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The latest in financial news: recap of the major events from the BRICS summit this week, updated tax rules for crypto from the Treasury Department, and the future of research in decentralized science (DeSci).

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Latest BRICS Summary

During the past week, the latest BRICS summit marked a significant milestone as leaders from member nations concluded their meeting on Thursday. This historic event saw the organization voting to admit six new countries into its fold: Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates (UAE). This expansion is poised to fortify the BRICS organization in terms of both global population and GDP. The inclusion of these nations will undoubtedly amplify the reach and influence of the BRICS organization.

Treasury Proposes New Crypto Tax Rules

The Treasury Department has introduced new tax guidelines addressing digital assets, including cryptocurrencies and NFTs. These regulations necessitate businesses to collaborate with the IRS, extending Tax Form 1099 in a manner similar to traditional brokerages that provide investors with documents for transactions involving stocks, bonds, ETFs, and mutual funds. Among the complexities, the most intricate challenge arises for Decentralized Finance (DeFi) exchanges, which must grapple with adapting to these tax protocols. The essence of DeFi exchanges lies in their absence of single ownership and their autonomous operation. However, aligning these platforms with the new tax framework has sparked criticism within the crypto sector due to the perceived difficulty of implementation and the creation of mandatory tax documentation.

Is DeSci The Future of Research

Research and development often escape our daily contemplation, yet they play a crucial role. Funding for research projects stems from diverse sources, including government allocations, venture capital injections, educational institution grants, and corporate endowments. Once the research is concluded, and findings are amassed, researchers typically confer intellectual rights to sponsors, a practice that can either foster or impede collaboration among global scientists. This centralization could potentially impede new breakthroughs, as future investigations might hinge upon previously published data.

Enter Brian Armstrong, the CEO of Coinbase, who has taken strides to reshape this landscape. Amidst the prevailing ethos of decentralization within Web3, Armstrong has co-founded ResearchHub. This pioneering initiative provides a platform for scientists to openly and liberally exchange their research outcomes. Here, research dissemination transcends borders, enabling creators to share insights while reaping crypto rewards.

This initiative carries profound promise for the scientific community. It empowers individuals to assess and reward comprehensive peer evaluations with cryptocurrency incentives. By ushering in an era of heightened accessibility, ResearchHub holds the potential to democratize scientific inquiry.

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