In 2021, cryptocurrency prices started to rise and hit a new high, as NFT reached new highs and different types of cryptocurrency made their way into the market. to June 2021the total number of Bitcoin is in circulation it was almost 18.74 million. With the start of 2022, prices experienced some turmoil and fell. Bitcoin stocks have also had their fair share of problems.
The total number of Bitcoin in circulation in January 2022 it was almost 18.92 million. The drop in cryptocurrency prices hasn’t reduced the madness among the masses, and so far, 2045268.8 Bitcoin They still have to excerpt. This is only the case with Bitcoin and there are other cryptocurrencies in various stages of development. Five recent cryptocurrency updates are discussed in this article.
1) Taxation of India’s digital currency and digital rupee
On February 1, 2022, India’s Finance Minister Nirmala Sitharaman unveiled the country’s budget to tackle the growing use of cryptocurrencies. According to statistics, around 2021 20 million Indians invest in digital currencies. Finance Minister A . announced 30% tax On profits in all digital assets such as cryptocurrencies to regulate the sector.
You can take a look at Tanvi Ratna, founder of Politics 4.0, and his thoughts on taxes in an interview with Coindesk. Highlights 30% tax and how it will be collected.
At first, the Indian government wanted Cryptocurrency banbut now he wants a piece for Regulating and treating cryptocurrencies as assets Sippy. Another piece of information was the plan to launch a digital rupee. Like other countries that are planning to launch their own digital currency, India is also on the way Open digital rupee in the next fiscal year to revive the digital economy.
Nandan Nilekani Co-founder of Infosysbelieves the country is doing the right thing by launching digital currency.
2) Cryptocurrency is an arena for scams
Cryptocurrencies also made headlines due to coding tricks. The fast-paced cryptocurrency market has also been an arena for pump-and-dump schemes. Such a serious problem happened with celebrities Kim kardashian And Floyd Mayweather When they upgraded EthereumMax.
Kim Kardashian made a post on her Instagram account and Floyd Mayweather announced the coin for her wrestling match. Kim Kardashian used #AD, confirming it’s a Paid collaboration. Investors claim to have incurred huge losses after investing in Ethereummax and have File a lawsuit against each of the celebrities To spread false and misleading information and promote the unknown token.
It is only one type of scam that occurs in the cryptocurrency industry and there are different types of scams related to cryptocurrency to watch in The ever-changing decentralized cryptocurrency industry. It is essential that you are aware of these scams before investing in cryptocurrencies. Countries all over the world apply laws and taxes to regulate this highly volatile industry due to these scams.
3) Bitcoin Developer Legal Defense Fund
You can check the video I shared from it Bitcoin BriefingAn upcoming channel dedicated to Bitcoin. In this video, the speaker presented a file An actual letter written by Jack Dorsey for bitcoin producers. As an additional point, you can learn more about bitcoin prices.
3) Accept and invest bitcoins in Rio de Janeiro
Rio de Janeiro accepted bitcoin with a warm hug, making it one of the best currencies Crypto-friendly countries. everyone ‘Rio Innovation Week Event Held on January 13, 2022, the Mayor of Rio de Janeiro Eduardo Paes It announced that the state would invest 1% of the state’s treasury reserves in cryptocurrencies
We will launch the Rio Crypto and invest 1% of the Treasury in cryptocurrency – Mayor of Rio de Janeiro Eduardo Paes.
Pedro Rio, Minister of Finance and Planning, said the city is looking to offer a 10% discount on property taxes paid using bitcoin. After Brazil, US Beach City Miami is launching its own cryptocurrency called Miamicoin. Miami residents will soon get Miamicoins in their crypto wallets for free.
The tweet was officially tweeted by Miami Mayor Francis Suarez. The decision was made as a cryptocurrency in and of itself, and the result was then 21 million In the past three months and up to One-fifth of the city’s total annual tax revenue.
The mayor has decided to make the capital of Florida a new center for digital finance and work is in full swing Pay city officials in cryptocurrency. New York City Mayor-elect Eric Adamsey and Mayor of Miami Francis Suarez They announced that they would get paid in bitcoin. This is amazing accept bitcoin And other cryptocurrencies by government officials are a great deal and a great place for crypto-lovers.
4) Tesla accepts Dogecoin as a method of payment
When it comes to Acceptance of cryptocurrencies in institutionsThe government is holding back as private sectors are already starting to use it as a means of paying for goods. One such incident is when Tesla CEO Elon Musk decided to accept the meme-based digital currency from dogecoin as a payment method.
Not just dogecoin, Elon Musk confirmed it too Tesla will resume accepting Bitcoin Too early. Furthermore, Elon Musk also admitted that he achieved significant Personal investing in Bitcoin. He also owns stakes in Ethereum and Dogecoin, along with Tesla investments.
5) Suspicious activity on crypto.com
As mentioned above, the cryptocurrency industry is highly vulnerable to it coding tricks. Crypto.com is one of the Cryptocurrency wallet Bigger and more famous. The January 16, 2020 It stopped when a few users reported suspicious activity on their account. The company announced that everything The money will be safe at that moment.
We have a few users reporting suspicious activity on their accounts.
We will be pausing withdrawals soon, as our team investigates. All boxes are safe.
– Crypto.com (cryptocom) January 17 2022
Dogecoin founder Billy Marcus notes that a shady transaction pattern on Etherscan is promoting job closures. A cryptocurrency investor claimed that his account was Hacked despite using two-factor authentication And who lost 4.28 ether adding to $15,000. According to a report by packshield.Inc, defaulters nearly stole 15 million dollars money. On further analysis, it becomes clear that most of the stolen money is laundered.
This clearly shows that blockchain technology is not yet secure. Hackers and scams can happen at any time in the decentralized sector. In 2021, a Losses due to hacking and fraud I have passed 10.2 billion dollars. The biggest hack was the network hack that led to it 613 million dollars from being violated. there Weakness between contact cells was the reason for this violation.
The last hack occurred on February 2, 2022 in worm holes bridge. FYI: A wormhole is a token bridge that allows users to receive and send cryptocurrencies such as Ether, Solana, and Bitcoin without a central exchange as a custodian. This hack resulted in the loss of Solana tokens 322 million dollars. According to the latest news, hackers have already converted some tokens into US dollars. As of 2022, it is one of the largest crypto hacks, resulting in a leak 120000 ether.
Also exhibited wormhole 10 million dollars To anyone who can return the money. Pirates have already recovered 93750 b Luckily 250 million dollars when writing. The issue has been resolved, but the attention of cybercriminals and hackers to decentralized financial platforms is worrisome. It’s a clear example of that Blockchain technology and Defi systems are not 100% secure.. Similar sites like earth bridge They have increased their security by changing their engineering standards to prevent intrusions.
Show 2021 I Advantages of cryptocurrency: Radical growth, rapid adaptation and popularity. On the contrary, 2022 appears Weakness and volatility of cryptocurrencies. The sharp drop in the price of Bitcoin and other cryptocurrencies in January 2022 is a wake-up call.
If you ask me personally all these incidents They provide a clear picture of the investor. Be prepared as an investor to make informed decisions when it comes to investing. The dangers of being Hacks and sudden price drops are part of the cryptocurrency investment package Investors must be prepared to face it. Diversify your investment portfolio It will help you contain losses.