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Uber CEO Recognizes Possible Integration of Crypto Payments

Uber Technologies CEO Dara Khosrowshahi recently made statements that the ride-sharing company will accept cryptocurrencies in the future as the industry becomes “environmentally friendly” and less expensive.

In an interview with Bloomberg, Khosrowshahi said that the company “at some point” will accept cryptocurrencies, but acknowledged that he still has reservations about it because the “cryptocurrency exchange mechanism is expensive”, adding that such a method is also “not good for the environment”. .”

Khosrowshahi says Uber is still evaluating integrating cryptocurrency payments for its ride-sharing services, which have a global presence.

“Will Uber accept cryptocurrencies in the future? Absolutely. At some point. This is not the right time, but we will.” Khosrowshahi notes.

The executive noted that Bitcoin, along with other cryptocurrencies, has become valuable over time. Khosrowshahi is known as one of the early advocates of Bitcoin. During his 12-year tenure at Expedia, a travel booking platform, Khosrowshahi made the platform one of the first major merchants to accept Bitcoin as a form of payment in 2014.

“I think now what we see with bitcoin and some of the other [cryptocurrencies] is that they are quite valuable as a store of value,” Khosrowshahi said. “As the exchange mechanism becomes less expensive and more eco-friendly, I think you will see us leaning a little more towards cryptocurrencies.” he adds.

Uber has not made any definitive statements on the matter, other than those mentioned by its boss. Since its inception, Uber has not made any moves in the crypto space. Notably, however, Uber co-founder Oscar Salazar moved into the cryptocurrency industry by founding Voyager, a cryptocurrency exchange, in July 2018.

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PayPal Establishes Cryptocurrency and Blockchain Advisory Board

“We believe it is crucial to engage with the world’s best leaders to better understand the industry’s most compelling opportunities and complex challenges,” said José Fernández da Ponte.

Leading US payment processor PayPal has assembled a team of industry experts to act as advisors on crypto, blockchain, and digital currencies.

In an announcement Tuesday, PayPal said that adding six members to its Blockchain, Cryptocurrency and Digital Currency advisory board would help support its current and future products, as well as its goal of creating a more inclusive digital financial ecosystem. Fortress Investment Group Co-CEO Peter Briger, Georgetown University Law Center Professor Chris Brummer, Weizmann Institute of Science Professor Shafi Goldwasser, Former Commodity Futures Trading Commission Chairman, Timothy Massad, MIT Sloan School of Management Professor of Finance Antoinette Schoar, and the director of the MIT Digital Currency Initiative. Neha Narula will join the PayPal initiative.

“We believe it is crucial to engage with the world’s best leaders to better understand the most compelling opportunities and complex challenges in the industry,” said José Fernández da Ponte, senior vice president and general manager of blockchain, cryptocurrency and digital currencies at PayPal.

All six advisors have years of experience in the cryptocurrency and blockchain space from a business or regulatory perspective. Briger would have been responsible for advising Softbank Group founder Masayoshi Son to invest millions in Bitcoin (BTC) before the 2017 bull run. Goldwasser was part of a group of MIT researchers who proposed the zero-knowledge proof as an encryption scheme long before the advent. of cryptography.

During her time with the MIT Digital Currency Initiative, Narula was responsible for an initiative to help the Federal Reserve Bank of Boston build a digital currency intended to scale for consumer use. Brummer would have been a CFTC presidential candidate before President Joe Biden officially nominated Rostin Behnam. Massad, who served as CFTC chairman from 2014 to 2017, argued after leaving his post that regulators should approve an exchange-traded fund offering exposure to BTC.

It is unclear whether the advisory group is aiming to expand PayPal’s foray into cryptocurrencies and the blockchain. The payments app announced in October 2020 that it would allow US-based customers to purchase crypto through the platform, later expanding that offering to include crypto payments at millions of its global merchants. The company plans to launch its own stablecoin called PayPal Coin.

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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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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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CoinBase users can receive tax refunds from the United States in Crypto as part of the TurboTax Agreement

The exchange said that users could send the funds to their coinbase accounts at FIAT or automatically convert them to encryption with no negotiation fees.

The Turdax Tax Presentation Platform is in the permission of UU declarers. They obtain their repayments directly into encryption as part of an agreement with Crypto Exchange CoinBase.

In a blog posting on Thursday, CoinBase announced to users who sent their tax returns using Turbotax, would have the option to receive returns on cryptoniences such as Bitcoin (BTC) and other platform compatible. The exchange said that users could send the funds to their coinbase accounts at FIAT or automatically convert them to encryption with no negotiation fees.

A New York team report said the CoinBase offer applies to state and federal income taxes. The encryption exchange already associated with the cointracker tax calculation platform to complete the forms for users to declare gains and capital losses in their returns.

The deadline for US residents UU. Crypto Tax Conformity Company Taxx announced in January that a network of US cryptographic companies was launched. UU intended to provide data from tax reports to users.