- Arizona and Wyoming have introduced proposals for their states to introduce tax payments by digital currency
- India is working toward incorporating a digital rupee, including the implementation of a 30% tax on income earned from digital currency investments to begin during 2022
- LQwD’s growth is centered on the success of the Lightning Network and the expected growth during 2022
The future of Bitcoin, including applications that are being developed and others that are growing in the user base, was the focal point of discussion at Keyfest 2022, a virtual conference hosted by Casa, a Bitcoin custody provider and personalized key manager. During the summit, speakers consistently addressed the immense growth of the Lightning Network, a layer 2 Bitcoin protocol created to handle smaller, everyday transactions (https://nnw.fm/mU7sl). This network was launched in 2018 with a capacity to reach 1,104 BTC in only 11 months. From January to September 2021, the capacity of the Lightning Network grew 181% (1,058 to 2,968 BTC). The number of channels also hit 70,000 by September 2021 – realizing the capacity of the network to go “up and to the right.”
Building on the growth seen by the Lightning Network in 2021, experts in the industry expect 2022 to be even more successful. According to LQwD FinTech (TSX.V: LQWD) (OTCQB: LQWDF), a company focused on developing institution-grade payment infrastructure, liquidity and solutions for the Lightning Network, this remarkable growth has validated LQwD’s reason to be hyper-focused on the Network. “I look forward to continuing to expand our business on this rapidly growing global payment network,” CEO Shone Anstey said (https://nnw.fm/xQz6o).
LQwD released its Lightning Network platform as a service (“PaaS”) offering on November 17, 2021, https://lqwd.tech/, enabling users to send payments instantly, securely, and inexpensively anywhere in the world. Companies and service providers can now conduct lightning-fast transactions in bitcoin when they implement the PaaS created by LQwD. Users will not be required to have any technical knowledge to utilize the LQwD network on the Lightning Network, forcing global change and strategically placing itself as the PaaS on a fast-growing monetary network of the future.
This year, LQwD remains hyper-focused on continuing its expansion and on the rapidly growing global payment network. The company expects cryptocurrency’s popularity to continue growing and the Lightning Network to become a force for change worldwide, amid growing interest in cryptocurrencies worldwide.
After El Salvador became the first country to adopt Bitcoin as legal tender in September 2021, lawmakers in Wyoming and Arizona have introduced proposals that would allow their states to accept tax payments in digital currency form. Wyoming would only apply to sales and use taxes but would not be limited to a specific cryptocurrency. Arizona’s proposal would allow the state to recognize Bitcoin as legal tender (https://nnw.fm/IAvwv).
India also recently announced that it plans to bring back the digital rupee and place a 30% tax on income from digital assets as early as this year. This is the latest major economy to announce an official virtual currency. According to Chainalysis Report, India is one of the fastest-growing markets for cryptocurrency after the Supreme Court struck down a 2018 ban in March 2020 (https://nnw.fm/a5YZS). In addition to India’s digital currency, China is currently in trials for a digital yuan, with other countries in the Asian region also exploring the idea.
Cryptocurrency is still a fairly new concept, but innovation and regulation can impact investors. As a volatile investment, there is no guarantee that the market will be stable – however, the market has begun to stabilize after a significant fall in January. There is optimism that 2022 will be a year of increase for the entire cryptocurrency market.
For more information, visit the company’s website at www.LQwDFinTech.com.
NOTE TO INVESTORS: The latest news and updates relating to LQWDF are available in the company’s newsroom at https://nnw.fm/LQWDF
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