PayPal patented a way to speed up the transactions

The method assumes peers to neglect the approval time on the blockchain
05 March 2018   140

Last week on March, 1 US Patent and Trademark Office published a peculiar patent application. The application was filed by PayPal and proposed a rather unorthodox way of virtual currency exchange process. Traditionally, peers seal the deal, make a transaction and wait for it to be included in the next block of a network. This usually results in relatively long waiting time until peers can actually get the cryptocurrency.

Now, PayPal suggests creating secondary wallets along with the primary ones by each user. As these secondary wallets have their own private keys assigned, PayPal proposes swapping these private keys between peers instead of submitting a transaction and waiting for the inclusion. The wallets would come with a predefined amount of the cryptocurrency. The swapping process will happen 'behind-the-scenes' and be performed by the system.

This idea is notable because although it eliminates lag in the payment process by the order of magnitude, it seems to eliminate the blockchain transparency component along. Starting from 2014, with establishing key partnerships with several bitcoin payment processors PayPal merchants got the chance to accept cryptocurrency. Also, it was reported that the co-founder of PayPal, Peter Thiel made a big investment in Bitcoin.

Crypto Taxpayers to be supported in India

Cleartax, the largest Indian tax filing platform joins Zebpay exchange to help crypto taxpayers
24 March 2018   102

The object of this partnership is to educate Bitcoin traders and investors about the current tax laws and how to apply them in stating cryptocurrency profits and incomes. Indian authorities are aimed to find the best approach to Bitcoin and the other kinds of cryptocurrencies. The recent declarations of the regulators that new instructions would be accepted in a short time, have not been followed by real actions. So the attempts to enforce the control on this sphere have led to summaries that this task in not going to be simple at all. According to last month media reports, new frameworks and rules were waited by the end of March.

Though they failed to to introduce extensive regulations, the Indian authorities are focused to tapping into crypto earnings. In a previous month the Income Tax Department released notifications for thousands of cryptocurrency investors, as reported.

The Cryptocurrency Advisory Plan will help Indian bitcoin investors and traders in this year's tax campaign. The biggest tax filing platform Cleartax joins the Indian bitcoin exchanges and wallet providers Zebpay. They are both objected to support taxpayers to understand and abide by the law regarding taxation of the transactions with cryptocurrencies.

Cleartax declared it has the tax and technological expertise “to help people understand how bitcoin works”. Besides, the platform has started tax filing services for cryptocurrency investors. The Cleartax CEO and founder Archit Gupta claimed that together with Zebpay they are going to “simplify taxes for Indians”. The head of exchange at Zebpay, Nischint Sanghavi added that he believes the partnership with Cleartax will simplify tax planning for Zebpay`s customers.

In February about 100,000 cryptocurrency investors received tax notices from India`s Income Tax Department. Questionable dubious transactions, authorities investigated some of the cryptocurrency exchanges, and banks paused many of their accounts. Then the governmental pressure caused significant drop in trading volumes.

The authorities in Delhi have set a number of warnings against investing in BTC. Also the largest commercial banks have restricted severely the operations of local exchanges and individual cryptocurrency traders, even before any law demanding such measures is adopted.