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CBDC Could Increase Nigeria’s GDP by $29 Billion in 10 Years: President Buhari

CBDC Could Increase Nigeria’s GDP by  Billion in 10 Years: President BuhariThe Nigerian president, Muhammadu Buhari, suggested in a recent speech that the new e-naira central bank digital currency (CBDC) could lead to an increase in the value of his country’s GDP by $29 billion in ten years. Africa’s First CBDC President Buhari made bold remarks in his speech at Monday’s launch of the e-naira CBDC, […]

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ECB Appoints Advisory Group for Digital Euro Project

ECB Appoints Advisory Group for Digital Euro ProjectThe European Central Bank (ECB) has appointed an advisory group for the digital euro project. Called the Digital Euro Market Advisory Group, it was founded with 30 members from business backgrounds. The council will have a say in the design, distribution, and value that this new digital currency can provide for the payments ecosystem. The […]

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Nigerian President Muhammadu Buhari to Unveil Country’s CBDC

Nigerian President Muhammadu Buhari to Unveil Country’s CBDCThe Nigerian President, Muhammadu Buhari, is expected to formally launch the country’s central bank digital currency (CBDC) on October 25, 2021. High-Level Endorsement of the CBDC According to a statement released by the Central Bank of Nigeria (CBN), the formal event marking the e-naira’s launch will be held at the Buhari’s official residence. After the […]

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Beijing Presses Fast-Food Chain McDonald’s to Support Digital Yuan — China’s CBDC Expected to Launch in February

Beijing Presses Fast-Food Chain McDonald’s to Support Digital Yuan — China’s CBDC Expected to Launch in FebruaryAccording to a recent report, Beijing is pressing the fast-food retail chain McDonald’s to support the digital yuan before the Winter Olympics in China scheduled for February 2022. The report notes that China is also pushing companies like Visa and Nike to join in on the central bank digital currency (CBDC) rollout. Chinese Government Pushes […]

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Nigerian Central Bank Says It Is Now Ready to Launch CBDC, Downplays Previous Failure

Nigerian Central Bank Says It Is Now Ready to Launch CBDC, Downplays Previous FailureAfter failing to roll out its CBDC on October 1, the Central Bank of Nigeria (CBN) has released a document in which it reiterates its commitment to launching the e-naira. In fact, in this document titled The Design Paper for the E-naira, the CBN says it is now ready to launch Nigeria’s CBDC. CBN Prioritizes […]

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Australia Needs Regulations to Facilitate Crypto Business, Senate Committee Reports

Australia Needs Regulations to Facilitate Crypto Business, Senate Committee ReportsA Senate committee in Australia has made a number of proposals to address the lack of proper regulations for the cryptocurrency space. The lawmakers believe the country needs new rules for its fintech and digital asset industries to be able to compete with jurisdictions that are already attracting some of its own crypto firms. Senate […]

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Ghana Central Bank Working to Make CBDC Available to Offline Users

Ghana Central Bank Working to Make CBDC Available to Offline UsersThe Ghanaian central bank is seeking to make its digital currency, the e-cedi, available to offline users, an official with the bank has said. Overcoming the Challenge of Limited Power According to Kwame Oppong, who heads fintech and innovation at the Bank of Ghana (BOG), the e-cedi is also expected to facilitate transactions without the […]

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Aussie senate committee proposes overhaul of crypto taxes, DAOs and exchange licenses

The committee recommended more clarity for DAOs, new capital gains tax provisions, and tax breaks for green miners.

The Senate Committee on Australia as a Technology and Financial Center (ATFC) has just tabled its third and final report in Parliament which has 12 far-reaching recommendations for the regulation of the digital asset and fintech industry down under.

It proposes new licenses for crypto exchanges, new laws to govern Decentralized Autonomous Organizations, an overhaul of capital gains tax in DeFi, and a tax discount for crypto miners using renewable energy.

In general, the report found that there is a need for more regulatory clarity and certainty while avoiding stifling innovation with onerous requirements.

A key recommendation is to establish a new DCE Market License for digital currency exchanges including requirements relating to capital reserves and auditing. The requirements should be scalable so that smaller operators are not squeezed out of the market.

The capital gains tax rules should be updated to provide more clarity around the tax treatment for crypto assets and DeFi staking. The committee suggested that unlike in the current system, capital gains tax should only be applied when cryptocurrency transactions “genuinely result in a clearly definable capital gain or loss.”

The committee also recommended that the Treasury lead a policy review of the viability of a central bank digital currency (CBDC), as well as put forward a proposal for a company tax discount of 10% for crypto miners who use renewable energy.

One world-leading recommendation is to establish a new regulatory structure for DAOs, which refers to decentralized community ownership and governance of a protocol.

“DAOs do not clearly fall within any of Australia's existing company structures... this regulatory uncertainty is preventing the establishment of projects of significant scale in Australia.”

Asher Tan, CEO of Australian crypto exchange Coinjar, praised committee chair Senator Andrew Bragg and the team for “the forward-thinking approach they’ve taken with this proposed regulatory framework.

“In our view, the AFTC report strikes a commendably optimistic tone that sees blockchain technology as the historic innovation that it is — and one that comes with matching opportunities and risks.”

The committee heard from a range of experts and industry players including Blockchain Australia, leading exchanges, and firms such as R3 and Ripple. The latter recommended that any regulatory framework should use a “risk-based approach to identify digital asset services that pose sufficient risk to warrant regulation.”

Steve Vallas, head of Blockchain Australia, said the organization was keen to hear from stakeholders and industry for their feedback on the recommendations.

Senator Bragg said the proposed regulations would help Australia to become a leader in digital assets.

"The committee has recommended a comprehensive crypto framework to deliver Australian leadership. We'll be competitive with Singapore, the U.K. and the U.S. "

He added: "This will drive investment and jobs into Australia."

Related: Average Aussie crypto portfolio grew 258% in FY 20–21, survey reveals

The Australian Taxation Office estimated that more than 600,000 taxpayers have invested in digital assets in recent years. Independent research suggests that 17% of Australians currently own cryptocurrency.

The report concluded that a robust regulatory framework was required in order to protect consumers, promote investment in Australia, and to remain competitive globally.

“The potential economic opportunities are enormous if Australia is able to create a forward-leaning environment for new and emerging digital asset products.”

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Iran to Pilot ‘National Cryptocurrency,’ Amend Central Bank Law

Iran to Pilot ‘National Cryptocurrency,’ Amend Central Bank LawThe central bank of Iran is gearing up to begin the pilot phase of its digital currency project in the near future, its new head announced to representatives of local media. The monetary authority is also preparing to move forward with a plan to reform the legislation that governs its own activities. Iran Preps Pilot […]

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