2023-05-30

⛏️ Mining, Metaverse and Sneakiness!

May 30, 2023

Howdy Folks,So, the White House is doing some work raising the ceiling for some reason.I don’t know why they need taller rooms!

I may have got the wrong end of the stick here! 🤣Anyway, today's stories are as follows.

🧾 Tax Dodge Delight
🇯🇵 Japan's Metaverse Momentum
🧭 Navigating Sanctions via Crypto

⛏️ Crypto Mining Tax Axed: A Big Win for U.S. Crypto Miners

The conversation around electricity consumption in cryptocurrency mining is never far from a heated debate.In a recent development, the U.S. government has been reconsidering a proposed tax on power used by crypto miners

The proposed tax, a heated topic of debate, won't be a part of the 'Fiscal Responsibility Act of 2023.' Republican Congressman Warren Davidson confirmed this news, bringing relief to the mining industry. The Biden administration had earlier floated the idea of a 30% tax on power consumption by crypto miners. 🧾Industry players, naturally, haven't been fans of the proposal. (That’s putting it mildly!)Despite the looming tax threat, Bitcoin’s value soared by over 65% this year, boosting listed U.S. crypto miners' shares. 📈With the tax scare averted, the industry will likely enjoy even brighter days ahead.I think we deserve that!

Save Big on Crypto Trades with Binance.US

Unleash savings on crypto trading with Binance.US.Recognized for its low fees, escalating discounts for larger trading volumes, and user-friendly interface, Binance is a one-stop platform for all your crypto needs.Bolstering its offerings are easy setup, rich educational resources, an NFT exchange, a crypto wallet, and its own Binance Coin (BNB) for various transactions.Accepting credit/debit cards and ACH deposits, it boasts a wide range of cryptocurrency options, making it a smart choice for savvy investors.

🛣️ Sony Backs Metaverse: NFT and Web3 Startups in Sight

Sony, the Japanese business titan, is aiming high with plans to invest in Web3, NFT, and metaverse ventures through a collaborative incubator program.

This initiative, formed with Astar and Startale Labs, a Web3 firm, seeks to revolutionize the digital landscape. 🖼️Their call to Web3 companies around the globe for support has narrowed to just 19 projects. 'Demo day' is planned for mid-June. 📅Nevertheless, Sony's move signals a significant step towards Japan's metaverse pivot. Are things hotting up?

🇷🇺 Russia Leverages Crypto Exchanges for International Deals

Anatoly Aksakov, a key Russian official, stated that Russia plans to use crypto exchanges to carry out international transactions.This may be a way to circumvent limitations imposed by international sanctions that were imposed after the country invaded Ukraine.

Russia's complex relationship with cryptocurrencies seems to have led to this unexpected turn following the country's abandonment of creating a state-owned crypto exchange. 🚧Aksakov revealed plans for a new bill to regulate crypto exchanges for international transactions, currently a taboo in the country. He, however, warned exchanges considering the Russian market of potential retaliation from hostile countries. Moreover, this move could disrupt the international sanctions regime.Looking at their track record…I don’t think this will bother them!😡