The government always wants to get its piece of the action. This is why many believe that we have to look at the government as a partner in all we do. After all, they take a cut whenever we profit.
Non-Fungible Tokens (NFTs) exploded in 2021 as site such as OpenSea became very popular. Many were able to amass tidy sums from the sales of their NFTs. This is opening the door for the IRS to enter. Profits from the sales of NFTs are to be treated as ordinary income.
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THORChain Introduces Dogecoin Support
Elon Musk gave a boost to Dogecoin by declaring how Tesla will accept the meme token as payment on merchandise on the company’s website. Now DOGE is getting another boost by the announcement that THORChain will support it.
This is a big step for DOGE since people will now be able to earn rewards on DOGE as it enters the DeFi arena. Also, people can swap it for coins such as Bitcoin. The move now integrates DOGE deeper into the cryptocurrency ecosystem.
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India’s Prime Minister Calls for Uniform Approach to Crypto Regulation
Governments are still struggling with how they deal with cryptocurrency. Each country is taking a different approach, often in a haphazard manner. Not only does this differ among countries, it can often be the case within a single government.
The Indian Prime Minister, Narendra Modi, is calling for countries to take a uniform approach to cryptocurrency regulation. Due to the nature of the technology, he does not feel that a single country can reign it in. Of course, he is presuming that government should reign in cryptocurrency.
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OpenSea Sets New ATH For Monthly Trading Volume, Surpasses $3.5B in ETH
NFTs are all the rage. It seems like the attention they are drawing, even from the IRS, is increasing. There could be good reason for this.
OpenSeas announced that they set an all time high for monthly trading volume, surpassing the mark set in August of 2021. The volume for the month of January is now over $3.5 billion. It is worthy to remember we are a little more than half way through the month.
This shows how much interest and activity there is in this arena.
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