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Cryptocurrency fanatic Elon Musk bought Twitter

Elon Musk, the South African billionaire and businessman known for Tesla and SpaceX, bought Twitter from Jack Dorsey. The irony of the situation is that one of the biggest cryptocurrency fans is selling one of the world’s largest social media platforms to one of the biggest cryptocurrency fans.

Elon Musk is the new owner of Twitter

Elon Musk swore that his ownership of Twitter will bring a new level of freedom of expression that many users have not experienced or witnessed lately. Twitter, under Dorsey’s ownership, had a bad habit of isolating conservatives and suspending or outright banning anyone with Republican or right-wing leanings (like My Pillow’s Mike Lindell).

In his testimony before Congress in 2018, after the US Senate decided to crack down on social media platforms in the wake of the Cambridge Analytica-Facebook scandal, Dorsey claimed that these conservative departures were not happening for nothing. his hand, but by Twitter. algorithms”.

He said this was something the company needed to “work on”, although considering that President Donald Trump, one of the best-known conservatives, was permanently banned from the platform a few years later in 2021, it can be assumed that neither Dorsey nor any of his colleagues did anything to prevent this behavior from continuing. Congress is also to blame for not treading a little harder.

Musk is a huge fan of cryptocurrencies, for a long time he has spoken highly of Dogecoin and bitcoin. At the time of this writing, various pieces of Tesla-based products can be purchased with Dogecoin, a popular meme currency, and there was even a brief period in early 2021 where bitcoin could be used to purchase Tesla vehicles. , although this movement was later. . canceled because Musk was concerned about the environmental implications of the BTC mining process.

What does this mean for BTC?

Of course, the big question now that Musk owns Twitter is whether the move will give Bitcoin and its digital counterparts a stronger online presence. To be fair, Dorsey, who has long been a bitcoin supporter and was one of the first major institutional investors in BTC through his company Square, has long been pushing the BTC agenda and seeking to establish bitcoin as a leading digital currency. . At the time of writing, the many content creators on Twitter can even get tips and earn rewards in BTC.

But Musk, while also a supporter of cryptocurrencies, seems to love digital currencies in a different way than Dorsey, as he has long promoted separate currencies and his approach to BTC has been more cautious. For example, in ending his acceptance of the coin for Tesla purchases, Musk said he will reconsider if miners are willing to be more transparent about their energy sources.

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Germany declares tax-free crypto profits after 1 year, even if used for staking and lending

The German Ministry of Finance has published a letter officially confirming that the sale of crypto assets is tax-free after one year, even if the coins are used for gambling and lending.

How Cryptocurrency Profits are Taxed in Germany

The German Ministry of Finance announced on Wednesday that it has published a letter on cryptocurrency income tax, in which it states:

This is the first time that there is uniform administrative instruction at the national level on the subject.

The Ministry of Finance detailed that, at a hearing that took place last year, one of the most discussed questions was whether the tax-free period for borrowing and staking cryptocurrencies should be a minimum of 10 years.

The ministry highlighted that in coordination with the federal states:

The letter now states that the so-called 10-year period does not apply to virtual currencies.

In Germany, cryptocurrency is seen as “a private asset”, meaning it “attracts an individual income tax rather than a capital gains tax”, explained crypto tax firm Koinly, emphasizing that Germany “only taxes cryptocurrencies if they are sold within the same year it was purchased.”

More detailed Koinly:

As a “private sale” in Germany, crypto profits are completely tax-free after a one-year retention period.

“Additionally, earnings from cryptocurrency sales of up to €600 per calendar year remain tax-free,” the company added, noting that previously, “when it comes to withdrawing staked cryptocurrencies, this tax-free retention period is a minimum. of 10 years.”

Citing the letter published by the Ministry of Finance, cryptocurrency consultant Patrick Hansen explained on Twitter:

The sale of the purchased crypto assets will remain tax-free after one year, even if they are used for staking/borrowing.

Parliamentary Secretary of State Katja Hessel commented: “For individuals, the sale of purchased bitcoin and ether is tax-free after one year. The period does not extend to 10 years, even if, for example, Bitcoin has previously been used for lending or the taxpayer has provided ether as equity to someone else.”

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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.
— 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.