CoinCodeCap Weekly Glance: 26 March – 01 April

Well, the week started with Goldman Sachs’s news of expanding its presence in the nascent market for derivatives based on digital assets. Goldman Sachs and cryptocurrency merchant bank Galaxy Digital announced Monday that they had traded a bitcoin-linked instrument known as a non-deliverable option(NDO).

Democratic Governor candidate Dave Reilly announced making Bitcoin a safety reserve to check uncontrolled money printing. He further went on to declare that he would abolish capital gains, property, and income taxes for Idahoans who use Bitcoin.

A piece of bad news for crypto exchanges in India, the Minister of State for Finance Pankaj Chaudhary stated that the government had initiated action against 11 crypto exchanges in India for tax evasions totaling Rs 81.54 crore. The total amount recovered from crypto exchanges, including interest and penalty charges, is Rs 95.86 crore.

A good step taken by Reps. Stephen Lynch (D-Mass.), Jes Chuy Garcia (D-Ill.), Ayanna Pressley (D-Mass.), and Rashida Tlaib (D-Mich.) to introduced the “Electronic Currency And Secure Hardware Act” (ECASH Act). The Act was introduced to direct the Treasury Secretary to develop and issue an electronic version of the US dollar while maintaining privacy and anonymity in transactions.

Well, the Ronin bridge created history in DeFi. The Ronin bridge hack was the biggest hack in DeFi. It was exploited for 173,600 Ethereum and 25.5M USDC. As a result, the ronin bridge and Katana Dex were halted. 

Reportedly the Vietnamese government is putting together a legal framework specifically for cryptocurrency. The country’s Deputy Prime Minister has directed a total of three ministries to work on the crypto framework.

Opera announced the integration of eight blockchains as part of its ongoing effort to bring Web3. The users can now access blockchains, decentralized apps (dapps), and services from eight different blockchain ecosystems, including Solana, Polygon, StarkEx/Deversifi Layer 2, and Bitcoin, as well as IXO, Ronin, Nervos, and Celo.

Fillippos Liakounakos, a 23-year-old man has been charged in Las Vegas. He has been charged with running a complex bitcoin scam. The scam allegedly stole up to $500,000 from a beginner cryptocurrency trader. He was arrested on Monday at the Clark County Detention Center on charges of theft over $100,000.

WeChat, a Chinese messaging app owned by Tencent has banned accounts that promote non-fungible tokens (NFTs) and conduct secondary transactions with them. 

In a Parliament meeting, Sushil Modi said that the government needs to raise the amount of tax on crypto. He said that the government should think of taking more than 50% tax on crypto because the people who earn in crypto won’t be affected by paying a 30% tax.

MP Karim Khanjeza proposed that Kyrgyzstan create its own cryptocurrency and legalize it. “Nothing grows as quickly as cryptocurrencies,” he stated at a meeting of the parliamentary committee on law and order, criminal justice, and corruption. MPs debated proposed changes to the law in the area of virtual assets.

Luxury brand Off-White to accept payments in cryptocurrencies. The brand has taken measures to safeguard against losses. This step has been taken primarily to lure in the young generation. 

The EU has approved amendments to be made to the Transfer of Funds Regulation for Non Hosted Crypto Wallets. A large number of setbacks are anticipated due to this approval. 

Editorial Team
Editorial Team

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