#UK: Lawmakers Recognize Cryptocurrency As A Financial Instrument

[world politics news]

 

Bitcoin has soared in value after the UK parliament voted to recognise crypto as a regulated financial instrument.

On Wednesday, the combined cryptocurrency market cap jumped over 5% and regained ground above the $1tn mark.

[FULL STORY HERE]

World Politics News is dedicated to raising Americans' knowledge of political events, elections, and legislation throughout the world.

#NIGERIA: ATM Withdrawals Limited To $45/Day

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The Central Bank of Nigeria has capped daily ATM withdrawals at $45 in order to encourage electronic payments, including the eNaira digital currency.

The central bank has sent out a circular to lenders cutting the daily cash machine withdrawal limit from 150,000 naira to 20,000 naira, according to Bloomberg. Weekly cash withdrawal limits of 100,000 naira for people and 500,000 naira for corporations have also been set.

The limit is the latest effort by Nigeria to discourage cash usage. The country is set to redesign high-value notes and is giving people until January to switch out their old paper money.

[FULL STORY HERE]

World Politics News is dedicated to raising Americans' knowledge of political events, elections, and legislation throughout the world.

#UK: Tax Cut Pledge Blamed For Temporary Pound Collapse

[world politics news]

The market’s verdict on the £220 billion policy blitz set out by UK Chancellor Kwasi Kwarteng was swift and devastating Tuesday. 

His pledge to cut taxes was blamed by financial experts for the sudden drop in the UK currency, the Pound, against the US dollar. The currency recovered it's value later in the day, a fact not generally reported by the mainstream media.

[FULL STORY HERE]

World Politics News is dedicated to raising Americans' knowledge of political events, elections, and legislation throughout the world.

#RUSSIA: Lower House Considers Ban On Crypto For Domestic Uses

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The lower house of Russia's parliament is considering legislation that would bar crypto platforms from hosting purchases with crypto assets, Bitcoin.com reported.

According to Bitcoin.com, the backers of the legislation specifically want to stop the use of digital assets for real-world transactions within the Russian Federation. Crypto could still be used for international trade.

[FULL STORY HERE]

World Politics News is dedicated to raising Americans' knowledge of political events, elections, and legislation throughout the world.

#CROATIA: Parliament Approves Euro As Legal Tender

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The Croatian parliament has passed a law on the adoption of the Euro as legal tender, with 117 MPs voting in favor, 13 against and one abstaining.

MPs rejected amendments by the Bridge Party and the Green-Left Bloc. The euro is expected to be introduced on 1 January 2023.

[FULL STORY HERE]

World Politics News is dedicated to raising Americans' knowledge of political events, elections, and legislation throughout the world.

#INDIA: Gov't To Introduce Cryptocurrency, Tax Them All At 30%

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India has announced plans to launch a digital currency by next year and tax cryptocurrencies and NFTs as the country moves closer to recognizing cryptocurrencies as legal tender in the world’s second largest internet market.

Income from the the transfer of any virtual assets will be taxed at 30%, the nation’s finance minister Nirmala Sitharaman said Tuesday. 

[FULL STORY HERE]

World Politics News is dedicated to raising Americans' knowledge of political events, elections, and legislation throughout the world.

#ELSALVADOR: Bitcoin Approved As Legal Tender

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El Salvador has become the first country in the world to officially classify Bitcoin as legal currency.

Congress approved President Nayib Bukele's proposal to embrace the cryptocurrency, with 62 out of 84 possible votes on Tuesday night.

The president said the government had made history, and that the move would make it easier for Salvadoreans living abroad to send money home.

In a simple three-page bill, which the president, Nayib Bukele, posted on Twitter in Spanish and English, explained that Bitcoin would be legal tender for all transactions, including paying taxes.

[FULL STORY HERE]

World Politics News is dedicated to raising Americans' knowledge of political events, elections, and legislation throughout the world.

#AUSTRALIA: Bill Will Ban $10,000 Cash Payments To Thwart Illegal Transactions

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A controversial bill to ban cash payments over $10,000 and impose two-year jail sentences on those caught using cash above that limit is poised to pass Federal Parliament despite bitter divisions within both major parties.

[FULL STORY HERE]

World Politics News is dedicated to raising Americans' knowledge of political events, elections, and legislation throughout the world.

#SOUTHKOREA: Parliament Unanimously Supports Cryptocurrency Law

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The South Korean National Assembly has voted in favor of the country’s first Cryptocurrency law.

The amendment of the Special Financial Transactions Information Act, which was submitted last November, now has crypto-specific laws that creates a framework for Cryptocurrency holders and exchanges in the country.

[FULL STORY HERE]

World Politics News is dedicated to raising Americans' knowledge of political events, elections, and legislation throughout the world.

#RUSSIA: Planned Cryptocurrency Legislation Stalled By Int'l Regulator

[world politics news]

The Russian government has postponed the introduction of its planned cryptocurrency regulations – laying the blame for the delay at the feet of the international Financial Action Task Force (FATF).

The legislation – which had been slated for a second reading in the Russian parliament in the weeks ahead – is now “stuck.” Anatoly Aksakov, the head of parliament's financial committee, confirmed that the terms of the FATF’s anti-money laundering and counter-terrorism guidelines (issued in October last year) have forced Moscow to reconsider its plans.

[FULL STORY HERE]

World Politics News is dedicated to raising Americans' knowledge of political events, elections, and legislation throughout the world.

#VENEZUELA: Economic Reforms Include Plan To Knock Five Zeros From Currency

[world politics news]

The beleaguered regime of Nicolas Maduro is launching a "new" currency Monday, in a desperate attempt to stem inflation and tackle its economic crisis. The new 'sovereign bolivar' will enter circulation on Monday, which has been declared a national holiday so that the population can get used to the new banknotes. Inflation in Venezuela is forecast by to hit a million per cent this year, with a cup of coffee now costing around two million bolivars.

[FULL STORY HERE]

#BULGARIA: Nation Is Close To Joining The Euro Common Currency

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Bulgaria, the European Union’s poorest country, has moved closer to adopting the European common currency, the Euro, after a meeting of Eurozone finance ministers in Brussels. The European Commission and the European Central Bank said an evaluation could be completed in “around a year." "The European Commission welcomes Bulgaria’s efforts to join the eurozone," Latvian Valdis Dombrovskis, Vice President of the European Commission told a news conference.

[FULL STORY HERE]

#INDIA: Congress Party Pres. Rahul Gandhi Says He'd Have Junked Rollout Of Demonetization; Rips Modi's Policies

[world politics news]

On a trip to Malaysia, Congress Party President Rahul Gandhi criticized PM Narenda Modi's policy of demonetization, which removed high-value banknotes from circulation. Asked how he would have rolled out the policy differently, he said, "If I was the Prime Minister and somebody had given me a file with 'demonetization' written on it, I would thrown it in the dustbin," he continued to say he would have "rolled it out through door and into the junkyard." Congress Party blames the policy for an economic slowdown.

[FULL STORY HERE]

#RUSSIA: Deputy PM Backs Concept Of A "Crypto-Ruble"

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For the first time, a senior Russian official has thrown his support behind a state-backed crypto-currency. In an interview with Russian broadcaster RBC, First Deputy Prime Minister Igor Shuvalov said that he is in favor of a "crypto-ruble" – provided that certain measures are put in place on the security front.

[FULL STORY HERE]

#INDIA: 3 Months After Pulling It, Gov't Relents And Is Bringing Back 1,000 Rupee Note

[world politics news]

Just three months after withdrawing the 1000 Rupee note from circulation, India's government has relented and is now reintroducing a redesigned note. The ruling BJP Party's poll numbers took a hit from the move, which caused massive lines at banks in this cash-centered economy. Withdrawals were also limited, making the lines worse.

[FULL STORY HERE]

#FRANCE: National Front's Marine LePen Now Says She'd Keep The Euro Alongside Franc

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Presidential candidate Marine LePen has adopted a "nuanced" position on leaving the Euro, at a time when polling shows that a full withdrawal is unpopular with voters. She now says her government would keep the Euro - the common European currency - as part of a "basket" of currencies, along with a revived French Franc. Older citizens worry that a sharp withdrawal from the Euro could cause currency fluctuations that would degrade their savings. She is, however, sticking by her call for a referendum on leaving  the European Union as a political institution.

[FULL STORY HERE]

#INDIA: PM Modi Says Disruptions In Parliament Make Debate Impossible

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Prime Minister Narendra Modi has hit out at the Opposition for disrupting Parliament and not letting him speak on the issue of the demonetisation of the nation's currency. "Parliament is not being allowed to function," he said, in a recent open-air rally. The Prime Minister has come under fire over his silence on the issue in Parliament. The Opposition is demanding that the Prime Minister's speak in the House during debate on this issue, in which the government has banned large-denomination banknotes.

[FULL STORY HERE]

#AUSTRIA: Lawmakers Battle Move To Eliminate Paper Currency; Vow To Protect It In Constitution

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In a measure to protect against crime, some in Europe are suggesting a phase-out of paper money, There has been recent debate about ending the €500 note and the use of one and two cent coins, as well as limits on cash withdrawal. Some in EU member nation Austria are reacting by vowing to protect currency's existence in its national constitution.

#IRELAND: Irish "Deeply Insulted" By JEB Bush Plan To Put Thatcher On US Currency

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Of all the candidates to have created ill feeling overseas, it was JEB Bush's off-handed remark that he'd put UK Prime Minister Margaret Thatcher on the US $10 bill that has outraged many Irish, whom they blame for letting hunger strikers to die in Northern Ireland in 1981 and saying privately she hated Irish Catholics.

#RUSSIA: #Putin Proposal For Common Eurasian Currency With Belarus, Kazakhstan Gets Cool Reception

[world politics news]

Reacting to the Russian Ruble falling 40% in value against the US Dollar, Pres. Putin has proposed a common currency with former Soviet Republics Belarus and Kazakhstan, but both have privately reacted coolly to the idea, instead proposing common fiscal policies.