The Weekly Digest: India to launch CBDC, BTC breaks $40k, and American States to accept tax in BTC
Last week saw attitudes across the world further shift in favour towards cryptocurrency as well as BTC’s steady rise make it over $40,000. $320m was stolen in the largest crypto hack of the year and the identities of pseudonymous BAYC creators were made public.
Bitcoin breaks $40k
Just before the weekend hit, Bitcoin broke its two-week slump and regained its position above $40,000. Over the space of 24 hours, BTC rose 8.9 per cent pushing to around $40,219, however remains well-off its all-time high of $69,000 reached last December. At the time of writing, BTC sits at $42,785
India plans to launch a digital version of the Rupee
India’s sentiments towards cryptocurrency have dramatically shifted as the country’s Finance Minister announced plans to launch a digital version of the Rupee as early as this financial year. India’s Prime Minister said that this new CBDC will be regulated by the Reserve Bank of India and will aid in strengthening India as a major economy
Arizona and Wyoming to accept tax in Bitcoin
Lawmakers in the American states of Arizona and Wyoming have shared proposals to accept tax payments in Bitcoin and other cryptocurrencies. Arizona’s proposal would recognise Bitcoin as a legal tender, whereas Wyoming’s proposal would only apply to sales and use taxes, however wouldn’t be limited to a specific cryptocurrency
Largest crypto hack of 2022 so far
The Wormhole bridge token experienced a security exploit resulting in the estimated loss of 120,000 wETH (worth over $320m) tokens from the platform, and is being described as the largest cryptocurrency hack of the year. Via a Tweet, Wormhole revealed the extent of the exploitation and that “ETH will be added over the next hours to wETH is backed 1:1,” however there is no word on when those funds will come and where from.
BAYC pseudonymous founders revealed
Two previously unknown founders of the hugely popular NFT project, Bored Ape Yacht Club (BAYC) have had their real identities revealed in an article by Buzzfeed. In the article, author Katie Notopoulos wrote that Buzzfeed searched publicly available business records to find the identities of Greg Solano and Wylie Aronow, and that, according to those records, Yuga Labs, the parent company of BAYC, had an address associated with Solano.