The Indian Finance Secretary announced that cryptocurrencies and NFTs will never become legal tender in India, with the only possible exception being a digital rupee backed by the Reserve Bank of India. This continues the Indian government's trend of distancing itself from supporting crypto projects that do not benefit the government. The Finance Secretary's comments come after announcements that India will release a digital bank currency by 2023 and tax digital asset transactions at 30%.

1. 1
Indian Government’s Finance Secretary: Crypto, NFT’s will
“Never Become Legal Tender” in India
In a pushback against the growing zeitgeist that cryptocurrency will become
widely accepted in India for the purchase of goods and services, Indian Fi-
nance Secretary T.V. Somanathan announced that the only digital currency
with a possibility of ever being accepted as legally supported currency in In-
dia would by a digital version of the rupee, India's national currency, backed
by the Reserve Bank of India or RBI. The
move marks the latest in a trend by the Indian
government of distancing itself from support-
ing crypto projects that do no inherently enrich
the government itself. Somanathan’s announce-
ment comes after the Indian Finance Minis-
ter’s own announcement that the country is
planning to release a government backed Cen-
tral Digital Bank Currency or CDBC by 2023,
as well as a proposal that digital asset transac-
tions be taxed at 30%. Past Indian legislative
initiatives to ban all ‘private cryptocurrencies’
seem to have been replaced by a more lucrative
governmental adoption strategy.
February 5, 2022
Dates To Remember:
2/7 Cardence will hold Adadao's private
sale on it's platform.
2/8 Kryptomon BinanceNFT Listing
2/10 SandBox Web3 Land sale
2/21 IOST Q1 - Q2 2022 Roadmap
Investor Newsletter
Binance SAFU Fund Reaches $1B Valuation
Binance.com (BNB) recently announced that its Secure Asset Fund for
Users, or SAFU, has reached a $1B valuation since its inception in July
2018. The fund was established to protect users’ interests in the midst
of a burgeoning yet increasingly volatile and legally perilous crypto
economy. As part of this announcement, the world’s leading crypto ex-
change by volume also revealed the addresses of the two digital wallets
which contain the funds in an effort to increase transparency. The SA-
FU, funded by a 10% allocation of users’ trading fees, is comprised of
BUSD, BNB, and BTC. Binance has also reached out to other crypto
exchanges, urging them to follow suit and establish emergency funds to
increase transparency in the eyes of both the public and of government
regulators, citing that in the absence of clear regulations, users are left
to depend solely on the exchange for fund security, as well as the fact
that many exchanges have been hacked in the past despite the promise
of increased security from the developers.
Issue 4
Market Watch and Alternative Asset Report
“An Investment in Knowledge Pays the Most interest”
-Benjamin Franklin
NFT’s created by New Dehli based artist Amrit Pal Signh
@CryptoDrunks on OpenSea

2. 2
XTZ User Refuses to Drop IRS Lawsuit After
Refund of Staking Rewards Taxes
A cryptocurrency investor and his spouse have refused to
drop their lawsuit against the IRS after some initial confu-
sion due to a lack of specification regarding taxation on
crypto staking rewards. The couple paid taxes on their Tezos
(XTZ) staking rewards and were initially denied a refund of
those taxes, prompting them file a lawsuit against the agen-
cy, alleging that tax law regarding crypto staking is unclear.
The IRS responded post-haste, choosing to refund the couple
their money on a case basis, but the couple has announced
they are not dropping the suit in hopes that it will result in a
more definitive ruling on crypto taxation and save other oth-
ers the trouble of having to navigate unclear tax laws. Crypto staking, as opposed to mining, is a process by which
users earn rewards based on the amount of crypto they hold and uses much less computing power than mining.
Columbia Cracks Down on Crypto Tax Evasion in Response to Increasing Adoption
In a move that some analysts think indicates the country’s financial institutions are actually welcoming the idea of more
people using cryptocurrency, the Columbian tax authority (DIAN) announced that it plans to crack down on crypto tax
evasion by establishing a framework to execute tax control on those either omitting or inaccurately reporting profits
from crypto. The DIAN hopes that this move, made as Columbian crypto adoption increases rapidly, will make the
country’s widespread adoption of digital assets more transparent to the rest of the world. While some veterans might see
this move as just another governmental crackdown on the emerging cryptosphere, others are hopeful that these improved
regulations are a sign that the Columbian government is fully adopting crypto as a longevous asset with a bright future
ahead of it. Long-term optimists are also rooting for the notion that regulations will improve the health of both the Co-
lumbian and world crypto economies, helping digital assets and holders to shed their clandestine or criminal reputations.
Cryptos to Watch: (We are not compensated by these
companies to endorse their product in any way)
Voyager (VGX): By connecting to multi-
ple exchanges and liquidity providers, Voyager
can both aggregate prices across markets, and exe-
cute order flow in seconds, quickly filling orders
and locking in prices with our Smart Order Router
technology. Users will be rewarded with VGX the
more they utilize and trade on the Platform.
Crypto.com (CRO): Crypto.org
Chain is a public, open-source and permission-
less blockchain - a fully decentralized network
with high speed and low fees, designed to be a
public good that helps drive mass adoption of
blockchain technology through use cases like
Payments, DeFi and NFTs.
KuCoin (KCS): Known as the "People’s
Exchange", KuCoin operates in Seychelles,
providing its utmost to establish multilingual com-
munities for its users as well as 24/7 customer
service. Meanwhile, KuCoin has established 23
local communities in Europe, SEA, and other regions, providing
users with highly local services.
February 5, 2022
NFT Spotlight:
Capitalizing on the suc-
cess of the avatar style
NFT and the silent ma-
jority of people who are
secretly anime fans, the
ETH based Azuki NFT
project reached the top
sales sport this week,
garnering over $76.4M
in sales, topping the
sales of both Cryp-
toPunks and Bored Ape Yacht Club. According to OpenSea
sales records, the highest selling Azuki NFT is #5558
(above), which sold for 175.69 ETH on 2/2/2022. The col-
lection consists of 10,000 individual avatars drawn in the
style of post 90’s Japanese and Korean anime characters
from popular series like Naruto or Avatar: the Last Air-
bender. According to the Azuki OpenSea page, purchasing
an Azuki gives you “membership access to The Garden: a
corner of the internet where artists, builders, and web3 en-
thusiasts meet to create a decentralized future”.