As a seasoned crypto investor with a knack for navigating the ever-evolving landscape of digital assets, this week’s news has both piqued my interest and set my risk radar buzzing. The potential adoption of Bitcoin by the BRICS nations as an alternative to the US dollar in global trade payments is a significant development that could reshape the geopolitical dynamics of the financial world. However, as someone who remembers the infamous 2013 Bitcoin bubble and subsequent crash, I’m taking this news with a grain of salt, hoping for the best but preparing for the unexpected.
This week’s crypto highlights include developments in global crypto regulations, such as Denmark’s proposed tax framework for cryptocurrency, which could impose taxes on unrealized gains by 2026.
Additionally, noteworthy points were made during the discussion among the BRICS countries regarding the potential use of digital currencies like Bitcoin (BTC) and other cryptocurrencies for settlements in international trade.
Bitcoin
During this week’s BRICS Summit, there was a conversation about potentially utilizing Bitcoin and other digital currencies for import payments among the BRICS countries. On their agenda was an exploration of alternatives to the US dollar as the global reserve currency. Although the leaders acknowledge the US dollar as the dominant currency in international trade, they also understand the importance of having alternative currencies available if political sanctions make it impossible for member nations to use the US dollar.
Altcoins
In simpler terms, it appears that Solana (SOL) could be the equivalent of Ethereum (ETH) during this bull run. Starting from early October, SOL has surged by approximately 30% against the US Dollar, taking the lead in price increases among the top 50 cryptocurrencies ranked by market capitalization.
DeFi
The DeFi project once known as MakerDAO, now called Sky, is considering additional updates to its branding approach following its change from MakerDAO to Sky in September 2024. This transition elicited a range of responses from the community, with some users expressing approval and others skepticism due to the substantial modifications made to its token and governance system.
Regulation
As a researcher, I’m sharing an update about Denmark’s latest proposal on cryptocurrency taxation. Starting from 2026, they plan to introduce a new framework that imposes taxes on unrealized gains from crypto assets. This follows the Danish Tax Council’s recommendation of a mark-to-market taxation model. In simpler terms, this means that taxes will be applied whenever there’s a change in the value of cryptocurrencies, regardless if they have been sold or not.
Security
Once more, the notorious hacking group from North Korea, Lazarus Group, has been in the headlines following their successful exploitation of a previously unknown weakness (zero-day vulnerability) in Google Chrome’s browser system. Known for carrying out some of the most significant cryptocurrency heists, this time they utilized the flaw to install spyware on various devices, enabling them to steal sensitive information from crypto wallets.
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2024-10-27 14:43