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   387

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.

Electroneum to update its blockchain

Electroneum announced that new code will be released on May 30 as its blockchain reaches Block 307500
26 April 2018   50

Electroneum announced its fork is scheduled to take place at block 307500 on May 30. The fork is special as it will not result in two currencies: this is achieved by allowing all the exchanges and pools to update their software in advance. The update covers the following aspects

  • anti-ASIC code:

the implementation of such code will ensure security against any network attack

  • increase of transfer fee:

to ensure Electroneum blockchain withstands blockchain flooding, base fee will be increased to 0.1 ETN

  • block size increase before penalty:

the increase will allow miners to scale the blocks faster and get more transactions into a block

  • disabling of RingCT and Mixin:

disabling some privacy features with letting wallets remain private will get a less wait to fit a transaction into a block and a leaner blockchain size

  • 3 days mempool life:

it will ensure a reduction of the possibility of the returned transactions

Readers will be able to find the rest of the remaining details of the update here. As for the market indicators for Electroneum, here is what they look like at the moment of publication:

  • Average price   $0.024453
  • Market cap         $166,770,279
  • Volume (24H)    $1,234,100