Daily Crypto Digest - India Raids exchanges- notifies users, Korea crypto teams up with big data and banks, Korean Tax roll out massive 24.2%
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India Raids exchanges, sends out notice to users
Some crypto users in India received this notice recently.. It speaks for itself. Tax is here, whether we want to accept it or not. Unless ZClassic, ZCoin, or Bitcoin private opt for 100% zero knowledge transactions as STANDARD.. There's no way around this.
Be safe. Prep your books.
https://twitter.com/ZMadon/status/955106595905585153
Photo Credit: News.bitcoin.com
Korean Banks team up big data with crypto
The South korean government announced that 6 major banks are ready to provide crypto exchange services next month. Which requires users to share their data with banks.
an FSC official said,
Banks are expected to introduce the system, which will require cryptocurrency exchanges to share users‘ transaction data with banks, late this month or early next month.
This system will take place on Jan 30th. It is to record for taxation and is in accordance with Anti-Money Laundering guidelines.
As the government is able to access virtual currency transaction information, it will speed up taxation based on this information.
Photo Credit: cointelegraph.com
South Korea Tax Crypto 24.2%
This includes 22% corporate tax, and 2.2% local income tax.
This is in correlation, and a direct result of financial earnings report where south Korean banks showed commissions on cryptocurrency earned 36x more than traditional banking.
The announced tax % is in line with the South Korean normal tax code.
But, is this too high? This is not a business, this is an asset.. How would you feel if every time you moved your dollar 24.2 cents was taken out?.. I'm hoping to see some push back from the South Korean crypto community!
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This is another case of Govt's attempt to kill crypto. They are afraid of the death of their fiat tax machine!
Actually, they are looking at ways to incorporate blockchain technology within the framework of a private network and switching to a cryptocurrency as part of the smart economy being pushed as a control system. Bernanke is a fan of blockchain technology and considers the power they could have with cryptocurrency where they can just empty your wallet for whatever reason like you are not being a good citizen. These guys do not care about fiat currency, what they care about is power, and money is just a means to that end. If they can have more control over you via cryptocurrency they will switch in a heartbeat.
Peace
#daemon-nice
Jeez, this is the way the bangsters get into the crypto pockets ?
Not with me.
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