Dubai Crypto & Coffee at 8 ☕ 🚨 Dubai: 13th March 🚨 Biden: Come on Man! You know the thing! 30% tax on crypto mining electricity usage. 🥶 Silicon Valley Bank’s collapse and Crypto!
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13th March: Crypto & Coffee at 8 🎙️ 🚨 Biden: Come on Man! You know the thing! 30% tax on crypto mining electricity usage. 🥶 Silicon Valley Bank’s collapse and Crypto! 🔥 Circle USDC Stablecoin Depegs: An interesting Monday ahead

🟦 Cointelegraph article states that the United States crypto miners could eventually be subject to a 30% tax on electricity costs under a budget proposal by President Joe Biden aimed to “reduce mining activity.” Official paper by the U.S. Department of the Treasury that explains the supplementary budget that was released a few days ago here https://lnkd.in/dchjsXzb It states that the tax would be phased-in at 10% per year over three years and covers electricity generated from both on and off-grid sources.

👀 The White House also confirmed reports that it’s looking to end a tax strategy for crypto transactions that it estimates would raise $24 billion. Official report here https://lnkd.in/dzB36U3n

Which side of politics is in favour of Bitcoin, Opensource, Freedom of speech and Innovation? 🔵 Democrats (USA) 🔴 Republicans (USA) 🔵 Labour Party (UK) 🔴 Conservatives (UK) 🔵 Congress (India) 🔴 BJP( India) 💊 China

📛 Silicon Valley Bank was a commercial bank headquartered in Santa Clara, California. SVB was the 16th-largest bank in the United States at the time of its failure on March 10, 2023

👁️ CoinDesk is reporting that Stablecoin prices wildly swung and gas fees soared as investors scrambled to move money around hours after regulators shut SVB amid a run on the bank, which had ties to crypto. It was the second crypto-linked bank to go under this week. Article here https://lnkd.in/dExG5njn Traders are speculating that Circle, which issues USDC, has worse exposure to Silicon Valley Bank than the $3.3 of the $40 billion backing USDC it disclosed.

🚨 An update by Circle via the official blog states that USDC can be used 24/7/365 on the chain, and issuance and redemption are constrained by the working hours of the U.S. banking system. https://lnkd.in/drekEvwh Circle is also planning to ‘Cover Any Shortfall’ in USDC Reserves

❗ It’s going to be very critical to see what happens on Monday!

😱 MakerDAO’s decentralized stablecoin DAI also hit an all-time low of $0.88. DAI is currently trading at $0.96 according to CoinMarketCap. Data from Dunes shows that $563 million of DAI was burnt in the last 24 hours. In total, the stablecoin has a market cap of $4.9 billion https://lnkd.in/d8hphWbp

🚨 Check Blockchain DXB Crypto & Coffee at 8 podcasts where we explain this in detail and share our opinions and thoughts on this. Podcast link here ⚡ Spotify: https://spoti.fi/3y3Fapq ⚡ Google: https://bit.ly/3ysvrL0 ⚡ Podbean: https://bit.ly/3TqrsX1

🔴 Two UAE news: (See slides for more info) ⚡ ftNFT Marketplace opens the first franchise in Abu Dhabi and the UAE ⚡ PurpleFi, has launched fractional ownership in real estate through tokenisation in Dubai

For slides click here: https://tinyurl.com/5n7v7cxu

LinkedIn Profile: https://tinyurl.com/569zh78j

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