WFP’s Blockchain Project put for $2.4 Million by Belgium

Belgium has invested about $2.4 million to the United Nation World Food Programme (WFP) to provide a Blockchain project
20 April 2018   619

According to the earlier reports, WFP started an Ethereum-based payments pilot project in 2017. The project is objected to increase the efficiency and clarity of cash transfers which are made to displaced Syrians living in Jordanian refugee camps.

The Belgium contribution would be used to develop the research which is presently  being conducted on blockchain resolves by the agency. It will also be supplied in the unmanned aerial vehicle (UAV) project which is focused on gaining topographical data and producing damage analysis in order to better cope with natural disasters.

Alexander De Croo, the deputy prime minister and minister for development cooperation of Belgium, was the official representative to declare about the large contribution. He mentioned in his statement how it is important for Belgium government to invest in new cutting-edge technologies. De Croo claimed they also hold the great initiatives by WFP which  rushes to “come up with innovative solutions to save more lives and help more people in need”.

Rehan Asad, WFP chief of staff, referred on the important announcement claiming  that humanitarians should keep looking for better resolutions for world’s most unprotected people in the most promising digital technologies.

At present, some U.N. agencies study the blockchain applications and WFP is just one of them. Last year a blockchain working group was formed by U.N. Office for Project Services (UNOPS) that included several other UN agencies. The aim of their co-working was concluded in revealing more applications of the advanced technology in as more various spheres as possible.

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.