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In our digest, we reviewed several important crypto-industry news over the past week:<ol><li>BRICS is considering settlement in stablecoins;</li><li>IRS introduces new form for reporting cryptocurrency income from 2025;</li><li>Bitcoin’s fourth halving: reward reduced, fees rise;</li><li>Aksakov: Digital assets can replace fiat currencies in international settlements;</li><li>Telegram announces tokenization of stickers and emoji;</li><li>HKMA chief backs introduction of wholesale digital currency.</li></ol>Now for more details. Reading time: 8 minutes.<ul><li>BRICS is exploring the possibility of settling in stablecoins</li></ul>BRICS, a grouping of countries including Brazil, Russia, India, China and South Africa, is exploring the possibility of settlements in stablecoins, digital currencies whose value is linked to “classic” money or precious metals. Sergei Ryabkov, Russia’s deputy finance minister, announced the development of a platform that will create a link between the digital currency systems of the BRICS central banks. This unique initiative aims to unify national financial messaging systems. A special channel for information exchange between regulators has already been created. In practical terms, various options are being considered, including settlement in stablecoins or the creation of a common platform. “In practical terms, several options are being considered. For example, settlements in stablecoins or the option of creating a platform that will unite the financial systems of its participants,” Ryabkov said. It is important to note that the desire to create an independent payment system based on blockchain and digital national assets has already been expressed by BRICS earlier. This development direction confirms the growing role of digital currencies in the global economy.<ul><li>IRS introduces new reporting form for reporting cryptocurrency income starting in 2025</li></ul>The U.S. Internal Revenue Service (IRS) is introducing a new 1099-DA reporting form designed to report income from digital assets starting in 2025. The form includes the collection of identifying information and details of transactions made through brokers. The measure affects centralized exchanges, some decentralized marketplaces and wallets, which will have to send this form to both the IRS and users. The form records the date crypto assets were purchased and sold, the proceeds and value of the assets sold, as well as the transaction identifier (TxID), address and number of cryptocurrencies sold. Experts have raised concerns about user privacy and security. Shehan Chandrasekera, head of taxation at Cointracker, believes that the innovation could radically change the user experience with crypto platforms, as cryptocurrencies will no longer be able to remain anonymous, at least in the US. The introduction of the 1099-DA form comes amid IRS efforts to go after cryptocurrency traders who evade taxes. However, some experts say the agency lacks competence in investigating crimes involving digital assets.<ul><li>Bitcoin’s fourth halving: reward reduced, commissions rise</li></ul>A landmark event has occurred in the digital economy — the fourth halving of bitcoin. This is a process during which the reward for mining a new block of cryptocurrency is halved. Miners who mined block 840,001 were awarded 3.125 bitcoins, instead of the usual 6.25. This should reduce the daily issuance from 900 BTC to around 450 BTC. Bitcoin’s creator, Satoshi Nakamoto, believed that halving contributes to the cryptocurrency’s scarcity, which in turn leads to an increase in its value. As practice shows, his predictions have come true: bitcoin has increased in value in every post-halving cycle. At the same time, as the halving cycle approaches, transaction fees on the bitcoin network have exceeded the gas costs of Ethereum. With mining revenues declining, miners are increasingly relying on these fees to make up for losses. The first block after the halving saw commissions total about $2.4 million. The ViaBTC mining pool, which mined a block of 840,000, was rewarded with 40.7 BTC, which is about $2.6 million at current exchange rates. Despite the pressure on the bitcoin exchange rate caused by the geopolitical situation and the strengthening of the dollar, analysts are confident of bitcoin’s growth in the medium term.<ul><li>Aksakov: Digital assets may replace fiat currencies in international settlements</li></ul>Anatoly Aksakov, Chairman of the State Duma Committee on the Financial Market, announced the possibility of replacing fiat currencies with digital financial assets (DFA) in international settlements. On the basis of the adopted law, which opens the way for the use of DFAs in international transactions, mechanisms for the implementation of this innovation are now being developed. Some Russian organizations have already started testing these mechanisms, and they are expected to be operational by the end of this year. “It is quite possible that this will be a serious channel for replacing fiat currencies in international settlements,” Aksakov emphasized. Along with this, the issue of legalizing the use of cryptocurrencies in international settlements is also being actively discussed. Aksakov expressed hope that in the near future lawmakers will begin to address this issue. Bank of Russia Chairman Elvira Nabiullina supported the idea of the early adoption of the bill on international settlements in crypto-assets, but urged caution, recommending an experimental approach “in the style of a sandbox”.<ul><li>Telegram announces tokenization of stickers and emoj</li></ul>Pavel Durov, the founder of the popular messenger Telegram, announced plans to tokenize stickers and emoji in his application. The innovation was announced during his speech at the Token 2049 conference in Dubai. Durov noted that sticker owners will soon be able to receive up to 95% of the revenue. From next week, Telegram will be able to send “tips” to content authors in cryptocurrency based on the TON blockchain. In this case, 70% of these payments will be received by the authors, and 30% will go in favor of the messenger. Thanks to the “Tip for Creators” feature, users will be able to send donations to sticker authors. Emoji can also be tokenized and become NFTs, and then memecoins can emerge from sets of emoji and stickers. Telegram was the first social media platform to tokenize usernames and allow them to be sold. Durov said that blockchain is associated with freedom and innovation at Telegram. Despite these innovations, the TON coin exchange rate dropped 10% after Durov’s speech. However, with an audience of over 900 million users, Telegram expects to collect significant revenue from its innovations.<ul><li>HKMA chief supports the introduction of a wholesale digital currency</li></ul>The head of the Hong Kong Monetary Authority (HKMA), Eddie Yue, has expressed confidence in the great benefits of a wholesale government-issued digital currency (CBDC). He believes it could greatly simplify the regulator’s interaction with commercial banks and their customers. The HKMA is one of the first regulators in the world to actively explore the possibilities of CBDC. Already in 2017, the authority took part in the LionRock project, and since then it has continued to work actively in this direction. Now the HKMA’s main focus is on the wholesale version of CBDC, which, according to the regulator, could have a decisive impact on Hong Kong’s digital economy. It can interact with various forms of digital money, from stablecoins to tokenized deposits. However, the implementation of a retail version of CBDC remains an open question. Eddie Yue believes that it could cause a number of problems and will require further study before a final decision is made. He emphasizes that Hong Kong’s digital payment systems are already very competitive, and a retail digital currency may not be as much in demand.Thank you for being with us. Crypto-industry news on Bit.team — always up to date.Info taken from: <a href="https://bit.team/blog/digest_en_22_04_2024/" rel="noopener noreferrer nofollow">bit.team/blog/digest_en_22_04_2024/</a> Read more at <a href="https://bit.team/blog/" rel="noopener noreferrer nofollow">bit.team/blog/</a>

An overview of current news in the crypto space

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