NTOK platform to revolutionize the market of tutoring

New blockchain-based teaching platform promises to completely overhaul the market of private tutorin
20 March 2018   1836

Many spheres of our day-to-day living have been influenced or even revolutionized by blockchain technology: from delivery of goods to AI development. And now the new startup plans to bring up to date one of the lagging behind sectors – private tutoring.

NTOK platform will make tutoring affordable and easy both for teachers and the students. High-quality learning environment with courses provided by prominent textbook publishers around the world.

The NTOK allows users to perform tokenization of their skills. Personal tokens are useful for tutors who want to promote their services and for students, who can raise funds for their education with a promise of future returns for the investors.

Online nature of the courses removes the need to waste time on the road and puts the users in the most comfortable learning environment – their own homes. One of the main advantages to the platfrom is connecting geographically remote teachers and students, while removing middlemen, who inflate rates and are disadvantageous to the whole process. The developers believe, that their ecosystem will make commercial study centers obsolete and reduce the lesson costs by 75%. The whitepaper goes on to boldly proclaim, that on the NTOK platform every student can find a tutor and every tutor can find a student.

The system is already in the alpha-testing stage and is used as an online English language school.

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.