Digital Currencies Have A bright Future After Their Adoption By Georgia..!
While the losses of the cryptocurrency market are expanding, which exceeded $270 billion in less than three days.. Positive news is still pouring into the market.. Will cryptocurrencies cling to this hope.
At a time when the drums of war are rising, the authorities in Russia seem to be racing against time to come up with a project to regulate digital currencies, and it seems that this acceleration comes to confront the expected sanctions if Russia invades Ukraine.
The House of Representatives in the US state of Georgia plans to pass a bill that would exempt local crypto miners from paying sales and use tax, and Georgia is a crypto-friendly state.
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The Ministry of Finance of the Russian Federation has officially started work on the draft law on regulating cryptocurrency in the country, submitting the first public notice on the federal legal portal.
The Russian Ministry of Finance has submitted two development notices announcing the start of the process of establishing and issuing a legal framework for activities related to cryptocurrency transactions.
According to the first announcement, the government will start launching a public consultation on the rules for digital asset transactions, inviting proposals from financial market participants, citizens and legal entities.
The second notice details a similar process for potential amendments to other federal laws that it might require regarding digital currencies.
Public consultations on the crypto bill are expected to be completed by March 18.. Russian Finance Minister Anton Siluanov expects the crypto bill to be passed by the end of 2022.
The Russian government is expected to introduce federal crypto regulations, with the aim of finally creating common ground on crypto regulation with the Central Bank of Russia.
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Five members of the Georgia House of Representatives introduced a bill that would exempt local crypto miners from paying sales and use tax.
Georgia Representatives Don Parsons, Todd Jones, Katie Dempsey, Heath Clark and Casey Carpenter introduced House Bill 1342, a bill that has yet to be named.
The legislation proposes amending the state tax code to exempt the sale or use of electricity used in commercial mining of digital assets” and is likely to apply only to commercial miners working in a facility of at least 75,000 square feet.
Illinois lawmakers introduced a bill that would extend tax incentives to crypto-mining data centers, and Kentucky proposed similar legislation in March.
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And the market value of digital currencies fell during the past three days in the range of 270 billion dollars, down from 2 trillion dollars to levels near 1.73 trillion dollars, during those moments of Sunday’s trading.
Bitcoin is retreating during those moments near the levels of $ 38.2 thousand, a decline of 5%, while its market value has fallen by nearly $ 90 billion.
Ethereum ETH/USD decreases during those moments in the range of 3%, down to the levels of 2.6 thousand dollars, while it declines within the limits of 10% within a week, while it decreases by 7% within thirty days.
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Bianson Coin BNB/USD is declining in the range of 4%, while Ripple is rising by 2% to levels of $0.79, and Cardano is declining by 4%.
Solana is now down less than 1% at levels of $89, while Avalanche is down 4%, Terra Luna is down by about 3%, Dogecoin is down 2%, while Polka Dot is down 2% and SHIB/USD is down 7%.
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The article does not express a recommendation or nomination, but rather a mere monitoring of market fluctuations, as trading in digital currencies involves high risks, including the risk of losing some or all of the investment amount, knowing that it is not completely subject to financial authorities and markets.