Author: Precious Udeorah

People who own cryptocurrencies may eventually be obliged to pay taxes in line with the gains made, according to a report on a capital markets amendment law that is purportedly approaching the Kenyan parliament. Kenyans who hold cryptocurrencies for a duration of more than a year must pay capital gains tax, while those who hold for a shorter duration must pay income tax. In addition to taxing Kenyan bitcoin owners, the revised law also aims to tax digital wallets and cryptocurrency exchanges. Quoting a recent report, “Abraham Kirwa, a member of parliament (MP) for the Mosop seat, is the bill’s…

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According to reports released on Thursday, the nations most affected by the demise of the cryptocurrency exchange FTX are South Korea, Singapore, and Japan. Based on Similarweb data from January to October, the study analyzes the traffic and unique visitors by nation for FTX.com each month. On November 11, the crypto exchange declared bankruptcy under Chapter 11. Since 297,229 unique users from South Korea visited the exchange website on a monthly average, the data shows that the country is most affected by the effects of the exchange website. 6.1% of all traffic to the website came from this. Singapore, which…

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In terms of 24-hour global crypto trade volume, FTX was the second-ranked cryptocurrency exchange. Due to concerns about low liquidity, this exchange has since folded. Users of the FTX exchange panicked and started withdrawing their money after a minor dispute erupted with the Binance exchange over the sale of FTX tokens. Later, the exchange discovered that it could not process withdrawal requests for all of its users since a sibling firm, Alameda Research, had already received a sizable quantity of user cash. In a US district court, FTX and the bulk of its companies filed for bankruptcy on October 8.…

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The two most often used JavaScript frameworks for interacting with smart contracts are ethers.js and web3.js. If you are unfamiliar with Web3, you can be utterly confused about which is best. Both have advantages and disadvantages, however presently the majority of developers favor Ethers.js due to its approachable syntax. But remember that you weren’t born to be easily swayed; do your study first. While Ethers.js may be a piece of cake for certain developers, it may be a pain in the neck for you. I strongly advise you to read this article, create an example project, and make your own…

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These days, Web3 is much more than just an idea. The Internet is incorporating blockchain more and more, and cryptocurrencies are becoming commonplace. Many people think that to work in Web3 or fintech, you must be a highly technical individual. But the opposite is true more than anything. You can succeed in a variety of web3 positions that are unrelated to technology, as long as you keep involved in the community and stay informed about the business. There are numerous prospects for developing a successful career in the web3 sector. The best aspect is that you don’t need to be…

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While hard-line regulatory agencies will likely be encouraged by the complete failure of crypto exchange FTX and the discord that followed, experts like Julian Hosp of Defi Chain thinks that the resulting erosion of user confidence in centralized institutions will likely restore interest in decentralized finance (defi) and related products. Those consumers are likely to migrate to self-custody, according to Hosp, if they still think that cryptocurrencies offer a valuable alternative to centralized finance. Many customers have reportedly begun withdrawing their assets from centralized crypto exchanges because they are reportedly alarmed by the scope of FTX’s misappropriation of client monies.…

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For the first time in 11 years, 3,500 bitcoin from 2011 were transferred five days ago. Old currencies have started reawakening for no apparent reason, and they have been transferring to unidentified wallets amid the chaos on the cryptocurrency market caused by FTX. The cryptocurrency address “1QBG9,” for instance, sent 25 BTC at block height 762,719 from an address made on November 13, 2011. A little time later, on November 14, 2022, 50 bitcoin from 2010 were eventually spent after more than ten years of inactivity. “1LB8B” was a bitcoin address that was created on May 23, 2010. 50 Bitcoins…

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In the modern virtual world, the metaverse itself serves as a location of entertainment. Users can enter the Metaverse to experience a whole other world apart from reality in a strange ecology. Theme parks and amusement parks will have access to a number of spacious areas that will be free to use in to draw visitors from across the world. Due to the little travel distance required for tourists or visitors to visit certain locations and have fun, it is both time and money effective. Sporting events or the online gaming market are examples of entertainment. As a result of…

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Co-founder of Paradigm, Matt Huang explained on Twitter how the failure of the cyrpto exchange FTX has affected his business. Paradigm is a financial institution established in San Francisco named Paradigm supports Web3 and cryptocurrency businesses. He said, “The disclosures about FTX, Alameda, and SBF have surprised us. Last week, FTX and the trading company Alameda Research filed for Chapter 11 bankruptcy. Sam Bankman-Fried (SBF), the CEO of FTX who launched both businesses, is no longer with the company. Huang continued, “Facts are still starting to surface, and there will be many lessons to learn.”  He explained: “We deeply regret…

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In an interview with CNBC on Friday, Citi analyst Joseph Ayoub said that the collapse of FTX poses a threat of contagion to the entire cryptocurrency market. On Friday, the beleaguered cryptocurrency exchange filed for Chapter 11 bankruptcy. The Citi analyst issued a warning: “The ecosystem itself is seriously in risk of spreading further, in my opinion.” The size of the cryptocurrency market, which is only about $830 billion compared to the $43 trillion U.S. equity market, makes it unlikely that contagion will extend to other financial markets, he continued. Ayoub also anticipated that businesses in the cryptocurrency sector would…

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