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Russia to Legalize Use of Cryptocurrency in International Trade
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The Bank of Russia and the country’s Ministry of Finance have reconsidered their positions toward cryptocurrency, acknowledging it to be necessary to legalize the use of cryptocurrencies in cross-border settlements, per a report by local news outlet TASS.
According to TASS, the two government bodies have agreed that “it is impossible” to continue without enabling cryptocurrency as a legal payment method for international trade.
The move comes as Russia dabbles on how to best regulate the Bitcoin and cryptocurrency markets. Swamped in Western sanctions, the world’s largest country has sought alternatives to the U.S. dollar so as to guarantee the efficient trade of its commodities. Read More
MARIE UZCATEGUI—BLOOMBERG/GETTY IMAGES
The attorney general’s office is also suing the business software company for allegedly helping him evade taxes on his earnings in the district.
The District of Columbia is suing MicroStrategy (MSTR) founder and Executive Chairman Michael Saylor for allegedly never paying any income taxes in the district in the more than 10 years he has lived there, Attorney General Karl A. Racine announced in a tweet on Wednesday.
NEW: Today, we’re suing Michael Saylor - a billionaire tech executive who has lived in the District for more than a decade but has never paid any DC income taxes - for tax fraud.
— AG Karl A. Racine (@AGKarlRacine)
Aug 31, 2022
In addition, Racine tweeted that his office is suing MicroStrategy “for conspiring to help him evade taxes he legally owes on hundreds of millions of dollars he’s earned while living” in Washington. Read More
Coindesk
The report is one of the last major economic data points the Federal Reserve will see before its September monetary policy meeting.
The U.S. added a robust 315,000 jobs in August, slightly more than expected but still revealing a slowdown in hiring amid rising interest rates and slowing economic growth.
Bitcoin (BTC) gained 0.8% in the minutes after the report was released. The weaker growth gives the Federal Reserve cover to refrain from more aggressive interest rate hikes at the U.S. central bank's next monetary policy meeting in September, relieving downward pressure on risky assets from stocks to cryptocurrencies. Read More
The Blockchain Association posted a series of tweets last week critizing pending legislation they believe will undermine the digital asset ecosystem in California.
The Association claims that State Assembly Bill A.B. 2269 is “shortsighted” creating “unhelpful restrictions that would impede crypto innovators’ ability to operate.” The end effect would be to push crypto innovators out of California (perhaps to Florida? Where everyone else is?). The association call the legislation “inconsistent with the Governor’s (Newsome) vision for crypto in California. Read More
5/ Crypto offers a bright future for California, and the Governor's EO rightfully welcomes this budding industry. Instead, A.B. 2269 works against all that the state stands for.
— Blockchain Association (@BlockchainAssn)
Aug 29, 2022
Analytical Data
Fed Quantitative Tightening (QT) has more than doubled last mth. Total assets have shrank $64bn in Aug after $24bn in Jul, $700mln in June & $25bn in May. Accelerating runoff of Fed's bond holdings sucks liquidity out of mkts - that increases the risk for an awful end to the year.
The inflation-adjusted 10-year U.S. bond yield has jumped to 0.67%, which is its highest level since July 11, according to data sourced from charting platform TradingView.
Like gold, bitcoin tends to move in the opposite direction of the real yield.
Bitcoin's 90-day inverse correlation with the real yield reached a record -0.95 in July and remained elevated at press time.
Florida Blockchain Politics
The Office of Financial Regulation would compile a report of all IRS inquires each year.
Florida banks and financial institutions would be required to report to the state all inquiries made to them by the IRS, under a draft bill released by Chief Financial Officer Jimmy Patronis.
The Republican had previously said he would develop legislation to counteract the hiring of 87,000 new IRS agents, part of the new Inflation Reduction Act signed into law by President Joe Biden in August. Read More
Saul Loeb/Getty Images North America/TNS
Filings by the Securities and Exchange Commission and the Justice Department accuse a Fort Lauderdale man of getting $6.5 million of the $42 million defrauded from investors via a Ponzi scheme run through a North Lauderdale woman’s company.
The twin filings against Pavel Ruiz, 29, hit Miami federal court this week, the criminal charge being conspiracy to commit wire fraud. This comes a year after the SEC charged North Lauderdale’s Johanna Garcia, who first registered MJ Capital Funding and MJ Taxes & More with the state of Florida, according to public records. Read More
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Crypto News Heard Around the State
Central Florida News
More and more financial technology startup companies are setting down roots in Tampa Bay, and innovators said they believe the area is becoming a hub for the industry.
Brian Alvarez-Bailey has worked in financial technology for a little more than a decade. He said he moved to Tampa not only for the good weather but also for the area’s promise in the industry. Read More
For those of you who have followed the Metacity journey thus far, we ran into a wall with the U.S. Patent and Trademark office when trying to protect the name Metacity. There’s another company you may have heard of that has a similar name, and very deep pockets. After a lot of thinking, and a thorough trademark search, I changed the name of our project from Metacity to Cityverse. And I love it.
For those of you who are new to Metacity or Cityverse, welcome. Read More
Jacksonville News
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