(Note: If you’re looking for more news regarding cryptocurrency, please visit our website Bitcoin Commando. All crypto news will be posted there. ~ Dinar Chronicles)
Seeds of Wisdom
TRUMP-IMPOSED TARIFFS TO BEGIN TUESDAY AS MEXICO, CANADA ANNOUNCE RETALIATORY RESPONSE
▪️ President Trump on Saturday signed an executive order imposing 25% tariffs on imports from Canada and Mexico, with a 10% tariff on Canadian energy and oil, and an additional 10% tariff on China.
▪️ The implementation of the tariffs was delayed to Tuesday at 12:01 am.
▪️ Mexico’s President Sheinbaum announced the country would implement both tariff and non-tariff retaliatory measures, while Canadian PM Trudeau said Saturday night Canada would implement 25% tariffs on a swath of American goods in response.
President Trump on Saturday declared steep tariffs on all imported goods from Canada, Mexico, and China, setting the stage for a trade war with the U.S.’s largest trading partners.
Trump set the tariffs at 25% on Canada and Mexico, with a 10% carve-out for Canada’s oil and energy exports, and a 10% tariff on all goods from China.
Though the tariffs were initially set to go into effect on Saturday, Feb. 1, the implementation was delayed to Tuesday, Feb 4, at 12:01 am. The tariffs will be imposed on top of any existing tariffs, and have been implemented in response to the flow of i-----l d---s into the United States, according to the White House.
“The government of Mexico has afforded safe havens for the cartels to engage in the manufacturing and transportation of dangerous narcotics, which collectively have led to the overdose d----s of hundreds of thousands of American v-----s,” a White House fact sheet states.
Mexico’s President Claudia Sheinbaum was the first to announce retaliatory tariffs and non-tariff measures in response, in a post on X Saturday evening.
In the post, Sheinbaum proposed that the U.S. and Mexico establish a working group to combat criminal organizations, warned against using tariffs to solve problems, and forcefully denounced the White House’s accusation that the Mexican government has alliances with d--g cartels.
“I instruct the Secretary of Economy to implement Plan B that we have been working on, which includes tariff and non-tariff measures in defense of Mexico’s interests,” a translation of Sheinbaum’s post reads.
The Canadian government will also levy counter-tariffs on American goods in response. Canadian Prime Minister Justin Trudeau said in an address to Canadians Saturday night that the country would implement 25% tariffs on a large swath of American goods. Trudeau also said that non-tariff responses affecting the energy sector were being considered.
The Canadian government’s response may eventually include export tariffs on energy, Bloomberg reported Saturday, setting the stage for a critical trade war between the U.S. and its largest foreign energy supplier.
The price of energy factors heavily into the cost of mining Bitcoin in the U.S., which has an estimated 36% share of the global hashrate, according to mining firm Luxor.
The Block’s GMCI 30 index of the top 30 crypto tokens by market cap is down about 4% over the past 24 hours as the market responds to Trump’s executive order.
@ Newshounds News™
Source: The Block
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ARGENTINA DESIGNS FORENSIC PROTOCOLS TO FIGHT CRYPTO CRIME
Argentina has designed and established identification and forensic protocols to guide security and police forces in standardizing their actions to fight crypto crime.
Argentina Establishes Forensic, Identification, and Seizing Protocols for Crypto C----s
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Argentina has taken another step toward empowering its public servants to fight crypto crime.
The Nation’s Security Ministry recently issued Resolution 117/2025, which describes the procedures that public servants, including police and federal security forces, must follow when dealing with digital assets possibly linked to crime.
The protocol, which Argentine authorities must now follow, seeks to standardize the necessary processes to prevent the loss or alteration of digital assets in official procedures.
In the same way, the resolution recognizes and identifies that cryptocurrencies are tools that are being used in money laundering and t-------m financing schemes.
Because of this, the Security Ministry has established the need to strengthen the research and tracking of these assets when they are involved in criminal activities.
With this move, Argentina jumps to the forefront of Latam regarding the treatment of crypto-related crime and recognizes the relevance of digital assets as money proxies.
And with a good reason: the country has been home to several high-profile crypto frauds affecting thousands, mostly related to investment fraud and Ponzi schemes.
The Security Ministry is aware of this crypto crime wave and has been preparing a suite of tools to combat it. In December, the ministry established that the security forces should prevent “unauthorized financial intermediation through the use of cryptoassets,” vowing to preemptively track possibly criminal behavior derived from their usage.
Argentine authorities scored major wins in crypto crime cases last year. In September, one of the first crypto seizures was e------d in a money laundering operation that mixed phone smuggling activities and i-----l online casinos.
Also, In December, Argentine law enforcement agencies requested the freezing of 3.5 million USDT linked to Rainbowex, an alleged Ponzi scheme. This marked the first time Argentine law authorities interacted directly with Tether in a criminal case, issuing an order for this objective.
@ Newshounds News™
Source: Bitcoin News
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Source: Dinar Recaps
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INDIAN CRYPTO HOLDERS FACE 70% TAX PENALTY ON UNDISCLOSED GAINS
India will impose tax penalties of up to 70% on undisclosed crypto gains as part of new regulations under Section 158B of the Income Tax Act.
Cryptocurrency traders in India may face significant tax penalties on previously undisclosed profits under new amendments to the country’s tax laws.
Cryptocurrencies will be included under Section 158B of the Income Tax Act, which reports undisclosed income, according to Indian Finance Minister Nirmala Sitharaman’s Union Budget 2025 announcement.
The amendment allows cryptocurrency gains to be subject to block assessments if not reported, placing them under the same tax treatment as traditional assets like money, jewelry and bullion.
Crypto will fall under the definition of Virtual Digital Assets (VDAs), according to the new amendment, which states:
“Crypto asset has been defined in section 2(47A) of the Act under the existing definition of Virtual Digital Asset[…] A reporting entity, as may be prescribed under section 285BAA of the Act, will be required to furnish information of crypto asset.”
The new crypto tax proposition will be retrospectively applicable from Feb. 1, 2025.
At the end of December 2024, India’s Minister of State for Finance, Pankaj Chaudhary, said the government had found 824 crore Indian rupees ($97 million) in unpaid goods and service taxes (GST) by several crypto exchanges.
The report came a few months after Indian law enforcement agencies demanded 722 crore Indian rupees ($85 million) in unpaid taxes from Binance in August.
Crypto traders face up to 70% tax penalty on undisclosed crypto gains
As a sign of concern for cryptocurrency holders, Indian authorities may issue a tax penalty of up to 70% on previously undisclosed crypto profits.
This penalty may apply to crypto gains that remained undisclosed for up to 48 months after the relevant tax assessment year, according to the document, that wrote:
“70% of the aggregate of tax and interest payable on additional income disclosed in the updated income tax return [ITR].”
The amendments come two weeks after Bybit exchange suspended its services in India on Jan. 10, citing regulatory pressure as it continues to pursue a full operational license from India’s Financial Intelligence Unit.
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Crypto tax laws are gaining prominence worldwide
Crypto tax laws gained increased interest worldwide in June 2024 after the US Internal Revenue Service (IRS) issued a new crypto regulation, which will make US crypto transactions subject to third-party tax reporting requirements for the first time.
Starting in 2025, centralized crypto exchanges (CEXs) and other brokers will start reporting the sales and exchanges of digital assets, including cryptocurrencies.
This decision could push crypto investors to decentralized platforms in a “paradoxical situation” that could make tax revenue harder to track, Anndy Lian, author and intergovernmental blockchain expert, told Cointelegraph.
Showcasing the crypto industry’s backlash, the Blockchain Association filed a lawsuit against the IRS in December 2024, arguing that the rules are unconstitutional because they include decentralized exchanges under the “broker” term, extending data collection requirements to them.
@ Newshounds News™
Source: CoinTelegraph
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SOCIAL SECURITY NUMBERS ARE A PRIVACY LIABILITY
Hundreds of millions of SSNs have been leaked online already, but a privacy-focused identity solution could help fix the problem.
@ Newshounds News™
Read more: CoinTelegraph
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UBS TESTS DIGITAL GOLD PRODUCT ON ETHEREUM LAYER-2 WITH INNOVATIVE BLOCKCHAIN SOLUTIONS
▪️ UBS is testing a digital gold investment product using blockchain technology.
▪️ The product offers fractional gold investment and real-time pricing features.
▪️ This initiative highlights the integration of fintech and blockchain in finance.
Union Bank of Switzerland (UBS), the largest bank in Switzerland, has initiated trials for a digital gold investment product on the Ethereum $2,956-based ZKsync layer-2. The bank is testing gold trading operations using blockchain technology to enhance functionality on a global scale.
Trial Process and Product Details
The product being tested, UBS Key4 Gold, allows users to trade gold units on-chain. It provides individual investors the opportunity to invest in fractional gold while offering real-time pricing, deep liquidity, and secure physical storage options.
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Blockchain Technology and Strategies
In this trial, UBS utilized the ZKsync Validium solution under a proof of concept (PoC) framework. The goal was to improve scalability, privacy, and interoperability, contributing to the product’s global expansion.
UBS Key4 Gold operates on a permissioned blockchain infrastructure known as the UBS Gold Network. This network connects vaults, liquidity providers, and distributors, ensuring technical support for the product. It is seen as a step toward the digitization of the gold market.
The testing process is considered significant for establishing a robust technical infrastructure for the product. Additionally, fluctuations in the ZK token price are being closely monitored within the context of market volatility.
The trial provides important insights into the digitization in the fintech sector and the application of blockchain technology in finance. Various technical tests and applications can serve as a guide for the product’s integration into global markets.
@ Newshounds News™
Source: CoinTurk
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Source: Dinar Recaps
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