Tesla invests $1,5 billion in Bitcoin, crypto bill in India and G7 looking or crypto-tax

Tesla buys $1,5 billion of bitcoin (BTC)

Tesla has finally disclosed its Bitcoin investment of $1.5 billion. Last monday, an SEC filing revealed that Tesla made the investment in BTC in January as a part of their “alternative reserve assets” investment strategy.

The electric vehicle manufacturer has invested in gold bullions and Bitcoin from the “cash that is not required to maintain adequate operating liquidity.”

Last month, CEO of Tesla and SpaceX, Elon Musk had enquired if Bitcoin could handle large volumes. As a result of this news, Bitcoin’s price rose $5.0000 within one hour.

India will ‘soon’ come with crypto bill

India’s junior finance minister Anurag Thakur has said that the country’s government will “soon” bring a bill on cryptocurrencies.

“The bill is being finalized and would be sent to the cabinet soon, so we’ll be bringing the bill soon.”

Thakur said existing laws in India are “inadequate” to regulate cryptocurrencies. Thus, an inter-ministerial committee (IMC) was formed on the subject, and that committee submitted its report, said Thakur.

Post that, there was also a meeting of the Empowered Technology Group, said Thakur, adding that the Committee of Secretaries chaired by the cabinet secretary has also given its report.

The final text of the bill is yet to be known and is expected to be made public within the current Parliament session, which is concluding on April 8, with a recess in between from February 15 to March 8.

Source: The Block

G7 Taxman looking for profits cryptocurrencies

Tax authorities around the world have indicated that they will not sit back and watch crypto traders get rich as prices skyrocket — with new tax measures set to come into play in Europe, Asia and beyond.

The G7, which comprises Canada, France, Germany, Italy, Japan, the UK, and the United States, could be set to streamline its crypto taxation policy. The Japanese Finance Minister Taro Aso was quoted by Reuters as stating that the “implementation of digital taxation and central bank digital currency” would be on the agenda when world leaders meet in Britain later this week.

Crypto tax is shaping up to become universal. Outside the G7 nations, Spanish authorities are also getting increasingly eager when it comes to crypto tax. The country already has crypto tax laws in place, like many other European nations.

Source: Cryptonews

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