UK Looking at Bitcoin Blockchain to Track Taxpayers Money
The UK Government is exploring the Blockchain as a possible way to increase efficiency. The digital currency, Bitcoin’s distributed ledger may help distribute taxpayers’ money as well as grants and student loans. On Monday, at a Blockchain networking event in London, cabinet minister and paymaster general Matt Hancock said that the Blockchain could “foster a new level of trust”. "Government cannot bury its head in the sand and ignore new technologies as they emerge, said Hancock. - That is partly what happened in the past in government with the web ... We cannot let that happen....
Related News
Taxing bitcoin something that is considered to be one of the biggest headaches known to cryptocurrency users. Not only is it a nightmare to keep track of buys and sells, along with all incoming and outgoing transactions, there's also a debate on whether or not cryptocurrency users should even care about taxes. Regardless of the brewing controversy, the fact remains that it's near-impossible to keep track of the numbers efficiently under the current systems. Libra saw the trouble and is releasing their LibraTax software to the public to help keep the books in line. It's an easy-to-use....
According to a report, the South African Revenue Service (SARS) has sent out audit requests to taxpayers asking them to disclose their cryptocurrency trades and purchases. Taxpayers that fail to correctly disclose their income from bitcoin or other cryptocurrencies may be “liable to a fine or imprisonment for up to two years.” SARS Tracking Non-Compliant Taxpayers In the report, which is based on statements made by Tax Consulting South Africa, cryptocurrency traders are now required to state the purpose for purchasing the digital assets. In addition, crypto traders must submit....
The American Internal Revenue Service (IRS) has issued an FAQ sheet to provide guidance on how US taxpayers should report their transactions in Bitcoin, in accordance with the government's recent decision to treat the cryptocurrency as property instead of money. As could probably be expected, what the US government expects for its Bitcoin-using taxpayers to remain strictly legal is an absolute bookkeeping nightmare. Here's a breakdown of the information provided in the report, creatively and memorably titled Notice 2014-21: Bitcoin transactions will be taxed as property transactions. In....
US Congressman Tom Emmer is pushing for safe harbor legislation to protect taxpayers with forked coins. A bill entitled “Safe Harbor for Taxpayers with Forked Assets Act of 2021” has been introduced to prohibit “penalties against taxpayers attempting to report certain gains or losses on ‘forked assets’ until the IRS issues sufficient guidance on how to do so.” Bill Aimed at Protecting Crypto Investors Introduced The office of Congressman Tom Emmer announced this week that the congressman has introduced the bill entitled “Safe Harbor for Taxpayers....
Airlines and travel enterprises continue to spend billions of dollars to gather payments while losing over a billion a year to credit card fraud. CoinTelegraph talked to blockchain modernizers about the application of a “frictionless” loyalty ecosystem. The key payment and fraud-related topics will also be discussed at the 10th annual Airline & Travel Payments Summit (ATPS), co-hosted with UATP. This event will take place in Barcelona on April 26-27 and will offer three conference tracks: Payments Track, Fraud Track, Travel Agency & OTA Track. Gregory Simon, CEO and co-founder at....