Bitcoin trades higher, India passes stiff digital asset laws

Bitcoin, the leading cryptocurrency internationally, traded higher on Saturday, rising .58 percent to $44,662.37 as of 8:30 a.m. Riyadh time.

Ether, the second most traded cryptocurrency, was priced at $3,144.65, up by 1.15 percent, according to data from Coindesk.

India passes stiff crypto laws

Meanwhile, India passed Finance Bill 2022 on Friday, which introduced a new levy on digital assets including cryptocurrencies.

The new law will impose a 30 percent capital gains tax on cryptocurrency transactions, putting digital assets in the same taxation category as traditional stocks.

Ukraine launches NFT ‘Museum of War’ in crypto crowdfunding push

Ukraine started auctioning off a collection of non-fungible tokens, or NFTs on Friday in an expansion of a cryptocurrency fundraising push that Kyiv says has already collected more than $65 million for its war effort.

The ‘Meta History: Museum of War’ collection is a series of digital images — including silhouettes of warplanes, screengrabs of news reports, and a cartoon-style image of an explosion — each one marking a different day in the conflict.

Ukraine’s Ministry of Digital Transformation started appealing for donations in digital tokens such as bitcoin and ether three days after Russia launched its invasion, which Moscow calls a “special military operation.”

Brazilian company says NFTs capable to save Amazon

A Brazilian company that owns 410 square kilometers of Amazon rainforest is offering a new way to fund conservation: selling non-fungible tokens, or NFTs that allow buyers to sponsor the preservation of specific areas of the jungle.

NFTs are a kind of crypto asset that exploded in popularity last year, with a unique digital signature guaranteeing they are one of a kind. Other efforts to fund conservation via NFTs include plans for a South African wildlife reserve.

The company named Nemus on Friday began selling NFTs granting buyers unique sponsorship of different sized tracts of forest, with the proceeds going to preserve the trees, regenerate clear-cut areas, and foster sustainable development.

Token holders will not own the land itself but will have access to key information about its preservation, from satellite imagery to licensing and other documentation, said Nemus founder Flavio de Meira Penna.

He said Nemus had sold 10 percent of an initial offer of tokens for 8,000 hectares on the first day.