The U.K. government Treasury announced on Monday, April 4th, that it has asked the Royal Mint to create one non-fungible token (NFT) to be issued by the end of the year “as an emblem of the forward-looking approach the UK is determined to take.” Chancellor @RishiSunak has asked @RoyalMintUK to create an NFT to be issued by the summer. This decision shows the the forward-looking approach we are determined to take towards cryptoassets in the UK. pic.twitter.com/cd0tiailBK — HM Treasury (@hmtreasury) April 4, 2022 The NFT was part of a series of announcements by the Economic and Finance Ministry to …

More than 80% of central banks are interested in launching a Central Bank Digital Currency (CBDC) or have already done so according to research conducted by accounting firm PwC. The second annual Global CBDC Index report released on Monday, April 4, measures a central bank's level of maturity in deploying its own digital currency. The report also included an overview of stablecoins for the first time. Haydn Jones, Blockchain and Crypto Specialist at PwC U.K. stated in the report that “over 80% of central banks are considering launching a CBDC or have already done so.” The report ranks both retail …

Lawmakers in Australia want to regulate decentralized autonomous organizations (DAOs). In this three-part series, Oleksii Konashevych discusses the risks of stifling the emerging phenomenon of DAOs and possible solutions. On March 21, 2022, during Blockchain Week Australia, Australian Senator Andrew Bragg made a few interesting statements, one of which was about the intention of lawmakers to introduce regulations for decentralized autonomous organizations. Per se, it is not new, as the Australian Senate Committee led by Senator Bragg recommended in October 2021 that decentralized autonomous organizations be brought under the fold of the Corporations Act, which provides standards for corporate governance …

2020 was a record year for ransomware payments ($692 million), and 2021 will probably be higher when all the data is in, Chainalysis recently reported. Moreover, with the outbreak of the Ukraine-Russia war, ransomware’s use as a geopolitical tool — not just a money grab — is expected to grow as well. But, a new U.S. law could stem this rising extortionist tide. United States President Joe Biden recently signed into law the Strengthening American Cybersecurity Act, or the Peters bill, requiring infrastructure firms to report to the government substantial cyber-attacks within 72 hours and within 24 hours if they …

A group of financial technology firms has formed the Canadian Web3 Council, a non-profit trade association that will work with policymakers to advance Canada’s position at the forefront of the global digital economy. Bringing together exchange platforms, blockchain projects and tech investors, the association will work to advance blockchain-related policies that balance “innovation, consumer protection, and stability”. The open letter from Web3 Council announcing its launch came out on Tuesday, March 29. At the outset, the association consists of 11 members: Aquanow, Axiom Zen, Chainsafe Systems, Dapper Labs, Ether Capital, ETHGlobal, Figment, Informal Systems, Ledn, Wealthsimple and WonderFi Technologies. Related: …

The United States Senate will vote on President Joe Biden’s nominations to the Federal Reserve after delays instigated by Republican lawmakers. In a 50-49 vote on Tuesday, the Senate moved economist Lisa Cook’s nomination for governor in the Federal Reserve System out of the banking committee toward a final confirmation vote — though when the government body will take up the matter is uncertain. The Senate will also vote on prospective Fed chair Jerome Powell, who was named chair pro tempore in February, as well as Lael Brainard for vice chair and economist Philip Jefferson as Fed governor. All four …

The Electronic Currency and Secure Hardware Act (ECASH Act), introduced today in the United States House of Representatives, could herald a new direction in government-sponsored digital currencies. The legislation calls for the U.S. Secretary of the Treasury to develop and pilot an electronic version of the U.S. dollar that is easy to use for the economically marginalized or technically challenged. It would also “maximize” consumer protection and data privacy, according to its principal sponsor Representative Stephen Lynch, chair of the Fintech Task Force in the House Financial Services Committee. Interestingly, e-cash, as it’s called, would be issued by the U.S. …

Innovative cities across America are racing to become the next hot spot for cryptocurrency and blockchain adoption. Miami was the first city to adopt its own part of CityCoins last year, allowing it to implement its own cryptocurrency called “MiamiCoin” to be used for civic engagement. New York City has also made a name for itself as a crypto-friendly city by implementing educational initiatives and with Mayor Eric Adams receiving his paycheck in Bitcoin (BTC) in January this year. Austin takes a strong stance Most recently, Austin — the state capital of Texas that goes by the slogan “Keep Austin …

The Ministry of Digital Transformation in Ukraine has started an online nonfungible token museum aimed at preserving the timeline of major events starting with the Russian military invading the country. In a Friday tweet, Ukraine’s minister of digital transformation Mykhailo Fedorov said the government launched an initiative with nonfungible token, or NFT, artwork depicting key moments from the Ukrainian perspective from Feb. 24 onward. The NFTs feature events starting at 5:45 AM local time on the day of the conflict, when Russia announced a “special military operation” in the Donbas region of Ukraine. According to the NFT museum website at …

A tax framework on cryptocurrencies introduced by India’s Finance Minister Nirmala Sitharaman will become law in the country after being passed as an amendment to the Finance Bill. India’s lower house of parliament, the Lok Sabha, passed the 2022 Finance Bill on Friday, which included 39 amendments proposed by Sitharaman. The amendment on crypto established a 30% tax targeting digital asset and nonfungible token transactions, which did not allow for deductions from trading losses while calculating income. In addition, taxpayers in India will have an additional 1% tax deducted at source, or TDS. As per the new amendment proposed in …

El Salvador president Nayib Bukele reacted to the news that the recently proposed Accountability for Cryptocurrency in El Salvador Act (ACES) had passed the U.S. Senate Foreign Relations Committee and will now head to a full Senate vote. The 40-year old national leader responded emotionally on Twitter: Never in my wildest dreams would I have thought that the US Government would be afraid of what we are doing here. pic.twitter.com/QgJPa70mn0 — Nayib Bukele (@nayibbukele) March 23, 2022 On Wednesday, March 23, the Senate Foreign Relations Committee approved the bill, sponsored by Senators James Risch, Bill Cassidy, and Bob Menendez. The …

Indian crypto tax policy has become the hottest topic for Indian crypto traders and exchange operators as it is set to become law on March 24 and will come into effect starting on April 1. The proposed 30% crypto tax is the highest in the country and is equivalent to the tax imposed on gambling and lottery tickets. While the high tax bracket was already a cause of concern for many new and small traders, a recent clarification from the government has made things even more complicated for the Indian traders. The parliamentary clarification on March 22 indicated that each …