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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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Central Bank of Chile studies issuance of digital currency

The Central Bank of Chile revealed that it is studying how to issue a national digital currency, the digital peso. The bank issued a report entitled “Issuance of a central bank digital currency in Chile”, where it explores the possibility of creating a central bank digital currency (CBDC) in the future, the mechanism it could use and how it will consult. all sectors of the economy on this issue.

Central Bank of Chile considers CBDC issuance

More banks in Latin America are considering issuing their own central bank digital currencies (CBDCs) to take advantage of the different opportunities that may present themselves. The Central Bank of Chile has just released a new report studying the opportunities and disadvantages that issuing a digital peso can bring. The report, entitled “Issuance of a digital currency by the Central Bank of Chile”, also studies the different forms that this currency can take.

The document, prepared by the bank’s payments group, is “framed in a context of increasing digitalization of payments, which has been driven by rapid technological progress and the incorporation of new instruments and players in the payments market”. In this regard, the report concluded that:

Issuing a CBDC would make it possible to leverage the benefits associated with digital transformation, while mitigating some of its risks. In particular, a CBDC could contribute to the development of a more competitive, innovative, integrated, inclusive and resilient payment system.

The report also calls for a deeper analysis of the cost-effectiveness of issuing this currency.

More studies needed

While many central banks around the world are studying and researching the issuance of digital currencies, many have not moved on to the implementation phase. The document needs further analysis and study in this regard, since there are practically no norms or guidelines for good practices on how to proceed in the construction of a project of this type.

Currency digitization can also have unforeseen negative impacts on the national economy, so any future implementation would have to be “carefully scrutinized”. However, the central bank considers that this is the time to face this task and start working on its technical capabilities, and move forward in the development of projects aimed at testing different implementations of the currency.

The bank also indicated that it will continue to consult and maintain an open dialogue with all institutions in the economic area. Brazil and Mexico are other Latin American countries that are also working to establish their own CBDC.

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OK Coin Is Leasing a Large Office in San Jose, CA

OK Coin – a popular and large digital currency trading platform – has agreed to take up office space in downtown San Jose, part of the Silicon Valley in northern California. The region is known for hosting a wide array of many of the world’s leading tech companies including Apple, Facebook, and Google.
OK Coin Leases Large San Jose Office Space

The office address is 160 W. Santa Clara St. and consists of 35,000 square feet. In other words, it’s pretty darn big. OK Coin appears to be one of several crypto companies now looking to stage a physical comeback of sorts.

The coronavirus pandemic hit industries all over the world, and crypto was no exception. Many of the world’s leading digital currency platforms – including Coinbase, Kraken, and others – called regions such as San Francisco home, but were ultimately made to close their physical offices after the pandemic began. From there, several have worked to maintain physical presences, but this has been rather difficult. A lot of them now only employ remote workers.

This has caused several problems for these companies in that they no longer have valid customer service departments, and if they do, they are hard to get a hold of given the displacement situations surrounding those departments.

Coinbase, for example, is now being hit with a class-action lawsuit after a customer’s account was hacked. The client claims he tried very hard to get in touch with Coinbase, but its lack of customer service abilities made it nearly impossible to do so. He’s now filing suit against the crypto giant, claiming little was done to assist in the recovery of his stolen assets.

Mark Ritchie – president of Ritchie Commercial, a real estate leasing company – says that he’s excited by the presence of OK Coin in the downtown area. He says the whole region has looked like something of a ghost town given how many businesses have had to close their doors in the wake of COVID, and he’s hoping the area starts bouncing again soon. He said:

It’s good to get a fresh office tenant to move into downtown San Jose. This is a significant office lease for downtown San Jose. Hopefully it’s the first of many.

It’s estimated that OK coin will be able to employ close to 200 people with a lease this size. Bob Staedler – principal executive with Silicon Valley Synergy – explained in an interview:

The downtown San Jose office market is poised for a comeback. The improvement in the market is real and it is sustainable.

Is Crypto Making a Physical Comeback?

Already, OK Coin is moving into the office. Scott Knies – executive director of the San Jose Downtown Association – said:

This is great to see. What downtown San Jose needs more than anything is people, especially people back in the offices.

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More than 100,000 Cubans turn to cryptocurrencies to avoid sanctions

Strict US sanctions restricting Cuba’s ability to conduct international trade have led more than 100,000 Cubans to turn to cryptocurrencies as an alternative path to financial freedom.

Companies chose cryptocurrency

US sanctions imposed on the communist country of Cuba prevent the use of internationally accepted credit and debit cards. Online payment channels like Paypal, Revolut and Zelle are also banned in the country. Therefore, a significant part of the population, feeling the restrictions imposed by sanctions, chose cryptocurrency as an alternative means of transaction. These Cubans, who include many small business owners, have benefited from the advent of mobile Internet that arrived in the country just three years ago. The spread of smartphones and mobile internet in this island nation was quite expansive as it opened other payment channels and financial freedom to a largely unbanked population. Local entrepreneurs believe that thanks to digital currencies, their operations are no longer dependent on payment service providers, which ends up rendering all bans inconsequential.

Dr. Emily Morris, an economist at University College London, believes that the fact that Cuban citizens are turning to cryptocurrencies is not surprising. she said,

“If you can transact directly between two parties that don’t have to go through a bank, that would be interesting.”

Cryptographic Regulations in Cuba

The previous lack of regulation in the country has resulted in an increase in cryptocurrency activity, especially during the initial months of the pandemic. Local cryptocurrency exchanges have seen an influx of customers, nearly doubling on a monthly basis. In 2021 there was talk of the Cuban government investing in cryptocurrencies. Shortly after, it was announced that the central bank of Cuba would fulfill the mission of exploring the regulation of cryptocurrencies. The bank would also establish an action plan to register and license crypto service providers in the country. It was also revealed that cryptocurrency payment authorizations would only be granted in matters of “socio-economic interest” in order to monitor all cryptocurrency operations and prevent illegal and fraudulent activities.

Earlier this month, the Cuban central bank announced its intentions to implement a regulatory framework for digital assets, starting with a compulsory license for virtual asset service providers. The country’s central bank has already issued a Central Bank Digital Currency (CBDC). Cuban President Miguel Diaz-Canel has also expressed his favorable views on the sector and is reportedly studying the legalization of cryptocurrency payments. This has led to speculation that Cuba could be following in the footsteps of El Salvador, the Latin American country that adopted Bitcoin as legal tender.