Crypto Market Overview February 1st | Dex-Trade

Crypto Market Overview February 1st | Dex-Trade

Crypto Market Overview – February 1st, 2022

 

Stop Begging Kanye West For NFT Collection! He’s busy!

Something like this (but in the first person) is written in a fresh post by the rapper and fashion designer on Instagram. West posted a photo of a piece of paper that reads: "My focus is on building real products in the real world: real food, real clothes, real shelter. Do not ask me to do fucking NFTs! … Ask me later.” And for especially talented followers, in the comments to the post, the rapper added in capital letters: "STOP ASKING ME TO DO NFT's... FOR NOW I'M NOT ON THAT WAVE I MAKE MUSIC AND PRODUCTS IN THE REAL WORLD." And it seems that Kanye has indeed become the first global influencer to openly resent non-fungible tokens. In the meantime, most major musicians are eager to launch their own digital collections for fans. By the way, rock'n'roll giants Kings of Leon and electronic artists Grimes are already releasing fresh LPs in NFT format. As for rappers, Eminem, KSI, Future, DJ Khaled, Rich the Kid and Post Malone are currently the proud owners of the hottest Bored Ape Yacht Club series tokens, while Timbaland has gone even further and launched a full blown production company with recording services for Bored Ape NFTs owners. Looks like we've crossed the point of no return towards tokenized music. How do you like that, Spotify?

 

The Authorities of The Bitcoin State of El Salvador Responded to The Recommendations of The IMF

The authorities of El Salvador, which switched to Bitcoin last year, responded in their own way to the International Monetary Fund to its warnings about the dangers of crypto and the call to abandon Bitcoin as legal tender. In particular, yesterday the Minister of Finance of El Salvador, Alejandro Zelaya, indignantly declared that “no international organization is going to make us do anything, anything at all.” And he added that the transition to BTC was a matter of sovereignty. The politician also said that it would be logical if the IMF paid attention to the negative situation with the country's debt. But this, according to the politician, is the legacy of the previous administration, which delayed the process of paying the public debt. Meanwhile, Salvadoran President Naib Bukele continues to support BTC despite its 44% drop from its All-Time-High in November. Yesterday, he tweeted that a “gigantic [BTC] price increase” is coming, arguing that there are already many more millionaires in the world than Bitcoin coins. “There are more than 50 million millionaires in the world. Imagine when each one of them decides they should own at least ONE #Bitcoin. But there will ever be only 21 million #Bitcoin. No enough for even half of them.”

 

Indian Authorities Announced The Launch of The Digital Rupee Until 2023 and a 30% Tax on Crypto

In a speech on India's budget for 2022, the country's finance minister, Nirmala Sitharaman, spoke about plans to launch an Indian CBDC in 2022-2023, and proposed a 30% tax on all cryptocurrency transactions without exception. Speaking about the digital rupee, Sitharaman argued such a step as the need to accelerate the country's economic growth. According to her, CBDC will give a "big boost" to the digital economy and provide an opportunity to create a more efficient and cheaper system for managing the country's foreign exchange reserves. But the tax on crypto-operations caused the owners of digital assets more fears than delights. “Any income from transfer of any virtual digital asset shall be taxed at the rate of 30%. No deductions in respect of any expenditure or allowance shall be allowed while computing such income, except the cost of acquisition.” — Sitharaman stressed. In addition, she stated that any losses incurred in transactions with digital assets cannot be used as compensation for any other source of income. That’s, commissions, theft and all kinds of fees will not be taken into account when calculating the tax on the amount of profit from the operation. And to track investments in crypto, Sitharaman has proposed introducing a 1% implement a tax deduction at source (TDS) above a yet-to-be-determined threshold. It’s immediately clear that she has never withdrawn Bitcoin from Binance.