drafting of the tax law. The bill aims to reduce taxes for cryptocurrency issuers and also helps set tax rates on income received from the sale of the assets. Now, for this bill to become law, the signature of President Vladimir Putin is required.

Once the bill is passed, the details of how digital assets will be managed will be defined. Taxation of digital assets under the bill is analogous to securities taxes at the current time, once the bill is passed some light will be shed on such a position.

Russian banks blocked from the SWIFT system

Russia’s banks have been blocked from the SWIFT system and the G7 Group of Seven countries have recently stopped buying freshly mined and refined Russian gold. This added more pressure on Russia’s financial situation.

In addition, there are other sanctions that have led Russia to default on servicing its external debt. Anti-crypto leaders in the US have the idea that Russia might turn to cryptocurrencies to avoid sanctions, so they insist on a crackdown.

Russia for the first time since 1917 defaulted on its foreign debt. The year 1917 is historic, because in that year the Bolshevik Revolution took place. Russia was given a 30-day grace period but paid no interest on two different bonds.