The first of January 2023 brought renewed hopes and promises for change among many circles. Unfortunately for the realm of crypto assets, however, hardly any change appears in the markets, with the prices of top crypto names remaining unmoved as they were throughout December. With BTC and ETH moving only slightly throughout the prior weeks, many analysts maintain that the worst of the crisis may very well be behind us.
Crypto-Highlights of the week
Despite its successful start, China’s digital Yuan project has proven to be quite below expectations, according to comments made by the central bank’s head of research. He stated that the masses are comfortable with cash and card-based payments, with the digital alternative offering hardly any benefit as an incentive to switch over.
Following several developments relating to digital currency use in Russia, seen throughout 2022, a new milestone comes to pass, as the draft law for the Digital Ruble enters the parliament hall. Lawmakers will discuss the implementation of this next-gen national fiat while going over which areas to amend, in order to smooth overall facilitation.
Italian lawmakers have passed a new 26% capital gains tax aimed toward crypto investors, as part of the 2023 budget. Additionally, the bill also includes incentives for traders to enter into the tax bracket, with significant fines placed upon those with undeclared holdings, which will see an increase on an annual basis.
Following the desperations of uncertainty, Japanese investors impacted by the FTX fiasco will soon be able to pull out their funds parked in the exchange. The entities, Liquid and FTX Japan have come up with a system that enables investors to access their funds by February, as the bankruptcy procedure continues in full swing.
The head of Morocco’s central bank revealed that a draft law governing cryptocurrency use in the country has been put into writing, and will be shared with relevant institutions and stakeholders. He further described crypto acceptance as an “inevitable” reality, hence pushing the need for a defined regulatory framework to exist.