Bitcoin Banknotes to be Available in Singapore

Tangem released hardware cold wallets with integrated chip S3D350A from Samsung, which they call "uncopiable cold wallet"
04 May 2018   1469

The Singapore company Tangem released bitcoin-bills, which the developers themselves call "smart banknotes." However, they are not made of paper - in fact it is hardware cold wallets with integrated chip S3D350A from Samsung, reports Finance Magnates.

At the same time, the novelty has common features with traditional banknotes. So, each bitcoin-bill represents a certain fixed denomination in BTC and can be transferred physically for payment. Tangem called them "uncopiable cold wallet".

Tangem Bitcoin Banknotes
Tangem Bitcoin Banknotes

According to the company's representatives, the technology used in banknotes is completely protected from external interference and takes into account "all known attack vectors on hardware and software levels." In addition, it is noted that the years of development of chips for credit and SIM-cards, as well as identity cards led to the creation of a sufficiently safe product, so that the cost of hacking one note was economically unprofitable.

Another advantage of banknotes before online transactions is the developers call the instant payment and the absence of commissions. However, they also adopted all the shortcomings of other physical media, including the potential risk of theft and limited transmission range.

As stated in the press release of Tangem, currently available for purchase are banknotes with a face value of 0.01 and 0.05 BTC - about $ 96 and $ 480 at the time of publication.

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   135

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.