Bank of Brazil Allows Tax Payment in Crypto, US SEC to Sue Paxos Over BUSD tokens
Outlook money
Here are some major crypto developments over the past few days
Brazil’s oldest bank, the Bank of Brazil, made it possible for citizens to use cryptocurrencies to pay their tax bills. The initiative is being conducted in partnership with Brazil-based crypto firm Bifty.
The bank said taxpayers can now pay their taxes, fees, etc. in crypto. The bank said the facility is available to Brazilians with cryptocurrencies under the care of Bifty, which will act as a “collecting partner” for the bank.
In addition to nationwide coverage of cryptocurrency use, the initiative offers consumer protection from a reputable bank. Lucan Schock, Founder and CEO of Bifty, said: “This partnership allows to expand usage and access to the ecosystem of digital assets with national coverage and with Banco do Brasil’s seal of security and reliability.”
US SEC Sues Crypto Trust Co. Paxos Over Binance Stablecoin
According to the Wall Street Journal, the Securities and Exchange Commission plans to sue stablecoin issuer Paxos over its Binance USD (BUSD) token. BUSD is a Binance-branded stablecoin issued by Paxos, a New York-regulated trust company.
The SEC claimed BUSD was an unregistered security, according to a CoinDesk report. Paxos was reportedly previously investigated by the New York Treasury Department, but the scope of that investigation remains unclear.
After reports surfaced of the SEC’s intent, Paxos said it would stop minting new BUSD tokens.
A Binance spokesperson said: “BUSD is a stablecoin wholly owned and managed by Paxos. As a result, BUSD market cap will only decrease over time. Paxos will continue to service the product, manage redemptions and provide further information as needed.”
“Paxos also assured that the funds are safe and fully backed by reserves in their banks,” the spokesman added.
The LACMA Art Museum acquires the NFT collection
The Los Angeles County Museum of Art (LACMA) has acquired a number of notable and valuable NFT pieces through donations from notable collectors, making it the newest major art museum to acquire NFT artwork.
The American Museum accepted a donation of 22 tokenized digital artworks from the pseudonymous Cozomo de’ Medici, a well-known crypto-Twitter personality. CryptoPunk’s NFT #3831, which was last sold in 2021 for $2.1 million in ETH, is included in the collection.
CryptoPunks is an NFT collection minted on the Ethereum blockchain. Each of the 10,000 “punks” is a 24×24 pixel image, one of crypto’s most dominant and consistently popular profile pictures, a new form of asset tokenization.
The museum will also feature NFTs from Art Blocks, a popular platform that showcases artworks generated by algorithms deployed on a blockchain network.