Crypto Rupee to Undergo Hard Fork

Rupee cryptocurrency has announced that it will implement the hard fork on April 16, 2018
20 March 2018   2842

Rupee’s mission is to be the go-to cryptocurrency for the people of South Asia. Rupee aims to facilitate money remittances for the people of South Asia across the world without hefty fees and delays. Rupee also plans to enable merchants to accept fast cryptocurrency for goods and services with much lower fees than traditional payment facilitators like Visa, Mastercard etc. Rupee aims to enable the people of South Asia cut out traditional middleman such as banks.

Rupee cryptocurrency has announced that it will implement the hard fork on April 16, 2018. As it is stated on the official website of the project, the implementation of Lyra2REv2 hard fork represents a major milestone in achieving Rupee’s vision for an open blockchain platform for India and South Asia.

Lyra2REv2 hardforkLyra2REv2 hardfork countdown at the moment of press

Moreover, plans of Rupee project for the first quarter of 2018 include the launch of Android and iOS Wallets, and development of Payment Gateway and PoS Application. Currently the project team is working on its marketing campaign and exchange listings.

At the moment of press, these are main market parameters of Rupee:

Average price: $0,083824
Marketcap: $1 920 958
24h volume: $3 701

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   124

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.