FameEX Morning Crypto News Recap | March 12, 2024

South Korea Plans Cryptocurrency Management System to Prevent Tax Evasion

South Korea plans to roll out a cryptocurrency-focused asset management system by 2025 to combat tax evasion. The Korean National Tax Service has selected GTIC for preliminary consultations. This system will enhance analysis and management of data from cryptocurrency exchanges, requiring disclosure of users' transaction details.

President Biden Suggests Taxing Crypto Mining to Generate $10 Billion Revenue by 2025

President Joe Biden's budget plan for fiscal year 2025 suggests implementing a consumption tax on cryptocurrency mining alongside anti-money laundering rules. The proposal aims to boost revenue by almost $10 billion by 2025 and exceed $42 billion within the following decade.

U.S. Banking Regulator Vice Chairman Urges Proactive Approach to Blockchain Technology

FDIC Vice Chairman Hill urged officials to adopt a proactive stance on blockchain technology, emphasizing that regulatory attitudes impede innovation. He stressed the need to differentiate between cryptocurrency and tokenization, often utilizing blockchain to digitize assets. Hill also criticized the guidance provided by the U.S. Securities and Exchange Commission (SEC).

New York Fed Survey Finds U.S. Consumers' Future Inflation Expectations on the Rise

A recent New York Fed survey revealed a significant rise in U.S. consumers' inflation expectations for the next three and five years in February. Despite decreased concern over future unemployment, respondents expressed increased anxiety about job loss and reduced confidence in finding new employment opportunities.

Donald Trump Recognizes Bitcoin as a Supplementary Currency, Allows Payments in Bitcoin

Ex-U.S. President Donald Trump has acknowledged bitcoin as a viable alternative currency, noting its independent growth. He accepts cryptocurrencies for merchandise payments, despite his preference for traditional financial practices. Trump, a self-proclaimed traditionalist, advocates for the dollar's primacy and expresses concern over countries abandoning it for other currencies.

MicroStrategy Expands Bitcoin Portfolio by Purchasing More with $800M Note Offering, Now Holds 205,000 BTC

MicroStrategy, an American software company, has secured $800 million from a new convertible note issuance. This capital was deployed to expand its Bitcoin holdings by 12,000 BTC, acquired at an average price of $68,477 per Bitcoin. This strategic purchase further cements MicroStrategy's position as a significant investor in the cryptocurrency space.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.​