Blockchain and Cryptocurrency News Roundup

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  • May 9, 2022
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9th May 2022

Here’s a short summary of some of the biggest headlines in Crypto: Binance Joins Elon Musk in His Twitter Bid with $500m Equity Funding, Portugal Successfully Sells Real Estate With Bitcoin Payments for the First Time, and finally, Indonesia Officially Imposes 0.1% Tax and VAT on Crypto Income and Purchases.

Binance Joins Elon Musk in His Twitter Bid with $500m Equity Funding

Binance cryptocurrency exchange has joined Elon Musk’s Twitter Inc takeover bid with a $500 million equity contribution.

The contribution was highlighted as part of the related contributions from other venture capital firms as part of the updated Schedule 13D that was filed with the United States Securities and Exchange Commission (SEC).

The Schedule 13D document is a compulsory filing that is required of any investor who takes up more than a 5% equity stake in a particular firm. The filing showed that the free speech agenda of Elon Musk has garnered so much support from more venture capital firms in the U.S in particular. Besides Binance’s contribution, Andreessen Horowitz was shown to commit $400 million to the cause, while Sequoia Capital invested $800 million to become a part of the owners of the social media giant.

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Portugal Successfully Sells Real Estate With Bitcoin Payments for the First Time

A three-bedroom (two-bedroom) house in the Portuguese metropolis of Braga has been successfully sold with payment received in Bitcoin (BTC) for the first time.

This is the first time that an apartment has been sold in the country after it was enacted to allow real estate transactions in cryptocurrencies. The purchase price of this house is about 110,000 euros. The buyer paid with 3 bitcoins.

The title deeds were transferred in Porto’s Póvoa de Varzim district on Thursday 5 May. The acquisition was completed with the assistance of real estate firm Zome, regulator Antas da Cunha Ecija and three parties from Switzerland’s Crypto Valley.

Portugal’s local media said it marked the deal as a major deal in the history of the country’s actual real estate market.

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Indonesia Officially Imposes 0.1% Tax and VAT on Crypto Income and Purchases

According to the Times of India, Hestu Yoga Saksama, director of tax regulations at the Ministry of Finance, has confirmed that the government has decided to impose a 0.1% tax charge on incomes emanating from the trade of digital currencies.

Indonesia, Southeast Asia’s largest economy, announced plans to tax capital gains from crypto investments by 0.1 percent from May 1. Value Added Tax (VAT) on cryptocurrency purchases will be levied at the same rate.

Hestu Yoga Saksama stated that the central bank of Bank Indonesia and the Ministry of Commerce see cryptocurrencies as a commodity, not a payment method. Therefore, has decided to charge income tax and value-added tax.

The VAT rate for cryptocurrencies is well below the 11% Indonesia levies on most goods and services, while the capital gains tax rate is 0.1% of the total transaction value, matching stocks.

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