Crypto News Headlines (26-April-2022)

A new burning mechanism launched by developers of Shiba Inu will reward community members who burn the protocol’s native SHIB tokens on its ShibaSwap exchange platform.

“Burning” crypto means permanently removing tokens from circulation by sending them to a wallet from which they can never be retrieved. Crypto projects may burn tokens to reduce supply, which could lead to increased prices in the future as tokens become more scarce.

While the community already burns tokens, the portal incentivizes the process for users. It allows users to send SHIB tokens to a dead wallet address and in exchange sends “burntSHIB” tokens to users.

These can then be staked to generate rewards for users in the form of RYOSHI tokens, a separate token created by the Shiba Inu community.

Demand for digital currencies in Afghanistan has reportedly surged as residents seek to pre-empt the possible seizure of their funds by the Taliban government. In addition, digital currencies are being used to curb the Taliban’s influence on their economic well-being.

As per a Bloomberg report, some Afghans are looking to buy stablecoins like tether because they are pegged to the U.S dollar. The report quotes one 26-year-old Afghan resident, Habibullah Timori, who backs assertions his countrymen are using digital assets to preserve savings. He said:

Demand for cryptocurrencies is high. During other crises, people stored their cash and jewellery in the ground or under their pillows. This time, they’ve decided to keep it buried in crypto.

The report also cites another 26-year-old Afghan, Naser Ali, who claims to have converted $30,000 stashed in his safe to USDT. According to Ali, reports of the Taliban storming homes and confiscating Afghan citizens’ belongings was a key factor that compelled him to convert from fiat to crypto.

New York lawmakers have advanced a controversial bill that aims to put a two-year moratorium on select proof-of-work crypto mining operations in the Empire State.

Members of the New York Assembly’s Ways and Means Committee considered the bill at a meeting on Monday afternoon, ultimately voting to send the bill to the floor for a vote by the full Assembly.

Despite widely circulating misunderstandings that the bill would ban all crypto mining in New York, the scope of the bill is fairly limited. If passed, it would place a two-year moratorium on the issuance of new permits for proof-of-work mining operations proposing the use of an “electric generating facility that utilizes a carbon-based fuel.”

The bill would also require a study by the New York State Department of Environmental Conservation on proof-of-work mining’s impact on the state’s ability to reach the ambitious climate goals set forth by the Climate Leadership and Community Protection Act, which mandates that New York’s greenhouse gas emissions be cut by 85% by 2050.

Back in late 2019, when Jack Dorsey was still CEO of Twitter, he set in motion a plan to “develop an open and decentralized standard for social media” that would explore elements of crypto and Web3.

That effort, which came to be called “bluesky,” gained steam in 2021 with a January “ecosystem review” of decentralized social apps and the August appointment of Zcash veteran developer Jay Graber as its lead.

Today, bluesky took to Twitter—the platform soon to be privately owned by mega-billionaire Elon Musk—to clarify that it’s independent of the social media site and has been a public benefit limited liability company since February.

The world’s largest cryptocurrency exchange launched its newest feature, called Binance Refugee Crypto Card. It is designated for current and future users of the company from Ukraine, who were forced to move to other countries due to the military conflict with Russia.

Binance Keeps Aiding Ukrainians

Ever since the start of the Russia-Ukraine war, the leading crypto platform has been a strong supporter of the Ukrainian side. A few days after Putin launched his “special military operation,” Binance donated $10 million to help the humanitarian crisis in the region. The contribution was split among numerous organizations, including UNICEF, the UN Refugee Agency, UNHCR, and more.

Nearly a month later, the exchange donated $2.5 million worth of digital assets to support Ukrainian children and families who have been affected by the war.

Crypto tax calculation platform Koinly added Terra (LUNA) wallet support to make tax calculation easier for LUNA holders as the Canadian tax report deadline draws near.

Tony Dhanjal, head of tax at Koinly, said that LUNA support has been requested by many Koinly users, and with the integration, LUNA users will have a “way to accurately track and record their transactions to meet their tax obligations.”

Calculating crypto tax is easy if a user’s crypto affairs are simple. However, Dhanjal told Cointelegraph that “the average crypto investor is connected to 3 to 5 exchanges, wallets or blockchains.” Because of this, working out the taxes using these sources is very difficult and the risks of errors are high. This is why Dhanjal recommends the use of a simple crypto tax calculation tool.

U.S.- based financial services firm Fidelity Investments will allow investors to put bitcoin (BTC) in their 401(k) retirement savings accounts later this year, The Wall Street Journal and The New York Times reported Tuesday.

Employers could place a ceiling on the amount of savings earmarked for bitcoin, with the maximum cap expected to be no more than 20%. However, the move would allow several first-time investors to gain exposure to bitcoin without having to make a separate account on a crypto exchange.

401(k) accounts are company-sponsored retirement accounts in the U.S. to which employees can contribute income, while employers may match contributions. Employees get a tax break on the money they contribute, while contributions are automatically withdrawn from employee paychecks and invested in the funds of their choosing.

Only a small portion of cryptocurrency investors and users in Spain have been contacted by the national tax agency in regards to their crypto operations from last year. The organization managed to send warnings to only 5.3% of the estimated number of Spanish citizens that have invested or made transactions with cryptocurrency, according to a report from local media.

This means that only 233,000 investors of 4.4 million have been warned about their duty of declaring cryptocurrencies using the income tax and holdings models. While this fails to include a significant part of the total of investors in the country, it represents a significant milestone for the agency, which has increased the number of this kind of warning roughly 16 times, going from 14,800 issued in 2021.

The highly-anticipated launch of three crypto-focused exchange-traded funds (ETFs) in Australia has been halted less than 24-hours before a proposed listing on CBOE Australia, according to an AFR report.

The Cosmos Asset Management and ETF Securities funds were due to be begin trading at 10am local time on April 27.

“Standard checks prior to the commencement of trading are still being completed,” stated CBOE Australia.

The delay is being blamed on a “prime” or “executing” broker who is yet to approve the products due to a hold-up in appointing a market maker for the product’s launch, according to AFR.

The cryptocurrency market turned green on Tuesday, April 26 with the vast majority of cryptocurrencies seeing gains over the last 24 hours.

Indeed in the last just a day, the market sentiment shifted with over $100 billion flowing into the crypto market cap, which has increased from $1.76 trillion to $1.873 trillion in only 24 hours, representing a total of $103 billion, according to CoinMarketCap data.

As things stand the global crypto market cap is $1.87 trillion, a 5.26% increase, while the total crypto market volume over the last 24 hours is $94.32 billion, which makes a rise of 29.06%.