T
he Senate’s bipartisan infrastructure deal envisions imposing stricter rules on cryptocurrency investors to collect more taxes to fund a portion of the US$550 billion (S$746 billion) investment into transportation and power systems. – WASHINGTON (BLOOMBERG)
The provisions would raise an additional US$28 billion from cryptocurrency transactions, according to a summary of the plan. The proposal would impose more rules on crypto brokers to report transactions of digital assets, including virtual currencies, to the Internal Revenue Service (IRS). It would also require businesses to report crypto transactions of more than US$10,000.
The cryptocurrency measures were last-minute additions to the infrastructure deal announced Wednesday (July 28) after weeks of haggling between Republicans and Democrats over what spending to include in the deal and how to pay for it. Imposing more scrutiny on cryptocurrency trades has been a priority for members of both parties, including President Joe Bid..
A
n industry strategist explains why inflation could drive the next market rally
AAX’s Ben Caselin delves into the reasons why investors are looking to bitcoin and other cryptocurrencies as investible assets
He sees continued growth and dominance for bitcoin, but also recognises that innovations are drawing attention to alternative cryptocurrencies
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According to a senior researcher
at a leading crypto-exchange, what lies ahead could be a bullish setup for a range of crypto assets including the time-tested bitcoin, as well as innovative smart contract platforms, stablecoins, meme coins and other tokens.
Ben Caselin, head of research and strategy at Singapore-based crypto-exchange AAX, explains that monetary policy decisions amid the Covid-19 pandemic are set to drive a wave of inflation – and the resulting loss of purchasing power in traditional fiat currencies.
If inflationary pressures don’t prove to be transitory – as is expected by many analysts – investors will increasingly ..
Cryptocurrency exchange Binance wants to ‘be a financial institution’, seeks licences to undo regulatory red flags
Binance, the world’s largest cryptocurrency exchange, said it was seeking licences and multiple headquarters in response to a slew of warnings issued in several jurisdictions this year.
Zhao Changpeng, the exchange’s CEO, even raised the prospect of being succeeded by a global executive with a strong regulatory background to help Binance pivot towards becoming a regulated financial institution. The start-up was on the lookout for such a candidate but Zhao, who has been CEO for four years, did not say when he would step down.
“In the last four years, we were a start-up. Now, we want to be a financial institution,” he said during a media conference call late on Tuesday.
daily trading volume of US$2 billion
The pivot by Binance, which operates in more than 180 countries and claims it has an average daily trading volume of US$2 billion, follows a slew of regulatory warnin..
W
ill Bitcoin become mainstream currency in Singapore one day?
Despite its increased use and popularity in Singapore, Bitcoin has several characteristics that make it unsuitable for use as a transactional currency, say Hannah Yee-Fen Lim and Boh Wai Fong from NTU.
SINGAPORE: We see increasing interest in Bitcoin and other cryptocurrencies as the price of Bitcoin rallied and crashed, showing an almost ten-fold increase in price over a one-year period.
Bitcoin is to date the highest valued or most expensive cryptocurrency in the world having grown by 276 per cent in the last year alone, well ahead of others such as Ether used on the Ethereum network.
It peaked in April this year before crashing to almost half its value in June. Singapore investors, too, are keeping a sharp eye on Bitcoin and cryptocurrencies, with traditional institutions such as banks starting blockchain funds to give their high-net-worth investors the opportunity to invest in cryptocurrencies.
We even see traditi..
In gold-crazy India, millennials are turning to cryptocurrency amid Covid-19
Digital currencies such as bitcoin are becoming red-hot investments amid economic uncertainty during the pandemic
This comes as the government is softening its tone after years of hostility against the sector, but many financial organisations are still not on board
Dinesh Reddy organised his daughter’s wedding with fanfare in May but he was forced to downsize the gathering due to
lockdown measures in the southern Indian city of Bangalore. What he saved from the reduced splurge, the newlyweds received in the form of
Likewise, Shanky Singla, a 33-year-old businessman in Punjab, resumed investing his savings in cryptocurrency this year after a long gap.
“The value of money decreases with each passing day,” said Singla, who had been mulling between bitcoin and gold before he made his decision. “And the growth with which bitcoin has increased is exponential.”
The post gold-crazy India first appeared on blog.
Amazon Job Posting Hints at Plan to Accept Cryptocurrency
Amazon.com Inc.’s payments team is exploring letting customers use cryptocurrencies to pay for their orders — a development that’s roiling digital currency markets.
An Amazon job posting published online last week seeks a “Digital Currency and Blockchain Product Lead.” After Insider reported the existence of the posting earlier, Bitcoin surged to about $40,000. Amazon shares gained about 1% in New York.
“You will leverage your domain expertise in Blockchain, Distributed Ledger, Central Bank Digital Currencies and Cryptocurrency to develop the case for the capabilities which should be developed,” the posting says. “You will work closely with teams across Amazon including AWS to develop the roadmap including the customer experience, technical strategy and capabilities as well as the launch strategy.”
(AWS, or Amazon Web Services, is the company’s cloud-computing group, which builds software and other technology products for ot..
How I Can Spend Cryptocurrency
Cryptocurrency is seemingly everywhere. From the early days of bitcoin back in 2009, today, there are different cryptocurrencies to invest in as an alternative to traditional stocks and shares. Millennials are the leaders when it comes to investing in cryptocurrency; however, it is growing in popularity with older generations and their incoming Gen Z.
What exactly is cryptocurrency?
A cryptocurrency is a digital or virtual currency protected by encryption, making counterfeiting or double-spending practically impossible. Many cryptocurrencies are decentralized networks built on blockchain technology, a distributed ledger enforced by a network of computers. Cryptocurrencies are distinguished because they are generally not issued by any central authority, making them potentially impervious to government meddling or manipulation.
Can you spend cryptocurrency?
There are a few different ways to spend cryptocurrency, specifically Bitcoin.
Cryptocurrency Debi..
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