Coinsource to bring its Bitcoin ATMs to Washington D.C.

Coinsource plans to deploy 20 new Bitcoin ATMs in D.C. metropolitan area after receiving a significant demand from local users
13 April 2018   1272

Bitcoin ATMs are quite popular with the folk in the US. And now Washington D.C. is the next city to receive several new machines courtesy of Coinsource – one of the important players in the United States' Bitcoin ATM market.

Right now the US capital has only five machines operated by different companies. Coinsource plans to turn the market by deploying twenty new ATMs in D.C. metropolitan area - twelve in Washington D.C., five in Baltimore and one each in Towson, Oxon Hill and Takoma Park. This move will instantly make Coinsource the largest Bitcoin ATM operator in the region.

“We are expanding the Bitcoin ATM market further than it’s ever been in D.C., offering the lowest rates, exclusive remote enrollment and allowing for at-home account registration.This installment is especially significant to Coinsource, as the philosophy behind decentralized currency is and has always been about giving freedom back to the people. As a company I feel that we have been able to provide financial freedom to the underbanked and unbanked, and I am happy to bring our services to D.C.”, said CMO of Coinsource, Bobby Sharp

First quarter of this year was quite busy for the company – they installed 10 new machines in Massachusetts, New Hampshire and Rhode Island. Also, last week Coinsource deployed eight new machines in Denver, Colorado.

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   188

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.