Category: NFT Investment

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Jumaane Williams: New York Should Not Be Involved In Cryptocurrency Mining

Jumaane Williams, a Democratic gubernatorial candidate seeking a seat in New York, says he wants to end much of the cryptocurrency mining taking place in the Big Apple. While he’s not entirely against cryptocurrency mining, he says he wants most facilities to shut down so they can have time to reassess all the energy they’re using.

Williams wants NY to take a ‘mining break’

Williams made the announcement at a warehouse in the Finger Lakes, where the Greenidge Generation plant recently opened its facilities for a bitcoin mining project. He worries that cryptocurrency mining uses a lot of electricity and believes that the sand is leading the planet into a dark hole that it is unlikely to come out of in the future.

In an interview, Williams said:

We have to have the will to force these companies, if that's what they're going to do, they have to do it in a more climate-friendly way.

Of course, the first thing that comes to mind is how Eric Adams, the newly elected mayor of New York City, will take this news if Williams becomes governor of the state. Adams has shown himself in recent weeks to be a big fan of cryptocurrencies, converting several of his municipal checks into bitcoin and Ethereum through Coinbase.

He often jokes online with Francis Suarez, the mayor of Miami, about which city is the most promising for the future of cryptocurrencies. Adams also stated that he wants bitcoin and blockchain technology to be taught in New York public schools so that children can be prepared for the future of payments.

With such a strict ban on cryptocurrency mining and related activities, Adams could face a political enemy within his own party.

But to be fair to Williams, he has a lot of people on his side, including mega-industry bosses like Tesla’s Elon Musk. About a year ago, the South African businessman shocked the world by announcing that he would allow the purchase of electric vehicles with bitcoin. From there, the coin rose to around $57,000 per unit, the highest in history, with many convinced that a new crypto threshold had been crossed.

End of BTC payments for car buyers

Sadly, things didn’t last, as just a few weeks later, Musk claimed that he was rescinding the decision because he wasn’t sure bitcoin miners were using their energy well and didn’t want to be responsible for the destruction of the planet.

Kevin O’Leary of “Shark Tank” fame was also quick to join the conversation. He said that he would no longer buy bitcoins mined in China, as the country was not known for employing environmentally friendly mining methods.

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Saudi Princess Reem Al Faisal launches ‘first’ Saudi NFT collection

Reem Al Faisal, the photography-loving princess of Saudi Arabia, recently announced the launch of her first collection of Saudi Arabian non-fungible tokens (NFTs) on Opensea and an art gallery in the metaverse.

photography career

Saudi princess Reem Al Faisal launched her first NFT collection, called “Mekkah and Medina”, on the Opensea marketplace, as well as an art gallery in the metaverse. The NFT collection features the Saudi shrine, Al Kabbah, while six Saudi artists are featured in the art gallery.

According to a post on her Instagram account, the Saudi princess says the launch of the NFT collection adds yet another chapter to her long career as a photographer that she started in her childhood. She is quoted by Unlock Media as explaining:

Today we made history with the first appearance of Saudi NFTs on Metaverse. I've been photographing my whole life, since I was a kid, so I don't consider it a career as much as a part of me. It's as natural to me as talking or breathing.

Reem Al Faisal added that photography is another way of expressing his faith and a way of showing “man’s relationship with his creator”.

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Belarus moves to allow investment funds to acquire crypto assets

Belarus, a crypto-friendly nation, is gearing up to allow investment funds to put money into digital currencies. A proposal for this is part of a package of legal changes needed to attract these institutions to the country.

Ministry of Finance takes steps to facilitate investments in cryptocurrencies in Belarus

The Ministry of Finance has published amendments aimed at attracting investment funds to Belarus for public consultation. Despite having a regulatory framework for collective investments, so far no fund has been registered in the country, the department said in the reasons for the initiative.

One of the main reasons for the absence of these funds is that they are currently barred from investing in crypto assets, representatives from professional circles pointed out. The market for “digital tokens”, a legal term used to describe cryptocurrencies, is growing rapidly, the Ministry of Finance acknowledged.

To lift the restrictions, the ministry drafted a resolution amending its own decree on stock market activities belonging to investment funds. It plans to allow the funds to operate simultaneously as securities brokers and residents of the Belarus High Tech Park (HTP). The latter administers a special legal regime established to facilitate the country’s digital economy, including the cryptocurrency sector.

Another concern expressed by professionals is the absence of long-term guarantees from the government regarding the existing tax cuts for the sector. To address the issue, the Ministry of Finance has introduced new provisions that will extend tax exemptions for entities working with collective investments until January 1, 2031.

Belarus opened its doors to cryptocurrency companies with a decree “On the development of the digital economy” that took effect in the spring of 2018. The document, signed by President Alexander Lukashenko, introduced tax breaks and other incentives for companies managing digital assets. . .

Despite Lukashenko hinting at a possible tightening of regulations last March, Belarusian officials more recently indicated that Minsk officials have no intention of adopting stricter rules for the crypto space, even as the country’s closest ally, Russia, is in discussions. a proposal to ban a variety of cryptocurrency-related activities.

Although the use of cryptocurrencies as a means of payment is prohibited in Belarus, HTP residents can issue and exchange coins and tokens, and the country’s largest bank offers a service that allows users to buy and sell digital currencies. Chainalysis’ cryptocurrency adoption index ranks Belarus third in Eastern Europe after Russia and Ukraine due to strong peer-to-peer activity.

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60,000 Indians urge government to cut cryptocurrency tax to avoid ‘devastating impact’

Many Indians have signed a petition for the government to introduce reasonable tax policies for cryptocurrencies. This week, India’s Finance Minister Nirmala Sitharaman proposed taxing cryptocurrency income by 30%.

Indians Sign Petition Calling Government to Reconsider Cryptocurrency Tax Proposal

A petition has been started on Change.org for the Indian government to “introduce reasonable tax policies for cryptocurrencies”.

Finance Minister Nirmala Sitharaman said during her 2022-23 budget speech earlier this week that crypto income will be taxed at 30% and no deduction will be allowed except for the cost of acquisition.

Aditya Singh, who runs the “Crypto India” YouTube channel, started the petition asking India’s Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman to make changes to the tax proposal. To date, more than 58,000 people have signed the petition.

The petition begins by noting that there are between 15 and 20 million cryptocurrency investors in India, as well as several hundred thousand young Indians who are part of the industry. Furthermore, Indian investors hold around $6 billion worth of crypto assets. The petition adds:

The crypto industry also contributes significantly to the country in the form of employment, bringing FDI investments, GST payments and income tax revenue to the government.

The petition asks Prime Minister Modi and Finance Minister Sitharaman to consider five requests.

The first request is that the cryptocurrency industry not be treated like the betting and gambling industries. The second is to adjust the current proposed rate of 30% to the rate applicable to equity transactions.

Furthermore, the proposed 1% tax deducted at source (TDS) should be reduced to 0.05% and “compensation and pass-through of losses should be allowed as cryptocurrency markets are in their early and highly volatile stages” . The acquisition cost must also be defined “to include exchange rates, blockchain network fees, interest payments, royalty payments on NFTs, etc.”

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What can Crypto do for the world?

When Bitcoin was first launched in 2009, no one knew the dramatic impact cryptocurrencies would have on our world. Today, blockchain technology is used everywhere, pioneering a technological revolution across the world.

The decentralized nature of cryptocurrencies has awakened people to the potential of their powers. With no banks or intermediaries of any kind, cryptocurrencies allow people to send payments, make investments and buy certain goods and services without limits. In addition, NFT, DAO and DeFi allow self-management of property rights, operations and financial services, respectively.

In addition to technological applications, people have discovered that cryptocurrencies can be used to do good, both for the planet and for humanity as a whole. In a project called “Cardano Forest”, Veritree, a restoration group that uses blockchain to track and verify restoration projects, has planted over 1 million trees in different parts of Madagascar, Indonesia, Nepal, Kenya, Senegal and Haiti. The operation was funded by Cardano’s philanthropic holders, with some donations reaching tens of thousands of ADA tokens.

Blockchain is perfect for project tracking and verification because of its immutable and transparent nature: transparency makes publicly stored data verifiable and immutability makes that data tamper-proof. These aspects also make blockchain ideal for managing digital asset ownership, enabling efficient issuance and trading of stocks and bonds on-chain.

Bob Eco Ltd, an environmentally-focused electric vehicle company offering electric two- and three-wheel vehicles in developing countries. Bob Eco is a pioneer in the digital asset space raising funds through something he calls “ICOWA” or “ICO with Assets”. ICOs, or Initial Coin Offerings, are fundraising events during which cryptocurrency projects sell utility tokens to early investors to raise capital. In an ICOWA, digital asset tokens are sold, not utility tokens.

Bob makes a difference by supplying electric motorcycles and electric tricycles in Africa. Bob Eco offers there on a self-rental basis, which are custom built to transport passengers and deliver food, packages and products.

Bob’s also offers a real-time exchange service that allows Bob’s riders to change their motorcycle batteries for free; this saves passengers about $4.40 in fuel a day, making them nearly four times as much as traditional gas-powered motorcycle taxis. Bob motorcycles are the world’s first mass-market electric vehicles that cost less to own, maintain and operate than a fuel-powered vehicle.

As African fuel-powered motorcycle taxis emit around 5 tonnes of carbon dioxide (CO2) every year, Africa’s 100 million motorcycle taxis emit 500 million tonnes of CO2 emissions every year. Bob’s goal is to see all motorcycle taxis go electric in the next 10 years, helping passengers and the world.