Elon Musk & Dogecoin

Elon Musk’s twitter account seems to get him into more trouble than anything else these days. This hasn’t however slowed the Elon Musk tweeting phenomenon. His latest twitter salvo has involved crypto twitter bots and Dogecoin.

Musk used the platform to request help from Dogecoin founder Jackson Palmer in combatting the nefarious bots.

“@ummjackson if you can help get rid of the annoying scam spammers, that would be much appreciated.”

Palmer was only too happy to help responding almost immediately

“If you DM me (your DMs aren’t open), I’ll send you the script. it’s short, simple and you just run it with cron somewhere.”

He followed up shortly after, keeping us all in the loop and saying

“Update: Elon has the script… we had a good chat on how @jack and the Twitter team should definitely automate and fix this problem on their end though.”

Elon Musk may not be universally popular right now in the wake of some wild public appearances and comments. However the cryptoverse should welcome validation from a powerful figure in the traditional business world.

Crypto Taxation in Ukraine

One of the biggest challenges regarding mainstream crypto adoption is how cryptocurrencies will be taxed. Certain privacy coins would by design make it difficult for anyone, the tax authorities included to establish how much wealth was held by an individual. It goes without saying that the tax authorities don’t have the recourse of subpoenaing a bank.

The Ukrainian parliament is currently contemplating a crypto taxation bill developed by 23 government officials. The officials published the bill on the 14th of September. It proposed to levy a 5% tax on individuals and enterprises operating with cryptocurrencies or tokens.

The bill makes further provisions for this tax to increase to 18% starting on the 1st of January 2024. The purpose of the bill is to bring the large amount of money spent on cryptocurrencies out of it’s current taxation grey area. The Ukrainian government is confident this tax will yield approx. $43M to government coffers each year from 2019 to 2024.

At present cryptocurrencies remain unregulated in Ukraine. However the Ukrainian government has been proactive in trying to regulate them. In September 2017 the cabinet of ministers on the financial stability board held a session to determine the legal status of cryptocurrencies. Furthermore last May, Timur Khromaev the head of the SEC equivalent in Ukraine stressed the need for legal recognition of cryptocurrencies. The financial stability council endorsed this statement in July. Consequently we should pay attention to regulatory decisions in Ukraine in the coming months.

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