BOBBY LEE DEFIANT AGAINST CHINA, EXPECTS BITCOIN TO HIT $100,000 IN 2018

Bitcoin China chief executive Bobby Lee remains defiant in the face of the Chinese government, saying that Bitcoin will continue to thrive and go up in value.

It’s always refreshing to come across a person who remains unbowed in the face of stiff opposition. One such person is Bobby Lee, the chief executive of Bitcoin China, the longest-running Bitcoin exchange in the world until it was shut down by the People’s Bank of China. Despite this, Bobby Lee remains defiant against the authorities in China by staying extremely optimistic on the future of Bitcoin.


On the same day that the People’s Daily, the media outlet for the Communist Party in China, said that cryptocurrency was a bubble, Bobby Lee was saying different to the Foreign Correspondents Club (FCC).

Lee remained defiant against Chinese regulators concerning Bitcoin and vigorously defended the cryptocurrency by stating:

Chinese are crazy about bitcoin because they love speculation, investment and making money. My advice to Hong Kong investors is to hold at least one percent of their assets in it, in the interests of diversifying their assets. Hong Kong is better than China, because you have no foreign exchange controls.


In spite of China’s actions against virtual currency, Lee remains extremely optimistic on the future of Bitcoin. He told the FCC that Bitcoin would reach a price of $100,000 in this year and would soar to $150,000 by 2021.

As for why Bitcoin will continue to go up, Lee says:

"The reason that it will go up is the inherent failures and limitation of the world’s monetary authorities. There is only a fixed amount that will be issued, 21 million. Currently, there are 16.5 million outstanding, with one-two million being added each year.

Such a fixed amount is unique, and different to currencies controlled by governments, which can issue more when they wish. Bitcoin is the first system of currency not regulated by governments or companies which can control how you spend it, even if it is, in theory, ‘your own money’."

Even though Bitcoin China is out of the crypto exchange business, Lee says that the company has forged ahead into other areas, such as MOBI and B2B. He concluded his remarks to the FCC by reiterating his unbridled support for Bitcoin, despite what Chinese authorities are doing against crypto, by saying:

"Let me give you the four mistakes in investing in bitcoin – be indecisive and wait to invest, do not buy enough, sell after making a small gain, sell after a panic crash … It is a new asset class and is meant to equal gold."

http://bitcoinist.com/fearmongering-msm-gets-wrong-south-korea-not-banning-cryptocurrency-trading/

A bitcoin investor sued the Huobi exchange to recover 400,000 yuan he lost while trading.


Wang Tieliang filed a lawsuit against Huobi and its two partners in Beijing to invalidate his bitcoin trades on the exchange. According to Wang, he deposited 1.4 million yuan at Huobi to speculate on bitcoin in October of 2016. But within a few months, he couldn’t handle the pressure to see himself losing money, and cashed out once and for all.

The plaintiff told the court that his trades at Huobi should be invalidated because bitcoin doesn’t exist:

"Bitcoin does not exist and is not a legal tender. Marxism says that a commodity  should have price and value and clearly bitcoin can not be classed as a commodity. Besides, bitcoin is not a real currency for it is not issued by the central bank. Therefore, it shall not be used to trade or as a payment method."

Huobi argued that Wang doesn’t understand what bitcoin is. And it’s not Huobi that traded with him, it’s other users at the platform. Huobi only serves as a third-party platform that has been operating lawfully. Huobi added that the price of bitcoin is decided by the market, not by the platform.

Another two Beijing-based companies pleaded that they only help Huobi receive users’ deposits. As such, they have nothing to do with Wang’s losses.


The People’s Court of Haidian District, Beijing dismissed the lawsuit, saying investors should be responsible for their own losses. The court judgement explained:

"When users trade bitcoin they are supposed to fully understand relative risks concerning it. They should invest only the amount they can afford to lose and undertake all responsibilities."

The court judge noted that bitcoin is not a commodity. It has no use value. The PBOC has no right to define bitcoin as a virtual commodity. And Huobi has no right to trade bitcoin. It can only offer trade services.

https://news.bitcoin.com/bitcoin-investor-sues-huobi-%C2%A5400000-in-losses/

First, Jamie Dimon of JP Morgan Chase says he regrets calling bitcoin a fraud. Now, legacy bank Goldman Sachs is formally recognizing how cryptocurrencies such as bitcoin could act as global money. 2018 might be shaping up to be the year bitcoin gets more mainstream than ever.


Bitcoin as Money, a proprietary research paper published internally by Goldman Sachs, argues, “Our working assumption is that long-run cryptocurrency returns should be equal to (or slightly below) growth in global real output—a number in the low single digits.” Eventually, “digital currencies should be thought of as low/zero return or hedge-like assets, akin to gold or certain other metals,” they claim. As a money in the way most people understand it, Goldman is open to the idea “in theory.”

The US legacy bank of banks, Goldman Sachs has been around 150 years. It existed decades before the Federal Reserve, and it has withstood many financial fads. Goldman employees go on to run the world, occupying the highest offices in governments. When it speaks on a subject, markets listen.

Goldman researchers Zach Pandl and Charles Himmelberg explain how their findings reveal in “recent decades the US dollar has served its purpose relatively well,” however, “in those countries and corners of the financial system where the traditional services of money are inadequately supplied, Bitcoin (and cryptocurrencies more generally) may offer viable alternatives.” Use cases aplenty can be found, from Zimbabwe to Venezuela.

“The widespread use of the dollar,” they continue, “outside the US — and full dollarization in some countries — suggests there is already demand for an internationally accepted medium of exchange and store of value.” Bitcoin ripeness.


Missing from their analysis is the yoke, heavy and planetary in reach, of the US greenback as the world’s reserve currency and store of value. It’s key to understanding the entire cypherpunk reasoning behind cryptographic money. With the US dollar comes the Fed system. That apparatus in turn is propped up by the US Treasury, which itself is kept insulated from monetary competition by the US military and judicial structures.

Missing from their analysis is the yoke, heavy and planetary in reach, of the US greenback as the world’s reserve currency and store of value. It’s key to understanding the entire cypherpunk reasoning behind cryptographic money. With the US dollar comes the Fed system. That apparatus in turn is propped up by the US Treasury, which itself is kept insulated from monetary competition by the US military and judicial structures.

https://news.bitcoin.com/goldman-sachs-recognizes-bitcoins-future-potential/

Warren Buffett, the billionaire investor behind Berkshire Hathaway, is still not sold on bitcoin.

In an interview with CNBC Wednesday, Buffett predicted the demise of cryptocurrencies, saying:

“In terms of cryptocurrencies, generally, I can say with almost certainty that they will come to a bad ending … When it happens or how or anything else I don't know.”

He continued to say he would bet on their price declining over the next five years if he could.

The noted investor further conceded he did not know a lot about bitcoin futures, but added that Berkshire Hathaway did not own any and would "never have a position in them."

Buffett's latest remarks come three months after he called bitcoin a "real bubble," and said investors would not be able to value the world’s largest cryptocurrency by market cap because bitcoin did not inherently produce value.

The bitcoin bear joins JP Morgan Chase chief executive Jamie Dimon in reiterating concerns about the cryptocurrency this week. While Dimon told Fox Business that he regrets calling bitcoin a “fraud” last year, he still does not believe in the cryptocurrency.

Shortly after his infamous comments, Dimon had doubled down, saying anybody "stupid enough to buy" bitcoin would "pay the price" for doing so.

https://www.coindesk.com/warren-buffett-cryptocurrencies-will-come-to-a-bad-ending/

I observe zonto team has some difficulties with adding their coin to coinmarketcup.com. What their arguments about refusing Zonto token from listing? Please push on them, overwhelm support department with a bunch of claims and bids, don`t let them breathe until they add token to main listing. It`s joke partially, but what arguments they use, just interesting?

Hm, Public beta, sounds interesting. During last days browsing on cryptonews sites i`ve seen a lot of eSports advertising banners and promotion articles. It seems their German CEO knows a lot about creating profitable and working business.

Неуфанд ищет таланты и нанимает персонал. Список вакансий доступен по адресу https://neufund.org/careers/. Сейчас конечно пошел дамп на эту монетку из-за растущего ефириума, но хочется думать что она подымется, так как сам Бутерин носит их наклейку на нотбуке. Да и немцы пилят проект, то как они сразу же выплатили баунти людям уже много говорит об их порядочности.

Neufund is looking for talents and hiring.  New job listings available on https://neufund.org/careers/. And also there will be a MAMA's first meetup in Zurich, Switzerlandin  on Jan 16th, , where Neufund may took part, and if you are investor, it`s your chance to talk with CEO Zoe​ ​Adamovicz, ask some questions about project.

Ребята, сегодня в 12:00 PM EST произойдет интересное событие. Pillar покажет демо версию своего веб кошелька. Уже в течении этого года он должен частично забрать аудиторию у MyEtherwallet. Как мы все знаем, веб кошельки очень подвержены влиянию скомпроментированных приложений, расширений, фишинга и прочего. Ожидается до нескольких миллионов скачиваний Pillar к концу года.

Онлайн трансляция:
https://www.youtube.com/watch?v=JGtTlPy15_4&feature=youtu.be

Don`t forget, today, at 12:00 PM EST, pillar team will show us their progress and demo wallet.  I see no reason to doubt it, we will see something huge. That is why 99% of all investors holds firmly their pillar tokens (see coinmarketcup). People tired from web wallets, which can be phished or compromised. It`s time for the future.

Link to online translation:

https://www.youtube.com/watch?v=JGtTlPy15_4&feature=youtu.be

Red & Yellow, a well-known business and creative school in South Africa, believes it is pioneering its payment methods by allowing their student to enroll on a bankroll of Bitcoin.

There have been rumblings around universities and other tertiary education centers globally when it comes to Bitcoin and payments, and this instance in South Africa seems to reinforce the notion that Bitcoin is ingrained in the millennials.

This is a first for any tertiary education center in South Africa, but not globally. A Swiss University kick-started the trend, but when it comes to Africa, this represents a giant leap forward.


African citizens have forever battled against the colonial system that has left them scrambling to keep up, both in terms of finance and education. While the level of education continues to rise, it is developments like this, with digital currencies such as this, that marks a potential for Africans to do some leapfrogging.

The fact that digital currencies do not discriminate, nor have any prejudice when it comes to their use, makes them not only ideal for a youthful market, but also one for those who have been let down badly by western-style Banks.


Business schools, tertiary education centers and universities alike are essentially in place to prepare students for the future, and to this end, there is an integration of a potentially global future currency that seems at home in this setting.

Bitcoin, as the leader in the adoption of digital currencies, is not only an interesting case study and sector for study - with regards to the Blockchain - but it is making its real-world impact felt with those who could be shaping the future.

“The world is changing rapidly, as are our students and it’s our responsibility to ensure we are serving their future-focused needs,” said Rob Stokes, chairman of Red & Yellow and founder of digital agency pioneer, Quirk.


While Wall Street and other institutionalized money investors may be chanting ‘bubble’ whenever Bitcoin is mentioned, the youth of today thinks differently.

To that end, Quirk has noted that this market, of students and youngsters who are venturing into investing with Bitcoin as their first time, should be given a chance to use their earnings.

“The reality is that Bitcoin is here to stay and with many youngsters having made a good return on their investment in cryptocurrencies, they now want to use this digital cash to invest in their education, as future leaders.”


It is not only a positive for students to be able to pay for their education with Bitcoin, but it is good for the faculty.

Youngsters who may never have had a college fund or even money to go to university now have a direct route in which to spend any gains they have accrued from savvy investing.

Professor. John Simpson, former head of management studies at UCT, who is now leading the same faculty at Red & Yellow, said:

“Not only will this make our offerings more accessible to the public – individuals and organizations – but it will set us apart on an international scale, regardless of the market.”


A trend seems to be developing in this space which caters for what must be cryptocurrencies’ biggest market - the 18 to 20-somethings. Those entering university are the majority in an age bracket that are firstly drawn to cryptocurrencies, and secondly, a bracket that is shaping the future.

It would go hand in hand then that tertiary education centers make their services available in Bitcoin as they have the captive market, and that market is economically freeing themselves through digital currencies.

https://cointelegraph.com/news/equipping-youth-south-african-business-school-accepts-bitcoin

¥300 Million: Japan’s First Crypto Fund to Invest in Bitcoin, Cryptocurrencies

Japanese financial information provider Fisco will launch a cryptocurrency fund worth over300 million yen ($2.66 million) to invest in bitcoin and other cryptocurrencies this month.

Tokyo-based Fisco, a research and information prover covering stocks, foreign exchanges, bonds and commodities within and beyond Japan, is set to open an investment fund specific to cryptocurrencies. According to a Nikkei report, the information provider will invest its own money aside from raising capital from other two unnamed publicly-listed FinTech companies with a launch target of over 300 million yen (approx. $2.66 million).

The first-of-its-kind fund in Japan will focus on investments in bitcoin and other cryptocurrencies and is reportedly set to launch before the end of January. Fisco is aiming for a target of 20% in investment returns from the fund, every year.

Further, the fund will also seek to make profits through arbitrage opportunities by looking into price differentials of cryptocurrencies among domestic and foreign exchanges.

Fisco has been an early mover in researching and adopting cryptocurrencies. Earlier in August 2017, the information provider’s cryptocurrency unit issued three-year debt worth 200 bitcoins (approx. $800,000 at the time), to another firm under the Fisco group. Fisco’s chief product officer Masayuki Tashiro revealed the intent of the cryptocurrency debt sale was to explore the bitcoin bonds’ potential as a viable fundraising tool. The deal, also thought to be the first of its kind in the country, followed legislation in April that effectively recognized bitcoin as a legal method of payment in the country.

Tashiro said at the time:

“We expect that bitcoin will eventually be recognized as a financial product.”

If bitcoin were to be included as a financial instrument under local laws, it would boost Fisco’s business with new financial offerings. “If we play a role of arranger, we could earn fees,” Tashiro added.

Fisco isn’t alone in having bullish expectations for bitcoin as a financial instrument in Japan. MUFG, Japan’s largest financial institution, is gearing to launch a service to secure bitcoin adopters against losses suffered by cryptocurrency exchanges. Mitsubishi UFJ Trust, the group’s trust bank, has already applied for relevant patents and is geared for a tentative launch in April 2018, after Japan’s financial regulator recognizes bitcoin and other cryptocurrencies as financial assets akin to securities and real estate that can be placed and secured in a trust.

https://www.ccn.com/%C2%A5300-million-japans-first-crypto-fund-invest-bitcoin-cryptocurrencies/

One of Wall Street's biggest bitcoin bulls says the cryptocurrency could "easily double" or even triple in 2018.

In August 2017, Tom Lee, co-founder and head of research at Fundstrat Global Advisors, predicted bitcoin's rally above $10,000 and declared that the digital currency would outperform equities through the end of the year. Sure enough, bitcoin rallied to a high near $19,800 in December, with its performance widely outpacing stocks.

Since that high, however, the cryptocurrency has fallen 25 percent, trailing stocks, gold and oil, which are up a respective 3 percent, 5 percent and 10 percent during that period.

Despite the drop, Lee is still pounding the table on the cryptocurrency.

"Even on a risk-adjusted basis, I think bitcoin is going to easily outperform the S&P," Lee said Tuesday on CNBC's "Futures Now." "On a long-term basis, [the easiest way to look at bitcoin is] as a replacement or a store of value," he said. "So as millennials discover and generate income, they're going to use it as a replacement for gold."

Investors have quipped that the bitcoin boom could be taking market share from gold. Over the last year as bitcoin surged about 1,535 percent, gold has been tethered around the $1,300 level.

"If [bitcoin] gets 5 percent of the gold market, that's roughly $50,000," he added. That's a more than 200 percent move from where bitcoin is currently trading.

On a near-term basis, Lee expects bitcoin to reclaim its December high. "We think that by mid-2018, we're going to be part of the way there, and that's why we get [bitcoin to $20,000]," he said. "If [bitcoin] can actually rise close to [that $20,000 level] in the first half of this year, I think in the second half of 2018, we'll see a move bigger than that," Lee said. "So I think bitcoin is still something you should own [all year]."

Despite its underperformance in the past month, bitcoin is still up 15 percent in the first few days of 2018.

https://www.cnbc.com/2018/01/09/bitcoin-could-easily-double-in-2018-says-fundstrats-tom-lee.html

An official at Iran’s biggest bank called for bankers to use digital currencies themselves and design a domestic digital currency.


Masoud Khatouni, the deputy for information technology and communications network at Bank Melli Iran (BMI), has come out in favor of cryptocurrencies. According to the bank official:

Iran must formally recognise activities using digital currencies as they are currently shaping the future of banking. Banks themselves must also enter this field to use them.

The BMI officialIranian Banker Calls for Cryptocurrency Acceptance believes that his nation could benefit from digital currency, particularly as they have a history of dealing with the burden of economic sanctions. He stressed that there should be “no limitations” on the use of digital currencies. “I ask central bank officials to refrain from creating restrictions for digital currencies by way of laws and regulations, because based on the current realities of the world, they have taken form and the Iranian people have also moved toward them,” said the banker.


The bank official’s stance is markedly different from other prominent bankers in Iran. Both the Central Bank of Iran (CBI) Governor Valiollah Seifand and head of its Innovative Technologies Department Nasser Hakimi have recently urged people to exercise utmost caution when dealing in cryptocurrencies, especially with the most well known: Bitcoin.

Last December, member of parliament Mohammad Reza Pour-Ebrahimi reportedly said that Bitcoin and other digital currencies were not in line with the nation’s religious beliefs and therefore caution must be exercised:

Deals and transactions made through Bitcoin are in no way in accordance with Islamic and economic fundamentals, therefore related entities, especially the central bank, must exert the necessary supervision over these deals.

But in continuation of his support for the use of virtual currencies, Khatouni believes that his nation could benefit from digital currency, particularly as they have had a history of dealing with the burden of economic sanctions. He suggested that the central bank should create a group to integrate digital currencies into their banking practices and to devise regulations based on the global experience.


Khatouni believed that digital currencies are entering the banks silently, but most banks remain oblivious to their presence. “The more time it takes for digital currencies to formally enter the country, the more damage it will inflict,” warned the BMI banker.

Despite warnings from Iranian regulators, Coindance data shows that cryptocurrency trading in the country has surged amid its political turmoil. “Many people inside the country are currently engaged in buying and selling digital currencies such as Bitcoin,” said Khatouni. “We must not let things continue, which will force them to deal in it secretly and for that we need to devise comprehensive, precise and transparent rules and regulations for the use of digital currencies.”

The central bank is expected to make its stance regarding cryptocurrencies clear as part of a regulatory framework by the end of the first half of the next Iranian fiscal year in September.

https://news.bitcoin.com/iranian-banker-calls-for-cryptocurrency-acceptance/

Israel’s central bank has said it will not recognize cryptocurrencies like bitcoin as a currency nor a foreign currency as it does “not fit the legal definition” nor “fill the main functions of currency.”

In a speech on Monday, Bank of Israel deputy governor Nadine Baudot-Trajtenberg revealed the central bank’s official position on the recognition and regulation of cryptocurrencies like bitcoin. The central bank official also admitted fielding a number of public complaints about banks making it difficult to move fiat money from their accounts to purchase cryptocurrencies while adding it would be “difficult” to issue regulations for cryptocurrencies.

Pointedly, she stated:

“Bitcoin and similar virtual currencies are not a currency, and are not considered foreign currency. The Bank of Israel’s position is that they should be viewed as a financial asset, with all that entails.

The official was speaking at a finance committee meeting specifically convened to address the increasing adoption and use of cryptocurrencies.


“Bitcoin and similar currencies do not fit the legal definition of a currency or foreign currency,” Baudot-Trajtenberg said, arguing that they do not fulfill the core functions of a currency. The measure of confidence from its users is a critical element of a currency, the central bank said, stressing that this confidence only comes from a currency deemed legal tender with legal backing.

She added:

“[A currency] fulfills the functions ascribed to it in the economic literature—a unit of account,  an mean of payment,  and stability that enables it serve as a store of value.  None of these exist with Bitcoin or similar currencies, which are characterized by higher volatility, difficulty in making transactions, and a lack of certainty regarding the parties that stand behind it.”


Addressing customer concerns about using their fiat money to buy cryptocurrencies, she stressed that banks face compliance risks, particularly when fiat funds swapped into cryptocurrencies “may be used to launder money, finance crime and so forth.”

A citizen who transfers his fiat money “to an exchange where virtual currencies are sold may later transfer the money anonymously to any unreliable party in Israel or abroad,” the deputy governor reasoned, claiming the bank will have to bear responsibility in such a scenario. This, she added, is why banks must define their own parameters in providing services to customers interested in adopting cryptocurrencies. As such, she absolved the central bank of weighing into the matter and having a say in how banks manage their customers’ cash, when they’re interested in cryptocurrencies.

She stated:

“[A]s far as we know, no banking regulator anywhere in the world has issued guidelines to the banking system on how to act in relation to customers’ activity in virtual currencies.”


While the central banker stressed that the government bears no responsibility for investors in bitcoin and other cryptocurrencies, committee members from the panel urged authorities to develop regulations to embrace cryptocurrencies quickly.

According to Israeli publication Haaretz, panel chairman Moshe Gafni notably said of bitcoin and emerging financial technologies:

“There seems to be a great possibility that they [cryptocurrencies] will become central to our financial lives.”

The chairman called on the central bank and other regulators to turn in a report on how to develop a regulatory framework for bitcoin and other cryptocurrencies within a month. Details of an upcoming pivot to regulating – in essence recognizing – bitcoin and cryptocurrencies are currently unknown.

The central banker’s remarks on cryptocurrencies come in the weeks following a marked threat by Israel’s capital markets regulator who proposed a ban on cryptocurrency companies trading on the Tel Aviv Stock Exchange, Israel’s only public stock exchange.

Meanwhile, Israeli authorities are also working on a state cryptocurrency dubbed the ‘digital shekel’ that will be identical in value to its fiat currency.

https://www.ccn.com/israel-central-bank-refuses-recognize-bitcoin-currency/

The US government has been approved by a federal judge in Utah to sell 513 Bitcoin and 512 Bitcoin Cash seized from an investigation involving Aaron Michael Shamo, a dark web dealer.


The U.S government is expected to sell all crypto assets of Aaron Michael Shamo（Shamo）following his recent arrest, including approx. $10 million worth of Bitcoin (BTC) and Bitcoin Cash (BTC).

On May 31, 2017, Shamo along with other dark web operators including Drew Wilson Crandall, Mario Anthony Noble, and Sean Michael Gygi were found guilty of conspiracy to distribute a controlled substance, aiding the importation of a controlled substance, intentional adulteration of drugs, use of the US mail in drug trafficking, conspiracy to commit money laundering, and engaging in monetary transaction in property derived from specified unlawful activity.

When the dark web operators were found guilty of the charges filed by the FBI, the Bitcoin and Bitcoin Cash holdings of the criminals were seized and moved to the custody of the United States Marshals Service (USMS).

The US government expressed its concerns over the high volatility rate of the crypto assets, suggesting they would rather sell the coins instead. Moreover, the US government stated that it is costly to securely store the seized coins in the official court document released and approved by Utah district judge Dale A. Kimball.

"The vehicles (BTC and BCH) have been seized and are in the custody and control of the United States Marshals Service. Every month, the USMS is accruing $465 per month in storage fees for these vehicles. The total expenses for these two vehicles currently is $5,010.70."


Last October, it was disclosed that the US government sold 144,336 BTC at a price of $336 per bitcoin after shutting down the Silk Road. The total value of the seized coins were sold at $48.5 million. Had the government possessed them in patience, however, they would be worth $2.4 billion at current value.

In the next few weeks, the US government is expected to proceed with the sale of the 513 BTC and 512 BCH at the current value of around $9.4 million.

https://news.bitcoin.com/us-government-sell-bitcoin-seized-dark-web-dealer/

The Indian government has been cracking down on cryptocurrency-related tax evasion. While the tax authority has notified crypto exchanges and wealthy traders that they must pay taxes, no clear guidelines have been provided. Indians are confused about how cryptocurrencies are taxed and seven bitcoin exchanges are asking the regulators for clarification.


The Indian National Tax Service has recently inspected top cryptocurrency exchanges as well as sent out notices to wealthy crypto traders informing them to pay taxes. However, the government has not issued guidelines on how cryptocurrencies are taxed, leaving crypto users and exchanges confused.

The Authority for Advance Rulings (AAR) is the country’s adjudicatory body on tax matters. It consists of a retired judge of the Supreme Court and two members, one from the Indian Revenue Service and the other from the Indian Legal Service, its website describes.

The India Times reported on Friday that the country’s top seven bitcoin exchanges including Zebpay, Unocoin, Coinsecure, and Btcxindia are planning to ask the AAR for clarification. “At least one bitcoin exchange has already filed an application with the Maharashtra AAR for future tax liability,” the publication quoted sources with direct knowledge of the matter, adding that:

The tax department is currently researching the concept since bitcoin is a very complex subject.


“The question for many bitcoin players is whether GST is applicable on the total revenue or on the margins they earn,” explained Abhishek A Rastogi, a partner at Khaitan & Co law firm, noting that:

This is mainly because the tax authority must give clarity on whether bitcoin exchanges are selling goods and services, or are mere trading platforms that earn margins.

Meanwhile, the country’s “indirect tax department is already looking at ways in which bitcoins can be brought under GST,”  the publication detailed. Furthermore, the sales tax department and VAT authorities have also launched their own investigation on the taxability of bitcoin.

“For the exchanges, the rate could depend on what the authorities deem bitcoins to be — goods, services or currency,” the news outlet elaborated. “If bitcoin is held to be a currency, there will be no GST. If it’s a good, then a tax of 18% could be levied, and 12% if deemed to be a service.”

https://news.bitcoin.com/indians-crypto-taxation-exchanges-government-clarify/

It is stated on GatCoin website that presale already closed now. Project raised almost 10$ mln. Looking forward for 14 January, when main ICO will take place.

Пресейл прошел весьма удачно.

https://icodrops.com/pre/gatcoin/

Ждем 14 января и начала основного ICO.

Info from their twitter:

"Centra is NOT effected by the Wavecrest issue that others are facing. Our cards continue to work worldwide and are shipping weekly. Order yours today! Thank you."

Don`t worry, be happy.

Also, Centra`s first AMA of 2018 will be held on Monday, Jan. 8th.

https://www.reddit.com/r/CentraTech/comments/7ocu2l/centra_tech_reddit_ama_monday_jan_8th/