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Robert F. Kennedy Jr. Advocates for Bitcoin and Civil Liberties at Bitcoin 2023 Conference




In a momentous public appearance, Robert F. Kennedy Jr. officially unveiled his candidacy for the presidency at the Bitcoin 2023 conference. Addressing an enthusiastic audience, Kennedy shared his personal experiences with Bitcoin, raised concerns about the rise of government totalitarianism facilitated by technology, and outlined his plans to safeguard the rights of Bitcoin users if elected as president.

Kennedy affirmed his commitment to preserving the inviolable right of individuals to hold and utilize Bitcoin. Drawing on his unwavering dedication to civil liberties, he emphasized that Bitcoin served as both an exercise and a guarantee of these fundamental freedoms.

During his speech, Kennedy recounted how he first became inspired by Bitcoin as a critical tool for freedom. He highlighted its role in circumventing financial restrictions during the Canadian trucker protest, where peaceful protestors found themselves unable to access their funds for essential needs such as mortgage payments and providing for their families. Witnessing the devastating impact of government repression in this context, Kennedy recognized the significance of free money as being just as vital as free expression.

Kennedy has been a vocal supporter of Bitcoin since May 2023, distinguishing it from other cryptocurrencies and urging legislators to foster its development rather than impede it through regulations like the proposed energy tax on miners by the Biden administration. On stage, he reiterated his disapproval of such measures and outlined his administration’s strategies to promote Bitcoin innovation within the United States.

He outlined four key initiatives his administration would undertake: protecting the right to self-custody of digital assets, upholding the right to run a node at home, advocating for industry-neutral energy regulations, and ensuring that the United States remains a global hub for cryptocurrencies. Kennedy pledged to reverse the growing hostility towards the crypto industry exhibited by the government.

Additionally, Kennedy expressed his intention to reevaluate the cases of individuals like Ross Ulbricht, the founder of Silk Road, a bitcoin-based darknet marketplace. He emphasized the need to determine whether their prosecutions were based on genuine criminal charges or served as a means to suppress the crypto space. Kennedy pledged swift action, including considering pardons for those found to have been unfairly targeted.

Kennedy entered the Democratic primary race just before publicly showing his support for the Bitcoin industry on social media and announcing his participation in the Bitcoin 2023 conference. His positions on issues such as vaccine mandates and climate change have set him apart from mainstream Democrats, positioning him as an outsider within the party. Although trailing behind Joe Biden by a significant margin, Kennedy currently occupies the second position in national polling averages.

During his appearance at Bitcoin 2023, Kennedy clarified that he personally does not hold any investments in Bitcoin. Notably, he announced that his presidential campaign would become the first in history to accept donations via the Lightning Network, embracing the technology’s potential.

Concluding his speech, Kennedy emphasized the urgency of building and fortifying democratic institutions in the face of an era characterized by turnkey totalitarianism. He underscored the importance of Bitcoin as the most significant democratic innovation on the horizon, immune to manipulation.

Professional Trader, Social media scholar and a Crypto expert. If you have any comments, suggestions or questions feel free to contact me at [email protected] and i will get back to you shortly.


Kuwait Authorities Unanimously Ban the Use of Virtual Assets





In a collective effort, the regulatory authorities in Kuwait, represented by the Central Bank of Kuwait, the Capital Markets Authority, the Ministry of Commerce and Industry, and the Insurance Regulation Unit, have issued directives to ban the use cryptocurrencies and other unregulated virtual assets within the country.

The Kuwaiti Capital Markets Authority stated in an announcement released on Tuesday that these recommendations are provided by the Financial Action Task Force (FATF) to combat money laundering and terrorism financing. The issued directives impose an “absolute ban” on most digital currency transactions, including their use for payments or investments, as well as the prohibition of mining activities. Additionally, the regulatory authority restricts local authorities from granting licenses to companies seeking to provide services related to virtual assets as business activities.

The announcement states that the comprehensive ban does not include securities and other financial instruments regulated by the Central Bank of Kuwait and the Capital Markets Authority. The primary objective of these directives is to safeguard users from the risks associated with virtual assets. These proactive measures represent a significant step by the Kuwaiti authorities to mitigate the risks linked to investing in such assets, often used for speculative purposes.

The continuous awareness campaigns launched by regulatory authorities in Kuwait caution cryptocurrency users, especially those dealing with popular digital currencies such as Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), and others, about the potential risks associated with their usage and investment.

Moreover, since 2017, the Central Bank of Kuwait has prohibited commercial banks and other financial institutions from processing any transactions involving Bitcoin. In May 2021, the bank reaffirmed the illegality of digital currencies in the country.

Before the ban, Kuwait did not impose taxes on income derived from digital currencies, leaving the door open for investors in the crypto space.

Mining companies had previously shown interest in establishing a base in Kuwait due to its low electricity costs. However, the recent campaign has closed the door on crypto investments and mining activities within Kuwait.

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Unlocking the Tax Maze: Cryptocurrency Compliance in Australia

June G. Bauer



As tax season approaches, cryptocurrency owners in Australia are being urged to be vigilant and comply with tax regulations. With the Australian Taxation Office (ATO) prioritizing capital gains, including cryptocurrencies, individuals who have omitted crypto transactions from previous tax returns may face scrutiny.

According to Sky news, With millions of Australians estimated to invest in digital currencies, the ATO’s data-matching program monitors crypto transactions to ensure tax law compliance. Experts emphasize the importance of understanding capital gains rules and keeping accurate records to avoid potential penalties.

According to Danny Talwar, head of tax at crypto tax calculator Koinly, many Australian crypto owners mistakenly overlook the country’s capital gains rules and their application to digital currencies. While converting crypto into Australian dollars is commonly known to require reporting, individuals must also report instances where one cryptocurrency is used to purchase another. Talwar highlights the necessity of documenting the purchase price, sale price, and market value of the acquired crypto asset. Neglecting proper record-keeping can have serious consequences during tax time. To streamline the process and ensure compliance, utilizing a crypto tax calculator is highly recommended.

ATO Assistant Commissioner Tim Loh advises consulting with a registered tax agent to ensure compliance with tax regulations. Crypto assets are generally subject to capital gains tax, and activities involving crypto often result in taxable transactions. Even selling or withdrawing crypto at a crypto ATM may not qualify for the “personal use” asset exemption. Taxpayers are required to report gains or losses from disposing of crypto assets in their tax returns. Loh emphasizes the importance of maintaining comprehensive records of crypto dealings to accurately report during tax time.

In addition to the crackdown on crypto transactions, the ATO has identified three other priority areas this tax season. Changes to work-from-home deductions now require taxpayers to use the actual cost or revised fixed-rate method (up to 67 cents per hour) rather than the blanket 80-cents-per-hour rate. Record-keeping requirements have also been updated, with Australians working from home obligated to maintain records of all hours worked throughout the financial year. Rental-property deductions, particularly interest-expense claims, are under scrutiny due to previous errors detected in up to 90 percent of landlords’ returns. Furthermore, the ATO will focus on ensuring accurate reporting of income earned from side-hustles and gig-economy work.

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Texas Emerges as a Cryptocurrency Mining Hub

June G. Bauer



Everything truly is bigger in Texas, and that includes cryptocurrency mining operations. The Lone Star State currently boasts the largest cryptocurrency mining facility in North America, accounting for approximately 15% of global mining operations, according to researchers.

However, along with the massive scale of these mining operations comes an equally large power consumption. Cryptocurrency mining involves running complex computation algorithms to validate transactions, and the more calculations a computer can solve, the higher the chance of receiving cryptocurrency rewards, such as Bitcoin, explains the Texas Comptroller.

“In a nutshell, mining Bitcoin is an extremely energy-intensive process. This is why the computing demands have reached a level where they rival the electricity consumption of entire cities,” explains Le Xie, a professor in the Department of Electrical and Computer Engineering at Texas A&M University.

By 2023, the Texas Comptroller estimates that cryptocurrency mining facilities in the state could demand as much power as Houston, the fourth-largest city in the U.S. Already, these facilities are consuming energy on par with the city of Austin, adds Xie.

Despite the significant energy requirements, Texas political leaders have actively promoted the state as an attractive destination for mining companies, citing the economic benefits they bring to rural areas. However, questions arise regarding the risk these mining operations pose to the Texas energy grid.

Professor Le Xie has conducted extensive research on the impact of mining facilities on the Texas grid. His studies focused on three key areas: grid reliability, carbon dioxide emissions, and wholesale energy market prices.

“Their impact largely depends on how you model them,” explains Xie. If these facilities are modeled as constant demand, there can be a substantial impact on grid reliability, as they require continuous power and may strain the grid during peak periods.

Conversely, if the facilities are flexible and can be turned off during periods of grid instability, they could potentially provide additional energy to support the Texas grid, according to Xie.

The findings from Xie’s team were published in the March issue of the Institute of Electrical and Electronics Engineers Transactions on Energy Markets, Policy, and Regulation, as well as the June issue of Advances in Applied Energy.

“We are pleased to share that the models and data we have utilized can be beneficial not only in Texas but also across the country. They provide decision-makers with insights into the performance of mining facilities during stressful situations,” states Xie.

As the cryptocurrency mining industry continues to expand in Texas, further research and careful consideration of its impact on energy consumption and grid reliability will be crucial to ensure sustainable growth and stability in the state’s energy infrastructure.

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