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2023-03-04 18:30:50 German Federal Tax Court recognizes cryptocurrencies as a taxable asset

The German Federal Tax Court (BFH) received an appeal from a crypto investor who challenged the tax authorities and the Cologne Financial Court's decision, claiming income tax on income from the sale of an asset. The plaintiff argued that the taxation of private sales involves the sale or exchange of "other assets." However, the German Income Tax Act (EStG) does not qualify crypto-assets as "other assets" in the aforementioned sense.

After reviewing the cryptoinvestor's complaint, the BFH agreed with the conclusions of the court of first instance and the tax authorities. The court's decision was motivated by the fact that in this case the plaintiff made a profit from the sale of cryptocurrencies, and the tax authorities lawfully classified the declared profit as taxable income from the sale of "other assets."

According to BFH, "other assets" can be tangible and intangible items, rights, certain opportunities and benefits. In addition, items of property rights that fall within the definition of "other assets" must be measurable and generally benefit future business periods. From an economic perspective, cryptocurrencies are used as a means of payment and traded on special platforms. For this reason, they can provide an economic benefit if sold.

The BFH explains that even though cryptocurrencies are technically encrypted data packets, the technical details do not change the economic content of cryptoassets and are not decisive. The court concluded that cryptocurrencies can be classified as "other assets" and therefore fall within the tax base.

In January, the Budget Committee of the European Parliament proposed to use funds received from taxation of capital gains, mining and cryptocurrency transactions to finance expenditure items of national budgets of EU countries. Open / Comment

2023-03-03 18:40:10 Cardano developers integrate DJED into DeFi sector

Cardano ecosystem developers announced the release of the Liqwid product. This decentralized finance (DeFi) protocol has successfully launched a marketplace for borrowing and lending the stabelcoin DJED. This stable coin, built on the basis of the blockchain sought. The project uses an algorithmic design that uses smart contracts to provide price stabilization. Analysts assured: this tool could prove useful in the DeFi sector.

Lending and borrowing through DJED is intended to benefit the stackblock itself and the entire Cardano ecosystem. First, it will create additional liquidity, which is important for long-term success. DJED can be easily exchanged for other cryptocurrencies or fiat currencies, as well as used for a wide range of decentralized finance (DeFi) applications.

Second, lending and borrowing with DJED will help stabilize the value of the coin and its peg to the price of the U.S. dollar (USD). When demand for DJED increases, the asset is minted and more Stablecoins are sold, this helps keep the exchange rate at the same level. When it goes down, the opposite happens.

Third, banding with DJED can provide an additional revenue stream for Cardano users. By lending their DJEDs, users can earn interest on assets and borrowers can access capital without having to sell the cryptocurrency.

The main difference between DJED and other stabelcoins is in the algorithmic design and intended use on the Cardano network. Unlike other digital coins, which rely on centralized organizations to maintain price stability, DJED uses smart contracts to automatically adjust supply and demand. This allows for decentralization and keeps the value pegged to the U.S. dollar (USD). Open / Comment

2023-03-02 19:42:54 Xapo Bank integrated Bitcoin Lightning Network

International private bank Xapo Bank has integrated the Lightning Network to improve its Bitcoin (BTC) payments environment. The organization's management officially announced a partnership with Lightning Network's infrastructure platform Lightspark.

The integration will provide faster and cheaper BTC transactions for Xapo Bank customers, reducing blockchain confirmation wait times and transaction fees on the Bitcoin network. According to the firm, Xapo Bank users will now be able to instantly pay for small purchases of up to $100 from any vendor that accepts Lightning Network payments. Large-volume transactions are not initially supported.

The new feature is introduced as part of Xapo Bank's app updates in the Apple Store and Google Store. According to Xapo Bank CEO Seamus Rocca, it can take up to 1 hour to confirm a BTC transaction during periods of heavy usage, which makes the cryptocurrency unsuitable for daily payments. According to him, by integrating the Lightning Network, Xapo Bank allowed customers to pay for goods and services with bitcoins without converting them to U.S. dollars (USD.

The average confirmation time on the Bitcoin network increased sharply in mid-February 2023. This happened amid massive activity due to the launch of the Ordinals protocol. The size of the mempool reached the level of November 2022. According to Ycharts data, BTC confirmation time reached about 600 minutes on February 19.

Rocca noted that BTC payments are especially important in times of hyperinflation, economic uncertainty and political turmoil. Gibraltar-based Xapo Bank is known for combining traditional banking with cryptocurrencies. The company previously held 800,000 BTC ($18.7 billion) in its accounts. Open / Comment

2023-03-01 19:01:54 Solana developers optimize network update process

Solana Labs developers have assured that they will improve the software update process. This is needed to ensure network reliability and maximize uptime. This information was confirmed by Anatoly Yakovenko, co-founder of the project.

"Creating a fast, reliable and scalable system for the transition to an optimized decentralized network remains a top priority," Yakovenko said. "The problems associated with the 1.14 network update at the end of February 2023 showed: maintaining stability during major updates remains a challenge." Yakovenko emphasized that the latest incident raised concerns about network stability during future large-scale procedures.

Previously, Solana's core engineers had been working to fix problems that affected the speed and usability of the network. Priority was given to errors with incorrect gas accounting, lack of flow control for transactions and commission markets, and minor technical glitches.

However, after the latest update, engineers planned to bring in outside developers and auditors to test and search for potential exploits. They will also form a new team, which will include about a third of the Solana Labs team's core engineers. These people will work together with the Firedancer Jump Crypto team, which is building the second validator client.

In addition, the core engineers plan to improve and optimize the network restart process. They will make nodes automatically detect the last validated slot and share the registry with each other if it is missing. "The Firedancer team at Jump Crypto has created a second validator client to improve network throughput, efficiency and resiliency," Yakovenko said. Open / Comment

2023-02-28 18:30:34 XEM cryptocurrency suddenly rose 23.5% overnight

Quotes of the virtual currency NEM (XEM) suddenly rose by 23.5% over the past 24 hours. As of 1:15 p.m. Moscow time on February 28, 2023, the value of the digital coin was fixed at $0.053. This allowed the cryptocurrency to return to the top 100 after dropping to the 101st position in terms of maximum market capitalization. XEM climbed to the 88th position with a value of $484.52 million. Daily trading volumes reached $550.13 million, which is 910% higher than yesterday's values.

The second place in the list of the most profitable cryptocurrencies went to ImmutableX (IMX). Its rate increased by 11.19% and was fixed at $1.06. Thus, the total supply of coins on the market reached $898.82 million, which allowed it to secure the 82nd place in the table of ranks among the world's best digital assets. The virtual token's quotes jumped 60.9% in just one month. Traders secured transactions with IMX worth $61.95 million.

Finally, SingularityNET (AGIX), which everyone had forgotten about for the last few days, took the third place in the top-performing cryptocurrencies of the day. Its quotations jumped by 10.5% in 24 hours and registered at $0.456, while its capitalization stood at $549.38 million. This allowed it to rise to the 81st position in the top list. It should be noted that this virtual asset was trading at 145.04% more expensive than a month ago.

As for the global cryptocurrency market, its capitalization decreased by 0.62% during the reporting period and reached $1.1 trillion.

The world's main digital currency bitcoin (BTC) was available for purchase at $23,315, down 0.3% from the previous day. The total supply of coins in circulation stood at $450.09 billion. Trading volumes amounted to $22.28 billion for the day. Open / Comment

2023-02-27 17:24:43 Fujitsu and Mitsubishi to launch an "economic zone" in the metacommuniverse

Conglomerates Fujitsu and Mitsubishi have teamed up with banking giant Mizuho to create "Japan's economic zone in the meta universe.

According to a press release, the new Ryugukoku project is designed to organize open infrastructure, marketing and interaction between local companies.

The merged group intends to be guided by the vision of former Square Enix employee and JP Games CEO Hajime Tabata, "To improve Japan through games.

A press conference with a more detailed description of Ryugukoku is scheduled for early summer 2023. The team is allowing the project to expand to other jurisdictions outside of Japan.

Recall that in February the creator of the term "metaworld" Neal Stephenson doubted the prospects of technology until people themselves decide to live in a digital world.

Earlier, Interpol Secretary General Jürgen Stock announced his intention to take control of criminal activity in the meta-universe. Open / Comment

2023-02-26 18:54:14 LightCoin miners are making a profit

LTC exchange rate and Litecoin network hashrate are growing. Litecoin Foundation has partnered with Metalpha. There are also negative signals.

Litecoin is an effective cryptocurrency for the investor in 2023. Since the beginning of the year, the LTC exchange rate has increased by 33%. Because of the rise in prices, the activity of miners has increased. The network's hash rate is 765 TH/s, Coinwarz shows. That's 30% more than a month ago.

More hash rate - more miners. More miners means more security in the network.

On February 24, the Litecoin Foundation partnered with Metalpha. The areas of partnership are the use of renewable energy sources and the reduction of mining emissions.

A high hash rate is good for security. But it can also have a negative impact on the environment, as the amount of energy needed for mining increases. This factor limits the scaling of blockchains. Because of the network is moving to Proof of Stake algorithms, where there is no mining.

Activity in the Litecoin network has not been enthusiastic. Transaction volume is down 31% compared to January. The number of active addresses declined after reaching a one-month high on Feb. 9. The 30-day MVRV has deepened into negative territory. This means that most LTC holders will suffer losses if they sell their coins now

LTC fluctuated in a range in February. The price broke some resistance on February 16, but pulled back, testing the lows of the range as support. The Relative Strength Index ( RSI ) fell below the neutral 50 point level. This means there is more selling pressure in the market. The moving averages convergence-divergence indicator ( MACD ) also gave a negative signal. Open / Comment

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2023-02-24 18:32:02 Malicious miners target pirated Final Cut Pro for macOS

IT security analysts warned of the spread of hidden cryptocurrency miners in pirated versions of Final Cut Pro

Pirate versions of Final Cut Pro application for macOS began to hide XMRig mining program. This was reported by analysts at IT firm Jamf Threat Labs on their official website. It is reported that infected version of video editor was started to spread on The Pirate Bay forum by some user under nickname wtfisthat34698409672.

Researchers found out that the same attacker had been uploading malicious software to torrent forums since 2019 under the guise of pirated versions of Adobe Photoshop and Logic Pro X. To cover their tracks, the miners' connections are made through an i2p network and controlled by a botnet. Also, with each new version, malicious software gets new methods of disguise. For example, the latest versions masquerade as system processes in Spotlight.

In addition, the most recent version of the virus has a built-in script that constantly checks whether the task manager is running. If the task manager is running, the program shuts down all of its processes to avoid detection. How many macOS devices have managed to get infected with the malicious miner is unknown. An Apple spokesperson said in a media commentary that the company is aware of the problem and is already working on updates to its XProtect antivirus to block it. Open / Comment

2023-02-23 18:49:29 Ark Invest adds another $13 million worth of COIN stock

Ark Invest, Kathy Wood, has made another major purchase of COIN, this time for more than $13 million. This month alone, Wood's fund added more than $30 million in COIN stock.

Ark added 181,972 shares of Coinbase to its Ark Innovation ETF and 31,547 shares to Ark Next Generation Internet, according to the latest trading documents. Shares of the cryptocurrency exchange closed down 1.4 percent to about $61 on Wednesday. Based on the closing price, Ark's last purchase was worth just over $13 million.

Wood bought more than $21 million worth of stock last month, even though COIN has fallen about 6.8% since the beginning of February and regulatory hurdles for the exchange are mounting.

COIN was up 1.3% early in the session, trading around $62 by 7:30 a.m. EST, according to TradingView.

Coinbase's fourth-quarter revenue beat estimates Tuesday, analysts said. USDC interest income for the quarter was $146 million, up more than 100 percent from the previous quarter, even though annual revenue was 57 percent lower than 2021. Open / Comment