Microsoft joined Cornell Blockchain Research Group

Technology giant has joined the Cornell Tech-based Initiative for Cryptocurrencies and Contracts (IC3)
03 September 2017   1120

The partnership has a goal to transform tomorrow’s financial systems to be much more flexible, transparent, efficient and secure. This is reported by News Wise

As we continue our journey in blockchain, we have watched and read the work of the IC3 team and are impressed with their thinking and the perspective they bring to the community.  We are very aligned with the approaches IC3 blockchain experts are taking to address scale, simplification, and other topics of interest for enterprise adoption. The synergies in their research fit well with our visions for enterprise scale blockchain solutions. We are excited to work more closely with IC3 through this membership.
 

Yorke E. Rhodes III
Global Blockchain Business Strategist, Microsoft.

What is IC3?

IC3 is an initiative of Cornell University, Cornell Tech, UC Berkeley, University of Illinois at Urbana-Champaign, and the Technion. IC3 provides world-class expertise in computer science that spans cryptography, distributed systems, game theory, programming languages, and system security techniques. IC3’s innovations include blockchain, smart contract, and cryptocurrency technologies that offer both the scientifically rigorous security properties and the robustness, performance, and reliability demanded by practitioners for tomorrow’s financial systems of execution and record.

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   97

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.