Crypto Guides, Knowledge & Insights

India’s digital rupee to run on state-backed e-wallets

The Reserve Bank of Indias (RBI) digital rupee will run on a government-mandated electronic wallet that will allow the central bank to be the middleman between merchants and customers, a top government official told the Press Trust of India.　　Fast facts　　The government official said the nations central bank digital currency (CBDC) is likely to launch early next year.　　The digital currency would be numbered in units, just as every fiat currency has a unique number.　　Finance Minister Nirmala Sitharaman announced in her recent budget speech that India will be launching its own CBDC while imposing a 30% tax on all income on cryptocurrency.　　Digital currencies issued on the blockchain, such as the expected digital rupee, will permit governments to trace all transactions, unlike the current system of mobile wallets offered by private companies.　　In the case of a digital rupee, the currency will be stored in state-backed wallets on devices.　　For more blockchain news, please download WikiBit- the Global Blockchain Regulatory Inquiry APP.

2022-02-08Deep Dive

North Korea: Clandestine Missile Program Bankrolled By Stolen Crypto Funds

North Korea, also known as the Democratic Peoples Republic of Korea, is under crippling sanctions for failing to adhere to UN Security Council resolutions. However, the nation has been able to circumvent the sanctions and develop its nuclear and missile arsenals. UN officials have warned that North Korea poses a significant cyber threat. North Korean hackers have managed to steal millions of dollars worth of cryptocurrencies from exchanges in the United States and Asia. The money is used to fund its missile and nuclear weapon program, reports Bbc.com.　　UN officials have reported that between 2020 and mid-2021, cyber-attackers stole more than $50m (£37m) of digital assets. Such arracks are an essential source of revenue for North Korea for its nuclear and ballistic missile program. The findings were reportedly handed to the UNs sanctions committee on Friday.　　$400m worth of digital assets stolen last year　　The report also highlighted a study published last month by the security firm Chainalysis which hinted that North Korean cyberattacks could have netted as much as $400 million worth of digital assets the previous year.　　The UN reported in 2019 that North Korea had accumulated an estimated $2bn for its weapons of mass destruction programs by using sophisticated cyber-attacks.　　North Korea

2022-02-08Deep Dive

Crypto, Blockchain Investments in 2021 Exceeded Previous 3 Years Combined: KPMG

Investments in blockchain and cryptocurrency last year exceeded the total for the three previous years combined, according to a report by KPMG.　　The Big Four accounting firms latest biannual “Pulse of Fintech” report finds that investment in crypto and blockchain surged to $30 billion in 2021.　　That compares with $8.2 billion in 2018, $5.6 billion in 2019 and $5.5 billion in 2020.　　Last years total was reached across 1,332 deals, beating the previous record of 901 in 2018.　　KPMG highlights the different approaches to crypto from different jurisdictions, specifically with regard to Chinas ban on bitcoin mining and trading as well as the threat that India would follow suit. As a result, crypto interest plummeted in Asia while picking up significantly elsewhere.　　According to the report, there is “growing interest in the broad spectrum of blockchain opportunities, including the ability to use blockchains to support collaborative multi-jurisdictional activities – combining data, research and analysis related to a critical task into a single ledger for all.”　　For more blockchain news, please download WikiBit- the Global Blockchain Regulatory Inquiry APP.

2022-02-08Deep Dive

Crypto Tax Laws: Some of the Best and Worst Countries So Far

Western states are embracing digital currencies with some even considering taking tax payments in Bitcoin and other cryptos. India wants to slap a 30% tax on all gains. For the rest of the US, tax is anywhere between 10 – 37% depending on how long you hold your cryptos. The latest report shows a growing number of governments are doubling down efforts to web a nest of laws around crypto and make rich gains from taxes.　　For all the gospel about decentralization, security, and autonomy preached by crypto-evangelists, government taxes on crypto are one of the harsh realities that show how impossible it is to simply wish centralization away.　　To help users decide on their Bitcoin portfolios, here are some countries that collect taxes on crypto and those that dont.　　In no particular order, these countries have laws in place that either seek to support the infant innovation around crypto or simply view it as a non-threatening private digital asset. They are:　　Portugal　　The Taihuttu family from the Netherlands, which made headlines in 2017 after selling all their properties and investing in Bitcoin, has moved to Portugal.　　That‘s all you need to show how much of a tax-friendly country Portugal has become with cryptos. Mr. Taihuttu’s

2022-02-08Deep Dive

Nigerian Blockchain Advocacy Group Says 'Crypto Is Legit' — Calls for Regulation of Industry

The Nigerian blockchain advocacy group, the Stakeholders in Blockchain Technology Association of Nigeria (SIBAN), has said crypto is legit and must be regulated. The group adds that any such regulation should on one hand encourage innovation, but discourage bad actors on the other.　　Equal Access to Banking and Financial Services　　The Nigerian blockchain advocacy group, the Stakeholders in Blockchain Technology Association of Nigeria (SIBAN), has implored the Central Bank of Nigeria (CBN) to reconsider its decision to block crypto entities from the banking ecosystem. The group insists that “crypto is legit” and has subsequently started a Twitter campaign to get cryptocurrencies regulated.　　In its statement released exactly a year after the CBN directive came into effect, the advocacy group called on various bodies and government ministries to play their part in ensuring cryptocurrencies become a recognized and regulated asset class. The statement also discusses the potential benefits of regulating cryptocurrencies.　　“Today we advocate equal access to banking and financial services by virtual asset service providers (VASPs) without discrimination in accordance with the Nigerian Constitution, applicable laws, and particularly Nigerian laws on anti-money laundering and combating the financing of terrorism (AML/CFT) regulations. Amongst other benefits, this approach will aid investigations by our law enforcement agencies,

2022-02-08Deep Dive

Crypto Users and Exchanges Must Now Report Transactions in Colombia

The Colombian government has issued new regulations that force exchanges and individuals to report cryptocurrency transactions to the UIAF, the anti-money laundering watchdog in Colombia. The transactions must be reported via an online reporting system, and exchanges will be required to issue periodic reports of suspicious transactions made by users.　　Colombia Tightens AML Controls　　New regulations that direct users and exchanges to report cryptocurrency transactions over a certain amount have been approved in Colombia. Resolution 314 establishes that cryptocurrency transactions over $150, or cryptocurrency transactions made with multiple tokens whose value goes over $450, will have to be reported to the UIAF, the anti-money laundering watchdog in Colombia.　　This new regulation, which will take effect on April 1st, seeks to bring about greater control over what is happening with cryptocurrency assets in the country and stop possible money laundering and terrorism financing activities that could be leveraging these assets to go unnoticed. Regarding this, the resolution states:　　Virtual assets have created a situation that merits the intervention of the UIAF, to the extent that, although they are operations that in Colombia are not illegal by themselves, they can lend themselves to illicit activities, due to the anonymity or pseudonymity in the transactions using them.　　Exchanges

2022-02-07Deep Dive

US Treasury Warns NFTs May Present New Illicit Finance Risks

The U.S. treasury department has warned that non-fungible tokens (NFTs) may present new illicit finance risks. According to industry estimates, the NFT market could reach $35 billion in 2022 and more than $80 billion by 2025.　　NFTs May Present Illicit Finance Risks　　The U.S. Department of the Treasury announced Friday the release of a “study on illicit finance in the high-value art market.” The study was mandated by Congress in the Anti-Money Laundering Act of 2020.　　“This study examined art market participants and sectors of the high-value art market that may present money laundering and terrorist financing risks to the U.S. financial system,” the Treasury wrote, adding:　　“The emerging digital art market, such as the use of non-fungible tokens (NFTs), may present new risks, depending on the structure and market incentives.”　　In order to combat the risks, the study recommends several options, including updating training for law and customs enforcement, enhancing private sector information sharing, and applying anti-money laundering and countering terrorism financing requirements to certain participants in the art market.　　According to Dappradar, NFT sales volume totaled $24.9 billion in 2021, compared to $94.9 million in the previous year. Jefferies analysts have estimated that the market for NFTs could reach $35 billion in 2022 and

2022-02-07Deep Dive

Google Exploring Blockchain Products — CEO Shares Web3 Strategies

Googles Web3 and Blockchain Strategies　　The CEO of Alphabet Inc. and its subsidiary Google, Sundar Pichai, shared some information on the group‘s blockchain strategy during the company’s Q4 earnings call last week.　　Pichai was asked about his view on web3 and Alphabets approach to the industry. “Anytime there is innovation, I find it exciting,” the Google CEO began, elaborating:　　On web3, we are definitely looking at blockchain, and such an interesting and powerful technology with broad applications, so much broader, again, than any one application.　　“As a company, we are looking at how we might contribute to the ecosystem and add value,” he continued, adding:　　Just one example, our Cloud team is looking at how they can support our customers needs in building, transacting, storing value, and deploying their products on blockchain-based platforms.　　“So well definitely be watching the space closely and supporting it where we can. Overall, I think technology will continue to evolve and innovate and we want to be pro-innovation and approach it that way,” the CEO opined.　　Google‘s Cloud division recently formed a group to build business around blockchain applications. Richard Widmann, head of strategy for digital assets at Google’s Cloud unit, said the group plans to hire a slew of people with

2022-02-07Deep Dive

Samsung Unveils New Metaverse World ‘My House,’ Attracts Over 4 Million Visits In Less Than 1 Month

After Samsungs official release of its own metaverse service My House on Jan. 6, the company has exemplified huge success on the platform, attracting more than 4 million visitors in less than a month.　　A collaboration with Navers 3D avatar platform Zepeto, My House was launched at CES 2022, an annual tech show, where the South Korean multinational electronics corporation elaborated on its plans to innovate on some of their technology products and also draw in more younger consumers.　　Soon, Samsung users will be able to decorate and personalize virtual homes from furniture, appliances, and other electronic products. 　　The metaverse is an online, 3D universe that comprises multiple different virtual spaces. Technology experts deem this as the “future of the internet,” with a total market value of nearly $15 trillion as of November 2021.Samsung My World: A Very, Very Fine House　　In collaboration with Zepeto, My House targets the younger counterparts of their customer base, specifically Generation Z and millennial youth. 　　Samsung defines the platform as “a space-decorating experience” wherein users are allowed to collect, arrange, and decorate their houses using various products represented in virtual format.　　Since it was launched in the Zepeto mobile app via Google Play Store, the number of people

2022-02-07Deep Dive

What is Interchain Security and why is it so important to the Cosmos (ATOM) ecosystem?

Informal Systems, a development company building on Cosmos, published the first preview of the newest shared security model to be added to the Cosmos ecosystem. Aside from providing security to Cosmos blockchains, this model will also make the process of launching a blockchain much easier and more accessible.　　We dive deeper into the model Informal Systems dubbed the “Interchain Security” and the impact it will have on the Cosmos ecosystem.Sharing security on Cosmos, one blockchain at a time　　The introduction of Proof-of-Stake (PoS) networks has revolutionized the blockchain space, making it possible for users to secure the network with their token stake, rather than hash rate. The bigger the network and the more valuable its token is, the more secure it gets—as more value gets staked, it becomes harder for bad actors to carry out attacks.　　However, small and emerging PoS blockchains struggle with a low market cap and a low amount of resources. A low number of stakers and a small amount of value staked makes the network more vulnerable to attackers, affecting its position on the market.　　The Cosmos ecosystem was built to be the “internet of blockchains” and facilitate a network of interconnected and interoperable networks built on the same infrastructure.

2022-02-07Deep Dive

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