WeChat introduces digital yuan, Voyager's attorney recently stated that based on cryptocurrency asset prices, customers could recover around 73% of their investment
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WeChat, China's leading social networking and payment app, has added the country's central bank digital currency (CBDC) to its payment services, following Alipay's move. The digital yuan wallet feature allows users to make payments on certain WeChat mini-programs and other platforms, and payments can be made through the app once activated.
The digital yuan is being piloted in at least 26 Chinese provinces and cities, and saw a jump in transaction volumes during the Lunar New Year shopping season. The move is expected to broaden the appeal of the digital yuan by partnering with established payment platforms instead of creating a new one.
Biden to impose 30% mining tax?
The US Treasury Department has proposed a 30% tax on cryptocurrency miners' electricity costs and plans to eliminate tax-deductible losses from wash-trading crypto tokens. The tax is expected to be introduced over three years in 10% annual stages starting from Dec. 31, 2023.
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The department cited negative environmental effects and increased energy prices as reasons for the proposal. The White House also included a proposal to apply wash sale rules to digital assets to close tax loopholes in President Biden's 2024 Fiscal Year budget. The US could raise $24bn from fixing the loophole.
Binance gets the green light to take over Voyager
Binance US has been given approval by a US judge to purchase $1.3bn of Voyager's troubled cryptocurrency lending assets, following objections from the US Securities and Exchange Commission. The judge dismissed the SEC's concerns, allowing the sale to go ahead along with a $20m payout scheme to Voyager's clients.
Voyager's attorney recently stated that based on cryptocurrency asset prices, customers could recover around 73% of their investment. Voyager could still decide to sell its assets and return profits to clients instead of moving forward with the Binance US deal, which would give Voyager's clients an additional $100m.
Read the first part of the Top 10 News of the week by coinpaprika: Kraken to launch a bank, the professionals handling the FTX bankruptcy case billed a total of $38 million plus expenses for January, according to court records | FXMAG.COM
