With a market cap of nearly $300 billion, Bitcoin is now the 20th most valuable asset by market cap, according to AssetDash. Bitcoin pipped home improvement retailer Home Depot to take the 20th position, and already beat out Verizon and PayPal. Still yet to conquer are payments companies Mastercard (18th) and Visa (11th). Bitcoin hit 20th position after its price boomed to $16,117, a more than $5,000 increase since the start of October.
The Ministry of Finance of the Russian Federation has proposed legislation that would require citizens to report ownership of crypto-assets to the tax authorities. If the citizens fail to declare digital assets transactions worth $586,000 or more, they can face imprisonment of up to three years. Russian citizens have to report these transactions to the tax authorities at least twice every three years. The Ministry mentioned that the first time to report the ownership of crypto assets should not be later than 30 April 2022.
Payments Canada selected Mastercard’s Vocalink as the clearing and settlement solution provider for the country’s new Real-Time Rail (RTR). Operated by Payments Canada and regulated by the Bank of Canada, the RTR will allow Canadians to initiate payments and receive irrevocable funds in seconds, 24/7/365. Underpinned by the ISO 20022 data standard, the system will support payment information travelling with every payment and act as a platform for innovation, enabling the introduction of new and enhanced payment products and experiences. The RTR is expected to launch in 2022.