Xero adds Bitcoin-powered payments

Accountancy platform Xero adds Bitcoin-powered payments through Veem startup
07 September 2017   1629

An online accounting software for the small business, Xero, adds Bitcoin-powered payments via Veem startup.

As reported by coindesk.com, Xero users are now able to send payments via the blockchain. The new feature is provided by the Bitcoin-powered global payments startup Veem, which revealed its integration with the online accounting service in a statement provided to coindesk.com.

Connecting Veem with Xero simplifies international payments even further by eliminating double entries and simplifying reconciliation.

Mark A. Gilbert
CEO of MBS Accounting Technology & Advisory

Thus, Xero users can now enter a bill in the accounting software and pay it through Veem. Such transactions made will have a Veem payment ID automatically synced to their Xero reconciliation report. As reported, this feature will also enable users to set up automatic payments, as well as see details on currencies and exchange rates.

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.



 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.



Earlier, Bithumb was ordered to pay an additional $ 67 million in tax.