The central bank digital currency (CBDC) has continued to enjoy wide use in China as residents and companies in the Fujian Province reportedly processed nearly $22 billion in digital Yuan (e-CNY) transactions from last year to date. The Fujian Province was one of several districts added to the country’s CBDC pilot phase last year. Fujian…
According to reports, two advocacy groups for cryptocurrency have submitted a request for tax reform in Japan. The group calls for reducing the tax on crypto earnings by 20%. The two groups include the JVCEA (Japan Crypto-Asset Exchange Association) and the JCBA (Japan Crypto-Asset Business Association). Both groups have been working to ensure better tax…
Two Senators in the US have released a new crypto tax bill that will make small cryptocurrency transactions tax-free. The latest Virtual Currency Tax Fairness Act will remove tax on capital gains for purchases below $50. US Senators Want to Make Crypto Transactions Below $50 Tax-Free As per the latest report, Senators are working to…
According to reports, a ministerial panel in India will meet next week. The purpose of the meeting is to discuss the GST (Goods and Services Tax) on crypto transactions. Indian Panel To Discuss Crypto Tax Beginning 28th Of June According to Bloomberg, the panel would comprise state and federal finance ministers. The report states the…
Recently, Tom Tate, Major of Gold Coast In Australia, mentioned crypto payment. The Mayor believes people can use cryptos to pay for local taxes. However, various officials have cited the issue of volatility as a significant obstacle. On the 5th of June, Tate told ABC News that; “The volatility in the crypto sector is not…
“Our fundamental concern is that numerous citizens accept their digital currency gains are tax-exempt or just available when the property is gotten the money for back into Australian dollars,” said the ATO official. The Australian Tax Office (ATO) said it can’t depend on crypto financial backers to monitor their crypto exchanges and benefits — although…
A Twitter poll has been initiated by Elon Musk, the CEO of leading electric car producing company, Tesla Inc. Through this poll, Musk has been seeking public’s/followers’ opinion whether he should sell Tesla’s stock which he is holding under ownership. He has given the exclusive right to more than 62.7 million of his followers to…
South Korea has been, for many, a country providing favorable circumstances for the crypto community. However, the recent steps of regulatory appear to be signifying otherwise. In this respect, sometime earlier, an announcement was made by South Korean officials stating their intention to charge a tax of approximately 20% on the transactions of cryptocurrency. Indeed,…
US’s Internal Revenue Services (IRS) is famous for using extraordinary methods if it is up to identifying the tax evaders. Such methods are actively been used against crypto owners in an effort to enquire from them how much worth of crypto is available with them. In addition, the authority wants to know whether such digital…
From next year onwards, every crypto transaction will be charged 20% as officials made their decisions public. Any bond or stock investors securing a capital gain of more than $45,000 will be taxed in 2022. Even the non-sales-based transfer will be fall under inheritance tax that could end up at 50%. Although the request for…
A lawmaker from the republican party in Ohio is setting legislation up in the senate that will reportedly prevent the evasion of taxes by US citizens on the earnings in the crypto market. Based on an interview with Squawk Box from CNBC, Senator Rob Portman said he desires to put up a bill to the…