ChainCatcher News, the Federal Reserve Bank of Minneapolis recently released a new research report expressing concerns about the impact of Bitcoin on government fiscal policy, suggesting that it may need to be taxed or legally prohibited to help the government manage deficits.The paper argues that Bitcoin complicates efforts to maintain a permanent government deficit, especially in an economy that relies on nominal debt. It points out that Bitcoin creates what is known as a "balanced budget trap," forcing the government to balance its budget.This paper has faced sharp criticism from Bitcoin supporters. Matthew Sigel, head of digital asset research at VanEck, stated that the Federal Reserve Bank of Minneapolis now aligns with the European Central Bank's (ECB) critical stance on Bitcoin.He noted that the document envisions implementing legal prohibitions and additional taxes on Bitcoin to ensure that government debt remains the only "risk-free" security.Dan McArdle, co-founder of Messari, specifically pointed out a paper published by the bank in 1996 titled "Money is Memory," which described money as a fixed supply object that does not enter production, a concept closely related to the design of Bitcoin.

ChainCatcher news, according to Cointelegraph, digital bank Revolut has partnered with cryptocurrency tax solution Koinly to integrate automatic cryptocurrency tax reporting services for users. Revolut users can sync their cryptocurrency transaction history with Koinly to expedite tax calculations. (Source link)

ChainCatcher news, according to Fortune magazine, crypto compensation compliance company Toku has completed a $20 million Series A funding round, with investors including Blockchain Capital, GMJP, OrangeDAO, Reverie, Quantstamp, and Next Web Capital, as well as angel investors such as Protocol Labs founder Juan Benet and Cameron and Tyler Winklevoss.It is reported that Toku aims to help crypto companies handle the tax work related to token-based compensation, claiming to have created a system in dozens of countries to track crypto-related tax laws and regulations. Currently, it has 30 clients, including Filecoin Foundation, Gitcoin, Gnosis, Hedera Hashgraph, and PleasrDAO. (Source link)