Saudi Arabian Hospital And Research Center Implements Blockchain Credential Technology
The KFSHRC (King Faisal Specialist Hospital and Research Centre) in Saudi Arabia has recently finished its deployment of a digital credential solution for all of the patients currently using its facilities. As a result of this, the KFSHRC can now publish digital certificates directly onto the blockchain, allowing residents to verify their own credentials and are given the ability to download them directly into their own digital mobile wallets.
Russia Government Eyes Up Potential $13 Billion Annual Crypto Tax
Despite the ongoing speculation on cryptocurrency regulation in Russia, most notably with the Central Bank proposing a complete ban of digital assets, government analysts have projected that Moscow could collect up to $13 billion (1 trillion rubles) annually in crypto taxes.
The former president, Dmitry Medvedev, has stated that outright banning crypto currencies would likely negatively affect the financial sector:
I now have a rather advantageous position in this sense: I believe that representatives of the Central Bank and the government of the Russian Federation will deal with this with success. Although, to be honest, when they try to ban something, very often it leads to the opposite result
Due to a law passed by the Putin in January 2021, Russians have been allowed to invest in crypto currencies. The current president has also weighed into the current regulation impasse by calling on all parties to agree on the way forward.
The current head of the State Duma Industry Committee, Vladimir Gutenev, has suggested a minimum 15% tax on crypto mining:
If we equate cryptocurrencies with securities, if there are certain gateways between those who mine, and when this mined cryptocurrency becomes a security for which income tax must be paid. Probably, it should not be less than 15% income tax. Mining itself cannot be less than 6% tax, as it happens in simplified terms
Poor Afghan Women Are Using Crypto To Circumvent The Talibans Cash Restrictions
Due to the US withdrawal, sanctions and consequent economic collapse, the Taliban has severely resricted the flow of cash in Afghanistan. That in turn has meant millions of already impoverished citizens no longer have adequate food or medicine.
In order to alleviate the dire situation, Fereshteh Forough, a New Hampshire-based Afghan activist and founder of Code to Inspire started to send crypto currency to students at her Herat coding school. Fereshteh set up the coding school in 2015 to teach young women about computer programming and how to gain financial independence.
Binance, the worlds largest crypto exchange, has also agreed to sponsor three months of financial assistance to the Afghan students. Fereshteh has reported some of the progress so far:
Now some of the girls have the crypto knowledge to immediately convert Binance to Tether USD (USDT) to try and circumvent massive fluctuations in value. USDT, as with other stablecoins, is pegged to the US dollar and is considered less volatile than other cryptocurrencies
Venezuelans Stung By A 20% Crypto Tax
The Venezuelan goverment has recently introduced a new crypto law allowing them to now collect up to 20% in taxes from all crypto transactions. This applies to local firms and individuals and also includes foreign currencies such as the United States dollar. So far only the Venezuelan bolivar and the country’s oil-backed cryptocurrency, El Petro are exempt from the new tax.
Despite all this, crypto currency adoption in Venezuela has increased exponentially in recent years due decades of hyperinflation. The 2020 Chainalysis report listed it as the third country with the most cryptocurrency adoption. The Simón Bolívar International Airport is also currently working on accepting several types of crypto, including Bitcoin, Dash and Venezuela’s oil-pegged digital currency, the Petro.
Bitcoin P2P Trading In Nigeria Surges Despite Crypto Ban
Peer-to-peer transactions in Nigeria have risen by 16% even though the central bank effectively banned all crypto transactions a year ago. The volumes on the two major platforms, Paxful and Localbitcoins, now stand at roughly $400 million. In October 2021 the Central Bank of Nigeria announced their own centralized crypto currency eNaira though it wasn't a successful launch due to numerous issues their Android app and lack of customer support. Support for Bitcoin hasn't been affected by the current legislation, if fact people are paying an eye-watering 40% premium on the P2P exchanges.
