Crypto
Wazupnaija – Naija Entertainment blogs & Forums – Business – Crypto
South Korea’s new president delays crypto taxes in favor of consumer protections
South Korea’s newly-elected president Yoon Seok-yeol announced Tuesday he would push to defer taxation on crypto investment gains at least until a new set of regulations called the Digital Asset Basic Act is enacted. South Korea’s crypto tax was initially set to come into effect for the 2022 fiscal year, but was pushed back to 2023 last December. E-daily reported that Yoon will ensure the crypto tax law does not come into effect until a reasonable legislation is in place to protect consumers, which could be by 2024. The president-elect’s presidential transition team has been exploring its options in delaying the tax since March, when Yoon won the election, on the grounds that there was insufficient legislation in place to justify levying taxes on digital assets. DABA was conceived of by th...
WSJ says ‘the NFT market is collapsing’ but the data says otherwise
An article in the Wall Street Journal has claimed sales of non-fungible tokens (NFTs) are “flatlining” — in the same week that the top five collections alone accounted for more than $1 billion in primary and secondary sales. The article cited data from NFT market analysis platform Nonfungible suggesting the number of NFT sales has fallen by 92% since an all-time high in September 2021. Wallets active in the Ethereum (ETH) NFT market were also said to have declined by 88% since a high in November 2021. “The NFT market is collapsing,” the article concluded. Red line shows number of sales with volume on left y-axis, white shows active market wallets, volume on right y-axis. Source: Nonfungible However, onchain data from Dune Analytics’ dashboard suggest that the NFT market is still robust, wi...
Quantum-based random number generator for Web3 games and wallets launched
Researchers at Australia National University have teamed up with blockchain oracle provider AP13 to launch the first Quantum Random Number Generator (QRNG). The joint effort will allow Web3 entities to access a completely unpredictable random number generation system that is highly secure and free to use. Random number generators are not new, but the QRNG system is the first of its kind to generate a random number using quantum mechanics. This provides the first genuinely random number mechanism beyond the pseudo-mathematical systems currently used that may be biased or repeated. There are several traditional applications for random numbers, such as gambling and lotteries, sports and competitions, and sampling and statistics. As more organizations look to embrace the world of Web3, a tampe...
Bitcoin-friendly Republican candidate JD Vance wins Ohio Senate primary
JD Vance has won the Ohio Republican Senate primary election, making him the GOP’s candidate in the highly anticipated Senate race against Democrat Tim Ryan in which both parties are trotting out crypto-friendly candidates. The Guardian reported that Vance may have been pushed to victory on Tuesday by a last-minute endorsement from former President Donald Trump on Apr. 23, helping him beat out presumed front-runner, the former state treasurer Josh Mandel. Both Vance and Mandel are crypto supporters, with Mandel famously tweeting “Ohio must be a pro-God, pro-family, pro-Bitcoin state.”. Vance has disclosed Bitcoin (BTC) holdings valued at up to $250,000, which at today’s value could be about 6.5 coins according to CoinGecko. He was also backed by Bitcoin proponent and billionaire investor P...
Sen. Lummis teases upcoming crypto bill, says NFTs won’t be included in it
United States Senator Cynthia Lummis appeared on a livestream hosted by Axios on Tuesday to tease the highly awaited bill on cryptocurrency she is authoring. The Wyoming Republican said the bill will be introduced as “one big piece so people can see the big picture” and be broken down into five or six components for consideration by the appropriate congressional committees. The bill, which Lummis is expected to introduce along with New York Democrat Kristin Gillibrand, is designed “so that it works within the traditional framework for managing and regulating traditional assets,” Lummis said. It will divide cryptocurrency oversight between the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC). Oversight of crypto assets will be given to the SEC “wh...
Sen. Lummis teases upcoming crypto bill, says NFTs won’t be included in it
United States Senator Cynthia Lummis appeared on a livestream hosted by Axios on Tuesday to tease the highly awaited bill on cryptocurrency she is authoring. The Wyoming Republican said the bill will be introduced as “one big piece so people can see the big picture” and be broken down into five or six components for consideration by the appropriate congressional committees. The bill, which Lummis is expected to introduce along with New York Democrat Kristin Gillibrand, is designed “so that it works within the traditional framework for managing and regulating traditional assets,” Lummis said. It will divide cryptocurrency oversight between the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC). Oversight of crypto assets will be given to the SEC “wh...
Markets are weak, but ALGO, FXS and HNT book a 20%+ rally — Here’s why
Large-cap cryptocurrency continue to slump as investors await comments from the Federal Open Markets Committee regarding the exact size of the next interest rate hike. There are, however, a few bright spots in the market and select altcoins managed to post double-digit gains in trading on May 3, thanks to a big-time partnership announcement and cross-protocol collaborations that led to a spike in demand. Data from Cointelegraph Markets Pro and TradingView shows that three of the biggest gainers over the past 24-hours were Algorand (ALGO), Frax Share (FXS) and Helium (HNT). Algorand The pure proof-of-stake blockchain network had, perhaps, one of the most notable partnership deals for a crypto project in recent months after this week’s announcement that it had been selected as the offi...
Markets are weak, but ALGO, FXS and HNT book a 20%+ rally — Here’s why
Large-cap cryptocurrency continue to slump as investors await comments from the Federal Open Markets Committee regarding the exact size of the next interest rate hike. There are, however, a few bright spots in the market and select altcoins managed to post double-digit gains in trading on May 3, thanks to a big-time partnership announcement and cross-protocol collaborations that led to a spike in demand. Data from Cointelegraph Markets Pro and TradingView shows that three of the biggest gainers over the past 24-hours were Algorand (ALGO), Frax Share (FXS) and Helium (HNT). Algorand The pure proof-of-stake blockchain network had, perhaps, one of the most notable partnership deals for a crypto project in recent months after this week’s announcement that it had been selected as the offi...
Ex-Fed vice-chair Quarles has lost none of his fervor in opposing US CBDC
Former United States Federal Reserve vice-chair for supervision Randal Quarles discussed central bank digital currencies (CBDC) and the chances of the U.S. adopting such technology in an interview on the “Banking With Interest” podcast Tuesday. Quarles, who is known for his opposition to a CBDC, expressed his skepticism about the so-called digital dollar and predicted the U.S. will not introduce it. Quarles, who served at the Fed from 2017 to 2021, said a close analysis of CBDCs would show that their advantages are “extremely marginal, if they exist at all.” He did not see the potential for CBDCs in promoting financial inclusion, commenting: “You’re going to need an account at the bank, the way you need to use money now, and in addition […] a cellphone and wireless a...
Ex-Fed vice-chair Quarles has lost none of his fervor in opposing US CBDC
Former United States Federal Reserve vice-chair for supervision Randal Quarles discussed central bank digital currencies (CBDC) and the chances of the U.S. adopting such technology in an interview on the “Banking With Interest” podcast Tuesday. Quarles, who is known for his opposition to a CBDC, expressed his skepticism about the so-called digital dollar and predicted the U.S. will not introduce it. Quarles, who served at the Fed from 2017 to 2021, said a close analysis of CBDCs would show that their advantages are “extremely marginal, if they exist at all.” He did not see the potential for CBDCs in promoting financial inclusion, commenting: “You’re going to need an account at the bank, the way you need to use money now, and in addition […] a cellphone and wireless a...
MicroStrategy may explore ‘future yield generation opportunities’ on 95,643 BTC holdings
Business intelligence firm MicroStrategy said it will consider opportunities for yield generation on 95,643 “unencumbered” Bitcoin (BTC) held by its subsidiary MacroStrategy. In MicroStrategy’s report for the first quarter of 2022 released on Tuesday, the firm said it “may conservatively explore future yield generation opportunities on unencumbered MacroStrategy bitcoins” as a consideration following a $205 million BTC-collateralized loan issued by Silvergate Bank in March. As of March 31, MicroStrategy held a total of 129,218 BTC, which the firm reported had a carrying value of roughly $2.9 billion, reflecting cumulative impairment losses of more than $1 billion and an aggregate cost of $4 billion. “The original cost basis and market value of MicroStrategy’s bitcoin were $3.967 billion an...
MicroStrategy may explore ‘future yield generation opportunities’ on 95,643 BTC holdings
Business intelligence firm MicroStrategy said it will consider opportunities for yield generation on 95,643 “unencumbered” Bitcoin (BTC) held by its subsidiary MacroStrategy. In MicroStrategy’s report for the first quarter of 2022 released on Tuesday, the firm said it “may conservatively explore future yield generation opportunities on unencumbered MacroStrategy bitcoins” as a consideration following a $205 million BTC-collateralized loan issued by Silvergate Bank in March. As of March 31, MicroStrategy held a total of 129,218 BTC, which the firm reported had a carrying value of roughly $2.9 billion, reflecting cumulative impairment losses of more than $1 billion and an aggregate cost of $4 billion. “The original cost basis and market value of MicroStrategy’s bitcoin were $3.967 billion an...
