Bitcoin Political Contributions thought in Wisconsin

Wisconsin`s officials have discussed the adoption of guidelines to cryptocurrency contributions in political campaigns, as queried by the Libertarians
25 April 2018   1744

Other states, like California, have requested politicians not to admit bitcoin donations. Kansas is the only state banning such contributions. The Federal Election Commission lets crypto donations to campaigns for federal office.

On Tuesday the Wisconsin Ethics Commission arranged  a public hearing on a require from the state’s Libertarian Party relatively to the acception of guidelines for crypto contributions to political campaigns. Phil Anderson, the party’s chairman, aims to know how such donations would be calculated relatively to the limits established by the state in dollars.

Digital currencies, such as bitcoin, litecoin and ethereum, are more and more widely accepted as currency and as stores of value. The Chicago Board Options Exchange offers a futures market for bitcoin. Corporations and governments are weighing in on not ‘whether’ to address cryptocurrencies, but ‘how’. 
Phil Anderson, Chairman, The Libertarian Party

Staff counsel for the commission David Buerger convinced he is not yet aware of any establishments in Wisconsin in which cryptocurrency contributions to state campaigns were given or accepted. Bitcoin is strongly supported by Libertarians. The idea of a decentralized cryptocurrency, not regulated by a central official or bank, is alongside their political views and opposition to government control over the national currency.

During Tuesday’s meeting, commissioners offered that if cryptocurrencies were estimated as a monetary contribution, crypto donations would be issued with the $100 limit towards to cash contributions. Larger donations have to be made by a credit card either a bank check.

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.