India Finally Warms to Crypto With Tax, Digital Currency - cyptoranking.com

2024-04-28

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Image by Gage SkidmoreThe U.S. House Financial Services Committee is currently a battleground for discussions concerning the possible launch of a Central Bank Digital Currency (CBDC) by the Federal Reserve. Today, Maxine Waters, a Democratic representative from California, sharply criticized a bill reintroduced by Republican Rep. Tom Emmer of Minnesota. The bill is looking to prevent the Federal Reserve from creating a CBDC.The Ongoing Debate on Crypto Adoption in the U.S. GovernmentLast week, Republican Rep. Tom Emmer of Minnesota rolled out the "CBDC Anti-Surveillance State Act," also known as HR 5403. According to a statement from Emmer, this bill, which is supported by 50 Republican co-sponsors, would prevent the Federal Reserve from directly issuing a CBDC to individuals. Additionally, it would stop the Fed from indirectly making a CBDC available through a third party.Waters, who has served as a former chair of the Committee, voiced concerns that the bill's partisan nature could hamper technological advancements in finance and put the U.S. at a disadvantage globally."Unfortunately, Republicans are marking up one bill that is not bipartisan. It will keep the United States behind other countries, including China, as they race forward to develop a global standard for central bank digital currencies," she warned. "At this point, nobody fully understands the potential benefits and challenges of CBDCs, or how their implementation could affect the preeminence of the U.S dollar and global finance more broadly. That is why the Biden Administration and the Federal Reserve are researching this."Crypto Regulation and Its Possible Impact on U.S. Global StandingWaters further argued that the bill put forth by the Republicans could slow down ongoing research efforts, which in turn could affect the country's ability to keep up with financial technological changes. "The Republican bill before us today would stifle that research and prevent us from moving forward even if it means that the dollar loses its status as the world’s reserve currency," she said. "And even if it means that U.S. citizens lose out on faster, cheaper, and simpler payments."This presents a concern for the U.S., as it may lose the opportunity to set global standards in what could be a major financial development.Maxine Waters and the Committee's Work on US Crypto and Other Financial MattersBefore concluding her remarks, Waters expressed disappointment in what she saw as a lack of willingness to innovate on the part of Republicans. "I am disappointed that Republicans have taken such a deeply anti-innovation stance," she commented.Despite disagreements, Waters acknowledged that the Committee's recent meeting was largely productive. She highlighted the Committee's progress in reaching a consensus on various matters, including U.S. banks reducing risks in their dealings with the Caribbean and other regions, compliance with sanctions concerning Russia and Belarus, and the imposition of sanctions on foreign companies that facilitate spyware targeting U.S. national security personnel.Other Legislative Efforts and Positions on CBDC in the U.S.Another bill up for discussion on today targets a more bipartisan approach. Known as the "Power to Mint Act," H.R. 3402 is sponsored by Democratic Rep. Jake Auchincloss of Massachusetts and Republican Rep. French Hill of Arkansas. The bill would mandate that the Federal Reserve seek approval from Congress before moving ahead with the issuance of a CBDC.It's not just in Congress where opinions on CBDCs are strong. Florida Governor Ron DeSantis, who is also a presidential candidate, signed a bill in May that prohibits the use of a federal CBDC in Florida. Another presidential hopeful, Vivek Ramaswamy, has likewise expressed firm views against CBDCs.While discussions are ongoing, the potential introduction of a CBDC by the Federal Reserve evidently has both supporters and detractors within the U.S. House Financial Services Committee. The implications for the U.S. in terms of global financial technology advancements and crypto regulation remain important topics that lawmakers will have to continue to grapple with.Hong Kong Steps Up Crypto Regulation with Warnings to Imitation Banks – Here's What You Need to Know STRAX rose 16% after Binance's announcement. India Finally Warms to Crypto With Tax, Digital CurrencyCrypto Analyst Expects Volatility in Shorter Term Read more: Moonbeam (GLMR) Review: What Is It And Why It’s Becoming a Big Deal?

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“Lightning is effectively extending Bitcoin’s utility by enabling low-value payments over the Internet.” The timing of the DeFi movement has been a little out of sync, Blockchain Capital general partner Aleks Larsen says, because the technology was born into an environment where the infrastructure wasn’t ready to accommodate mainstream usage. Crypto Trading For Beginners: A Guide To Buy & Sell ...A standout feature of the new protocol is its integration of mevETH, a novel liquid staking token (LST) launched last month. Manifold Finance serves as the infrastructure partner for mevETH. Blockchain analytics firm Nansen’s CEO, Alex Svanevik, shared his perspective on six crypto sectors primed to drive the next bull cycle in a recent thread on X (formerly Twitter).

No Altcoin Season This Year? New and emerging methods Satoshi in Bitcoin Explained: What It Is and How Much It Is WorthThe price bounced afterward, creating a long lower wick (green icon) and validating the $0.64 horizontal area as support. After consolidating above the area for a long period of time, Tezos finally broke out on October 10. For example, the whale swapped 1,370 ETH for 1,370.3351 stETH on 1inch, paying 0.0061 ETH ($10) in gas fees. Redeeming the stETH for ETH netted a profit of 0.329 ETH ($540).

Despite this bullish BNT price prediction, failure to close above the $0.62 area can lead to a 40% drop to the descending resistance trendline at $0.40. Renowned decentralized finance (DeFi) company Ankr sat down with Crypto Daily to give us a breakdown of its revolutionary Liquid Staking feature and to discuss retaking on the EigenLayer. SEC Approves First Leveraged Bitcoin Futures ETF“The European market for crypto services is highly fragmented and we see significant opportunity for consolidation to strengthen our position in the region,” Ripley said. The company that promoted the project claimed to have an office in Shenzen City, China.

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