Crypto Market Overview July 26th | Dex-Trade
Crypto Is Still Important for the Defense of Ukraine: Tweet of the Deputy Digital Transformation
The Deputy Minister of Digital Transformation of Ukraine, Alex Bornyakov, published a tweet in which he said that cryptocurrency remains a key part of the defense strategy of Ukraine, despite the prolonged “crypto winter” and cataclysms with some digital assets, and also added that, in his opinion, Cryptocurrency isn’t going anywhere. “Despite the "bear market" crypto has become an essential tool of Ukraine's defence, providing flexibility and speed that literally saved our soldiers' lives. Every "crypto winter" leads to a "crypto spring", but the industry is here to stay.” — Bornyakov said. Recall that from the first days of the full-scale military invasion of putin's troops in Ukraine, the country's authorities deliberately accelerated the adoption of the crypto, using it to raise funds through humanitarian and military crypto-funds, which made it possible to significantly speed up the procurement process. Mikhail Chobanyan, founder of Ukraine's largest cryptocurrency exchange, KUNA, noted that while a blockchain transaction can take several minutes, processing international payments through a traditional banking system can take up to three days. Now it’s difficult to reliably assess exactly how much money Ukraine has attracted through cryptocurrency. Some sources claim that the total amount may exceed $100 million. But it’s known for sure that in just four days after the start of the war, more than $10 million in digital money was raised through state and volunteer funds.
Binance vs Bloomberg: CZ Sues the Largest Financial Magazine
The CEO of cryptocurrency exchange Binance, Changpeng Zhao (CZ), is suing Hong Kong-based publisher Bloomberg Businessweek after he was portrayed as the operator of a “shitcoin casino” in a Chinese version of an article by the business publication. In his latest tweet, CZ stated that he was extremely dissatisfied after the publication drastically changed the length and tone of the article at the last minute, before inviting the entrepreneur to a special photo shoot and convincing him that the article would show him and Binance in a positive light. It’s noteworthy that in the English version of the article there are quotes from an anonymous cryptocurrency trader who claims to use Binance and calls it a “huge shitcoin casino.” The article also includes quotes from a sports media-connected entrepreneur speculating about whether cryptocurrencies could be a Ponzi scheme in general. CZ's lawsuit, filed in the Southern District of New York, indicates that the businessman's legal team has applied to the appropriate U.S. court for an order authorizing them to obtain certain limited information from Bloomberg to be used in pending trial in the trial court, which is located in Hong Kong. Now, most likely, they will look for an anonymous trader.
Small Crypto Transactions Won't Be Taxed: New US Senators Bill
U.S. Senators Pat Toomey and Kirsten Cinema introduced the Virtual Currency Fair Taxation Act, which establishes a minimum tax exemption for purchases made in cryptocurrencies, as well as exemption from capital gains tax for small crypto transactions. The bill will work in the case of transactions in amount of less than $50, subject to adjusting the current exchange rate with inflation. It will have no legal authority to regulate crypto-to-fiat exchange transactions, as well as "all sales or exchanges which are part of the same transaction (or a series of related transactions) shall be treated as one sale or exchange." The bill has already been supported by several influential members of the crypto lobby, including the Coin Center, the Blockchain Association, and the Association for Digital Asset Markets. A similar bill that sets a limit on tax-free crypto transactions at $200 has already “lit up” in the House of Representatives in the last two sessions of Congress. Capped, tax-free transactions are also a component of the omnibus cryptocurrency bill introduced in June by Senators Lummis and Gillibrand. By the way, it was then that the wording of the “exception” for operations with small amounts of crypto appeared.