India Sends Tax Notices to Crypto Investors

Indian income tax authority is trying to control the turnover of cryptocurrency in the country sending out tax notices to the investors it believes hold digital assets
08 February 2018   679

As Ethnews reports, 100,000 tax notices were recently sent to investors by the income tax authorities of India, as cryptocurrency is not considered legal tender in the country, but still requires taxes to be payed for any operations with it.

Sushil Chandra, the head of India's Central Board of Direct Taxes stated that there is a lot of people who have not declared the income they have made through investing in cryptocurrency, and those people have to pay taxes on the profit they made by investing, that is why the tax authorities have made a decision to send out the tax notices to investors.

We found out that there is no clarity on investments made by many people, which means that they have not declared it properly.

Sushil Chandra

Head, Central Board of Direct Taxes of India

Indian citizens were actively using such cryptocurrency exchanges as Zebpay, Coinsecure, Coinome, Unocoin, and Bitxoxo, and all those exchanges voluntarily provided the information about crypto investments to the authorities. The total number of people who invested in cryptocurrency is estimated to be five million.

Sparkpool to Freeze $300k Reward

As reported, pool suggests that such a high commission could have been paid by someone in error and is considering the possibility of a refund
20 February 2019   68

The Sparkpool mining pool decided to freeze the remuneration in the amount of 2,103,1485 for the extraction of block # 7,238,290. The management of the organization suggests that such a high commission could have been paid by someone in error and is considering the possibility of a refund, CoinDesk reports.

The head of the Sparkpool Xin Xu argues that users of the pool understand and agree with the decision, given the size of the amount involved.

Unfortunately, and fortunately, blockchain is so far not completely run by machines; human are still involved. So we have an opportunity to correct the problem. Integrity is our pool’s priority.

Xin Xu

CEO, Sparkpool

While some users suggested that a large commission was paid by mistake, others admitted that this could be a goodwill gesture from an anonymous donor to the community of the miner or even an attempt to launder money through the blockchain cryptocurrency.