Digital Financial News

The European Parliament’s Economic and Monetary Affairs Committee voted Monday, a move that quashed a ban on popular cryptocurrency Bitcoin across the European Union (EU). The committee voted against the ban on Proof-of-Work mechanisms underlying major cryptocurrencies like Bitcoin and Ethereum.

No plans of a cryptocurrency regulated by RBI, they are unregulated, says government

The Financial Conduct Authority is looking for someone to head up a new crypto department at the regulator as it continues to take a firm line on high-risk investments in digital assets.

Bitcoin's scared of commitment, Mr Biden: Report

New crypto funds also raised nearly $3 billion over the last two weeks.

New Delhi: High-value crypto transactions of about 700 investors have come under the scanner of the income tax department, which is now proposing to issue notices to them. These individuals or entities could face 30% tax, penalty and interest.Income tax officials said most of these cases involved users who have either skipped mention of crypto gains in tax returns or haven’t filed returns at all. “We have a long list of people who were transacting in crypto assets but were not paying tax. Initially, (we) have shortlisted about 700 transactions, where tax liability is very high,” a senior Central Board of Direct Taxation (CBDT) official told ET.

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Crypto firm Copper has hired an ex-Barclays and ex-Linklaters lawyer as its chief legal officer.

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The Ukrainian government has planned to launch non-fungible tokens (NFTs) featuring unique digital artwork illustrating stories from its war with Russia.

The Japanese government will strengthen measures against the transfer of funds using crypto assets.

Kriete writes that he will "be taking on a new challenge professionally by creating a new company in this space," while Girasole plans to "start my own venture in the digital asset space".The pair did not explicitly say that their new ventures are connected, with both promising more details once their garden leave ends.Both Citi veterans, Kriete and Girasole were last year put in charge of the newly-created digital asset group, housed in the wealth management division.The unit helps Citi's wealthy clients interested in the likes of Bitcoin, as well as stablecoins, NFTs and CBDCs.Writes Kriete: "Unsurprisingly to those who know me, I believe digital assets will continue to grow in importance to global capital markets and the formation of new business models, and I could not be more excited to assist in the maturation of this market."

Quite a few countries like India and the United States are considering central bank digital currencies

Those who studied history well might remember the city-states of medieval Europe. Back then, caravans of merchants traveled from one city-state to another, bringing luxury goods and news from far-away places. It was this lifestyle that enabled these merchants with freedom of mobility and choice. It is a very similar concept to the one described by Michael Ondaatje in his book The English Patient. The author envisioned complete freedom, without borders or nationalities limiting people in their strive for development and progress. 

The US has woken up to the criticality of cryptocurrency, with Joe Biden issuing an executive order on Wednesday, requiring the treasury department, commerce department and other key agencies to examine various aspects of 'the future of money' and the role of cryptocurrencies, along with assessing the risks and benefits of creating a US central bank digital currency (CBDC).On February 1, India's Union budget imposed a 30% tax on income earned

Bitcoin has witnessed strong year-to-date returns, outshining traditional hedges by rallying over 130% compared to gold’s meager 4%. Over time, Bitcoin also evolved as a strong contender for an inflation hedge. Irrespective of the fact that the currency was often susceptible to market jitters and gyrations. Nevertheless, the largest cryptocurrency continues to build a strong portfolio.

The Biden administration’s plan to study whether to launch a digital dollar may bring together some strange bedfellows: banks and crypto companies.

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Blockchain, cryptocurrencies and the metaverse are shaping how the world views money, finance and transactions of value in general. Although demonstrating a significant revolution in the fundamental way the world operates, understanding the technology's applicability on a personal basis is an entirely separate conversation.

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Calls to clampdown on exchanges operating in Russia are contrasted with those who laud crypto as a means to provide Ukrainians with an alternate form of currency and fast access to financial support from across the globe. It remains to be seen whether regulators (perhaps especially those in the US) will feel sufficiently vindicated in their long-standing opposition to cryptocurrency given its ability to funnel funds into the hands of bad actors, to push back further on allowing crypto in the market in any mainstream way.