Monday Movers 08

Paraguay is inches away from a legal crypto framework, while a liquor bottle with NFT art is on sale for $2.5 million.

Highlights from the weekend:

  • The Paraguayan Senate passes a bill for establishing a crypto framework
  • Swedish energy Minister prefers "more useful activities" rather than bitcoin mining
  • Kalima offers an up-to-date way to collect and monetize data with blockchain for IoT
  • The word's most expensive champagne bottle with NFT art sold for $2.5 million

Words of Wisdom:

"Crypto is the people's money."

- Robert Kiyosaki 
“It's better than gold it's more divisible, easier to buy, transport and has no storage cost.”

- Ricardo Salinas Pliego
"Bitcoin is a bigger idea than apple, which is a pretty big idea."

- Catherine Wood 

Finblox Performers:

The Scoop:

McKinsey states that the potential economic impact of IoT applications will reach as high as $11.1 trillion per year in 2025. Kalima blockchain is seizing the opportunity, and has developed an IoT blockchain solution - for asset owners and industrial companies. After meticulous planning for roughly 10 years, they're ready to scale globally, and with an initial coin offering. KLX is their native token designed to monetize enterprise data including data from IoT devices.

It's currently in its private sale stages but will soon go public in Q3 later this year. They plan to merge the world of industrial IoT and blockchain by embedding blockchain tech into IoT gateways. The Kalima blockchain also plans to generate value to industries through the use of client-side smart contracts - adapted to the client's needs. Kalima has already received positive feedback from multinational companies such as Enedis, Spie and Tenneco. The possibilities are limitless for Kalima, and they plan to work for all kinds of companies - ranging from the automative industry to food and luxury.

Khashayar Farmanbar, Sweden's Minister for Energy is looking to curb bitcoin mining. He believes that the country needs to shift the focus to "more useful activities" rather than mining for bitcoin. Sweden has been a safe haven for bitcoin miners as it provides a low-electricity environment. Under normal weather conditions, Sweden has a surplus of 30 terawatt-hours of clean electricity, the DW reports. This surplus of energy attracts heavy industries in the region including steel-making from iron.

The Swedish government appears to already have plans for the mining industry and Farmanbar has disclosed two main points. The first point states that priority will be granted to power users based on their ability to benefit society through employment. The second point states that there will be restrictions on the scope of the preferential tax treatment that all data centers have access to. Sweden has in the many years, reaped the benefits of clean power and Farmanbar plans to keep it that way - most especially for crypto.

Paraguay is the newest nation to keep up with the cryptocurrency trends, following El Salvador and the Central African Republic's bitcoin legalization. On July 14, the senate passed a bill to set up new licensing rules for crypto exchanges and miners. There's only one final step left for the bill to be ratified and its in the decision of the President, Mario Abdo Benítez. A local news outlet shared that companies operating in the crypto space, will also be treated equally as those that deal with securities for tax purposes. This means that they'll be excused by the Undersecretary of State for Taxation from paying a Value Added Tax (VAT) but will be included in the income tax regime.

Mining operations will also be required to present their energy consumption schedule to the National Electricity Administration (ANDE), Paraguay’s national electricity regime. Violators who exceed the energy consumption will potentially face a cut off of their electricity supply. The bill also states that though the energy costs for miners will be subsidized, they'll still have to pay 15% higher than other industries. This makes Paraguay the latest Latin American country to take a leap in crypto.  

Shammi Shinh, a luxury champagne connoisseur just sold the world's most expensive champagne. The British businessman is well known for curating the finest luxury wine and spirit brands. In 2013, he sold a limited edition bottle worth $1.9 million USD, and was deemed a celeb favorite at the time. Shinh recently released a once off bottle called Champagne Avenue Foch with artworks by Mig - the artist behind The Bored Ape Yacht Club and the Sneaky Vampire Syndicate NFT.

NFT Champagne Artwork by Mig cryptocurrency crypto
Move over wine, NFT champagne is taking center stage. 

The bottle is a handcrafted artistic collaboration that features pure pewter labelling, diamond cut Swarovski crystals and various NFTs. It's priced at 2500 ETH or $2.5m on OpenSea and it's expected to be traded a few times in the marketplace. Shinh commented saying that he wants to add a catch to the physical purchase of the bottle - wherein the buyer has to burn the NFT. He believes that the champagne itself is of unmatched equality and that the right buyer will find his way to it. The bedazzled bottle boasts custom work by Mig that any NFT fan with a a hefty crypto savings account, would easily appreciate.

Blockchain Events and Conferences:

...and finally, some memes for your morning:

DISCLOSURE:

This content is provided for informational purposes only, and should not be relied upon as legal, business, investment, or tax advice. You should consult your own advisers as to those matters. Charts, graphs and references to any digital assets are for informational and illustrative purposes only.

Finblox Blog is associated with Finblox - a reliable cryptocurrency earnings platform where you can buy and earn passive income on your digital assets.

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