2 years ago

Overnighters,

Episode 541:
Kenya Considers 3% Tax
Coinbase Committed to US
Biden Prioritizes Digital ID & Distributed Ledger Tech
and More

The TL;DL -

Biden administration releases national standards strategy to prioritize digital identity and distributed ledger technologies.-The strategy aims to protect U.S. consumers and the country's role in developing international standards. It will bolster investment in “pre-standardization research” in the key areas identified, encourage private-sector and academic participation in that research, invest in training, and ensure integrity and inclusivity.

Florida Governor Ron DeSantis is taking a stand against a potential central bank digital currency (CBDC) from the federal government.-He believes that a CBDC would give the government too much power over people's finances. Other states are also taking steps to regulate cryptocurrency mining.

Zimbabwe to Sell Gold-Backed Digital Currency-Zimbabwe's central bank plans to sell a gold-backed digital currency to investors starting May 8. The tokens will be backed by physical gold held by the Reserve Bank of Zimbabwe and can be used for both domestic and international transactions. The introduction of the Zim-dollar is seen as a way to provide Zimbabweans with a more stable and accessible form of currency.

Kenya Considers Taxing Digital Assets-Kenya's Finance Ministry has proposed a 3% tax on the transfer of digital assets. The tax would apply to all transactions involving digital assets, including cryptocurrency exchanges, digital wallets, and transactions. The proposed tax is part of the government's efforts to regulate the cryptocurrency industry in Kenya and generate revenue for the government. The government is expected to finalize the proposed tax in the coming months.

Coinbase CEO Brian Armstrong says the company is 100% committed to the U.S. market, despite regulatory uncertainty-He is optimistic about Congress passing clear crypto legislation, but is concerned about the unpredictable enforcement action of the SEC. Coinbase has launched Coinbase International Exchange (CIE) to open to customers in 30 countries worldwide, and Armstrong says the EU is "in front" in terms of regulatory progress.

(5/4/2023)-Welcome back to the Crypto Overnighter. My name is Nikodemus, I’ll be your host as we take a nightly look at the crypto, NFT, and metaverse space and the industry surrounding it. And keep in mind, nothing in this show should ever be considered financial advice.

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