Discover the top news in crypto for the week!
More cities are enabling citizens to pay for taxes with crypto, while new crypto regulations may come to the UK. Meanwhile, blockchain technology is helping the environment while more institutions look at digital assets. Find out the top 5 crypto news of this week.
Rio de Janeiro to accept cryptocurrency payments for taxes next year
Rio de Janeiro is taking the lead from other cities to embrace crypto. From 2023 onwards, citizens in Rio will be able to pay property taxes (e.g., IPTU) with bitcoin. Brazilian secretary Pedro Paulo added that the city ‘will stimulate the circulation of cryptocurrencies by integrating them into the payment of taxes,’ with an expansion of services in the future. Rio de Janeiro is the first Brazilian city to accept crypto payments at a governmental level after cities in the US and Switzerland had similar initiatives. Read more
Britain will reveal crypto regulation plans in coming weeks, sources say
New reports suggest that the British Finance minister, Rishi Sunak, will announce new crypto regulations in the following weeks. The reports hint that stablecoins will be the focus of the bill, while many countries research and develop Central Bank Digital Currencies (CBDCs). Recently, the US and the European Union moved forward with new crypto regulations, generating a lot of discussions between the crypto community and political representatives. Read more
Institutional crypto funds see largest capital inflows for three months
Institutions keep investing in crypto, reaching a 3-month high of inflows across digital assets and investment vehicles. According to a new report by CoinShares, inflows in crypto investment products reached $193 million last week, the highest since December 2021. The preferred cryptocurrency was bitcoin, with over 50 percent of total inflows, followed by Solana and ether. Read more
MicroStrategy to borrow against its bitcoin holdings to buy more of the cryptocurrency
MicroStrategy, one of the biggest private holders of bitcoin, continues its crypto investment strategy and accumulates more bitcoin. The company is taking a $205 million loan to buy more bitcoin, turning it ‘into productive collateral,’ propelling its business strategy. Institutional interest surpasses bitcoin, with altcoins like Cardano seeing a 51-fold increase in transactions over $100,000, reflecting the involvement of corporations. Read more
Can crypto miners make the world greener?
Can crypto be good for the environment? Much has been discussed on crypto’s energy consumption, but the sector is moving toward a carbon-neutral state. A 2021 report from The New York Times estimated that renewable energy sources powered between 40 and 75 percent of Bitcoin mining. Other recent estimates put that contribution at 30 percent of the total energy that the Bitcoin network requires. Read more
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