Highlights from the Fourth Bitcoin Halving, Robert Kiyosaki’s Emphasis on Bitcoin and Gold, and Tax-Free Crypto Gains.
Brief News
Cryptocurrencies Exempt from Capital Gains Tax
A proposed bill on capital gains taxation, initially presented by parliament, underwent revisions after feedback from the Guardian Council. The final version, passed by the Islamic Consultative Assembly, excludes cryptocurrencies from the asset classes subject to capital gains tax, meaning holding and owning crypto will not incur this tax.
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Bitcoin’s Fourth Halving Completed
On April 19, the fourth Bitcoin halving event was successfully completed with the mining of block #840,000. During this periodic event, which occurs every four years, the block reward is halved. As of this halving, rewards have decreased from 6.25 BTC to 3.125 BTC per block. This means miners now produce 450 BTC daily, compared to 900 BTC daily over the previous four years.
Following this event, Bitcoin price fluctuations are expected to continue as miners may sell their holdings to offset reduced income. However, historical trends suggest that Bitcoin’s price typically peaks 520 days after a halving.
Increased Interest in Crypto Trading Among Goldman Sachs Clients
Goldman Sachs’ hedge funds have shown greater interest in cryptocurrency derivatives due to the market’s recovery. Max Minton, Head of Digital Assets for Asia-Pacific at Goldman Sachs, stated that Bitcoin ETF approvals have boosted client interest and activity in digital assets, with many clients now either actively involved in the crypto space or considering entering it.
Source: cryptonews.com
Russia Moves to Legalize Cryptocurrency Mining
Russian crypto industry leaders have drafted a bill to legalize cryptocurrency mining. The proposed legislation aims to achieve regulatory clarity in collaboration with government agencies. It classifies mining as an economic activity, allowing for taxation and legal operations. The initiative, supported by members of the Russian Duma, includes plans for investment in technology and infrastructure to strengthen the sector.
Source: cryptopolitan.com
Vitalik Buterin: The Metaverse Is Not What We Think
Vitalik Buterin, co-founder of Ethereum, has stated that the widely accepted notion of the metaverse as a decentralized virtual world featuring immersive social experiences through avatars, VR, and AR is overly simplistic. He considers the term “metaverse” a mere branding concept rather than a concrete product. Buterin suggests that for the metaverse to function effectively, it requires the integration of various elements like cryptocurrencies, virtual reality, and artificial intelligence.
Source: coindesk.com
Taiwan Approves Cryptocurrency Industry Association
Taiwan’s cryptocurrency industry working group, formed last year to establish an industry association, announced that its request for approval has been granted by Taiwan’s Ministry of the Interior. The group, comprising 22 crypto companies, including major exchanges like MaiCoin and BitoPro, is required to complete preparatory work and establish the association by the end of June. The aim is to implement self-regulation based on financial oversight guidelines to protect consumers.
Source: theblock.co
Brazil Expands Bitcoin Investment Opportunities
Responding to global demand for Bitcoin-related products, Brazil has capitalized on the growing momentum of the leading cryptocurrency. According to Reuters, B3, Brazil’s stock exchange operator, announced on March 28 that it has received approval to sell Bitcoin futures contracts, which will be linked to the Nasdaq Bitcoin Reference Price. This development coincides with the launch of a Bitcoin ETF by BlackRock in Brazil.
Source: bitcoinist.com
Mandatory Registration for Virtual Asset Providers in Argentina
The Argentine government, under anarcho-capitalist President Javier Milei, has introduced new regulations requiring virtual asset service providers to register with the authorities. This decision has sparked negative reactions domestically and internationally, signaling a departure from earlier promises of economic freedom and Bitcoin adoption.
Source: bitcoinist.com
Three Brazilian Tourist Cities Adopt Bitcoin for Daily Payments
Three tourist cities in Brazil now use Bitcoin as a daily payment method, thanks to the Bitcoin Lightning Network. This advancement enables tourists to easily pay for services such as hotels and restaurants using Bitcoin, further promoting the cryptocurrency as a convenient payment option in the region.
Source: cryptoslate.com
South Korean Parties Compete to Attract Youth Votes with Cryptocurrency Promises
In the upcoming South Korean elections, both political parties are vying for the youth vote by advocating for cryptocurrency-friendly policies. These promises include allowing Bitcoin ETFs in South Korea and postponing taxes on digital assets. However, experts suggest that instead of focusing solely on short-term benefits, parties should work to reform existing regulations to improve public perception of blockchain and cryptocurrencies. Concerns have been raised about whether such promises will materialize, as past crypto-related campaign pledges have often remained unfulfilled.
Source: theblock.co
Binance Set to Return to India by Paying $2 Million Fine
Binance, the world’s largest cryptocurrency exchange, is preparing for a comeback in India. The exchange plans to pay a $2 million fine and make adjustments to its South Asian operations to regain its operating license in the country. Binance had halted its activities in 2021 due to non-compliance with India’s anti-money laundering laws. This was a significant setback as India represents one of the largest cryptocurrency markets globally. Indian authorities are still reviewing Binance’s request.
Source: theblock.co
New Zealand Explores Central Bank Digital Currency (CBDC) Launch by 2030
New Zealand is evaluating the introduction of a Central Bank Digital Currency (CBDC), envisioned as a digital counterpart to physical cash. Unlike cryptocurrencies, this CBDC would be stable and accessible to everyone, including those without bank accounts, while being distributed through private companies rather than directly controlled by the central bank. Public consultations are ongoing, and a launch is tentatively expected by 2030.
Source: cryptoslate.com
Kiyosaki Urges Confidence in Bitcoin and Gold After Jerome Powell’s Remarks
Robert Kiyosaki, author of Rich Dad Poor Dad, issued a stark warning following Federal Reserve Chairman Jerome Powell’s remarks on inflation. Kiyosaki noted Powell’s admission of inflation winning the battle and criticized public ignorance of the statement’s global implications. He emphasized that savers are losing as the dollar has lost 95% of its value over 97 years and advised trust in gold, silver, and Bitcoin over political leaders, whom he accused of leading toward financial bankruptcy.
Source: benzinga.com
Crypto Mining Could Be Environmentally Friendly
A blockchain developer has published an article advocating for the U.S. to reassess its stance on Bitcoin mining. Despite its reputation for high environmental costs, the author argues that mining can be sustainable when renewable energy is used. The article highlights that Bitcoin’s global energy consumption is relatively minor and could align with eco-friendly practices.
Source: dailyhodl.com
Michael Saylor: Chaos Is Good for Bitcoin
Michael Saylor, founder of MicroStrategy, believes geopolitical unrest benefits Bitcoin. In a post on X, Saylor claimed that chaos strengthens Bitcoin’s role as a hedge against economic uncertainty. While his remarks attracted criticism, Saylor defended Bitcoin as a secure global savings solution, especially for those unable or unwilling to manage traditional investment funds.
Source: u.today
Norway Enacts Stricter Regulations on Crypto Mining
Citing environmental concerns, Norway has introduced new legislation targeting data centers used for cryptocurrency mining. This regulation could significantly impact the industry in Norway, even as abundant hydroelectric power previously made it attractive for miners. The move reflects a global trend where governments prioritize sustainability and regulate the environmental impact of crypto mining.
Source: coindesk.com
Federal Reserve Minneapolis President: Bitcoin Has No Legitimate Use
Neel Kashkari, President of the Federal Reserve Bank of Minneapolis, has expressed skepticism about Bitcoin, calling it a tool for fraud, gambling, and confusion. Despite over a decade of existence, Kashkari argued that Bitcoin has yet to prove its utility in a developed democracy.
Source: news.bitcoin.com
Binance Still Seeking a Permanent Headquarters
After years of avoiding the question of a permanent base, Binance, the largest cryptocurrency exchange, is now considering several jurisdictions. CEO Richard Teng emphasized factors like regulations, taxes, and product compatibility in making this decision. Binance is also working closely with regulators worldwide to address challenges from fragmented crypto regulations.
Source: theblock.co
El Salvador Offers Citizenship for Bitcoin Donations
El Salvador’s President, Nayib Bukele, has announced plans to grant citizenship to 5,000 foreign specialists, scientists, doctors, artists, and thinkers. The proposal includes offering citizenship in exchange for a $1 million Bitcoin donation. Bukele claimed this initiative could generate $5 billion for the country’s Bitcoin investment program and provide participants with full citizen rights, including voting.
Source: cryptodaily.co.uk
UK Banks Collaborate to Test Crypto Integration into Traditional Finance
The UK Finance Association, representing the country’s banking and financial services industry, is leading a pilot project to explore blockchain and cryptocurrency integration into traditional banking. This initiative brings together major UK banks to test crypto-based solutions for financial transaction tracking.
Source: bitcoinist.com
South Korean Won Surpasses US Dollar in Crypto Trades
South Korea’s cryptocurrency market saw a surge in the first quarter of 2024, with transactions in Korean Won surpassing those in US Dollars. The growth is attributed to competition among local exchanges offering zero-fee trading and a growing interest in high-risk altcoins. However, the regulatory environment in South Korea remains complex, with ongoing discussions on NFTs and ETFs.
Source: bitcoinist.com
Coinbase: US Lags Behind in Crypto Regulation
A senior official at Coinbase has criticized the U.S. for falling behind in cryptocurrency regulations compared to other major economies. Faryar Shirzad, the exchange’s policy lead, pointed out that most G20 nations, including the EU, UK, Hong Kong, and Brazil, have established clear legal frameworks, leaving the U.S. on a diverging path from global standards.
Source: dailyhodl.com
