OriginTrail to launch Lunar Orbiter

On June 18 OriginTrail is releasing its release candidate prior to the testnet launch with the codename Lunar Orbiter and is featuring payment mechanism and consensus check improvements
04 May 2018   905

First purpose blockchain protocol for supply chains developers OriginTrail is getting ready for the Testnet launch of its blockchain as June 29 is approaching. This time though a Release Candidate is to be presented to the public. On June 18 OriginTrail protocol v1.0b will be rolled out. It will bear the codename of "Lunar Orbiter".

The release features:

  • V2 of payment mechanism with testnet tokens;
  • V2 of consensus check with privacy layer (zk).

Earlier versions of Luna and Ranger have implemented the initial version of payment mechanism with the compensation system utilizing tokens on Ethereum test network. As for the consensus check, the Surveyor release implemented the first version of it - the check acts as a validation mechanism for interactions between supply chain parties used in OriginTrail protocol.

At the moment of publication, the market characteristics of OriginTrail's TRAC are as follows:

  • Average price $0.233841
  • Market cap $62,729,542
  • Volume (24H) $1,299,800

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   124

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.