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Indian Bitcoin Investors May Be Subject To Paying Tax On Profits

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Bitcoin investors in India may face taxes on their Bitcoin sales profits. The news came from the second warning by the country’s central bank that aims at the public cautioning against digital currencies – in particular bitcoin.

In times when Bitcoin is rising to a new peak, the public in India wants to regulate things. On December 5th, the RBI warned many adopters about the potential financial, legal, economic, customer protection as well as security risks related to the use of virtual currencies.

The news has triggered a number of investors who decided to start selling their coins. One of them is an engineer working at an American IT company, named S Shridhar. His story is featured in an article published in The Economic Times, with him saying that he recently sold 20 bitcoins (21.8 million rupees then). After he sold them, he was told by his tax advisor that he may have to pay tax as he transferred his return from the trade to his bank account.

Regardless of Bitcoin earnings being a business income or a capital gain, many experts claim that returns could attract as much as a 20%-30% tax. According to Jeenedra Bhandari, who is partner at a tax advisory firm in India:

“In case anyone sells bitcoins, the gains would definitely attract taxation, depending on his intent to categorise the gains either as business income or capital gains. There is no specific amendment to income tax law required to determine bitcoin taxability.”

Tax departments could additionally consider the trade from selling the virtual currencies as a business income – and treat it as speculative business. In such scenario, Bitcoin profits may be subject to regular tax rates.

So, even though Bitcoin isn’t considered illegal in India, it is certainly not legal either. At this point, the tax on Bitcoin is an ambiguity that needs clear guidelines.

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Bitcoin News

Dark Web Drug Dealers Indicted After Laundering $2.3 Million In BTC

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Dark web drug dealers were indicted by the Manhattan District Attorney’s Office for laundering more than $2.3 million in crypto. The three men were charged for using debit cards loaded with bitcoin and withdrawing huge amounts in cash from New York ATMs. For more information, let’s follow the latest altcoin news below. The three dark web drug dealers were charged with operating bogus storefronts for selling illegal drugs, mainly Xanax tablets according to the DA’s office. Chester Anderson, Ronald MacCarty and Jarrett Codd are the three dark web drug dealers who got charged with multiple felonies including identity theft, sale of controlled substances, money laundering and much more. The Manhattan District Attorney Cyrus Vance says that this action is one of the largest pill seizures in the history of the city. The law enforcement also managed to seize thousands of dollars in BTC but also fentanyl mixed with heroin, ketamine, meth and alprazolam tablets. The authorities say that the drugs found were stored in orange buckets and were valued at $3 million if the dark web drug dealers managed to sell them on the internet. The District Attorney Cyrus Vance stated:
 “If you are engaging in illicit activity on the dark web, you are on notice: We know how to find you. We know how to put you out of business. And we know how to hold you criminally accountable.”
One of the three dark web drug dealers Ronald MacCarty used a bitcoin machine as the best cryptocurrency news sites reported, and owned a sham drug ship in New Jersey. The other defendant Chester Anderson kept a collection of crypto books at his home. They managed to launch the operation in 2016 and the law enforcement got their heads in the game in 2017 after an anonymous tipster. The bust operation was coordinated with the Operation Crypto Sweep that was launched in 2018 by the US and Canadian regulators. As the latest cryptocurrency news reported, the North American Securities Administrators Association sent 70 cease-and-desist orders to operations of fraudulent crypto companies across the United States. Dark web drug dealers and other crypto criminals got a warning from the NASAA:
 “Crypto-criminals need to know that state and provincial securities regulators are taking swift and effective action to protect investors from their schemes and scams.’’
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Altcoin News

OKCoin Exchange Invests In Crypto Custody Provider Prime Trust

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In the latest cryptocurrency news, we have the major OKCoin exchange with its latest decision to invest an undisclosed amount of money in the crypto custody provider Prime Trust. According to a note sent to customers on Wednesday, the CEO of Prime Trust and chief trust officer Scott Purcell said that the firm has decided to close a "nice" funding round that was led by the California-based exchange. Among the other participants in the round funding the OKCoin exchange decision were Gateway Blockchain Partners, Novablock Ventures and Xsquared Ventures. According to Purcell, no details are disclosed yet. Right now, Prime Trust serves as the OKCoin exchange fiat gateway. According to an announcement by the exchange, there is a new payment channel allowing customers to deposit funds through Prime Trust without any fees. However, the withdrawals are charged at $35 fee for each transaction. Last month, Prime Trust commented the partnership with the OKCoin exchange which was featured on many best cryptocurrency news sites. Then, the company said that it plans to launch a compliant stablecoin named "OKUSD" which will operate in the OKChain blockchain. The development of the network will be in the "final" stage, according to OKEx's statement from last month. On top of that, the coming altcoin news show that a new decentralized exchange (DEX) launched by the OKCoin exchange is also on the horizon. Meanwhile, Prime Trust which is a Nevada-based financial company, quietly entered the crypto custody of digital assets any longer which is in line with its custody services for stocks and bonds. As Purcell told media outlets at the time, the decision for OKCoin exchange to partner with Prime Trust has many other sources of revenue that make up for the removal of custody fees.
“We make money just as Robinhood, Northern Trust and other traditional custodians do. The costs of custody are offset by other services," Purcell explained.
This is definitely something that stirred up the market from a positive viewpoint, allowing traders to speculate on the potential novelties that the partnership could bring.
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Altcoin News

Coinbase Expands Its Crypto Offering To 11 More Countries

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The major American cryptocurrency exchange Coinbase has decided to expand its crypto to crypto trading to more countries, as a recent blog post published by the exchange noted. The news that Coinbase expands went viral on many best cryptocurrency news sites and was well accepted by the crypto community. The full crypto news showed that Coinbase and its professional trading platform Coinbase Pro have introduced the crypto-to-crypto conversions and trading to 11 more countries in Latin America and Southeast Asia. The product is now available in the following countries: Argentina, Mexico, Peru, Colombia, Chile, India, Hong Kong, South Korea, Indonesia, the Philippines and New Zealand. As Coinbase explained:
“This could take the form of decentralized versions of traditional financial services like lending or micropayments or truly novel crypto applications that no one has even thought of yet. The ability to convert from one crypto to another will form the backbone of this new decentralized economy.”
Meanwhile, the news that Coinbase expands allow customers in the aforementioned countries to store, trade, send and receive cryptocurrencies. As the latest cryptocurrency news show, the exchange also suggested that cryptocurrencies are moving from the current "investment phase" into the "utility phase" following a number of new use cases. Recently, the company introduced a lot of new developments, one of which was featured in the altcoin news section. It was the added support for EOS (EOS), Maker (MKR) and Augur (REP) which went viral and expanded into cross-border payments. The latter development reportedly enables users to send as well as receive money instantly and convert them into local currency. As part of the news that Coinbase expands, the report concluded:
"Realizing our mission of creating an open financial system for the world starts with making it as easy as possible to access crypto. With today’s announcement, we’re happy to take an important step in that direction."
Earlier in April this year, Coinbase also launched the Coinbase Card in a partnership with Visa, enabling its United Kingdom-based customers to pay in-store and online using cryptocurrencies. As a result, the new service will allow Coinbase to instantly convert the customers' cryptocurrency funds into fiat currency in order to complete each purchase. This is definitely a lot of news coverage showing that Coinbase expands in different directions and is on a mission to offer various trading options globally.
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Altcoin News

CoinMarketCap Crypto App Is Live, Offering A Lot Of Added Features

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The cryptocurrency data provider and generator CoinMarketCap is in the latest cryptocurrency news for launching its first CoinMarketCap crypto app in Android and iOS versions. The leading crypto data provider has decided to make a leap forward and arrive to the mobile marketplace, providing insightful data about all cryptocurrencies in an easy way. Notable, the new apps for iOS and Android offer features that are not yet available on the CoinMarketCap website and ones that are quite advanced. For instance, the coming altcoin news show that the CoinMarketCap crypto app now lets you track Bitcoin and altcoins, see candlestick charts as well as side-by-side cryptocurrency comparisons as well as price alerts and user accounts. Officially announced on Tuesday, the news about the app went live on many best cryptocurrency news sites. As the head of marketing at CoinMarketCap named Carylyne Chan stated:
“We believe that our users will like the new style and the features we’ve added to these apps, and we’ll continue to update the app regularly based on the feedback we receive.”
The new CoinMarketCap crypto app will prompt users to sign up for an account on the app in order to save their portfolios and/or watchlists. The company also said that it plans to allow app accounts to be directly synced with the website at some point in the future. Meanwhile, the app also features a section for crypto "gainers" and "losers" as well as industry news. All of the data, as the firm unveiled, is made available through the API product which the firm uses - and was launched last August. Aside from the CoinMarketCap crypto app, the company made the cryptocurrency news section lately for launching two benchmark indices that cover the top 200 cryptocurrencies by market capitalization. One of them was with Bitcoin (BTC) in it and the other without - shared on financial data feeds from Nasdaq Global Index Data Service (GIDS), Bloomberg Terminal, Thomson Reuters Eikon (Refinitiv) and Germany’s Börse Stuttgart, as well as on its own platform. The app is already launched for iOS (since May 2018) but is getting a revamp now, along with the Android CoinMarketCap crypto app. All of the work is developed from the blockchain analytics startup Flipside.
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