Bacoin Creators Threatened With Legal Proceedings

Kirk Steele said in 2014 he came up with the concept of the Bacoin cryptocurrency
04 May 2018   824

27-year-old IT employee from the State of Michigan Kirk Steele said that as far back as 2014 he came up with the concept of the Bacoin cryptocurrency, which the meat producer Oscar Mayer currently uses during the advertising campaign. In connection with this, Steele sent HelloWorld Inc., engaged in an appropriate promotional event, a letter demanding to stop the action and threatened with legal proceedings, reports Motherboard.

According to Steele, despite the fact that his own bacoin project is far from over, he decided to take action against the Oscar Mayer campaign because of the obviously humorous nature of the advertising campaign. At the same time, Steele created his coin to potentially bring real benefits.

I thought [Bacoin] would be a nice way to get a local company in Michigan some coverage and have some fun with it. My initial reaction to [Oscar Mayer’s Bacoin] was that this is awesome, but then I realized that it’s fake and I don’t think there’s going to be any sort of blockchain behind it.
 

Kirk Steele

Creator of Bacoin in 2014

Subsequently, a representative of Kraft Heinz, the parent company of Oscar Mayer, said that the corporation was "completely confident in the uniqueness of the Bacoin advertising campaign" and the firm had already contacted Steele.

Soon after, a Michigan resident told the Motherboard that he had found a common language with the company.

[The company will also be] sending the Wienermobile to my house for my kids entertainment and supplying me with some free bacon. Not sure how much bacon I will be getting but I know they are sending me some swag.
 

Kirk Steele

Creator of Bacoin in 2014

Oscar Mayer is not the first food company that uses crypto currency for advertising purposes. So, in mid-January, the Canadian branch of KFC was already trying to lure Satoshi Nakamoto "Bitcoin-Basket" with chicken.

Bithumb Filed Appeal Against Korean Tax Office

Looks like the korean exchange doesn't really want to pay an additional tax worth $67 000 000
16 January 2020   124

The South Korean cryptocurrency exchange Bithumb has filed a complaint against the National Tax Service (NTS) because of the requirement to pay additional taxes for the transactions of its foreign customers.

The company claims that cryptocurrencies do not have an official status in the territory of South Korea, which is why the authorities cannot have sufficient reasons to levy any taxes.

The tax court will have to decide within 90 days whether to retain or withdraw from Bithumb the obligation to pay the $ 69.1 million tax that was assigned to it by NTS in November. The Office declares that the withdrawal of income from accounts in Korean won by foreign residents is a taxable event. It is assumed that the exchange itself had to withhold tax from its foreign customers.

We paid the full amount and have since been preparing for arguments. We believe we will be given a chance to clarify our stance in court.

 

Bithumb

 The ministry has its own position on this issue.

Bitcoin under the current law is not an asset. It is clear and simple. The Ministry of Economy and Finance already made that clear. The NTS pushing ahead with the tax imposition is baseless and groundless, especially since it is still awaiting the ministry opinion on the same matter it sought again.

 

Choi Hwoa-in

Adviser to Financial Supervisory Service

According to the expert, the NTS maneuver is well thought out and aimed at starting to levy a tax on income that is currently not taxable.

We cannot comment on the ongoing matter. We will await the judgment from the Tax Tribunal.

 

NTS

Earlier, Bithumb was ordered to pay an additional $ 67 million in tax.