SegWit: successful atomic swaps performed

First steps to SegWit ecosystem: SegWit enables coins
26 September 2017   3821

This week was a significant step forward for the SegWit Ecosystem as SegWit enabled coins. Thus, Litecoin has been successfully exchanged through Atomic Swaps with Decred, Vertcoin, and then finally Bitcoin, as reported by cointelegraph.com.

On September 19th 1.337 LTC was swapped for 2.4066 DCR.  Although they ran into difficulty at first, they were able to complete the swap via on-chain transactions through Decred’s repo wallet, as detailed.

Then, on September 20th, the Litecoin creator teamed up with the lead developer of Vertcoin, to perform another Atomic Swap. James was able to port Decred’s code to VTC and this time the two successfully exchanged 1 LTC for 55 VTC. 

Finally, on September 22th Charlie worked with a John S to perform Atomic Swaps between LTC and BTC. The two followed the same processes outlined above and successfully swapped 10 LTC for 0.1137 BTC. 

It is also noteworthy, that the exchanges the Litecoin creator Charlie Lee did with DCR, VTC, and BTC did not utilize SegWit.  However, this technology will be necessary as a fully functioning and scalable Atomic Swap system will require the Lightning Network. 

Litecoin charts on coinmarketcap.com Litecoin charts on coinmarketcap.com

Meanwhile, at the time of writing, Litecoin price is about $51.97, its market capitalization is $2,759,304,948.

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   91

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.