Event Tuesday: Coinbase helps users with tax payments; South Korea will for the lifting of the ban ICO; In Thailand there is a law on supervision of trade kryptowalutami; the European Central Bank appreciates Bitcoin, but chooses the old road; the Japanese electricity supplier will use Blockchain; Little changes on the stock exchanges.
• Coinbase helps the user in tax calculations:
American exchange operator and portfelowy Coinbase provides a service for tax reporting, which must be passed to the US authorities. In a post on the Coinbase blog announced that some users can use the option to create forms for calculating tax on profit on crypto currency until this year, the deadline for the submission of reports to the IRS (Internal Revenue Service).
This step comes after several years of struggle between the firm and the IRS. Court battle over access to data continues after the Agency began to suspect Coinbase on assistance in tax evasion through its users.
For our clients who have bought or sold digital resources on Coinbase, we offer a tool that automatically calculates profit or loss based on FIFO method of accounting.
– provides on the Coinbase blog, adding that other calculation methods are also supported.
The number of users of the platform who can use this tool may be limited. The blog entry also contains a list of circumstances which exempt the transaction history of the user with the work, including participating in ICO, and even just using a different exchange.
The company also States that this report will be accurate only for customers who have not committed operations outside of Coinbase. She noted in his post, that in such cases, it is not necessary to use this tool:
Coinbase does not give the first instrument to calculate taxes, which will arrive on the market. In August 2017, another American start – Node40 – published software, computing, first focusing on the Dash, which then spread to other currencies, including Bitcoin.
Maybe such a movement will also be a signal to reflect on the creation of such opportunities on the Polish markets. This would facilitate thousands of users the calculation of taxes, and the first exchange, which in our backyard to put such a tool will undoubtedly be on everyone’s lips users to crypto currency.
• South Korea will for the lifting of the ban ICO:
Korea Times, media company, based Hankook Ilbo, which is one of the largest newspaper in South Korea reported that the South Korean government will soon withdraw the ban ICO and allow the sale of chips under certain conditions.
In 2017. the South Korean government banned the national ICO with immediate effect, which led to a General panic in the market of cryptography. The citizen of this country it was forbidden to invest in Korean ICO. As a result, many startups blockchain left South Korea to kryptowalutom friendly jurisdictions such as Switzerland and Estonia.
The representative of the South Korean government quoted he was in the Korea times:
The financial authorities are talking with the national Agency, tax, the Ministry of justice and other relevant public authorities the ICO in Korea, when certain conditions are met. Over the past few months the South Korean government expressed two serious concerns about crypto currency, namely anonymity and taxes. Already introduced measures to ban and prevent anonymous accounts for signals kryptowalutowych, most of which is carried out using the currency of South Korea is the won.
The South Korean government also wonders how to approach the taxation of the emerging market for crypto currency in this country without throttling innovation. Korea Times also adds that the government is ready to allow ICO and investors to participate in the symbolic sale, if the government can access data about napływach capital from private investors and retailers on the market ICO.
• In Thailand there is a law on supervision of trade kryptowalutami:
Thailand should develop a draft law by which nadzorowałaby trade kryptowalutami in connection with the taxation of the encryption market in the country.
For Nathporn Chatusripitak, the press Secretary of the government, the impetus of the Ministry of Finance to offer a new crypto-regulation that stems from a desire of preventing money laundering, fraud with the use of the crypto currency. It is expected that the new rules will be announced later this month.
In mid-February, the Governor of the Central Bank of Thailand issued a circular which asked all our Thai banks to refrain from trading and investing in crypto, and a ban on their participation in the creation of workers councils, cryptographic and other platforms, providing rotation of digital currencies. This circular applies only to banks and not on crypto currency, previously committed to activities in this country.
In September last year, the Thai Commission on Securities and stock Exchanges of the us, announced that it will support the implementation of the provisions relating to ICO. The Thai index Digital Exchange (TDAX) in mid-February, postponed manufacturing and registration of ICO, waiting for the disclosure of legal Thai SEC.
• The European Central Bank appreciates Bitcoin, but chooses the old road:
The leaders of the European Central Bank (ECB) and the Bank for International Settlements (BIS) said that Bitcoin is not the answer to bezgotówkową economy, published today in the statement.
Writing in the comments to the BIS report about the so-called digital currencies, benoît Cœuré and Jacqueline Lo added that banks should improve the function of remittances and do not have to resort to CBDC. Benoît Cœuré is a member of the Board of Directors of the ECB and head of the Committee on payments and Market Infrastructures, Bank for International Settlements (BIS), and Jacqueline Lo is the Chairman of the Committee on Markets BIS.
Despite the many errors, Bitcoin has directed attention to the old failures of our current system of cross-border payments, retail. However, these channels of payment, usually much slower, less transparent and more expensive than domestic. Improvement is the best way.
commented Cœuré Lo.
The BIS report, like and comments these people, leads to the theme of managing on crypto currency, and Cœuré suggested that this topic will be in the future very important for the international community.
The Blockchain is a huge market for the support of the EU in 2018. The European Commission announced in February and last week of the special Observatory of the Blockchain as before nakreślając plans regarding the regulation of this technology, fintech and..
• Japanese electricity supplier will use Blockchain:
The Chubu Electric Power Company, the third largest electricity supplier in Japan, entered into a collaboration with Nayuta Inc. company startującą in the Internet of Things (IoT) and it Infoteria to experiment with the possibility of applying Blockchain technology to track the charging of electric vehicles (EV) and hybrids plug-in type. The Lightning network is designed to charge micropayments for electricity, according to TechCrunch Japan.
In the framework of a plan to create a new type of «collective housing», which includes a component for charging electric vehicles, the company Chubu Electric Power Company, in parallel, runs the tests, both at the level of the Blockchain, and Lightning Network in the direction of the development of this project.
Development Nayutę outlet for charging, is compatible with the Blockchain, in combination with the development of mobile applications «Tandem», enables users to view the history of charging electric vehicles is in the Blockchain, according to local news service The Denki Shimbun .
Overview of electric charges in the Blockchain in a user friendly mobile application, you can perform a fairly reliable system and load control at a low cost of implementation. One of the examples given in the result of the low cost is that the electric vehicle owner may install the charging system in your house with the help of this technology, which is a key part of the plan of Chubu Electric.
Although the Lightning Network was already deployed in several forms, Nayuta uses its own, independently developed software with open source code for experiments in mikropłatnościach, for charging electric vehicles. Kenichi Kurimoto, Director General of Nayuta, said that in his opinion the development of the Protocol is the activity open-source.
There are a huge number of agreements in the field of IoT and there is a possibility that the use of network Lightning Network will support a greater number of transactions than its use in the cloud.
– Kurimoto said, adding that the work is of experimental nature, and business cooperation will be discussed only after the completion of the experiment.
Nayuta has developed two different types of electrical outlets for charging electric vehicles, as well as pay Bitcoinem. One power socket is created in 2015 that have changed for the payment system confirming the zero, which has a software wallet to SPV mikrokontrolerach and the second software Lightning Network, called Ptarmigan, who Nayuta is creating.
Blockchain technology has already been used for the storage of data relating to vehicles. In late February, Management of Roads and Transport of Dubai (RTA) announced plans to capture the life cycle of the vehicle based on the Blockchain. Innovative use of the payments network Lightning Network recently proved when the person who first bought the pizza in the first documented Bitcoin transaction in the world, bought two pizzas using only the Lightning Network.
• Little changes on the stock exchanges:
Minion the day passed very quietly for most kryptowalutowych investors. Leading currency showed minimal biases – Bitcoin 0.5%, Ethereum 0.6%, and the Ripple of 1.8%. A very good result got the NEM, the price of which increased by 14.9%. The total capitalization of the market has not changed and still hovers around 372 billion.
source: bitcoinist.com, cointelegraph.com, coinmarketcap.com.