United Bitcoin to Add Support for Smart Contracts

United Bitcoin will transfer all pegged currencies to smart contracts within April 2018
10 April 2018   1247

UnitedBitcoin’s philosophy is to upgrade the Bitcoin network. It has such features as Proof-of-Work inherited from Bitcoin with brand new high-speed smart contracts, fast transactions through the Lightning network, asset allocation of active addresses, no-premining, stable system with fiat currency pegged reserves, block-size increased to 8 MB and support for SegWit.

According to the roadmap of United Bitcoin, the issuance of a digital currecny pegged to fiat currencies is scheduled for April 2018. The United Bitcoin will issue its first digital currency pegged to fiat currencies using UBTC as collateral. Moreover, in April United Bitcoin promises to add support for smart contracts, as UBTC will be officially upgraded to a version with smart contracts support.

What is more, United Bitcoin will transfer all pegged currencies to smart contracts also within April 2018. Because it is too complex for color coins to support smart contracts, in order to support the smart contracts for pegged currencies, all pegged currencies will be transferred to the smart contracts system.

Later, in July 2018, United Bitcoin plans to upgrade with the Lightning Network support.

Israeli BTC Investors to Face Catch 22

They need to pay taxes from Bitcoin investing in order to avoid their property arrest, but banks don't take their money due to AML issues
06 August 2019   135

Bitcoin investors in Israel are faced with the impossibility of paying taxes, as local banks refuse to accept funds received from the sale of cryptocurrencies because of the risks of money laundering and terrorist financing. About this writes the local edition of Haaretz on August 6.

Bitcoin is not recognized as a currency in Israel, therefore, individuals must pay 25% of the income from cryptocurrency trading to the treasury, and legal entities - 47%.

Investor Ron Gross told the publication that he acquired bitcoins in 2011 and reported his income to the tax office. In 2017, the bank that served Gross began to refuse to accept funds received from the sale of bitcoins. The investor met with representatives of the bank to demonstrate to them a 70-page history of bitcoin transactions as confirmation of the origin of the funds, but failed to convince them.

The tax authority is aware of the problem, but they say the ball isn’t in their courts. I’ve tried working with almost all the banks, but the minute they hear the word ‘Bitcoin’ they freeze up.

Ron Gross

Bitcoin investor from Israel


Since Gross was unable to pay taxes on time, his bank account, home, and even scooters were arrested. According to the investor, the tax authorities know about the problem, but can do nothing.

According to Haaretz, the tax office is aware of $ 86 million in unpaid taxes on income from cryptocurrency trading. It is possible that the real amount may be significantly higher.

Roy Arav, another Bitcoin investor, kept the proceeds from trading Bitcoin in an account with Israeli bank Discount under the control of the Bit2C exchange. The bank refuses to transfer money to Arava’s personal account under the pretext that its politicians forbid it to transfer funds related to virtual assets to client accounts due to the risks of money laundering and terrorist financing.

Arav also could not pay taxes and was forced to sue the bank. According to the investor, the authorities entered his position and granted him a deferral of time for the consideration of the claim.