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Australia Crypto Tax Laws: Trader Forced To Pay 500% Tax Bill

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Australia Crypto

The cryptocurrency tax laws have always been a popular topic in the coming altcoin news. In a new series of interesting things, we are featuring the Australia crypto tax laws which certainly contain some unfair provisions that will most often put many crypto owners on the verge of receiving huge tax burdens.

Draconian at the very least, the crypto tax laws in Australia also apply to tokens obtained via hard forks which has holders having to cough up a lot of amounts in crypto tax payments. Even companies that pay staff salaries in virtual currencies may find a lot of incentive to do so given the additional burden it incurs at the end of the year.

According to a cryptocurrency news platform named Micky, the Australia crypto tax laws forced a trader to pay a 500% tax on his digital holdings. Adrian Forza of Crypto Tax Australia told Micky that the country’s tax laws stipulate the value of cryptocurrency used for tax purposes – coming from the purchase price.

Therefore, if an investor buys token X at $100 and its price depreciates to $10, the tax payment would be based on the $100 purchase price. The crypto tax in Australia now stands at about 40% which shows that paying $40 tax on a $10 worth of virtual currency is the case.

According to Forza’s declaration when commenting the situation:

“That’s a really unfair outcome because he’s basically received cryptocurrency and the value has dropped significantly and now, he has to pay tax on money he doesn’t have. This is something they will have to change as it is unfair.”

Given the 2018 bear market which saw prices plummet by more than 80% across the board, virtual currency bag holders in Australia have been paying unfair taxes. As the latest cryptocurrency news showed, crypto tax laws like these are not bearable for many and can drive investors and traders away from the country.

In fact, Forza said that the Australia crypto tax laws are designed to frustrate crypto investments. There are so many of them including ones on Ethereum Classic (ETC) – where the Australia’s regulators consider to be “the original Ethereum” even though the crypto industry at large considers Ethereum (ETH) as the original one and ETC the fork of it.

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Altcoin News

HoloChain Price Analysis Shows Altcoin Has Unrealized Potential

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holochain price analysis
The Holochain price analysis shows that the altcoin has a bullish short-term bias but also a bearish medium-term trading outlook since the four-hour time frame shows that a bullish inverted head and shoulders if forming while the daily time frame is showing a huge inverted head and shoulders pattern in play. Let’s check out the analysis below in the coming altcoin news.Holochain has been improving over the past few weeks and the cryptocurrency racked up an impressive 20 percent gain since the start of the month. What is even more impressive is that the HOT/USD pair performance since September ended, allowed the altcoin to add just over 50 percent to the trading value. Since the start of 2019, the Holochain price analysis shows that the altcoin added more than 120 percent but it did trade down by more than 60 percent from the 2019 trading peak.Holochain is in a good position to build the recent trading gains even further and according to the short-term technical analysis, the altcoin is now probing against the neckline of the bullish inverted head and shoulders pattern with a slight upside projection that could add further up to 50 percent to the value.The daily time frame shows that a rally of about 15 percent is much needed before the HOT/USD pair claims the bullish status. The mentioned time frame also shows a huge inverted head and shoulders pattern but a rally towards $0.001650 level is needed in order for a bigger bullish pattern to be created in the daily time frames. Holochain can even test beyond the best levels of 2019 if all of the patterns play out to the fullest potential.According to the latest sentiment data, the short-term sentiment for Holochain is standing at about 68 percent while the overall long-term sentiment is very strong as well reaching 79 percent. The four-hour time frame shows that a huge inverted head and shoulders pattern is forming and the pattern has an upside projection of about 50 percent. The key technical resistance of the pair is slightly above the $0.001050 level and the four-hour time frame shows that the pair has also a very strong short-term technical support.The daily time frame shows that a move to the $0.000800 level could be bearish for the cryptocurrency and could even break it towards the September trading low.
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UK Travel Company Starts Accepting BTC For Booking Flights

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uk travel company
Alternative Airlines is the name of the latest travel company which makes headlines in the cryptonews section. As the updates show, this UK travel company has partnered with the cryptocurrency service Utrust to facilitate payments with crypto.On November 13, the Switzerland-based firm and digital payments processor Utrust announced a new partnership with the first merchant in the travel industry - Alternative Airlines. Both of the companies plan to provide their customers with the ability to book flights while paying with cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Dash (DASH), DigiByte (DGB) and the native token that Utrust has, UTK.The collaboration between the digital payment processor and the UK travel company also introduces the start of instant cross border transactions. What's most exciting is the fact that travellers will be able to use their crypto holdings to book flights.Besides this, however, there will be extended buyer protection and crypto-to-cash settlements to the clients of Alternative Airlines. The UK travel company website for now allows customers to search from over 650 airlines including Delta, United, British Airways, Virgin and Emirates, among others.This gives travellers a lot of options, of course. The CEO of the UK travel company Utrust, Nuno Correia, expressed his enthusiasm for the new partnership, stating:
“For business or leisure, flight travel can be expensive with consumers saving for months to afford a trip. Considered a high ticket item, it is imperative that consumers are protected when booking flights. Utrust is providing Alternative Airlines’ customers with the increased security and convenience of cryptocurrency payments, and reducing processing fees, to bring greater transparency and trust to the world of online payments.”
Obviously, the Bitcoin news now show that BTC will be the main option for people interested in booking flights with the UK travel company.Before this, reports in August showed that the Portuguese sports club SL Benfica also partnered with Utrust to facilitte payments via cryptocurrency for tickets and merchandise. In a similar way, the new payment option will allow travellers of Alternative Airlines to buy plane tickets with Bitcoin (BTC) as well as the native Utrust token (UTK).The news also showed a spike in the price of Utrust (UTK) which is now at $0.0191 with a 3.42% daily increase following the partnership.
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Altcoin News

PLA Media Of China Advises To Pay Soldiers In Cryptocurrency

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PLA
The People’s Liberation Army’s (PLA) media outlet is calling for crypto rewards for its soldiers to have better performance; this is another example of the Chinese revolutionizing the view of crypto. So let's find out more in the cryptocurrency news today.Some kind of crypto could be used as a rewarding performance assessment by the PLA  suggested a new article in the army medium PLA Today, measuring how soldiers progressed in military training, how well they completed the tasks and other criteria.The article suggests that that kind of system could “award or deduct tokens according to one’s daily performance and thus generate an objective assessment would effectively energize human resource management.”Also, there were other propositions for the military use of blockchain technology to improve data security and logistics. One proposition suggested storing classified military data on a blockchain-based embedded system that will result in a higher level of encryption and security. The consequence of this will be constraining access to data kept on the said system to read-only, resulting in the possibility to distribute and view, but not copy or manipulate the material.It is implied that the use of blockchain technology would result in improved accuracy and efficiency of tracking soldiers’ progress in training. The document further explained an example of the electronic shooting range that is able to detect once a target was hit and to generate a blockchain record for the trainee. This will increase the authentic of the training results and will also provide a technological guarantee to ‘’clean and open training and examination.’’The publication of Libra’s whitepaper in June wreaked havoc in the People’s Bank of China (PBC), making them to drastically speed up the development of its planned central bank digital currency. But it was the declaration of the critical importance of blockchain by the President of the People’s Republic of China Xi Jinping that has caused a complete turning of the Chinese stance on the technology and crypto. Xi explained:
 “The integrated application of blockchain plays a critical role in technology innovations and industrial revolutions. Blockchain should be made an essential way and main direction to drive China-led technology innovation. We must increase investments in the blockchain sector, resolve critical technical problems, and accelerate the development of blockchain and industrial innovation.”
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Altcoin News

Fidelity Investments Welcomes New Expert: Focusing On Strategy

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The major financial services company Fidelity Investments welcomes a new member in its team this month. The company has hired Michael Zinaman as its product specialist in order to further develop a range of products in the company.As we can see from reports by the Block now featured in the cryptocurrency news, Zinaman had joined the financial services company Fidelity Investments and will reportedly oversee the strategy on cryptocurrencies, custody as well as execution services.As Fidelity Investments welcomes the new team member, we can see that he is not actually that new to the firm. Zinaman started the new position as a product specialist at Fidelity over a month ago, where he was hired in order to focus on the company and its cryptocurrency strategy.As a source familiar with the matter said, Fidelity Investments welcomes Zinaman as a product specialist now after seeing what he can do and proving his knowledge. By looking at the LinkedIn profile of Zinaman, we can see that before being hired by Fidelity, the product specialist worked as a managing director of blockchain and digital assets at Canaccord Genuity. Before this position, he was a senior vice president at Imperial Capital - the full-service investment banking firm.Fidelity Investments welcomes Zinaman in an attempt to get the entire strategy for its newly launched cryptocurrency custody service fully reviewed. He will apparently oversee everything and ensure the best case scenario. The CEO of Fidelity Investments, Abigail Johnson, recently revealed that the company is ready to roll out its crypto custody business after a year-long preparation and accumulation of clients.Days before this launch, Kathleen Murphy who is the personal investing president at Fidelity Investment, expressed her confidence in the company's careful approach when it comes to trading cryptocurrencies.
“You know, we’re really careful about that. So while we embrace crypto in terms of trying to understand it and be innovative and thoughtful… We’re also very careful about where we offer those types of things, so they’re not offered broadly on the retail platform. We want to be very careful about making sure that investors who really aren’t institutional investors [...] don't make a mistake with cryptocurrency,” Murphy noted
As you can see, she was also pointing out to the fact that the firm does not offer crypto on retail trading platforms to protect its clients.
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