Russia Leads Multinational Stablecoin Initiative

Russia Leads Multinational Stablecoin Initiative

Russia is taking the lead in issuing a multinational stablecoin backed by commodities with the Eurasian Economic Union, or EAEU, and BRICS countries. Russian President Vladimir Putin is the most influential person in the blockchain industry, according to Changpeng Zhao, the CEO of major cryptocurrency exchange Binance, which added five trading pairs: Binance Coin (BNB), Bitcoin (BTC), Ether (ETH) and XRP at the beginning of December, as well as adding Tether (USDT) later the…

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IRS Does Not Consider Fortnite Money as Virtual Currency After All

IRS Does Not Consider Fortnite Money as Virtual Currency After All

Video game currencies have been stricken off an official IRS guidance as examples of virtual currencies, as the agency ups its scrutiny of crypto transactions. The Internal Revenue Service (IRS) removed wording on its website that put game currencies as examples of a convertible virtual currency. This clarification is important as a new tax filing requirement obliges taxpayers to report whether they dealt with virtual currencies.The move was first reported by Bloomberg Tax on…

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City of Zermatt Switzerland Now Accepts Tax Payments in Bitcoin

City of Zermatt Switzerland Now Accepts Tax Payments in Bitcoin

The Swiss municipality of Zermatt has rolled out a Bitcoin tax payment option in partnership with Bitcoin Suisse. The municipality of Zermatt, Switzerland — home to the iconic Matterhorn — is now the second location in Switzerland where taxpayers are officially allowed to pay their taxes in Bitcoin (BTC).In order to unlock the new tax payment option, the authorities of the Zermatt have partnered with Switzerland’s major crypto financial services company Bitcoin Suisse.Bitcoin Suisse…

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New Hampshire’s Second Bill to Accept Bitcoin as Tax Payment Fails

New Hampshire’s Second Bill to Accept Bitcoin as Tax Payment Fails

The U.S. state of New Hampshire fails to pass its second bill to accept crypto for tax payments due to the high volatility of Bitcoin. Lawmakers in the New Hampshire state legislature have killed a bill that would have allowed state agencies to accept cryptocurrencies as payment for taxes. On Jan. 8, the New Hampshire House of Representatives announced a decision to retract the bill, following a motion from the General Court’s Executive Departments and…

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South Korea: Gov’t Seeks to Tax Crypto Transactions as Capital Gains

South Korea: Gov’t Seeks to Tax Crypto Transactions as Capital Gains

South Korea’s government plans to tax capital gains returns on cryptocurrency transactions. The South Korean government plans to tax capital gains on cryptocurrency transactions. A Dec. 9 report from The Korea Times reveals that a revised bill to introduce the measure will be drawn up by the country’s Ministry of Economy and Finance by the first half of 2020.In parallel, the Korean National Assembly is in the process of advancing a related bill aimed…

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