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Cryptocurrency Double Tax Abolition Bill Re-introduced to US Congress

North Carolina congressman Ted Budd re-introduced the Virtual Value Tax Fix Act bill to the House Committee on Budget, which proposed removing cryptocurrency transactions from double taxation. The relevant document is posted on the website of the US Congress. So, Budd believes that the Internal Revenue Code (1986) needs to be amended according to which digital currencies […]

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North Carolina congressman Ted Budd re-introduced the Virtual Value Tax Fix Act bill to the House Committee on Budget, which proposed removing cryptocurrency transactions from double taxation. The relevant document is available on the website of the US Congress

For example, Budd believes that the Internal Revenue Code (1986) needs to be amended to make digital currencies not considered property.

At the moment, the US Internal Revenue Service (IRS) considers bitcoin as such, and its transfer in exchange for other currencies or services is considered a sale of the asset, as is the case with real estate. This is taxed at 40%, which, according to Budd, inhibits the massive adoption of technology.

The bill proposes to abolish the double taxation of cryptocurrency transactions and their immediate accounting.

Recall that several bills related to cryptocurrencies are being considered by Congress. Back in the spring of this year, a document known as the Token Taxonomy Act was resubmitted , proposing amendments to the Securities Act (1933) and the Securities Trading Act (1934) to exclude tokens from the definition of securities.

In addition, the authors of this bill proposed exempting cryptocurrency transactions worth less than $ 600 from taxes.

At the moment, the industry is also awaiting a new cryptocurrency guide from the IRS, which recently began sending out letters to investors in form 6174-A asking them to report the income from cryptocurrency transactions.

Note that in July, prominent industry supporter Congressman Tom Emmer re-introduced the bill, whose task is to determine tax regulations in the context of forks and airdrops.

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The most sensational recent bill was the document Keep Big Tech Out Of Finance , in which lawmakers proposed to ban large technology companies from issuing their own financial digital assets.

This happened against the background of the announcement of the Libra project from Facebook, a hearing on which was held in Congress in mid-July.

Fear and Loathing on Capitol Hill: How Facebook Lived Libra Digital Currency Hearings

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Institutionals bet on bitcoin growth, positions on BTC futures doubled

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One of the indicators that signal a possible change in the price of bitcoin is the number of open futures positions on the Chicago SME exchange.

In October 2019, institutional investors doubled the cost of long positions in BTC futures contracts , the Cointelegraph reports.

Institutional Investors Interested in BTC

According to a study conducted by analysts on October 22, the estimated value of the long positions of institutional investors rose to a value above 1000 bitcoins, compared with data on October 1, when this value fell below 500 BTC.

Data on long-term futures on the CME exchange indicate a turning point in the downward interest of the institutional, outlined in September 2019. The sharp collapse coincided with the launch date of physically delivered bitcoin futures from the Bakkt platform , when interest fell from 1300 VTC to below 500 bitcoins.

Analysts at Skew Markets have additionally indicated that institutional investors include:

"… pension funds, insurance companies, mutual funds and investment portfolio managers."

Such analytical data may indicate the continuing desire of large investors to enter the cryptocurrency market.

Recall, the head of CFTC believes that next year, the market may begin to trade futures on Ethereum (ETH) . He also noted that in addition to Bitcoin and Ethereum, other cryptocurrencies can also be classified as goods.

Publication date 10/23/2019
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Tim Draper believes that Ripple coin is preparing for a sharp increase in

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The investor, Bitcoin bull Tim Draper, believes that the current situation in the Ripple market can be called the “calm before the storm” – in his opinion, in the near future, the XRP rate may suffer explosive growth.

During his communication with the participants of the crypto market at the Quora forum, Draper noted that, given the three-fold increase in the Bitcoin exchange rate over the past 5 months, it can be expected that the Ripple coin will also demonstrate similar behavior.

According to the investor, the price of XRP should have already increased to about $ 0.6 or $ 0.9, taking into account all the latest developments of the project and the conclusion of new partnerships. Draper drew attention to the fact that the project is constantly improving its technology for cross-border payments. Moreover, Ripple belongs to the largest SBI corporation, which includes such a serious company as R3. So, according to the investor, everything indicates that now there is only a “calm before the storm”, that is, a calm before the explosive increase in the value of the coin.

Meanwhile, Ripple is developing further. On the eve it became known about the intention of the project to expand its presence in Washington. Brad Garlinhouse, CEO of Ripple, noted that this step will allow the company to be closer to regulators, to train them on the principle of operation of blockchain technology and cryptocurrencies.

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Opera became the first browser in which the built-in bitcoin-wallet

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Opera web browser developers have added support for TRON bitcoin payments and cryptocurrencies to their application for Android devices, CoinDesk writes.

From now on, Opera users will be able to make payments in Bitcoin (BTC) directly from the digital wallet built into the application and interact with decentralized applications on the TRON network. According to the company, these features can help attract new holders to its cryptocurrencies from its database of 300 million users.

“Most people heard about Bitcoin, and we decided to add its support, as well as introduce a wider group of users to this function ,” said Charles Hamel, head of cryptocurrency business at Opera.

In July 2018, an Ethereum wallet was added to the Opera app for Android. The company explained this decision by its desire to contribute to the development of Web 3.0 and implement the vision of creating a decentralized Internet of the future on the blockchain. Later, the release of a cryptocurrency- oriented browser for iOS and a desktop version with support for a digital wallet took place.

Hamel claims that Opera applications are already optimized for working with Web 3.0, however, the integration of bitcoin required additional resources due to the differences of the first cryptocurrency.

“Bitcoin is a completely different phenomenon, which requires its own infrastructure and has a payment-oriented application scenario,” he added.

Publication date 10/23/2019
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Name Price24H (%)
Bitcoin (BTC)
$7,460.82
-9.07%
Ethereum (ETH)
$158.51
-8.06%
XRP (XRP)
$0.271459
-7.55%
Bitcoin Cash (BCH)
$207.63
-9.38%
EOS (EOS)
$2.72
-7.54%
Stellar (XLM)
$0.059761
-6.12%
Litecoin (LTC)
$48.90
-9.95%
Cardano (ADA)
$0.036375
-7.74%
Tether (USDT)
$1.00
-0.27%
Monero (XMR)
$53.34
-8.18%
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