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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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Russia may accept Bitcoin for gas export

Russia is moving away from the dollar and euro as payment options for its energy exports, and Bitcoin has been mentioned as a possible replacement alongside the ruble and national currencies of partner countries. A high-ranking lawmaker has indicated that Moscow may accept cryptocurrencies for natural gas and other resources.

Russian official mentions Bitcoin among alternative settlement methods for his gas

The Russian Federation has taken action in response to unprecedented Western sanctions imposed by the invasion of Ukraine. The energy-rich nation is now looking for other currencies to replace the US dollar and euro in its gas trade.

On Wednesday, President Vladimir Putin announced that Russia will ask “enemy” nations to pay in rubles for the natural gas they buy. EU member states, many of which rely heavily on Russian gas supplies for heating and power generation, fall into this category.

US and European sanctions are hurting Russia’s economy and fiat currency. Some of the measures target access to the global financial market and foreign exchange reserves. The ruble gained some lost ground after Putin’s announcement, as gasoline prices in Europe soared.

“If we can’t store a coin, acquire it, pay with it, why should we exchange it?” Pavel Zavalny, head of the Energy Committee of the State Duma, the lower house of parliament, commented to Russian media on Thursday.

“Gas is just the beginning, it will affect other resources as well. If they want to buy what they pay for either in hard currency, for us that is gold, or in currencies that suit us, which is the national currency”, said the legislator.

Zavalny explained that agreements with friendly countries like China and Turkey can be made with the ruble or its currencies, the yuan and the lira. Serbia may pay in convertible foreign currency or Russian rubles. He further explained:

The set of currencies may vary and this is normal practice. If there are bitcoins, we will exchange bitcoins.

The official added that several European countries are now ready to buy Russian fuel with rubles. “For that, we just need to solve some organizational problems and sign additional agreements. Nothing changes in our obligations under the contracts. If they don’t pay for gas, there will simply be no gas,” said the parliamentarian.

Russia has been trying to reduce its dependence on the dollar even before the military crisis in Ukraine. In October, Deputy Foreign Minister Alexander Pankin told Interfax that Moscow could partially replace the dollar in its foreign exchange reserves and negotiate deals with other fiat currencies and potentially digital assets such as bitcoin. His comments came shortly after Putin himself said in an interview with CNBC that the cryptocurrency could be used for future oil trade deals.

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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.

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Paxful Partners With Miami Mayor To Distribute 500 Tickets For Bitcoin 2022 Conference

The sweepstakes is part of a larger strategy to promote financial literacy and Bitcoin education in the City of Miami.

Digital payment platform Paxful has partnered with nonprofit Built With Bitcoin Foundation and Miami Mayor Francis Suarez to drive a new educational initiative focused on Bitcoin (BTC) and financial education.

The initiative will distribute free Bitcoin 2022 conference tickets to local colleges and universities as part of a broader effort to improve financial literacy among minority and underserved communities in Miami. Up to 500 students and local residents will receive a ticket to attend the conference, which is scheduled for April 6-9 at the Miami Beach Convention Center.

General tickets for the event are currently selling for $899.

All I know is that @nayibbukele, @jackmallers, @allenf32 and I are trying to outdo each other to make big surprises at @TheBitcoinConf.
— Samson Mow (@Excellion) March 16, 2022

Recipients will have access to the full conference agenda, which was released on March 15th. Featured speakers at this year’s event include Salvadoran President Nayib Bukele, MicroStrategy CEO Michael Saylor, US Senator Cynthia Lummis, entrepreneur Peter Thiel and Ark Invest’s Cathie Wood. Dozens of other Bitcoin influencers, entrepreneurs and investors will also headline the three-day event.

Ticket distribution is led by Venture Miami, a portfolio team brought together by Mayor Suarez to promote innovation, job creation and diversity in high-growth sectors such as information technology.

Related: MiamiCoin disbursement to fund rental assistance program, says Mayor Suarez

After learning about Bitcoin from crypto influencers like Tyler Winklevoss and Anthony Pompliano, Mayor Suarez made BTC adoption a priority in his second term. Suarez, who already receives a portion of his salary in BTC, announced in December that he also plans to receive a portion of his 401(k) payout in the top cryptocurrency.

I will receive my next salary 100% in bitcoin... problem solved! @ Sarasti can you help? https://t.co/v4YdPZ0tYc
– Mayor Francis Suarez (@FrancisSuarez) November 2, 2021

Suarez has also established a program where Miami residents can earn a Bitcoin dividend. The program is being facilitated by the MiamiCoin cryptocurrency, which helps fund municipal projects generating returns. As of January 2022, MiamiCoin had generated over $21 million in excess returns for the city.