US crypto tax bill would give holders a little relief

In a rare show of support for the crypto industry, House Resolution 3963 … “allow exclusion of gain or loss on like-kind exchanges of virtual currency.”.

In the U.S., the Internal Revenue Service (IRS), the department responsible for collecting taxes, asserts that cryptocurrency assets are forms of property and, as such, are subject to tax law. The department has already started going after crypto holders in an effort to get them to pay up, but a bill submitted to the House of Representatives could limit how much the IRS could collect. In a rare show of support for the crypto industry, House Resolution 3963 (HR 3963) would “allow exclusion of gain or loss on like-kind exchanges of virtual currency.”

HR 3963, “Virtual Value Tax Fix Act of 2019,” was introduced by Representative Ted Budd of North Carolina and seeks to update the Internal Revenue Code of 1986 (IRC). It has already been referred to the Committee on Ways and Means and reads, in part, “No gain or loss shall be recognized on the exchange of real property held for productive use in a trade or business or for investment if such real property is exchanged solely for real property of like kind which is to be held either for productive use in a trade or business or for investment.”

Budd, who actively seeks ways to improve the IRC on different levels, wants to prevent personal crypto exchanges from being taxed twice. Under the current tax law setup, this is possible. He has testified previously before the Ways and Means Committee that crypto tax laws should be crafted in a similar fashion to those of foreign currencies.

The lawmaker was behind House Resolution 3708, the Cryptocurrency Tax Fairness Act, that also sought to update the IRC. It would force the IRC to view personal cryptocurrency purchases as transactions in foreign currency, which are currently not taxed. Budd argues that, since the IRS says that crypto is property, it should have the same coverage as those foreign currency transactions.

The bill wouldn’t be retroactive, only covering new transactions. It would also only be in place until the end of 2024. That happens to coincide with the timeframe for a new payments platform identified by the Federal Reserve, but this could just be a coincidence.

Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as SegWitCoin BTC coins. Altcoins, which value privacy, anonymity, and distance from government intervention, are referenced as dark coins.

Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.

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Bitcoin Association hires Lise Li as China manager to grow Bitcoin SV in the region

BSV is also the only project that adheres to the original design of Bitcoin creator Satoshi Nakamoto. In short, BSV is Bitcoin. Lise Li brings valuable …

Bitcoin Association has named Lise Li as its new China Manager. Lise is the former Chief Operating Officer of Rawpool, a Bitcoin mining pool in China. Based in Beijing, Lise will implement a comprehensive strategy for growth of Bitcoin Satoshi Vision (BSV) throughout China – a key market for the Bitcoin industry. This includes work to highlight the unique capabilities of the Bitcoin SV blockchain to developers, enterprises, miners, venture investors, and Bitcoin users.

Bitcoin Association is the global industry organization for the business of Bitcoin. It supports BSV as the only coin with a blockchain that significantly scales (now), has robust utility (now), and is committed to a set-in-stone protocol for developers to build on. BSV is also the only project that adheres to the original design of Bitcoin creator Satoshi Nakamoto. In short, BSV is Bitcoin.

Lise Li brings valuable China market experience and relationships to Bitcoin Association and BSV’s growth. At Rawpool, Lise’s responsibilities included a digital mining project, management of the mining pool operation, expanding customer accounts, and technical research and cryptocurrency industry analysis. Lise also worked for 8 years in the e-commerce industry. She holds a Bachelor’s Degree in Finance from the University of International Business and Economics in Beijing.

Reacting to her new role, Lise said: “I believe in Bitcoin SV because its scaling ability puts the BSV blockchain technologically far ahead of any other and enables more real use cases. That’s why I see more development teams and businesses across the world are building projects on BSV. I am tremendously honoured for the opportunity to join Bitcoin Association, and will contribute my experience with crypto mining and blockchain technology to help grow BSV’s ecosystem.”

Jimmy Nguyen, Founding President of Bitcoin Association, remarked: “It’s time for Bitcoin Association to expand globally, and Lise is a terrific choice to lead our China program. Lise is an enthusiastic supporter of BSV, has excellent technical knowledge of cryptocurrency mining, and brings wonderful connections throughout China’s Bitcoin and technology sectors. We are thrilled to welcome Lise to the Bitcoin Association family.”

UPCOMING: COINGEEK SEOUL CONFERENCE – October 1-2

Come to Seoul, South Korea to learn about “The Power of BSV Scaling” and Bitcoin SV’s massively-scaled blockchain enables businesses to build more powerful applications. Join the top names in Bitcoin at the CoinGeek Seoul conference October 1-2.

Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as SegWitCoin BTC coins. Altcoins, which value privacy, anonymity, and distance from government intervention, are referenced as dark coins.

Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.

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Seoul set to implement blockchain-based administrative services

Seoul, the hub of blockchain and cryptocurrencies in South Korea, recently concluded a blockchain workshop that was aimed at reviving the …

Seoul, the hub of blockchain and cryptocurrencies in South Korea, recently concluded a blockchain workshop that was aimed at reviving the ‘Blockchain City Seoul Promotion Plan’ initiative. The conference was held at Incheon International Airport Human Resource Development Institute.

The first initiative, which was announced in October 2018, had since lost momentum given that no active steps were taken to implement it. The initiative was set to develop 14 blockchain-based administrative services in Seoul by 2022. A total of 127.3 billion won ($105 million) was forthwith committed for the implementation of the Plan over a 5 year period.

While talking to reporters, an officer at the Seoul City Smart City stated:

We held the first workshop to talk about the contents and requirements to cooperate with each other regarding the establishment of the blockchain administrative service. In addition to the additional workshops, we will continue to discuss and talk in November. We will be able to build the service as it is.

Given that little had happened in terms of the actual progress of the plan since its launch in October, the July 1 meeting is thus far a tangible sign that something material is in the offering.

In the workshop, the specifics of the rollout were discussed, deadlines of the implementation phases set, and goals of the plan established. Accordingly, the blockchain services are to be controlled by the city but will be operated by private enterprises.

Another outcome of the workshop was to have the plan implemented in two phases. The first phase consists of services to be completely rolled out by November this year, and the second phase is those services to be implemented past the November deadline.

The services to be rolled out by November include blockchain-based part-time workers rights program. This program will enable temporary employees to sign simple contracts with their employers. This will allow the company and the city to keep track of the employees work history, and maintain timesheet. It will also register the part-time workers for the country’s four major social insurance programs.

The city will also offer a reward system service through this program. Notably, residents of Seoul will receive S coins for engaging in public services. After receiving these coins residents will redeem them for rewards. For a start, the city will use tax payments and participation in public opinion polls to generate the coins.

Thirdly, the city using the blockchain-based program will offer digital authentication of Seoul’s citizen cards. Lastly, Seoul will offer a blockchain-based service for submitting citizen’s qualifications without paper documents. This is in a bid to limit on forgery of paper documents in the region.

According the report, other programs not within the November deadline include; smart healthcare, donation management, and online certificate verification systems.

Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as SegWitCoin BTC coins. Altcoins, which value privacy, anonymity, and distance from government intervention, are referenced as dark coins.

Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.

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Product tracing and logistics make up majority of blockchain projects

Product tracing and logistics are the most common applications of blockchain technology by commercial enterprises in supply chain management.

Product tracing and logistics are the most common applications of blockchain technology by commercial enterprises in supply chain management. This is according to a new report by the University College of London. It also revealed that the grocery sector was the most dominant area of application, with over half the projects analyzed operating in the sector.

The comprehensive research was conducted by UCL’s Center for Blockchain Technology with the support of the Retail Blockchain Consortium. It analyzed over 100 projects including startups, corporates, consortia and governments that are implementing blockchain projects.

Nearly half of all the projects analyzed operate in the groceries sector. The major applications in this sector include for tracing, in logistics and financial transactions. With more consumers keen to trace their food supplies, retailers have flocked to blockchain technology to get a competitive edge. One of the most prominent platforms has been IBM’s Food Trust whose members include Walmart, Unilever, Albertsons, Nestle and Carrefour.

Healthcare and fashion were the other two major sectors in which blockchain technology was applied in supply chain management, the report revealed.

Significantly, the research found that 15% of the projects are in the production phase. This refutes claims by some skeptics that firms are only throwing about blockchain technology as a buzzword to attract investment. The majority of the projects were in the pilot phase, with a significant portion in the development stage.

At 45%, services was the most dominant sector utilizing blockchain technology. Commodities at 22% and retail at 14% were the other high ranking sectors.

The research also looked at some of the challenges hindering the adoption of blockchain technology in supply chain management. The first is tamper proof tagging. The tag is the key to unlocking the full tracing of a given product on the blockchain. Therefore, it must be completely secure to prevent tag cloning. While several solutions have been applied such as QR codes and radio-frequency identifications (RFID), the retail blockchain industry is yet to come up with a perfect solution.

Other challenges include the ambiguous legislative structure in most jurisdictions which have kept many potential blockchain clients at bay. Scalability is also a major hurdle. With over half of the analyzed projects relying on private blockchains, they have been unable to scale and meet the market demands.

Blockchain in supply chain management has grown rapidly, with a report by Allied Marketing Research predicting the industry to grow by 10,000% by 2025. Some of the major global brands that have adopted blockchain technology in their supply chains include LG, Brimhall, Target, Volkswagen, Pfizer and AmerisourceBergen.

Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as SegWitCoin BTC coins. Altcoins, which value privacy, anonymity, and distance from government intervention, are referenced as dark coins.

Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.

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Bitcoin (BTC) At the Top of Trading, Mining

On August 1, 2017, Bitcoin Cash (BCH) split off. The Bitcoin network itself went through fears of miners splitting off, based on their type of node and …

Bitcoin (BTC) is once again the leading coin – both in terms of mining and trading activity. In the past 10 days, an interesting trend was seen, as Tether (USDT) became the most actively traded coin. Now, BTC is fighting for the lead, with a slight advantage to Tether (USDT).

Both coins are in close quarters, with around 32% share of the entire crypto market, and it is a matter of a small difference for which coin would get ahead. The share of BTC increased as the asset continued to hike above $10,000 ahead of the weekend.

BTC traded at $10,464.47, up around 5% in the past 24 hours, immediately boosting its dominance over altcoins to 65.8%. BTC spent a week depressed around $9,500, but did not go the route of dropping to a lower range. Instead, the $10,000 level proved easy to reconquer.

Mining is still surprisingly strong for the Bitcoin network, with the hashrate hovering near its peak above 78 EH/s. On Friday, mining picked up again, reaching easily 77 EH/s, with the possibility for more records in the coming days. Mining is picking up, as the latest machines are currently highly profitable, even with the initial investment included. Chinese-based mining pools are taking up most of the hashrate, but smaller mining farms are also gaining.

The Bitcoin network keeps showing unusual strength after two years of dramatic hard forks. On August 1, 2017, Bitcoin Cash (BCH) split off. The Bitcoin network itself went through fears of miners splitting off, based on their type of node and signaling. However, neither Bitcoin Cash, nor the SegWit2X hard forks managed to damage the Bitcoin network.

One of the reasons for this is that despite the competitive mining, growing BTC prices meant the activity was highly profitable.

At this point, the Bitcoin Cash hashrate has remained relatively flat, and has in fact fallen in 2019. The mining activity for Bitcoin Cash is around 2.5 EH/s, more than 30 times smaller in comparison to Bitcoin. At some points in the past years, BCH mining attempted to gain on Bitcoin, but failed.

The other fork, Bitcoin SV (BSV), spawned in November 2018, also claimed to be “the real Bitcoin”. But so far, BSV has also hovered with a lower price and a hashrate of 1 EH/s, a fraction of Bitcoin’s activity.