FameEX Morning Crypto News Recap | March 12, 2024

South Korea Plans Cryptocurrency Management System to Deter Tax Evasion

South Korea aims to launch a cryptocurrency-focused asset management system by 2025 to combat tax evasion. GTIC has been chosen by the Korean National Tax Service for initial consultations. The system will streamline analysis and management of data from cryptocurrency exchanges, mandating disclosure of users' transaction details.

President Biden Proposes Crypto Mining Tax, Aiming to Generate $10 Billion Revenue by 2025

U.S. President Joe Biden's fiscal year 2025 budget proposal introduces a consumption tax on cryptocurrency mining and anti-money laundering regulations. This initiative is projected to raise revenue by nearly $10 billion in 2025 and over $42 billion over the next decade.

Vice Chairman of U.S. Banking Regulator Advocates Proactive Stance on Blockchain Technology

FDIC Vice Chairman Hill advocates proactive engagement with blockchain, citing regulatory obstacles to innovation. He emphasizes distinguishing cryptocurrency from tokenization, frequently employing blockchain for asset digitization. Hill criticizes the guidance offered by the U.S. Securities and Exchange Commission (SEC) on this matter.

Survey by New York Fed: Future Inflation Expectations Increase among U.S. Consumers

According to a New York Fed survey, U.S. consumers' inflation expectations for the next three and five years increased notably in February. While respondents are less concerned about future unemployment, there's heightened anxiety about job loss and decreased confidence in securing new employment.

Donald Trump Acknowledges Bitcoin as an Alternate Currency, Admits to Accepting Payments in Bitcoin

Former President Donald Trump considers Bitcoin a alternative currency and accepts it for payments, despite favoring traditional finance. He supports the dollar's . Trump's stance blends a traditionalist view with openness to cryptocurrency's expanding role in the economy.

MicroStrategy Acquires Additional Bitcoin with $800M Note Offering, Totaling 205,000 BTC Holdings

The American software company MicroStrategy has successfully raised $800 million through a new convertible note offering. The funds were utilized to purchase an additional 12,000 BTC for its Bitcoin treasury reserve, with each Bitcoin acquired at an average cost of $68,477. This move further solidifies MicroStrategy's investment in the cryptocurrency.

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