Bitcoin is accepted by Japanese Luxury Car Dealer

L’Operaio (Japanese luxury car dealer) is now accepting Bitcoin as a payment manner from customers which use bitFlyer cryptocurrency wallet
09 April 2018   1370

According to bitFlyer`press report by, bitFlyer customers can spend above to 100 million yen, approximately $940,000 in order to purchase cars at L’Operaio. The users need to fulfil the only condition - to perform the transaction with the help of the wallet that is suggested by the firm.

As bitFlyer has claimed, the transaction arrangement will only take a “few seconds”. Three (3) Tokyo trades in Setagaya, Nerima and Aoyama have already begun accepting Bitcoin with prospects to develop the feature to all dealership stores in the future.

bitFlyer is one of the largest cryptocurrency exchanges in Japan. The partnership will be begun with 26 dealerships, but the two enterprizes are aimed on expanding it to include in the future 550 more locations.

The exchange was granted a European Union payment institution license in January of this year, making it the most  acquiescent virtual currency exchange in the world. It has also cooperated with Bic Camera, the domestic electronic retail giant, to accept Bitcoin payments following a successful path of the last year. The tendency is certainly being adopted, with one of Japan’s largest electronics retail chains Yamada Denki also accepting Bitcoin payments using bitFlyer’s point-of-sale (PoS) payments foundation.

The customers of L’Operaio will have to download and use bitFlyer’s mobile wallet application, which is available in iOS and Android to make acquisition up to 100 million yen, or just under $1 million, using Bitcoin.

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.