Arizona Could Soon Allow Citizens To Pay Taxes Using Bitcoin And Other Digital Currencies

arizona bitcoin tax

In all likelihood, the day isn’t far when the state of Arizona will allow its citizens to pay their taxes using Bitcoin or other cryptocurrencies. The Arizona Senate has already passed a bill on 8 February 2018 to set the legislative framework for the revolutionary movement.

The bill now awaits the final nod from the House of Representatives.

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Billionaire Investor Mike Novogratz’s Crypto Merchant Bank Raises $250 Million

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Mike Novogratz, a billionaire investor and proponent of cryptocurrencies, is once again in the limelight. According to new reports, Novogratz has raised a whopping $250 million for a new cryptocurrency merchant bank that goes by the name Galaxy Digital.

The news shouldn’t come as a surprise considering that the hedge fund manager had already laid out a plan for a crypto asset fund worth $500 million back in September 2017.

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New York City Opens Up To Crypto Mining Farms

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At a time when many Bitcoin mining companies are flocking to parts of Canada for cheap electricity, the city of New York seems to have made up its mind to emerge as a key alternative. At least, that’s the signal the city administration is giving away as it approved a proposal by cloud mining service, Coinmint to take over an abandoned smelter for Bitcoin mining operations on January 30.

The New York Power Authority has since followed suit by approving 15,000 kilowatts of hydroelectric power to the new mining facility.

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Russian Prime Minister Roots For International Collaboration For Cryptocurrency Regulation

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In what could be seen as a first of its kind proposal by a world leader, Russian Prime Minister Dmitry Medvedev has gone on record suggesting that there should be a cross-country regulatory framework for cryptocurrencies.

Apparently, PM Medvedev subscribes to the view that virtual currency regulations should not be country-specific. Instead, he wants the Eurasian Economic Union (EAEU) member states to cooperate and coordinate to bring forth a unified policy, according to a new report by Russian business journal Vedomosti.

Medvedev seems particularly keen on forming an alliance with the rest of the EAEU members including Belarus, Armenia, Kyrgyzstan, and Kazakhstan to regulate cryptocurrencies. This was evident from his speech at a conference called “Digital Agenda in the Age of Globalization” held on Feb 2 in Almaty, Kazakhstan.

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EU Aims To Lead The Path By Launching Blockchain Observatory and Forum

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The European Union (EU) seems keen on not missing out on the blockchain party.

European Commission (EC), the politically independent executive unit of EU, has launched a new body called the EU Blockchain Observatory and Forum (BOF) to consolidate and build on promising blockchain initiatives within EU member states.

BOF is essentially a pilot project backed by the European Parliament. It was proposed by Jakob von Weizsacker, the same Member of the European Parliament who drafted a recent, highly-cited report on cryptocurrencies.

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London Football Exchange Announces Flagship Soccer Cryptocurrency

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The London Football Exchange (LFE) has announced its intention to launch a cryptocurrency entirely centered around soccer. The vision is to create a global community linking everyone with an interest in soccer – both business and personal.

“Democratising Football Through The Blockchain”, reads the headline on the official site. “The London Football Exchange is a global movement to create the ultimate sports community where fans partake in exclusive club and fan experiences,” as explained on the website.

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Japan’s Yamada Denki Joins Forces with Bitflyer for Bitcoin Payments Trial

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Bitflyer and Yamada Denki will be working hand-in-hand as the largest consumer electronics franchise in Japan tests the water for bitcoin payments.

Having launched in the US in November 2017, Bitflyer is one of the leading Japanese digital currency exchanges. It is also the fourth-largest trading platform, making it a high-profile partnership for the electronics retail giant.

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Russia Reconsiders Stand On Cryptocurrencies, Aims For A Middle Ground Between A Ban And Free Run

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Russia on Thursday announced that it will soon introduce a new legislation to regulate cryptocurrencies. A statement released by the Finance Ministry earlier on the same day emphasised on the need to control the production and distribution of digital currencies without fully banning them.

Apparently, the government is also keen on avoiding any scenario wherein digital currencies such as Bitcoin and Ethereum emerge an alternative to the Russian ruble.

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More Turmoil for Bitcoin As Merkel and Macron Propose Regulation

merkel and macron bitcoin regulation

In another moment of noted reaction in the world of the crypto-craze, the advocates of cryptocurrency have expressed fear upon the announcement of possible crypto regulation by Angela Merkel, German Chancellor and her counterpart, Emmanuel Macron, President of France.

The pair met January 19 2018, to discuss what many governments are coming to view as an unavoidably thorny issue. The decentralized nature of Bitcoin and other cryptocurrencies, especially when coupled with the inherent volatility of market sentiment and potentially delusional public enthusiasm for crypto, has finally made it to the agenda of world leaders.

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