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05.07. [News of the day] • Kazakhstan will tax crypto mining and other articles

4 min read

Welcome to today’s overview of crypto news on 05. 07.:

Weekend markets lose traction. But that didn’t happen, and BTC actually added about $ 3,000 in a matter of days. As a result, it pumped to a daily high of just under $ 36,000. At that moment, however, the bears caught the movement and reversed the trajectory. Within hours, BTC had lost approximately $ 2,000 and dropped under $ 34,000.

The Altcoins also reached new highs over the weekend, but most of them mimicked the retreat of BTC. For example, ETH climbed to a two-week high well above $ 2,300. However, a 3% decrease knocked the second largest cryptocurrency below this particular level.


Vietnam will launch a digital currency pilot project

The Vietnamese Prime Minister, Phạm Minh Chinh, has asked the country’s central bank to pilot a CBDC program between 2021 and 2023, Việt Nam News reported in English.

The plan was signed in Prime Minister’s Decision No. 942 / QĐ-TTg on a broad strategy for the country’s development towards digital governance. It also included artificial intelligence, big data, and virtual / augmented reality.

Cashless payments are already on the rise in Vietnam and it is hoped that the pilot project will help speed up this process by recognizing the advantages and disadvantages of the digital currency and putting in place an appropriate management system.

The report shows that the United States ranks first among cryptocurrency-ready countries

Crypto Head recently released a report in which the United States topped the list of “crypto-ready” countries.

One indicator that the country is ready to accept cryptocurrencies is the huge number of BTC ATMs currently operating in the United States.

The research platform was based on an analysis of ATMs in different countries and how citizens use them. The team also surveyed the level of legality of cryptocurrencies in the countries and considered accepting them.

They also checked the overall searches that people perform on the Internet for terms related to digital assets. These factors allowed them to calculate the result when comparing 200 countries and different territories.

Banks, crypto exchanges, companies

Indian IT giant Tech Mahindra is collaborating on a blockchain vaccine tracking system

As mass vaccination programs against COVID-19 become increasingly important for many governments’ pandemic management strategies, blockchain companies are rapidly proposing ways in which this technology could offer solutions to some logistical obstacles.

The blockchain company StaTwig – a graduate of the UNICEF Innovation Fund – tested its blockchain-based VaccineLedger solution as early as 2019, in both India and the United States. Fast forward to 2021 and a worldwide vaccination campaign against COVI-19. The company is now working with Indian IT giant Tech Mahindra to implement solutions around the world.

The VaccineLedger solution aims to improve the transparency of vaccine supply chains at the vial level, with the aim of anticipating and preventing issues such as stock expiration, counterfeiting, quality control and availability. Only a few days after the failure to conclude a vaccine exchange agreement between Israel and the United Kingdom, the need for such a solution is clearer than ever.

The Wuhan plan aims to support the blockchain industry

The Office of Economics and Information Technology in the Chinese city of Wuhan plans to create more than 100 blockchain companies within three years.

The Wuhan authorities have issued a plan document offering “up to 2 million yuan (about $ 309,000) in rewards to a” fast-growing blockchain company “and $ 500,000 ($ 77,250) in funding for a blockchain technology research program.

The authorities emphasized that they would support the application of blockchain technology in public services and the real economy.

CBDC, Regulation

The Japanese financial industry expects a clearer picture of the digital yen in 2022

According to the ruling party, Japan will have a clearer idea of ​​the shape of the central bank’s digital currency by the end of 2022 at the earliest.

Hideki Murai, head of the panel of the ruling Liberal Democratic Party for digital currencies, said the Bank of Japan was still working to address key features of the digital yen, such as defining which entities would serve as intermediaries between the central bank and deposit holders.

The official said the BoJ did not expect to take an immediate decision on whether to release digital only by the beginning of the second phase of CBDC testing, which is due to begin next year.

Kazakhstan will tax the mining of cryptocurrencies from 2022

Kazakhstan has signed a new tax code for the cryptocurrency industry. Businesses have already begun to speak out against him.

The Kazakhstan government has introduced a new law under which cryptocurrency mining will be taxed. The government published an official announcement, according to which the head of state signed the entry into force of the law at the end of last month. The law will enter into force on January 1, 2022 and is expected to bring in billions in the national currency tenge.

Kazakhstan joins countries such as Iran and taxes the mining industry, which is not surprising given the lucrative potential for businesses with sufficient equipment. Local media reported that entrepreneurs were opposed to the new tax rules, and many said it could mean the cessation of mining in the country.

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