budget
Hong Kong's 2020 Budget: Digital Assets May be Incorporated into Regulatory Framework but not Blockchain
Financial Secretary of Hong Kong, Paul Chan been under intense pressure from lawmakers to dip into the government’s fiscal reserves to help the city get out of an economic slump. After months of anti-government protests and the emergence of the coronavirus epidemic, Hong Kong residents aged over 18 will receive a cash handout of HK$10,000. The budget also highlighted the forecast of an all-time high deficit of HK$139 billion for the coming fiscal year.
White House Budget Urges Legislation to Return Secret Service to Treasury Due to Crypto Crime Surge
Cryptocurrencies, and other technological advancements, projected as a threat to the international financial marketplace, the department believes has contributed to more groups of criminal organizations and more links between financial and electronic crimes combined.
Biden's Budget Proposal Includes Crackdown on Crypto Wash Sales and Doubling of Capital Gains Tax for Certain Investors
U.S. President Joe Biden's fiscal 2024 budget plan proposes a crackdown on crypto wash sales and a doubling of the capital gains tax for certain investors, which could raise $24 billion. The proposed changes to crypto tax treatment aim to reduce the deficit by nearly $3 trillion over the next decade. The budget proposal seeks to eliminate the tax-loss harvesting strategy used by crypto traders, which allows them to sell assets at a loss for tax purposes before immediately repurchasing them. The proposal also aims to raise the capital gains tax rate for investors making at least $1 million to 39.6%.
White House Expects to Raise over $10b in Revenue under New Crypto Tax Rules
The White House would bring in significantly more revenue over the next decade if the Biden Administration’s budget plan approved to ramp up the national budget.
Lithuania Government Cashes in Seized Crypto Worth €6.4 Million
Through the State Tax Inspectorate (STI), the Lithuania government has cashed in €6.4 million and slotted it in the state budget after selling seized cryptocurrencies.
Winklevoss Sees US Stimulus Negotiation Fail as a “Wakeup Call And an Endorsement of Bitcoin”
Bitcoin billionaire Cameron Winklevoss thinks that this is the perfect opportunity to invest in Bitcoin, as the dollar keep depreciating and US politicians are unable to reach a consensus on a stimulus package budget.
EU’s Latest Coronavirus Recovery Deal: What’s Wrong with Fiat and What’s Right with Crypto
The recovery fund spearheaded by the EU is made up of €390 billion in grants and €360 billion in loans, which will be added to a new Multiannual Financial Framework (MFF), with the sum of €1.074 trillion as a seven-year budget. The heads of state and government have reached a unanimous agreement, resulting in a total financial package of €1.82 trillion.
Decrypt: Most Whitepapers are Full of Scams
According to Decrypt’s Investigation published on 22 April, many startups had been accused by White paper writers to “constantly required to fabricate and exaggerate facts”.
Billionaire Investor Mike Novogratz Refuses to Lose Faith in Bitcoin
Mike Novogratz, the CEO and founder of Galaxy Digital asset management company, explains why he still loves cryptocurrencies.
UK's Tax Authority Ready to Invest Up to $130,000 in Blockchain Analytics Tool to Track Crypto Cybercriminals
The UK tax authority HM Revenue and Customs (HMRC), is looking for an analytics tool using blockchain to enhance the process of identifying criminals who are trading in cryptocurrencies online.
Jamaica to Launch Central Bank Digital Currency in 2022
Jamaica’s Minister of Finance Nigel Clarke has announced that the country intends to launch its central bank digital currency (CBDC) in 2022.
EY-Led Consortium Submits Bid To Help Develop South Korea's CBDC
A consortium led by Ernst & Young has made the first and only bid to construct the business model for the Bank of Korea’s Central Bank Digital Currency project.
Ripple-Backed Flare Networks to Launch a Spark Token Airdrop for Litecoin
Flare Networks has announced that they will be hosting yet another airdrop for their native Spark crypto asset.
Thailand’s Trade Policy Office to Trace Agricultural Products from Farm to Export Using Blockchain
Thailand’s Trade Policy and Strategy Office (TPSO) has revealed its intentions of using blockchain technology to trace agricultural products from farms to export as this will optimize buyers’ confidence.