There may be good news for those hoping to earn new tokens by providing security to major blockchains using proof-of-stake. The IRS will not tax your unstaked cryptocurrency. In May, a Nashville couple argued that tokens obtained through proof-of-stake protocols are taxpayer-generated properties that should not be taxed until sold or bartered. The refund option can help clear up the POS tax in the future.
UK Tax Office Breaks Rules Regarding DeFi Lending and Staking
“HMRC treats crypto assets as property for tax purposes. "However, this is inconsistent with the approach currently taken by the government and other regulatory bodies in the UK."
Disney's New NFT Job Post Could Clue to Future Metaverse Plans
According to several job postings, the American multinational entertainment giant The Walt Disney Company is looking for NFT specialists with various skills. The descriptions of the ads indicate that the company has bigger plans.
New Report Rejects Assumptions About Impact of Bitcoin Mining
Bitcoin mining and its environmental impact have been the subject of heated debate both within and outside the crypto space. Mining for digital assets and other cryptocurrencies is said to be the 33rd largest energy consumer in the world, ahead of populous nations. This has raised concerns about carbon intensity and how mining could contribute to global warming. In a recent report, CoinShares found new data on the carbon intensity of Bitcoin mining after conducting an extensive study. The research report provides further insight into the mining industry and carbon intensity. Although Bitcoin is known to use a lot of energy, it was announced that its carbon intensity is still well below the global average.
India Reports Bitcoin Will Never Be Legal Tender In Country
The government of India has stated that cryptocurrencies will never be considered legal tender. India's Finance Secretary, TV Somanathan, explained in a conversation with Asia News International today that only the rupee and the yet-to-be-released digital rupee have legal tender status in the country.
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