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India Might Add 28% To Its Existing Crypto Tax

June 23, 2022 by Vignesh Karunanidhi

People with knowledge of the situation indicated that an Indian cabinet panel will meet next week to talk about imposing a goods and services tax on cryptocurrency transactions.

The council, made up of the finance ministers of the federal government and the states, is looking to expand the tax net in order to more effectively track transactions involving virtual digital assets, according to the people, who declined to be named due to restrictions on speaking with the media. Beginning on June 28, the panel will convene for two days in Chandigarh, in northern India.

The individuals added that although conversations may be done about including it in the highest tax bracket of 28 percent, the panel is unlikely to decide on a rate in the forthcoming meeting.

India thinks a hefty 30% tax is not enough

In an effort to gauge the extent of the local cryptocurrency market and keep track of users, India’s Finance Minister Nirmala Sitharaman levied a 30 percent tax on revenue from the transfer of virtual assets and a 1 percent source tax on all cryptocurrency transactions earlier this year. The action was perceived as resolving doubt over the legality of cryptocurrency transactions.

Due to the ambiguity around whether digital currencies should be treated as products or services and the absence of a legal framework, there is still uncertainty over the implementation of a sales tax on them.

We previously reported that the federal government is already working on legislation to either regulate or strengthen regulations. However, it is envisaged that this would only happen until a worldwide agreement on the regulation of such assets emerges.

As global central banks have started to raise interest rates to rein in growing inflation, digital currencies and other risky assets have been under attack all year. This year, Bitcoin has decreased by almost 50%, while Ether has decreased by 70%

Filed Under: World, News Tagged With: Crypto Tax, India

Inverse Bitcoin ETF beneficial for crypto: Grayscale CEO

June 23, 2022 by Aishwarya shashikumar

Grayscale CEO Michael Sonnenshein recently asserted on Twitter that the introduction of the first short Bitcoin exchange-traded fund (ETF) in the United States could be encouraging for the cryptocurrency sector.

Screenshot 49

He thinks that the U.S. Securities and Exchange Commission’s approval of new BTC-related goods shows that the powerful regulator is gradually growing more at ease with the biggest cryptocurrency.

According to U.Today, on Tuesday, trading on the New York Stock Exchange (NYSE) began for the ProShares Short Bitcoin Strategy (BITI), which provides exposure to the inverse performance of the biggest cryptocurrency.

The SEC’s approval of ProShares’ Bitcoin futures ETF in October was seen as a turning point for the cryptocurrency market and rekindled the second stage of the 2021 bull run.

But the authority has so far turned down every application to allow a spot-based Bitcoin ETF. Currently, Grayscale is putting up a valiant campaign to persuade the SEC to turn its flagship trust into an exchange-traded fund. Sonnenshein has nevertheless emphasized that he is not identifying the recent correction’s bottom.

BTC’s price dropped to $17,500 on Saturday, but it was able to launch a small comeback after that. The top cryptocurrency experienced a rise on Tuesday, reaching a high of $21,708.

Bitcoin to Test $17,000 Again?

Former NYSE Group President Tom Farley recently claimed that the price of Bitcoin may end up retesting the $17,000 level during an appearance on CNBC.

Yet he considers the current price decline to be a “very wonderful” purchasing opportunity, suggesting that the cryptocurrency has at least temporarily struck a bottom. Farley is of the opinion that the market has already capitulated.

After a protracted run of losses, the largest cryptocurrency in the world was able to retake the $21,000 mark earlier today, marking a tiny success for bulls.

Arthur Hayes, the former CEO of BitMEX, forewarned on Monday that there would be additional forced selling as a result of market uncertainty. In the past, Paul Krugman, a Nobel Prize-winning economist, warned that the tiny comeback would just be a dead-cat bounce.

Chris Burniske, a cryptocurrency analyst, recently tweeted that he would not be surprised if BTC fell under the $10,000 mark. There is more possibility for a downturn because miners have not yet given in. Burniske also thinks that the unfavorable macro environment will make it difficult for Bitcoin to recover.

Filed Under: News, Bitcoin News, World Tagged With: Bitcoin (BTC), Bitcoin ETF, Cryptocurrency, Grayscale, michael sonnenshein

How Popular Must Certain Altcoins Become to be Used as Payment Methods

June 23, 2022 by Akash Anand

Altcoins are far different from Bitcoin – they’re all other cryptocurrencies outside Bitcoin. Short for alternative coins – they’re essentially every crypto coin on the market, which was over 18,000 as of March 2022. At the top of the food chain are Bitcoin and Ethereum, worth $20,956.6 and $1072.15, respectively, at the time of writing. Ethereum is one of the most promising altcoins, especially now that it’s linked to NFTs and the metaverse. Still, it’s the 17,999 other altcoins that need to gain popularity to become a viable consideration for a payment option. Let’s explore how that might happen. 

The Evolution Of Altcoins

The first altcoin entered the market two years after Bitcoin in 2011, called Litecoin. It transpires that Litecoin was to be the first of many thousands of altcoins to flood the market, all with different purposes but all of them with a similar composition to Bitcoin. They both share the same source code and operate on the same peer-to-peer systems, like Coinbase. In some instances, altcoins have attempted to become the next Bitcoin by providing a cheaper and more viable eCommerce method. 

One of the glaringly obvious differences between altcoins and bitcoin is the uses and applications. Altcoins are designed to have multiple functions. Some coins are used solely for mining, others as stablecoins, some as security tokens, and others are nothing more than meme coins. But Bitcoin has the sole function of being a way for people to send money on the internet using a decentralized blockchain. 

Why Bitcoin Is Already A Payment Option

Bitcoin is already a payment option because it was created to be just that. 

Alternative payment methods have become increasingly popular in recent years. The migration of transactions from physical to online was inevitable. The use of prepaid digital cards and digital wallets online at online casinos like Dunder, local vinyl vendors, and leading high-street retailers like Zara is now common., and widespread. The use of digital solutions in physical stores remains on the rise too.

Still, it took many years for Bitcoin to actually become a payment option in the real world, as it were, with brands like Lush, Etsy, and Dunder allowing shoppers or players to spend using Bitcoin. How did Bitcoin get there? Through trust and evolution. The value of Bitcoin is relatively stable against the dollar compared to many of the altcoins, and it comes with cheaper transaction fees that appeal to vendors and sellers. 

People now trust that Bitcoin is stable enough to become a viable payment option, with fluctuations in value only ever being small and the ability to trade Bitcoin into dollars being easy. 

What Do Altcoins Need To Do To Catch Up?

Altcoins have a lot to do to catch up in the sense that the value isn’t as trusted, and some altcoins are generally not suitable to be a viable payment method for sellers to accept. For example, the meme coin Dogecoin, although it’s now gaining value, is still regarded as a coin with no real-world value and holds little value in the crypto world. The value of altcoins varies dramatically, making it more of a risk for sellers to accept it as a payment option, as within the timeframe of completing a transaction, an altcoin could lose half of its value. 

The only coin making real-world progress is Ethereum, although its progress is now more notable in the digital world with NFTs and the metaverse. At present, altcoins have more uses for trading and investment than a real-world payment option. 

Altcoins are intriguing. They have multiple uses and functions that appeal to investors, and there’s no denying that the use of altcoins is expanding as more investors dive into the altcoin investment world. But there’s also no denying that most altcoins aren’t likely to become an accepted payment method anytime soon. 

Filed Under: News Tagged With: Crypto

BitGo Rolls Out NFT Hot Wallet & Custody Solution

June 23, 2022 by Lipika Deka

BitGo, digital asset custody, liquidity, and security provider, launched its first US-qualified non-fungible token [NFT] hot wallet and custody solution.

According to the announcement post, the new custody provider allows users to interact with a variety of decentralized marketplaces, including OpenSea, Looks Rare, ArtBlocks, Gem, Rarible, and so on.

“Leveraging multi-signature security and 24/7/365 withdrawal access and support, BitGo enables the company’s 700 institutional clients to securely receive, hold, and send NFTs. It’s compatible with the ERC-721 and ERC-1155 protocols, as well as Crypto Punks,” the press release read.

The NFT industry has taken massive strides in the crypto market despite gaining mainstream status for about a year. Throughout 2021, its growth was nothing short of phenomenal, making ordinary people overnight millionaires.

But in the recent crypto market meltdown, so many sectors in the market have taken a beating, be it in price or in community support. However, NFTs have relatively fared well as evident from their trading volume growth levels.

Despite widespread FUD, it has at least not got stagnated as feared. For instance, at the beginning of June, the NFT market volume stood at $62.2 billion. Now, this volume has risen to almost $63.4 billion.

Although the increase is marginal and not significantly large, it goes to show how investors are looking at the sector during this turbulent time. NFT collections continue to record notable daily sales across the various marketplaces.

Echoing similar sentiments, Mike Belshe, CEO of BitGo said,

Since 2013, BitGo has been dedicated to serving institutional investors and enterprises looking to safely hold digital assets. We were instrumental in building out the guardrails that helped the industry get to this point and now it’s time we do the same for NFTs.

BitGo Process 20% Of All Global Bitcoin Transactions

Per its website- www.bitgo.com, the crypto firm offers trading, lending, and borrowing services and acts as the custodian for WBTC, the leading global stablecoin for Bitcoin.

On top of that, BitGo processes roughly 20% of all global Bitcoin transactions and supports over 500 coins and tokens. Its customers include cryptocurrency exchanges and institutional investors from over 50 nations around the globe.

Filed Under: Fintech, News Tagged With: bitgo, NFT

Sandbox and Time partner to create “Time Square” in the metaverse

June 23, 2022 by Aishwarya shashikumar

Time and Sandbox have joined forces to create “Time Square” in the metaverse, which is modelled after the Times Square neighbourhood in New York.

TIME Square will be built on TIME’s property in The Sandbox as a hub for gathering, art, and commerce, inspired by the aesthetic energy of New York’s Times Square.

photo 1602940659805 770d1b3b9911

TIME’s president, Keith A. Grossman, made the announcement at the Sandbox event held at NFT.NYC. A chance for architects to create TIME Square was also mentioned in the announcement. TIME is also looking for suggestions from the metaverse community and its devotees in order to find a creative architect who can create a graphic representation of the TIME Square. He further added,

“We are thrilled to now tap into that community as we seek to find the architect to design TIME Square in the metaverse, as we create an immersive experience with The Sandbox.”

Virtual Manhattan, Sandbox to help create the core of Metaverse

According to Time’s president, Grossman, their objective is to develop a location that will serve as the metaverse’s hub. Time is concentrated on building a community on Web3 that will gain from the tremendous 100-year legacy and access TIME has developed since launching TIMEPieces in September 2021.

The owners of TIMEPiece NFTs will also receive exclusive advantages and experiences from TIME Square. For the TIMEPieces community, the website will offer virtual access to discussions, events, screenings of TIME Studios productions, and educational opportunities.

Sebastien Borget, COO and Co-Founder of The Sandbox, said,

“The Sandbox is often viewed as a ‘virtual Manhattan’, a vibrant space alive with culture, entertainment, and brands, where anyone can discover, learn, work, meet new people, play, dance, and find amazing new opportunities.

According to Sebastien Borget, the partnership will make TIMEPieces the beating heart and soul of the digital Manhattan. The location will serve as a meeting point for companies and creators to collaborate.

Filed Under: News, World Tagged With: Metaverse, sandbox, time, times square

“EPA Should Study the Benefits of Digital Assets Mining”- Says US House Committee

June 23, 2022 by Vignesh Karunanidhi

-The EPA is requested in a letter from the US House Committee to investigate the possible advantages of mining digital assets. Patrick McHenry, the chairman of the House Financial Services Committee, US Senator Cynthia Lummis, and 12 other Republicans contributed to the letter’s creation.

In the letter, Michael Regan, the head of the Environmental Protection Agency, is urged to research the advantages and possibilities of mining digital assets. Before drawing a conclusion on environmental regulation, the research should take into account the advantages of mining.

The letter is regarded as a follow-up to a letter that some House members issued in April 2022. The message was poorly comprehended and didn’t accurately convey the information concerning crypto miners.

EPA should study the impact of digital assets on the US economy

‘The United States is the global leader in financial services and technology innovation. At a time of rapid technological change, we must affirm our commitment to responsible innovation to ensure future generations of Americans continue to enjoy prosperity and opportunity.”

The letter stated

The letter to the EPA included instances of several mines using natural gas as an alternate energy source. It also cited a few instances of mining companies that make an effort to have a good environmental impact.

According to the letter, as distributed ledger technology and digital assets gain popularity, other nations are embracing them quickly and luring significant quantities of talent and capital in an effort to expand their own financial services industries.

The letter also mentioned the importance of mining operations and digital assets to the growth of the American economy. The message prompts to concentrate on supporting and developing technologies that will benefit the nation.

Filed Under: World Tagged With: Crypro Mining, EPA, US House Committee

BestChange Cryptocurrency Exchange Truly The Best Change?

June 22, 2022 by Aishwarya shashikumar

Traders who wish to buy cryptocurrencies should go to centralized cryptocurrency exchanges first. However, there are often cheaper options available. It’s not easy to identify a dependable and profitable cryptocurrency exchange offer among the numerous cryptocurrency exchange instruments.

Nonetheless, here’s a particular platform that claims to provide a way to exchange cryptocurrencies or buy them with fiat currency, as well as with Visa and MasterCard. Several hundred exchangers are hosted on the platform, and their prices are tracked in real time. Users can choose the finest offer and conduct exchange operations in a convenient manner in this method.

To further clarify, crypto exchanger aggregators keep tabs on the best deals from reputable cryptocurrency exchanges and enable consumers to compare them to get the best terms, lowest fees, and most convenient deposit/withdrawal options. In perspective, BestChange claims to combine a large number of trustworthy crypto and e-currency exchange businesses in order to offer users reasonable rates.

The software automatically aggregates the rates and presents them in a table. Users can choose the currency they wish to sell in the first column, then choose the digital currency they would like to buy in the second column. After making a decision, the user can examine various exchange rates on the right side of the screen.

Screenshot 36

Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Ripple, Monero, Dash, Dogecoin, Zcash, Stellar, Tron, and Tether are among the 15 cryptocurrencies that BestChange now supports (both Omni and ERC-20). Users can spend cryptocurrency or fiat currencies such as the US dollar, euro, and pound, and choose from a variety of payment methods like credit cards, PayPal, wire transfers, Skrill, Neteller, WebMoney, and more.

Secure new cryptocurrency exchanger

When adding a new service to the monitor, BestChange performs a thorough investigation to ensure that only reliable exchangers are included. The monitor excludes services with poor ratings or a shady reputation. All of the exchange platform’s exchangers’ websites have a large volume of business.

Three simple steps to buy/sell your cryptocurrency/fiat currency

Making a deal on the crypto exchanges featured on BestChange takes only three steps, making it acceptable even for crypto rookies.

  • Select the currency
  • Select your preferred exchanger
  • Leave your feedback

Overall, BestChange is a really useful tool for people who utilize cryptocurrencies for payments and exchanges in several countries. The BestChange cryptocurrency platform will ensure that your crypto exchange experience is smooth and secure, with the best rates, along with an intuitive UX/UI, a high-performance withdrawal toolkit, and cheap costs.

Filed Under: News, World Tagged With: Crypto Adoption, Cryptocurrency, Cryptocurrency Exchange, fiat

Tether Is Planning To Offer GBPT, a Stablecoin Pegged To Sterling

June 22, 2022 by Vignesh Karunanidhi

With the addition of a new cryptocurrency tied to the British pound sterling, GBPT, leading stablecoin provider Tether is extending its stablecoin offering (GBP). The new GBP-pegged stablecoin, GBPT, will go live in early July and will originally support the Ethereum blockchain, according to a formal announcement made by Tether on June 22.

In order to offer a quicker and more affordable option for asset transactions, GBPT will be a reliable digital currency linked in a 1:1 ratio to the GBPT.

USDT and USDC On Bitgert Chain Is Going To Have Zero Transaction Cost 1
Tether

GBPT joins the Tether family

The biggest stablecoin by market capitalization, USDT, and the other four fiat currency-pegged Tether tokens are now joined by GBPT. Other stablecoins include the offshore Chinese yuan-egged CNHT, the euro-pegged EURT, and the recently announced MXNT, which is pegged to the peso of Mexico.

The designers that created Tether USDT will create the new stablecoin, and it will function under Tether.to, the company’s primary website.

The UK is a key site for the upcoming wave of industrial transformation, said Paolo Ardoino, chief technical officer of Tether, adding:

“We hope to help lead this innovation by providing cryptocurrency users worldwide with access to a GBP-denominated stablecoin issued by the largest stablecoin issuer. Tether is ready and willing to work with U.K. regulators to make this goal a reality and looks forward to the continued adoption of Tether stablecoins”

The release also notes that in April 2022, HM Treasury revealed ambitions to turn the nation into a center for cryptocurrencies worldwide and include stablecoins within its regulatory framework. In order to accept stablecoins as a form of payment, the Economic and Finance Ministry of the United Kingdom intended to modify its regulatory framework.

Filed Under: News Tagged With: GBP, Sterling, Tether, USDT

Uniswap Brings NFT Marketplace Genie Into Its Fold

June 22, 2022 by Lipika Deka

Leading DEX Uniswap has announced buying NFT marketplace aggregator Genie for an unspecified amount. The platform has now expanded its products to include both ERC-20s and NFTs. Further, the exchange published a blog and stated,

NFTs will be integrated into our products, starting with the Uniswap web app, where soon you’ll be able to buy and sell NFTs across all major marketplaces. We’ll also integrate NFTs into our developer APIs and widgets, making Uniswap a comprehensive platform for users and builders in web3.

The trading platform’s foray into NFTs began in 2019, as it launched Unisocks, the first instance of NFT liquidity pools, and of NFTs backed by real-world assets. Per the blog, the DEX revealed a USDC airdrop for historical Genie users.

“The airdrop will launch in August and be claimable for up to 12 months, based on a snapshot that has already been taken. Stay tuned for more details,” the blog read.

image 7
Inverse Bitcoin ETF beneficial for crypto: Grayscale CEO 6

The blog post ended with a disclaimer that the acquisition would not affect the Uniswap Protocol, Governance, or the UNI token. And that Genie users will continue to have uninterrupted service to its website until the new Uniswap NFT experience is available.

Following the integration, UNI’s price surged by 16% in just 6 hours. At the time of publication, the value stood at $4.84, up by 7% in the past 24 hours.

Uniswap Surpassed Ethereum in Terms of Daily Fees

Two days back, Uniswap overtook its home network, Ethereum. With $4.3 million in fees generated as of June 20, the world’s largest decentralized exchange [DEX] has jumped to the top of CryptoFees’ leaderboard.

Even though its holders don’t get a piece of the cash flows, which come from users paying a fee when swapping between digital assets.

Still, as one of the most recognizable DeFi players and other smart contract-enabled activities, it’s noteworthy that a protocol topped Ethereum, in terms of fee generation. 

Above all, the lucrative fees have come during an extremely turbulent period for crypto and world markets at large. It is quite apparent by now, despite being a dismal year for digital asset prices, that the DeFi sector keeps on working.

Filed Under: DeFi, News Tagged With: Acquisition, DEX, Genie, UNI, Uniswap

Meta Announces New Metaverse & Web3-Aligned Online Creator Tools

June 22, 2022 by Lipika Deka

Meta unveiled a host of features for online content creators that it claims would increase the scope for revenue generation, allow creative expression, and enhance user engagement.

Announcing the same, CEO Mark Zuckerberg also said it is expanding some of its current monetization tools to attract more creators.

First, creators would not be charged for online events, fan subscriptions, or badges, until 2024. which was previously kept till 2023.

Besides that, Meta is testing a marketplace on Instagram to bring creators and brands together for future collaboration via a partnership messaging folder within Instagram DMs.

As per sources, the proposed creator’s marketplace would compete with TikTok’s similar marketplace, which is the video app’s in-house influencer marketing platform, in a bid to woo more creators to its platform.

In terms of the firm’s existing monetization tools, the chief exec announced enhancing current offerings like the Facebook Reels Play Bonus program to onboard more creators and also let creators cross-post their Instagram Reels to Facebook and monetize them there as well.

The Reels Play Bonus program is a part of Meta’s larger $1 billion creator fund and will go live next week.

Meta’s NFT Display Now On Facebook

After Meta’s pilot testing of NFT display options on Instagram back in May, the firm is now expanding the test pool, bringing the digital collectibles feature to Facebook, ‘starting with a small group of US creators’.

For U.S.-based influencers, one is eligible to apply for the Facebook Reels Play bonus program if they have created more than five Reels and have a total of a minimum of 100k views in the past 30 days.

Not only that, the firm is planning to extend a virtual platform called Facebook Stars to all eligible creators from now on. Here fans can offer support for their favorite creators and buy merchandise.

“Beginning this week, creators who have at least 1,000 followers over the last 60 days will be eligible to onboard. Creators must be in a region where Stars are available and must also meet Meta’s Partner Monetization Policies and Content Monetization Policies”, the report read.

Filed Under: News Tagged With: Facebook, Instagram, Mark Zuckerberg, Meta

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