Search Results for: passed in Congress

Latam Insights: Bolivia Sells Gold for Dollars, Argentina Bans Fintech Crypto, Fitch Upgrades El Salvador’s Credit Rating

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Welcome to Latam Insights, a compendium of the most relevant crypto and economic development news from Latin America during the last week. In this issue, Bolivia passes a law to sell gold for dollars, the Central Bank of Argentina bans fintech…

Analyst Warns of Banks’ Authority to Confiscate Funds, Decline of US Dollar Purchasing Power

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According to Lynette Zang, chief market analyst at ITM Trading, U.S. banks have the legal authority to confiscate people’s funds due to legislation passed by Congress. In a recent interview, Zang discussed how the purchasing power of the U.S. dollar has…

El Salvador Approves Digital Assets Issuance Law

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The Legislative Assembly of El Salvador approved the Digital Assets Issuance Law, a framework that will allow the country to issue crypto-related debt instruments. The approved law, which was passed thanks to the majority that President Nayib Bukele has in Congress,…

US Government Delays Tax Reporting Rules for Cryptocurrency Brokers

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The enforcement of a requirement for brokers to report gains made by crypto investors has been postponed by the U.S. Treasury Department and the IRS. The new tax rules, incorporated into the $1 trillion infrastructure bill passed by the U.S. Congress…

EU Commissioner Urges US to Create New Crypto Rules — Says ‘We Need to Look at Global Regulation of Crypto’

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The European Commission’s commissioner for financial services has reportedly urged U.S. lawmakers to establish new rules to regulate the crypto industry. “We do need to see other players also legislating … We need to look at global regulation of crypto,” said…

Brazilian Presidential Candidate ‘Lula’ Da Silva Signals Support for Central Bank of Brazil Involvement in Crypto Regulation

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The presidential candidate that obtained most of the votes in the first Brazilian ballot round, Luis Inacio Da Silva, better known as “Lula,” declared that the Central Bank of Brazil should be responsible for building a cryptocurrency law framework. Lula also…

Kingdom of Tonga May Adopt Bitcoin as Legal Tender, Says Former Member of Parliament

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The Kingdom of Tonga may adopt bitcoin as legal tender, according to a former member of Tonga’s parliament, Lord Fusitu’a, who tweeted about a possible timeline for this event to occur. Fusitu’a believes that by next fall a bill will be…

El Salvador Drafts 20 Bills for Legal Structure of Bitcoin Bonds — Funds to Be Used to Build Bitcoin City, Buy BTC

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El Salvador is preparing to introduce 20 bills to provide a legal framework for its upcoming bitcoin bonds. The funds raised will be used to build infrastructure for Bitcoin City and buy more bitcoin, the Salvadoran government explained. El Salvador Drafting…

US President Biden Nears Decision to Choose Fed Chair — Reports Indicate Toss-up Between Powell and Brainard

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Following the passing of the Biden administration’s infrastructure bill, the U.S. president appears to be nearing his decision on whether or not he will reappoint Jerome Powell, the current Federal Reserve Board chairperson. According to a few reports Powell may be…

Congress Passes $1.2 Trillion Infrastructure Bill — Crypto Advocates Criticize Amended Broker Definition, Tax Code 6050I

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Congress has passed the Biden administration’s bill aimed at improving infrastructure, fighting climate change, and bolstering social services. The $1.2 trillion infrastructure bill, which also expands the definition of a broker, awaits U.S. president Joe Biden’s signature after passing with a…