El Salvador's President Nayib Bukele posted on his Twitter account the design of Bitcoin City, which will be the world's first Bitcoin city powered by geothermal energy. This and more news in this handy daily summary so that you are always informed with the most recent events that occur within the crypto world.
Cryptocurrencies and stablecoins
📍El Salvador, which holds more than 2.300 bitcoins, has revealed the design of Bitcoin City. On Twitter, the president of El Salvador, Nayib Bukele, published about the progress of the bitcoin city, the metropolis that the country will build to boost the development of the industry and the crypto community.
From his account, the Salvadoran president shared the design, made by the Mexican Fernando Romero, of what the Bitcoin city will be like, indicating that it is progressing “wonderfully.”
Bukele also reported on the social network that the nation has purchased another 500 bitcoins, at an approximate price of $30.400 per BTC.
El Salvador, the first country in the world to make Bitcoin its legal tender, plans to issue a $1.000 billion Bitcoin Bond to finance the construction of Bitcoin City and the acquisition of new BTC.
However, the issuance of this bond has been delayed for various reasons. The last thing Bukele said on the matter is that the Bitcoin Bond will be issued when the price of the cryptocurrency increases. Initially, the nation was expected to launch this bond in the middle of last March.
Bitcoin and Blockchain Adoption
📍“Carnival in Binche”, a work by painter James Ensor, was tokenized on the Polygon blockchain. The Royal Museum of Fine Arts Antwerp (KMSKA) has launched an innovative initiative to democratise investment in fine art.
The museum, located in Belgium, has tokenized a work of art by Belgian painter James Ensor, called “Carnival in Binche”, as an Art Security token based on the ERC-3643 standard, on the Polygon blockchain, the most important second layer solution in the crypto industry.
The tokenization of works of art allows investors to access high-value pieces in a fractional manner. In the case of “Carnival in Binche” Investors can purchase shares in this project from 150 euros.
The renowned painter's art was fractionated on the Polygon blockchain in partnership with the Tokeny platform, which offers asset digitization solutions on the blockchain.
📍Louisville, Kentucky sells its first home in Bitcoin. Homepage Realty has sold its first property in Louisville accepting Bitcoin, the industry's largest cryptocurrency, as payment.
Ashley Brown, a real estate agent at Homepage Realty, said this is the first home on record to be sold in the city using cryptocurrency as payment. In total, the buyer of the property paid $65.000 in BTC.
The real estate transaction highlights the importance that cryptoassets are gaining within this industry.
Rules and Regulations
📍India proposes to tax cryptocurrencies with a 28% tax rate. India's Goods and Services Tax (GST) Board plans to levy a 28% tax on cryptocurrency transactions.
The country's government wants to regulate the crypto industry in the same way it does with lotteries, casinos, racetracks and others. According to a CNBC reportCryptocurrency exchanges in India act as intermediaries to sell cryptocurrencies on exchanges to citizens and residents, a service that currently attracts an 18% tax and is classified as an intermediary service.
The GST is considering the possibility of classifying this service under a different concept, where it could attract 28% tax, if approved by the Council.
While the country's regulators remain tight-lipped on cryptocurrencies, GST member Professor Sachin Chaturvedi says the country should not close the door to cryptocurrency innovation or impose a blanket ban on the growing industry.
Continue reading: The 3 cryptocurrencies that have risen this week according to CoinMarketCap
