Lightning Jukebox by Blockstream Presented

Lightning Network brings new life to a classic machine
29 March 2018   686

Blockstream introduced the final Lightning application within the "LApps Week" - the Lightning Jukebox. As the developers note, the application is more entertaining - it is intended to serve as a good example of how even such an archaic device can be upgraded with the help of Lightning Network technology.

Lightning Jukebox - a modern version of jukeboxe, which can usually be found in bars and other similar establishments. For a modest fee, visitors can choose and include their favorite song. The main differences between LApp and traditional mechanical devices are payment using the Lightning Charge system and QR code, and the terminal plays not only audio, but also video-music tracks are broadcasted from YouTube.

The developers note that the Lightning Jukebox is a great example of creating Lightning Charge applications. The program consists of only 128 lines of code and demonstrates how easy it is to integrate a system of micropayments based on Lightning. In addition, LApp provides an overview of how services can be monetized in the Lightning Network.

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.