Autor Cointelegraph By Arijit Sarkar

NFTs to help brewers and farmers preserve UNESCO Belgian beer heritage

NFTs to help brewers and farmers preserve UNESCO Belgian beer heritage

Uverejnil používateľ | jan 1, 2022 |

Brewers and farmers from Belgian Barrels Alliance (BBA) have partnered with Zeromint to offer nonfungible tokens (NFTs) aimed at preserving the UNESCO recognized Belgian beer culture and heritage. As a part of the partnership, Zeromint will mint and offer exclusive NFTs on the GoChain blockchain, which will be made available for international beer fans via BBA. Starting today, the organization will run several BBA NFT collection projects around sustainability and the preservation of Belgian beer heritage for the next 14 days.According to the official statement, the first Belgian Barrels NFT auction will be used to recruit 11 participants for acting in a BBA-produced movie titled Belgian Barrels:“The aim of the movie project is to further eternalize the Belgian Beer history through a professional cinematic movie production, which BBA plans to promote and distribute globally.”In addition, the NFT winners will join a whitelist VIP access to all BBA events and access to vintage beer menus and exclusive bottles at BBA clubs. “Eighty percent (80%) of the revenue generated from the NFT auction will go towards a local charity in Belgium,” the announcement stated. Tom De Block, Co-founder of the Belgian Barrels Alliance added:“Belgian beer is not just beer. It is a rich and complex history about old families and true people that became legends. It is simply an honor to open some of their bottles and to tell their story.”The Alliance also plans to launch NFTs initiatives to promote tree plantations and learn specialized artisan skills and traditions in addition to building engagement and reward opportunities for beer fans and enthusiasts. Related: Vodafone auctions world’s first SMS ‘Merry Christmas’ as NFT for charityBritish telco giant Vodafone announced plans to create an NFT of the world’s first Short Message Service (SMS) and auction the proceedings to the United Nations High Commissioner for Refugees (the UN Refugee Agency).The SMS, that reads “Merry Christmas,” was sent 29 years ago over the Vodafone network on Dec 3, 1992, to Richard Jarvis, an employee at the time. As Cointelegraph reported, the historic 15 character-long SMS will be auctioned off in a one-off sale conducted by the Aguttes Auction House in France.

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Indian taxman recovers $6.62M from WazirX for evading tax on commission

Indian taxman recovers $6.62M from WazirX for evading tax on commission

Uverejnil používateľ | jan 1, 2022 |

Indian crypto exchange WazirX has reportedly paid over $6.6 million (49.2 crore rupees) following non-payment of Goods and Services Tax (GST) on trade commissions. The total recovery includes the pending tax of $5.43 million (40.5 crore rupees), the interest and a penalty for non-payment.Government officials from the Central GST and Central Excise committee (CGST Mumbai Zone) recovered the funds from the crypto exchange after detecting a GST evasion of $5.43 million on the commissions. A typical GST fraud involves creating fake invoices without actually moving the goods between the seller and the buyer.Officers of CGST Mumbai East comm’te have detected GST Evasion of Rs 40.5 Cr. on commission of Wazir X Crypto Currency & recovered Rs 49.2 Cr. in cash as GST, interest & Penalty today on 30.12.2021 from Zanmai Labs Pvt. Ltd. @nsitharamanoffc @mppchaudhary @cbic_india @PIBMumbai— CGST Mumbai Zone (@cgstmumbaizone) December 30, 2021According to local media Economic Times, the tax department detected that WazirX uses its in-house WRX tokens for commissions, which were distributed by Zanmai Labs. Further investigation revealed that the crypto exchange missed out on paying 18% tax on the total tokens issued based on its market price.The investigators revealed that WazirX paid GST on the 0.2% commission it charges users for making trades with local currency i.e. the rupee, clarifying:“But in cases where the trader opts for transaction in WRX coins, the commission charged is 0.1% of trading volume and they were not paying GST on this commission.”It is also important to note that WazirX and WRX tokens are owned by Binance, the world’s biggest crypto exchange in terms of the trading volume. According to a Zanmai Labs spokesperson, the non-payment of tax was related to the misinterpretation of GST rules:“We voluntarily paid additional GST in order to be cooperative and compliant. There was and is no intention to evade tax.”WazirX CEO Nischal Shetty previously told Cointelegraph about the importance of regulatory clarity for retail adoption. He also warned that an overnight regulation may harm the progress of the crypto ecosystem and leave open loopholes for bad actors:“There is a $2.5-trillion market out there, and it is not going to wait for any nation to come on board. I’ve been tweeting ‘#IndiaWantsCrypto’ for over 1,000 days with the sole objective of having crypto regulation in India.”Day 1000What a milestone for Indian Crypto!With #IndiaWantsCrypto my mission has been:- Bring positive crypto regulation in India- Spread right information about CryptoLakhs of people have joined this campaignLet’s continue our missionJai Hind #IndiaWantsCrypto— Nischal (WazirX) ⚡️ (@NischalShetty) July 28, 2021

While the concept of GST is fairly new in the region, the government of India has previously agreed to show leniency to defaulters and fraudsters — typically settling such cases with a monetary penalty and a lower probability of jail time. WazirX has not yet responded to Cointelegraph’s request for comment.Related: Indian trade group recommends ‘special class security’ status for cryptoIn an attempt to help the Indian government decide crypto laws, the Confederation of Indian Industries (CII) proposed to treat cryptocurrencies as securities of a special class. A report released by the non-government trade association showed the CII proposes to formulate new regulations around the nascent crypto market instead of regulating them under existing securities law.As Cointelegraph reported, the CII recommended a special provision of income tax and GST laws, which will treat cryptocurrencies as an asset class for tax purposes unless specifically treated as “stock in trade“ by a participant.

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$2.5T crypto market will not wait for nations to onboard: WazirX CEO

$2.5T crypto market will not wait for nations to onboard: WazirX CEO

Uverejnil používateľ | dec 29, 2021 |

Indian entrepreneur and the CEO of crypto exchange WazirX Nischal Shetty envisions a race between countries to launch their local versions of central bank digital currencies (CBDC) in the coming year. Speaking to Cointelegraph, Shetty said that the year 2022 would be an extension of the ongoing discussions around crypto regulations, exchange-traded funds (ETFs) and the emergence of the metaverse:“We’re optimistic that we’ll get regulatory clarity, see institutional participation fuel retail adoption. We also expect to see more metaverse projects making an entrance.”Shetty pointed out that the crypto industry today — directly or indirectly — employs about 50,000 people in India, which according to NASSCOM research, is expected to grow 2X faster with the potential to create over 800,000 jobs by 2030. Acknowledging the delays in crypto regulations across the globe, Shetty told The Economic Times that an overnight regulation might harm the progress of the ecosystem and leave open loopholes for bad actors:“There is a $2.5 trillion market out there and it is not going to wait for any nation to come on board. I’ve been tweeting ‘#IndiaWantsCrypto’ for over 1,000 days with the sole objective of having crypto regulation in India.”Day 1000What a milestone for Indian Crypto!With #IndiaWantsCrypto my mission has been:- Bring positive crypto regulation in India- Spread right information about CryptoLakhs of people have joined this campaignLet’s continue our missionJai Hind #IndiaWantsCrypto— Nischal (WazirX) ⚡️ (@NischalShetty) July 28, 2021Discussions around crypto were prevalent in India this year as Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman cited the need for crypto regulations. In addition, the winter season of the Indian Parliament introduced a crypto bill that sought a ban on ‘private’ cryptocurrencies. “The question for every nation is ‘do they want to participate and get a share of this pie?’,” asked Shetty. He also predicted that global participation in crypto would go from 150 million to 400 million people if the coming year follows a similar growth trajectory of 2021.Shetty highlighted that the nonfungible token (NFT) buying spree might slow down in 2022 as investors attempt reselling through secondary markets, adding: “Web3 will open the gates to innovation and more startups in India. Along with the rise in NFTs, it will play a huge role in promoting the creator economy of India.”Crypto exchange WazirX led numerous marketing efforts to educate Indian investors about cryptocurrencies and launch transparency reports and policies to add credibility to the ecosystem. Shetty believes that spreading the right information and busting misinformation will expedite crypto adoption in India, concluding:“Cointelegraph is doing a phenomenal job at spreading education and awareness around crypto among the masses. I wish all the readers a very happy, crypto-full new year ahead!”Related: India to regulate, not ban, crypto: Cabinet documentsLocal reports from early December suggested that the Indian government would regulate the crypto sector instead of imposing an outright ban. According to Indian news outlet NDTV, a cabinet note regarding the proposed crypto bill contained suggestions to regulate cryptocurrencies as crypto assets, with the Securities and Exchange Board of India (SEBI) overseeing the regulation of local crypto exchanges.However, NDTV reported Sunil Prabhu said that the government of India will not consider mainstream adoption of cryptocurrencies as legal tender:“[Cryptocurrency] as a legal tender will not be accepted. That is a clear no. I think that that is what even the prime minister in his deliberations at that meeting made absolutely clear to ensure that does not take place.”

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GameFi apps revived interest in blockchain gaming: Huobi Research

GameFi apps revived interest in blockchain gaming: Huobi Research

Uverejnil používateľ | dec 28, 2021 |

Crypto exchange Huobi’s research arm, Huobi Research, has identified a rising interest in blockchain gaming as a direct impact from GameFi initiatives. GameFi implies the use of decentralized finance (DeFi) and blockchain gaming that incentivizes users based on a play-to-earn model. According to Huobi Research, on-chain data suggests that GameFi initiatives have seen a steep increase since June 2021, owing to a sizable reduction in transaction costs and improved user experience. Ways that GameFi reduces transaction fees. Source: Huobi ResearchThe research shows that popular blockchain games such as CryptoKitties recorded a maximum of 140,000 daily active users and 180,000 daily transactions back in November 2017 but lost over 90% user interaction within a few months:“Early blockchain games suffered from defects such as singular models, simplistic entertainment and poor experiences in general.”Changes in CryptoKitties daily active users and trading volume. Source: DappRadar, Huobi ResearchHowever, the blockchain gaming industry saw a comeback with integrating nonfungible tokens (NFT), DeFi and other play-to-earn elements. NFT-based pet game Axie Infinity made $9.72 million in a single day in June, surpassing Tencent’s record at the time.“DApp rankings show that five of the top nine apps are GameFi apps. As of early December [2021], GameFi’s weekly active users have reached 9.21 million, a record high.”Based on the above findings, Huobi Research concluded that transaction costs are essential in new institutional economics. While the gaming industry had already implemented play-to-earn features, “the society tends to choose the system with the lowest transaction costs to operate.”The research also highlights three fundamental aspects of how GameFi differs from other existing gaming models — free trading of game materials, free trading and pricing of game currencies, and protection of property rights. Moreover, GameFi developers have the advantage to deploy private property rights via NFTs at a lower cost:“This not only is a comparative advantage that traditional game developers never had, but also reflects the intrinsic value of blockchain technology in the gaming industry.”

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Metaswap Gas incommunicado as experts link MGAS price drop to rug pull

Metaswap Gas incommunicado as experts link MGAS price drop to rug pull

Uverejnil používateľ | dec 27, 2021 |

Blockchain security company PeckShield has alerted investors of a possible rug pull event after identifying a massive 46.99% price drop on MetaSwap’s MGAS token. The MetaSwap protocol allows nonfungible token (NFT) swaps over the Ethereum, Binance and Polygon blockchains.Following the unexpected price drop, all official accounts linked with Metaswap Gas — including Twitter, Instagram and Medium — were removed, supporting PeckShield’s claim of a rug pull.#RugPull PeckShield has detected that @MetaSwapMGAS soft-rugged, the stolen funds (1,100 BNB) are transfered to @TornadoCash (#BSC). DO NOT STAKE in this contract and if you’ve approved it, REVOKE https://t.co/b7sSsMz3ZE— PeckShield Inc. (@peckshield) December 27, 2021According to PeckShield, 1,100 BNB tokens worth almost $602,000 were transferred to an account on Tornado Cash, an Ethereum-based non-custodial solution that is used to break the on-chain link between the sender and the receiver. This process adds to the difficulty in tracking the stolen funds.Details of the MetaSwap transfer. Source: PeckShield.PeckShield advises investors to stop staking on Metaswap Gas and revoke existing contracts to avoid further monetary losses. Related: Bent Finance confirms pool exploit, advises investors to withdraw fundsIn December alone, numerous crypto entities became victims to a series of exploits, resulting in a cumulative loss of over $600 million. On Dec. 21, Bent Finance proactively asked investors to withdraw their funds after confirming a pool exploit.1/ There was an exploit from the bent deployer address, it added balance of cvxcrv and mim to an address on an unvierifed update 20 days ago. We just discovered this today. There are multiple members on this team and we will make this right.— Bent Finance (@BENT_Finance) December 21, 2021

Similar to other victims of the crypto community including Grim Finance, BitMart and AscendEX, Bent Finance promised its investors to return all the stolen funds. However, the team is yet to announce a plan for the same:“We recommend you withdraw from the protocol until further notice. We are not going anywhere and will recover from this one way or another.”

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