In today’s edition of Bitmama’s weekly crypto news roundup, we cover interesting developments in the cryptocurrency industry. Top picks – Facebook (Meta) files 8 trademark applications covering metaverse, and crypto services, Bitcoin surges to $45,000 as Russia considers accepting crypto as payment for oil and gas, LG Electronics moves Into the crypto and blockchain space, India passes stiff crypto tax laws despite industry uproar.
Let’s get started.
LG Electronics moves Into the crypto and blockchain space
The multinational electronics company LG Electronics announced it was adding cryptocurrency and blockchain to its business portfolio, expanding beyond home appliances, wearable devices, home theater systems, computer monitors and other goods.
The South Korea-headquartered company said it would aim to develop and sell “blockchain-based software” and get involved in “the sale and brokerage of cryptocurrency,” sparking speculation that LG Electronics might someday establish a cryptocurrency exchange.
The company, however, did not confirm if a crypto exchange was forthcoming. “Nothing has been decided yet,” an LG Electronics spokesperson told local media. “We just mentioned business areas in a broad manner.”
Last month, LG Electronics unveiled NFT-equipped smart TV models with Ground X, a blockchain subsidiary of South Korean tech juggernaut Kakao. The company is also partnering with the NFT company Seoul Auction Blue to work on NFT artwork projects.
A USPTO-licensed trademark attorney, Mike Kondoudis, tweeted Wednesday explaining that the applications (serial numbers: 97320155, 97320153, 97320149, 97320147, 97320146, 97320144, 97320140, and 97320136) were filed on March 18. They cover a wide range of crypto-related products and services including crypto tokens, cryptocurrencies, blockchain software, crypto exchanges, and crypto trading.
Kondoudis described Meta’s applications as a blueprint for how the company intends to engage in the metaverse, Bloomberg reported.
“The goods and services of those applications extended far beyond just the run-of-the-mill NFT [non-fungible tokens] and metaverse products that a lot of applications include,” the attorney was quoted as saying. He elaborated that only a company that has this size of scale and has a hand in the evolution and development of the metaverse can possibly plan on doing everything in these applications.
Bitcoin surges to $45,000 as Russia considers accepting crypto as payment for oil and gas
BTC was trading almost 5% higher on Friday, as markets reacted to the news that Russia was considering accepting it as payment for oil and gas.
Following a low of $42,753.56 during Thursday’s session, BTC/USD climbed to an intraday high of $45,046.08 on Friday. This is the highest price bitcoin has hit in 24 days and comes following a breakout of the $42,500 resistance level.
Friday’s rally sees bitcoin prices climb for the fourth consecutive session, gaining over 11% in that time period.
The move pushed price strength beyond its own ceiling, as the 14-day RSI moved past its resistance level of 62.33, and now tracks at 63.83. Should this run continue, and BTC move beyond $47,000, it would reach its highest level in almost four months.
India passes stiff crypto tax laws despite industry uproar
Indians will begin paying a capital gains tax of 30% on crypto transactions in just one week after Parliament passed a controversial tax proposal on Friday, sparking uproar and disappointment among those in the country’s crypto industry.
In addition to the capital gains tax, Indians buying or selling crypto will have to pay a 1% tax deducted at source (TDS), as well as taxes on crypto gifts, with no ability to take deductions for losses. The crypto taxes will come into effect on April 1, while the TDS will start on July 1.
Finance Minister Nirmala Sitharaman introduced the proposal and steered it through the lower house of Parliament. While the upper house can and did make suggestions, its role in finance legislation in India is minimal.
More than 20 members of the lower house of Parliament reacted strongly to the bill, criticizing the lack of clarity in defining crypto in the bill, with several members of Parliament saying that the crypto taxes will “finish the industry.”