JP Morgan’s Blockchain platform Quorum may becomes its own company, according to sources #NEWS
The mood on cryptocurrencies at the G20 meeting in Argentina in recent days was decidedly hopeful. Among the world leaders, Bruno Le Maire, France’s finance minister, helped to set the tone, saying ahead of the summit in an interview with Numerama that he wants the country to be out front on cryptocurrencies. France already has a leadership position in … Continued
The post French Finance Minister Reverses Course, Turns Bullish on Cryptocurrencies appeared first on CCN
ICOs need an adrenalin kick, and strategic partnerships are the metaphorical syringe #EXPERT_TAKE
The largest tax filing platform in India, Cleartax, together with Zebpay, one of the leading Indian cryptocurrency exchanges, is uniting efforts to help Indians with their crypto taxes. The partnership aims to educate bitcoin investors and traders about the current tax laws and how they apply to reporting cryptocurrency incomes and profits.
Helping Taxpayers Understand the Law
Indian regulators are still struggling to find the best approach to cryptocurrencies like bitcoin. Statements by officials that new rules will be implemented soon have not been followed by actions. On the contrary, attempts to impose oversight on the crypto ecosphere have led to conclusions that this isn’t going to be an easy task. According to media reports from last month, new regulations were expected by the end of March.
Despite failing to introduce comprehensive regulations, authorities in India are eager to tap into crypto earnings, like many other governments around world. Last month the Income Tax Department issued notices to thousands of cryptocurrency investors, as news.Bitcoin.com reported. Questions followed. If cryptocurrencies are neither legalized nor regulated, how are taxpayers expected to report their crypto incomes and profits?
A new initiative called the Cryptocurrency Advisory Plan will support Indian bitcoin traders and investors in this year’s tax campaign, according to the Business Standard. Joining hands in the effort are the largest tax filing platform in the country, Cleartax, and one of India’s biggest bitcoin exchanges and wallet providers, Zebpay. The partnership is intended to help taxpayers understand and abide by the law regarding taxation of cryptocurrency transactions.
Clearing the Air Around Cryptocurrencies
Cleartax claims it has the technological and tax expertise “to help people understand how bitcoin works”. In addition to the advisory plan, the platform has launched crypto tax filing services for investors who have earned capital gains from the sale of cryptocurrencies. “With our expert-assisted plans, created in partnership with Zebpay, we want to clear the air around digital currencies. We’ve always aimed to simplify taxes for Indians. This latest offering is another step in the same direction,” said CEO and founder Archit Gupta.
Nischint Sanghavi, head of exchange at Zebpay, added that his company has been looking for a “like-minded partner” to address queries related to cryptocurrency taxation. Sanghavi believes the partnership with Cleartax will make tax planning simpler for Zebpay’s customers.
In February, India’s Income Tax Department sent tax notices to about 100,000 cryptocurrency investors, after monitoring the operations of leading trading platforms in the country. Suspecting dubious transactions, authorities investigated some of the largest cryptocurrency exchanges, and banks have suspended many of their accounts. The institutional pressure and the bank clampdown have led to significant drop in trading volumes on local platforms. Some of them have reported a 10-fold decrease in the last two months.
Cryptocurrencies are not considered legal tender in India and authorities in Delhi have issued multiple warnings against investing in bitcoin. At the same time, the largest Indian commercial banks have limited severely the operations of local crypto exchanges and individual traders, even before any legislation mandating such policies is adopted.
Do you know the requirements of tax laws in your country in regards to reporting crypto incomes and gains? Tell us in the comments section below.
Images courtesy of Shutterstock.
Bitcoin News is growing fast. To reach our global audience, send us a news tip or submit a press release. Let’s work together to help inform the citizens of Earth (and beyond) about this new, important and amazing information network that is Bitcoin.
The post Tax Filing Platform Teams with Zebpay to Help Crypto Taxpayers in India appeared first on Bitcoin News.
On March 24, 2018, at 20:30, the organizers of “Crypto Hour” will urge miners to turn off their mining equipment for one hour, according to Rambler.ru. A Russian environmental action group of experts in mining, cryptocurrency and lock band have organized “Crypto Hour” within the framework of the “Earth Hour” organized by the World Wildlife
The post ‘Crypto Hour’ To Draw Attention To Rising Crypto Power Consumption appeared first on CCN
JPMorgan Chase & Co. is considering spinning off Quorum, its blockchain project, to improve the platform’s appeal as an independent entity, according to Reuters. The open source platform’s code is free and can be redistributed and modified. The plans, first reported by the Financial Times, are still in the early stages, according to a source. … Continued
The post JPMorgan Reportedly Mulls Spinning Off Quorum Blockchain Project appeared first on CCN
The Court of Amsterdam has found that bitcoin possesses “properties of wealth” following a civil rights case. Dutch repossession laws have been invoked to mandate the repayment of 0.591 BTC obliged by a contract between two individuals relating to bitcoin mining.
Dutch Court Publishing Findings Regarding Bitcoin Mining Contract
Earlier this week, the Court of Amsterdam published its findings in relation to a civil rights dispute between an individual and a private mining company.
The civil rights case was filed by Mr. JW de Vries on February 14 against Koinz Trading BV, with the court ruling in favor of the petitioner – who was owed 0.591 BTC by the company. Significantly, the Court of Amsterdam found that bitcoin possesses “properties of wealth”, determining that the claim of a bitcoin transfer under Dutch property rights is juridically valid.
The court judgment states “Bitcoin exists, according to the court, from a unique, digitally encrypted series of numbers and letters stored on the hard drive of the right-holder’s computer. Bitcoin is ‘delivered’ by sending bitcoins from one wallet to another wallet. Bitcoins are stand-alone value files, which are delivered directly to the payee by the payer in the event of a payment. It follows that a bitcoin represents a value and is transferable. In the court’s view, it thus shows characteristics of a property right. A claim for payment in Bitcoin is, therefore, to be regarded as a claim that qualifies for verification.”
Holland Sets Precedent for Legal Recognition of Bitcoin Contracts
The court’s decision is significant as it sets a precedent for the recognition of contractual agreements denominated in bitcoin in future, with the Court of Amsterdam concluding that “It is undisputed that it is clear that the claim that the applicant has seized has not been paid by the plaintiff.”
The court also took Holland’s Bankruptcy Act into consideration in making its determinations. “At the hearing, the applicant demonstrated the existence of several (aid) claims. From the documents submitted by the applicant, it appears that several persons have claims on the vested party that see the payment of Bitcoin or on claims for non-fulfillment of obligations under an agreement, with penalties attached in some cases. At the hearing, therefore, it appeared briefly that the applicant had a right of action, as well as facts and circumstances, which show that the applicant is in the position of having ceased to pay.”
Do you think that the Court of Amsterdam’s ruling will set a precedent for future cases? Share your thoughts in the comments section below!
Images courtesy of Shutterstock
Want to create your own secure cold storage paper wallet? Check our tools section.
The post Dutch Court Rules That Bitcoin Has “Properties of Wealth” appeared first on Bitcoin News.
This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.
On April 25, 2018, VR Technology, the OKOIN project owner and ICO establisher, will officially present the OKO Pay global payment system based on blockchain and smart contracts.
The OKOIN project was initially developed for the internal needs of the company to sell VR OKO headsets and the relevant content all over the world, even in the countries where the “18+” industry is legally restricted. With the environment development, however, many partners have become interested in the system: production studios, sex shops, erotic clubs, etc.
” The original task implied making OKOIN a settlement system for the VR OKO environment. However, demand begets supply. If other market players are interested in the system, everyone interested might as well enjoy implementation. The token will only benefit from it.”
Roman Pavlovich, CEO VR Technology
As a result, the VR Technology management made a decision to develop a parallel project development path to integrate OKOIN in partners’ commercial systems. Thus, the idea of OKO Pay global payment system appeared.
OKO Pay Payment System
OKO Pay is a multi-purpose payment system for the “+18” industry. VR Technology has already signed 9 integration contracts. In other words, OKO Pay will be implemented on partner websites and launched in a test run mode upon its official presentation, so that any user will be able to buy goods and services for OKOIN 100% anonymously. It significantly establishes token positions on the exchange and promotes its price increase.
VR Technology is also negotiating with Damon Lawner’s private membership erotic theater, SNCTM. If the negotiations are successful, the club membership may be paid with OKOIN. The membership cost varies from $1500 (for one performance) to $1,000,000 (lifetime unlimited membership). By the way, Damon Lawner’s theater is organizing an exclusive performance at the OKO Stars party on the occasion of VR OKO and OKO Pay presentation.
For the moment, only VR Technology’s partners may preliminary apply for connecting OKO Pay. The global system will become available for everyone interested upon completion of the open beta (end of the second quarter – beginning of the third quarter of 2018).
Buy OKOIN tokens and get bonuses:
1 ETH and more: +30% bonus
3 ETH and more: +40% bonus
5 ETH and more: +50% bonus
15 ETH and more: VIP ticket to the OKO Stars party as a gift
Exchange listings: May 20, 2018
Official website of VR Technology company
Official website of the OKO Stars party
Contact Email Address
This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
The post PR: OKO Pay Is a New Global Payment System in the OKOIN Environment appeared first on Bitcoin News.
Reddit posts show that BTC is no longer a payment option for Reddit Gold, leaving some Reddit users upset and some nonplussed. #NEWS