BitBay Partners With Crypto Exchange and Major Retailer

BitBay has announced two exciting partnerships: with Pi Supply and Indacoin exchange
02 April 2018   1475

BitBay is a decentralized marketplace, which aims to enable users to buy and sell goods and services securely and anonymously, without the need for middlemen. 

According to the announcements in the official Twitter account of BitBay, it has two exciting partnerships to announce. The first one is with Pi Supply, a major retailer of Raspberry Pi and accessories, which reportedly will list their products in the BitBay Marketplace. Later, they will release a special BitBay Staking Box, which will be available to buy this upcoming week.

Bitbay partnership pi supplyBitBay Partnership

Moreover, BitBay has officially partnered with the Indacoin exchange and are looking forward to integrating fiat purchases across the BitBay platforms. Indacoin lets its users buy over 100 different cryptocurrencies through credit/debit card payment without registration. More details on both of those partnerships will be published in the next few days.

BitBay Partnership indacoinBitBay Partnership

Previously, we have reported about the release of mobile version of Bitbay Wallet App which includes the multisignature account capabilities and advanced timelock payment options. At the moment of press, these are main market parameters of BitBay:

Average price: $0,036063
Market cap: $36 425 999
24h volume: $490 180

Israeli BTC Investors to Face Catch 22

They need to pay taxes from Bitcoin investing in order to avoid their property arrest, but banks don't take their money due to AML issues
06 August 2019   148

Bitcoin investors in Israel are faced with the impossibility of paying taxes, as local banks refuse to accept funds received from the sale of cryptocurrencies because of the risks of money laundering and terrorist financing. About this writes the local edition of Haaretz on August 6.

Bitcoin is not recognized as a currency in Israel, therefore, individuals must pay 25% of the income from cryptocurrency trading to the treasury, and legal entities - 47%.

Investor Ron Gross told the publication that he acquired bitcoins in 2011 and reported his income to the tax office. In 2017, the bank that served Gross began to refuse to accept funds received from the sale of bitcoins. The investor met with representatives of the bank to demonstrate to them a 70-page history of bitcoin transactions as confirmation of the origin of the funds, but failed to convince them.

The tax authority is aware of the problem, but they say the ball isn’t in their courts. I’ve tried working with almost all the banks, but the minute they hear the word ‘Bitcoin’ they freeze up.
 

Ron Gross

Bitcoin investor from Israel

 

Since Gross was unable to pay taxes on time, his bank account, home, and even scooters were arrested. According to the investor, the tax authorities know about the problem, but can do nothing.

According to Haaretz, the tax office is aware of $ 86 million in unpaid taxes on income from cryptocurrency trading. It is possible that the real amount may be significantly higher.

Roy Arav, another Bitcoin investor, kept the proceeds from trading Bitcoin in an account with Israeli bank Discount under the control of the Bit2C exchange. The bank refuses to transfer money to Arava’s personal account under the pretext that its politicians forbid it to transfer funds related to virtual assets to client accounts due to the risks of money laundering and terrorist financing.

Arav also could not pay taxes and was forced to sue the bank. According to the investor, the authorities entered his position and granted him a deferral of time for the consideration of the claim.