A New Tax Fairness Act to Help Bitcoin as Electronic Cash; the Disappearance of BGMI from Google Play Brings Players to Shock: Tech Market Roundup

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Good morning Tech Fam, here's a quick tech update for you to catch on:

What's new today: New US Virtual Currencies Tax Fairness Act would help Bitcoin as electronic cash; BGMI has mysteriously disappeared from India-specific Google Play and Apple Store.

Fast-Trach Insights: Twitter accepts October 17 trial but is concerned Elon Musk will try to delay; Google Maps rival MapmyIndia introduces Street View-like 3D maps feature, New US Virtual Currencies Tax Fairness Act would help Bitcoin as electronic cash…and more.

U.S. Senators Patrick Toomey (R-Pa) and Kyrsten Sinema (D-Ariz) have joined forces to introduce a bill that would exempt digital currency transactions of less than US$50 from taxes. The exemption would also apply to trades where the user makes less than US$50. The Virtual Currencies Tax Fairness Act, if passed into law, would exempt transactions of less than US$50 and allow Bitcoin to be used for its original purpose; small casual transactions.

Cryptocurrencies have been hard hit by fears that interest rate hikes will end the era of cheap money, with the world's largest digital asset, bitcoin, down more than 56% from this year's high. Several crypto companies- Three Arrows Capital, Celsius Network, Voyager, Vauld, and BlockFi have filed for bankruptcy or have been forced to look for emergency capital infusions.

Battlegrounds Mobile India aka BGMI has been banned in India. The game was pulled from the Google Play Store and Apple App Store yesterday. But why is it banned? Google in a statement said, "On receipt of the order, following established process, we have notified the affected developer and have blocked access to the app that remained available on the Play Store in India."

After Google Maps re-introduced Street View in India, rival platform MapmyIndia announced the public launch of its own 360-degree panoramic street view feature called Mappls RealView. The company said that the company will be available on MapmyIndia's consumer mapping portal Mappls on the web and Mappls App available on both Android and iOS.

Twitter Inc does not object to a proposal by Elon Musk to start on Oct. 17 a trial over Musk's bid to walk away from his US$44 billion acquisition deal but the social media company wants a commitment to complete the trial in five days, Twitter said in a court filing on Wednesday (27 July).