Minecraft Bans NFT, Audius Hack, Korea Postpones Tax on Crypto and More
ENEDEX DeBrief — Week 4, July 2022
Welcome to the 12th iteration of ENEDEX Debrief, where we recap 5 major news in the crypto and blockchain industry in bite size by the end of each week. Let’s get to it!
- Mojang Studios bans Minecraft NFT integrations
On Wednesday, Minecraft’s developer Mojang Studios said that it would be excluding the integration of nonfungible tokens, or NFTs, alongside blockchain technology as a whole, in its popular namesake game. In explaining the decision, Mojang wrote:
“Like any digital file, NFTs can be copied, moved, or even deleted. Additionally, NFTs and blockchain have also been associated with price speculation. These uses of NFTs and other blockchain technologies create digital ownership based on scarcity and exclusion, which does not align with Minecraft’s values of creative inclusion and playing together.”
As told by Mojang: “To ensure that Minecraft players have a safe and inclusive experience, blockchain technologies are not permitted to be integrated inside our client and server applications, nor may Minecraft in-game content such as worlds, skins, persona items, or other mods, be utilized by blockchain technology to create a scarce digital asset.”
Apparently Mojang didn’t do enough research to wrote such lines.
2. Hacker drains $1.08M from Audius following passing of malicious proposal
Proposals in crypto help communities make consensus-based decisions. However, for decentralized music platform Auduis, the passing of a malicious governance proposal resulted in the transfer of tokens worth $6.1 million, with the hacker making away with $1 million.
On July 24, a malicious proposal (Proposal #85) requesting the transfer of 18 million Audius’ in-house AUDIO tokens was approved by community voting. First pointed out on Crypto Twitter by @spreekaway, the attacker created the malicious proposal wherein they were “able to call initialize() and set himself as the sole guardian of the governance contract.”
This is why an audit like what ENEDEX have is important in any blockchain project
3. South Korea postpones 20% tax on crypto gains to 2025
The South Korean government has reportedly postponed the 20% tax crypto gains by two years. The controversial 20% tax on crypto gains was supposed to come into effect from January 1, 2023, but has been deferred to 2025.
The government officials announced their new tax reform plans on Thursday, deferring the crypto tax policy to 2025, citing stagnant market conditions and the time required for the preparation of investor protection measures. The initial plans of imposing an additional 20% tax on crypto gains exceeding 2.5 million won ($1,900) in a one-year period remain unchanged.
More chance to ape in until 2025 then?
4.Crypto to reach 1 billion users in 2030: BCG Report
It’s a widespread sentiment for people outside of the crypto community to look at Bitcoin (BTC) prices and conclude that it’s too late to get into crypto. However, a report shows that the industry is still at the beginning phase of the adoption curve.
In a joint report published by Boston Consulting Group, Bitget and Foresight Ventures, data shows that crypto adoption is still very low compared with traditional investment assets. According to BCG, only 0.3% of individual wealth is invested in crypto, which is incomparable with the 25% put into equities.
The report concludes that the shallow investment penetration means there is still a lot of room for more substantial growth and adoption within the crypto industry. In addition, the report compares the internet’s adoption curve to reach 1 billion users with current cryptocurrency holders and Ethereum addresses with non-zero balances. The report mentions that “There is plenty of growth to come.”
If you read this you are still early.
5. California again allows crypto contributions to state, local political campaigns
Candidates for state and local offices in California will once again be allowed to accept donations in cryptocurrency after a ban was lifted by the state’s Fair Political Practices Commission (FPPC) on Thursday. The ban was imposed in 2018.
California was one of nine states that had banned political contributions in crypto due to perceived transparency and Know Your Customer (KYC) issues. The question of contributions in crypto was revived in March when the commission issued an opinion on the sale of nonfungible tokens (NFTs) for campaign fundraising.
In May, a report was prepared by the FPPC that examined three options for its crypto policy. Those were to maintain the ban or treat crypto like cash, with a $100 contribution cap, as is done in several states.
One small step toward future crypto friendly US president.
Those are 5 notable news on the cryptoverse this week! Anything that we missed?
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