Corda 1.0 released

Fintech consortium released final version of (1.0) of Corda platform
03 October 2017   1196

Banking blockchain consortium R3 released the final version of the Corda platform (v.1.0).

The Corda platform is designed to reduce the costs of various business transactions. This is achieved due to the fact that companies can make transactions directly through the use of smart contracts. The latter, in turn, ensure a high level of confidentiality and security of operations.

Corda is the most inclusive, open platform in the marketplace, and the launch of v1.0 signals to our rapidly growing ecosystem of partners that they can build on the platform with complete confidence. Time and budget can be invested in learning about, prototyping with and implementing Corda to realise both theirs and their clients’ business vision for DLT. The road to commercial deployment starts here.
 

David E. Rutter

CEO, R3

Corda is a highly specialized tool developed for financial organizations. The key feature of Corda is that the platform does not use blockchain in the usual sense of the word. Instead, special notary nodes are used. Transactions that are made on Corda, are not available to all its participants. Entries in the database are available only to those network members who have the right to view and manage them.

In May, the international banking consortium R3 CEV attracted a record $ 107M investment for the corporate blockade industry.

Despite significant interest in R3 and corporate solutions based on distributed registry technology, not all participants of the consortium share the optimism of investors. So, this week it became known that the R3 left two key figures - the director of global business development Tim Grant and market research director Tim Swanson.

Bithumb Filed Appeal Against Korean Tax Office

Looks like the korean exchange doesn't really want to pay an additional tax worth $67 000 000
16 January 2020   90

The South Korean cryptocurrency exchange Bithumb has filed a complaint against the National Tax Service (NTS) because of the requirement to pay additional taxes for the transactions of its foreign customers.

The company claims that cryptocurrencies do not have an official status in the territory of South Korea, which is why the authorities cannot have sufficient reasons to levy any taxes.

The tax court will have to decide within 90 days whether to retain or withdraw from Bithumb the obligation to pay the $ 69.1 million tax that was assigned to it by NTS in November. The Office declares that the withdrawal of income from accounts in Korean won by foreign residents is a taxable event. It is assumed that the exchange itself had to withhold tax from its foreign customers.

We paid the full amount and have since been preparing for arguments. We believe we will be given a chance to clarify our stance in court.

 

Bithumb

 The ministry has its own position on this issue.

Bitcoin under the current law is not an asset. It is clear and simple. The Ministry of Economy and Finance already made that clear. The NTS pushing ahead with the tax imposition is baseless and groundless, especially since it is still awaiting the ministry opinion on the same matter it sought again.

 

Choi Hwoa-in

Adviser to Financial Supervisory Service

According to the expert, the NTS maneuver is well thought out and aimed at starting to levy a tax on income that is currently not taxable.

We cannot comment on the ongoing matter. We will await the judgment from the Tax Tribunal.

 

NTS

Earlier, Bithumb was ordered to pay an additional $ 67 million in tax.