Crypto News Jan 17, 2022

News Headlines (January 17 2022)

  1.  Rio De Janeiro to Invest 1% of Its Treasury in Cryptocurrency

Rio de Janeiro, one of the largest cities in Brazil, will invest part of its Treasury in cryptocurrencies. The announcement was made by the mayor of Rio, Eduardo Paes, during Rio Innovation Week. Suarez, who also launched Miamicoin, a cryptocurrency for the city of Miami, stated this same development in Miami created opportunities for investors while offering crypto tax incentives. The plan is to turn the city into a cryptocurrency-friendly hub, and there are other tax incentives that will also be put in place to achieve this objective, according to reports.

Federal Investigation Agency (FIA) Director-General Dr Sanaullah Abbasi on Saturday said the agency will approach the Pakistan Telecommunication Authority (PTA) for blocking websites dealing in cryptocurrencies to prevent fraud and possible money laundering. Mr Abbasi said legal experts would also be approached to deal with fraud and other issues arising out of cryptocurrencies. “Crypto has given a new dimension to the fraud,” remarked Mr Abbasi.  The SBP team informed the participants of the meeting that the central bank had submitted recommendations recently under the directions of the Sindh High Court for regulating cryptocurrencies.

FTX’s fund crypto will total some $2 billion and, per interviews, could be disbursed just this year. That’s a wild pace of investment, perhaps one reminiscent of how quickly a16z put its recent $2.2 billion crypto fund to work. Coinbase and FTX exist toward the edges of the crypto world, shuttling money back and forth from the traditional economy and what could be its future. Institutional Investor reports that $32.8 billion in total was invested into “crypto and blockchain technology businesses” last year. Perhaps a lot of stuff built by that money is coming out soon that will blow us away.  

For years, Christian Lantz has played S.T.A.L.K.E.R., a first-person shooter game set in a post-apocalyptic Ukraine that became a cult hit for its immersive role playing. Ukrainian company behind the computer game, announced last month that the new S.T.A.L.K.E.R. would incorporate the crypto-based assets known as nonfungible tokens, or NFTs. In the new game, GSC said, players could buy and sell NFTs of items like clothing for their in-game characters. Mr. Lantz was incensed. He joined thousands of fans on Twitter and Reddit who raged against NFTs in S.T.A.L.K.E.R.’s sequel. The game maker, they said, was simply looking to squeeze more money out of its players.

The government could consider in the upcoming Budget levying TDS/TCS on sale and purchase of cryptocurrencies above a certain threshold and such transactions should be brought within the ambit of specified transaction for the purpose of reporting to income tax authorities, Nangia Andersen LLP Tax Leader Aravind Srivatsan said. Transactions should be brought within the ambit of specified transaction for the purpose of reporting to income tax authorities, Nangia Andersen LLP Tax Leader Aravind Srivatsan said. Also, a higher tax rate of 30 per cent should be levied on the income arising from the sale of cryptocurrency, similar to winnings from lottery, game shows, puzzle, etc, he said.

Cooper Turley, an investor and influencer at the heart of crypto’s burgeoning DAO scene, has been kicked out of Friends With Benefits (FWB), the exclusive online social club he helped build over the past year. Turley, now 25 years old, has worked with some of the biggest projects in the Web 3 ecosystem. He’s currently listed as a “venture partner” at the venture capital firm Variant Fund, helmed by Jesse Walden and Li Jin, and has worked as an advisor for the blockchain streaming service Audius. The post doesn’t refer to Turley by name, but an FWB staffer confirmed that it was indeed about him.

A group of crypto-evangelists, led by Max Olivier and Helena Lopez, outlined plans for the island, Nananu-i-cake, in a lavishly animated YouTube video, featuring a wide-eyed crypto bro named Christopher landing by helicopter and being given a guided tour by a talking coin called Connie. Widely mocked plans to establish a tropical haven for cryptocurrency enthusiasts have run into trouble after a contract to buy an island in Fiji for US$12m fell through. Areas planned included Cryptoland Bay, Crypto Beach, House of Dao – a reference to decentralised autonomous organisations, a form of non-corporate structure promoted by crypto enthusiasts as an alternative to companies.

In March 2021, crypto entrepreneur and investor David Johnston moved his parents, wife, three daughters, and company with him to Puerto Rico. The 36-year-old, who has been involved in the crypto ecosystem since 2012, says the decision to relocate from Austin was kind of a no-brainer. Johnston says that Puerto Rico reminds him a lot of Austin in 2012. Back before Tesla, Samsung, and Apple helped turn the Texas capital into one of the country’s hottest tech hubs, he says the city felt small. In the U.S., investors pay as much as 37% on short-term capital gains and up to 20% on long-term gains.

Ethereum co-founder Vitalik Buterin set up a pair of polls on Twitter asking his followers if 80% of all transactions and savings in the year 2035 are in one currency and it is not ether, which currency they would prefer it to be. In his first tweet, Buterin asked his followers to choose from BTC, USD, SOL, and ADA. The second tweet lets them choose from TRON, BNB, CNY, and NEO. After 24 hours, the first poll ended with 600,697 votes and the second with 358,743 votes.

  1.  Bank of America Says Solana Could Take Market Share From Ethereum, Become the Visa of the Crypto Ecosystem

The Bank of America analyst described that Solana “produces a blockchain optimized for consumer use cases by prioritizing scalability, low transaction fees and ease of use,” citing Solana Foundation member Lily Liu. Bank of America (BOFA) analyst Alkesh Shah published a research note on cryptocurrency this week arguing that Solana could take market share away from Ethereum. Its ease of use and low cost make the crypto optimized for micropayments, gaming, and non-fungible token (NFTs). With more than 50 billion transactions settled since its March 2020 launch, and $10 billion in total value locked.