Iran to Issue Gold Backed Token Paymon, Media Says

It is expected new asset will help circumvent international sanctions and improve economics
04 February 2019   762

Iranian authorities, in cooperation with four local banks, launched a cryptocurrency to circumvent international sanctions, CryptoGlobe reports.

According to the publication, a cryptocurrency called PayMon (from the Persian "testament") is provided with gold reserves. Financial institutions Parsian Bank, Bank Pasargad, Bank Melli Iran and Bank Mellat worked on the launch of the new payment instrument. It is expected that the asset will be presented on the Iranian over-the-counter platform Fara Bourse.

As the director of Ghoghnoos, Valiolla Fatemi, said, PayMon will also be used to tokenize the assets of financial institutions. According to him, at first 1 billion PayMon tokens will be released.

The new means of payment, Fatemi notes, will help circumvent international sanctions and, in particular, reduce the negative consequences for the economy due to the refusal of SWIFT to cooperate with local financial institutions.

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   119

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.