Zilliqa and Binance to Join Forces With Incognito

Zilliqa users will be able to conduct transactions through the sidechain based on Incognito technology to provide addition privacy level
13 January 2020   122

The Zilliqa blockchain startup and the Binance cryptocurrency exchange have partnered with Incognito, a platform for securing transaction privacy, Decrypt reported.

Thanks to the new agreement, Zilliqa users will be able to conduct transactions through the sidechain based on Incognito technology. Incognito offers a solution that is not tied to any particular blockchain, which is an additional level of privacy based on evidence with zero disclosure. In other words, the user can take a conventional cryptocurrency using a completely transparent blockchain and hide the details of transactions carried out with its help.

How does the Incognito-Zilliqa Bridge work? ZIL holders transfer their coins to the Incognito wallet address and receive in return pZIL tokens (private ZIL). pZIL can be exchanged for ZIL at any time, simply by making a transaction to the address of any Zilliqa wallet. As long as the user remains in pZIL, no one can track the progress of his transactions. Liquidity for pZIL is provided by the decentralized exchange pDEX.

Binance Exchange, for its part, included the project in the program for supporting open-source software developers in the cryptocurrency industry Binance X. The program involves the payment of scholarships, as well as providing support in ongoing developments. The primary goal of the collaboration is to create a decentralized bridge between Incognito and the Binance Chain.

Initially, Incognito's functionality was implemented through its own project wallet. In the future, developers intend to switch to a fully decentralized model.

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   97

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.