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Time to go to cryptocurrency: CBR confirmed the legitimacy of blocking IP accounts due to tax debt

Blocking bank accounts of individual entrepreneurs (IP) with tax debt is completely legal. This statement was made by the Central Bank of the Russian Federation in response to a request from the Ministry of Finance, Kommersant writes. Moreover, according to the Central Bank, a businessman must answer for his obligations with all his property. “The Constitutional Court three times confirmed the“ indistinguishability ”of personal and entrepreneurial property,” the Central Bank said in a response. However, […]

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Blocking bank accounts of individual entrepreneurs (IP) with tax debt is completely legal. This statement was made by the Central Bank of the Russian Federation in response to a request from the Ministry of Finance, Kommersant writes.

Moreover, according to the Central Bank, a businessman must answer for his obligations with all his property.

“The Constitutional Court three times confirmed the“ indistinguishability ”of personal and entrepreneurial property,” the Central Bank said in a response.

At the same time, the regulator emphasized that, in fulfilling decisions of the tax service, banks should take into account restrictions on collection in respect of individuals.

Since IPs can store their funds not only in bank accounts, but also in cryptocurrency, BlockchainJournal found out whether tax arrears from cryptocurrency transactions will be taken into account, and whether the Federal Tax Service has the right to collect debts from IP in cryptocurrency.

According to Art. 23 of the Civil Code of the Russian Federation, individual entrepreneur –
This is an ordinary citizen who has registered in an appropriate capacity for doing business.

Article 24 of the Civil Code of the Russian Federation establishes that a citizen is liable for his obligations with all property belonging to him, with the exception of property that cannot be levied in accordance with the law (a list of such property is enshrined in article 446 of the Civil Procedure Code of the Russian Federation).

“Following this logic, the law does not limit the possibility of collecting a citizen’s debt arising from entrepreneurial activities from a personal account. This approach has been repeatedly declared by the Constitutional Court of the Russian Federation, starting with Decree No. 20-P of December 17, 1996, ” explains Dmitry Kirillov, lawyer, head of tax dispute practice at MEF Audit, and teacher of continuing education at Blockchain Lawyers.

At the same time, entrepreneurs who receive income from operations with cryptocurrency must declare it and pay tax on it.

“If this does not happen, the tax authorities will accrue this tax and take the recovery measures established by Articles 46 and 47 of the Tax Code of the Russian Federation (recovery from funds in banks, electronic money and other property), ” says the lawyer.

However, if an entrepreneur stores funds in cryptocurrency, its recovery is in the gray zone.

“The status of cryptocurrency as other property so far is determined only by multidirectional judicial practice. On October 1, the new version of Art. 128 of the Civil Code of the Russian Federation, which includes digital rights in other property, but it still questions the status of cryptocurrencies issued on world public blockchains, ”said Dmitry Kirillov.

Thus, transactions in cryptocurrency are taxed and regulated as the transfer of property in exchange for purchased goods. As BlockchainJournal wrote earlier, individuals must independently calculate the tax on operations with cryptocurrencies and submit a declaration to the tax authority.

At the same time, until the legal status is obtained, cryptocurrency can become an alternative asset for storing IP funds.

Recall that the main document regulating the circulation of cryptocurrency in the Russian Federation, the law “On Digital Financial Assets” , has not yet been adopted.

Initially, the discussion of the document was planned as part of the spring session, but as a result it was postponed to the fall due to a large number of shortcomings. In particular, experts have repeatedly drawn attention to the disagreement between individual bills designed to bring the cryptocurrency market into a legal plane.

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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)
$7,485.07
-8.64%
Ethereum (ETH)
$159.11
-7.48%
XRP (XRP)
$0.272237
-7.12%
Bitcoin Cash (BCH)
$208.92
-8.57%
EOS (EOS)
$2.75
-6.13%
Stellar (XLM)
$0.059981
-5.92%
Litecoin (LTC)
$49.13
-9.30%
Cardano (ADA)
$0.036495
-7.33%
Tether (USDT)
$1.00
0.15%
Monero (XMR)
$53.50
-7.70%
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