Cryptocurrency news for the week #15
In today's article, we will cover this week's news and highlights in cryptocurrencies and NFTS. A lot of news has come out this week showing that there has been a lot of adoption happening. Much of this week's adoptions are from major companies, big financial institutions, and even governments. So be sure to read the full article to understand what's happening in the market and around the world. Without furthermore let's get directly into the article now.
Crypto news happening in the U.S
A new Illinois state bill would provide a $160,000,000 tax relief for bitcoin miners if the bill is passed. Republican Wyoming senator Cynthia Lummis stated that the Fed should hold bitcoin on its balance sheet. The Colorado governor just passed a new law that lets state taxpayers pay taxes in bitcoin. This is perhaps one of the biggest cryptocurrency laws to get passed so far this year for any state. Ohio congressmen Warren Davidson has introduced a bill to congress that would limit the government's ability to oversee crypto transactions and would allow for more protections for self custody of bitcoin. The governor of New Hampshire just created a new commission for overseeing cryptocurrencies and digital assets like NFTs. It seems the U.S has had a lot of cryptocurrency adoption over the week.
International and global news
Ukraine’s parliament has approved some significant amendments in the country’s major cryptocurrency-related legislation bill known as the bill “On Virtual Assets.” The Ukrainian parliament passed the legislation in the second reading during a plenary session, with 272 out of 365 deputies supporting the bill. The deputies specifically approved several bill recommendations by Ukraine’s President Volodymyr Zelensky, removing the country’s Ministry of Digital Transformation from the list of authorities overseeing the cryptocurrency market. Alex Bornyakov, deputy minister of Ukraine's Ministry of Digital Transformation, told Cointelegraph that the ministry welcomes the latest changes in the country's crypto law. He stated "Shrinking regulatory bodies can significantly accelerate crypto market launch. To ensure the growth of the crypto industry we are ready to cooperate with The National Commission on Securities and Stock Market.
The Ukrainian government is also seeking donations in cryptocurrency as the country seeks to repel the invasion by Russia. The Bitcoin and Ethereum wallets listed by the government on their Twitter account have already received around $15 million worth of crypto in total. The Ethereum wallet has received just over $14 million in donations. The donations to the Ethereum wallet range from Ethereum to stable coins. The Bitcoin wallet has also received $970,000 at the same time as the Ethereum donations. The Ukrainian armed forces bitcoin wallet address had over $400,000 donated to its wallet as well.
El Salvador finished the animal hospital they had built using funds funded with bitcoin. El Salvador Is also attempting to raise 4 billion dollars in bonds through using bitcoin. It's also being reported now that more people use bitcoin than they do bank accounts in El Salvador. Spain's central bank has also just approved the country's first crypto service provider. The United Arab emirates just issued a licensing system that could help the growth of bitcoin miners in the country. Mexico is also in the process of making bitcoin a legal tender within the country after seeing the great effects it had on the El Salvadorian economy.
Companies adopting cryptos and NFTs
The World’s largest asset manager, Blackrock, plans to offer bitcoin trading to its clients. BlackRock is entering the Bitcoin space by offering investment products to its clients. This is great news for bitcoin given that the New York-based firm manages over $10 trillion in assets for institutional investors. luxury fashion giant Gucci has come out recently stating that they own an undisclosed amount of land in sandboxes metaverse. The exclusive content platform only fans have recently followed the trend of Twitter by making a change to their website by allowing profiles to show off their Ethereum based NFTs in their profile pictures. McDonalds is planning on joining the metaverse with reports coming out recently of them filing trademarks for a virtual restaurant and goods.
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