RIYADH: Bitcoin, the leading cryptocurrency internationally, traded higher on Sunday, rising by 0.36 percent to $29,364 as of 9:00 a.m. Riyadh time.
Ether, the second most traded cryptocurrency, was priced at $1,972.15 up by 0.35 percent, according to data from Coindesk.
Sony takes Metaverse Seriously
Sony, one of the largest manufacturers of electronic products, has announced its interest in including more metaverse-inspired experiences to attract customers.
The company is now trying to integrate metaverse experiences —a network of 3D virtual worlds focused on social connection— to entice more users to enter their ecosystems.
“The metaverse is at the same time a social space and live network space where games, music, movies and anime intersect,” Kenichiro Yoshida, CEO of Sony said.
Sony intends to use its Playstation brands to secure a place among the leaders in the metaverse industry, Bitcoin.com reported.
The Sony Playstation has one of the biggest install userbases in the world, so it might serve as a tool for this new metaverse push.
Portugal to tax crypto
The Portuguese finance minister said on Thursday the government is preparing to fill the legal gap that prevents the taxation of virtual assets, AFP reported. Investors are attracted to cryptocurrencies because of the lack of taxation.
During a meeting of foreign journalists in Lisbon, Fernando Medina said, “The government intends to legislate on this matter, we are not going to maintain this vacuum.”
According to a 2016 ruling by the tax administration that remains in effect, Portugal is currently one of the few countries in Europe that do not tax crypto transactions because they do not qualify as foreign currencies or financial assets, the AFP report added.
Neither purchasers nor sellers of crypto assets are subject to the value added tax or capital gains taxes, and only business activity paid for with crypto assets is taxed.
The government plans to introduce “as soon as possible” a new legal framework that would balance fair taxation with international competitiveness, Medina said.
(With inputs from AFP)