The International Monetary Fund (IMF) and the World Bank have launched a private blockchain and a quasi-cryptocurrency, “Learning Coin,” to explore blockchain technology. The “Learning Coin” will be accessible only within the IMF and World Bank, with no money value, and it aims to better understand the technologies that underlie crypto assets. The app will serve as a hub for blogs, research, videos, and presentations.
During the test, the World Bank and IMF staff will earn coins for achieving certain educational milestones, which they can redeem for rewards to learn how coins can be used in real life. The IMF believes that banks and regulators worldwide must catch up with rapidly developing crypto technologies.
After the test, the World Bank and IMF may use blockchain to launch smart contracts, combat money laundering, and enhance transparency. IMF managing director Christine Lagarde has noted that blockchain innovators are shaking up the traditional financial world and have a clear impact on incumbent players. However, a World Bank official expressed skepticism, stating that there is too much hype over blockchain, leading to unrealistic expectations.
In Malaysia, the Inland Revenue Board (IRB) conducted a special operation called “Ops Token” to reduce tax revenue leakage from crypto trading. The operation targeted companies that did not properly report their crypto trading activities to the federal agency, aligning with the local government’s desire to reduce tax revenue leakage and improve the country’s tax administration. The IRB said that the data obtained in the operation will be analyzed to determine the value of crypto assets traded and profits generated, helping the federal agency to identify the value of the tax leakage that was not properly declared to the IRB.
Cryptocurrencies in Malaysia are subject to Malaysia’s income tax rules, with the Securities Commission (SC) regulating them as securities. Tokens are considered securities in the country, subject to its securities laws. The central bank does not regard crypto or tokens as payment instruments or legal tender. Crypto-focused businesses are also subject to the country’s income tax laws.
The SEC has shot down Ripple’s argument for a lower penalty, and the $66,000 BTC price is now considered critical. The cryptocurrency price index has reached an all-time high, and the combined TPS of the Ethereum scaling ecosystem has hit an all-time high. The SEC has also shot down Ripple’s argument for a lower penalty, and the cryptocurrency price index has reached a critical level.
The IRB expects the operation to increase Malaysia’s tax revenue by increasing tax efficiency and reducing leakages, contributing to the sustainability of the country’s revenue collection. The cryptocurrency market in Malaysia is a complex and evolving landscape, with various factors influencing its growth and regulation.
