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Ukrainian Ministry of Finance make new proposition; Cryptocurrency like Bitcoin [BTC] can become taxable

Ajay Narayan

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Ukrainian Ministry of Finance make new proposition; Cryptocurrency can become taxable
Source: Unsplash

Recently, Ukranian Ministry of Finance proposed a Tax Bill for Digital Currencies. According to the official announcement, the ministry will establish two working subgroups to discuss and develop the problems regarding taxation of cryptocurrency transactions.

Furthermore, the findings by the working groups would be presented to the Expert Council in order to prepare general tax consultations during the fourth quarter of the current financial year. They added:

“In order to assess the possibility of preparing general tax consultations on the current legislative basis or defining the concept of changes to tax legislation”

The ministry further invited profile specialists and various experts to participate in developing these general tax consultations.

In the month of September, the parliament of Ukraine proposed a bill which stated that the government could tax operations related to the cryptocurrency assets. The report stated that 23 officials from the government initiated the tax bill. Furthermore, organizations and individuals with access to virtual assets like cryptocurrencies and tokens would be charged 5% of tax.

Any business with a cryptocurrency related profit would be charged with 18% of tax. These were the standard tax rates applied to any corporate or individual entity in Ukraine.

The National Bank of Ukraine had been considering to create their own cryptocurrency based on Hryvnia, the country’s national currency. Electronic Hryvnia was the proposed cryptocurrency which would come under the Ukrainian national payment system. According to the officials from the bank, the main aim of Electronic Hryvnia was to reduce the circulation of fiat currency.



Moreover, Blockchain & Bitcoin Conference which was recently held in Kyiv, Ukraine focused on the initiative taken by the government towards regulating cryptocurrencies and blockchain technology. The conference was dedicated to businessmen, developers, marketers, and investors.

The main aim of the conference was to introduce blockchain technology in various industries ranging from public administration to retail management. In addition, they covered the technical solutions on blockchain along with the promotion of ICO’s and cryptocurrency related projects.





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Ajay Narayan is a full-time journalist at AMBCrypto. He has majored in Economics, Political Science and Sociology. His interests are inclined towards writing and investing in cryptocurrencies.

Ethereum

Ethereum [ETH]: Samsung planning to create its own ETH-based blockchain; may issue own token soon

Akash Anand

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Ethereum [ETH]: Samsung in the works to create its own ETH-based blockchain, may issue own token soon
Source: Pixabay

The mainstream adoption of cryptocurrencies and blockchain technology has come a long way, with many financial and non-financial institutions now entering the mix. Technology giant, Samsung, is not new to the field, as the South Korean organization previously blew up the cryptosphere by meshing crypto with the launch of the company’s latest flagship device, the Galaxy S10.

Latest reports now suggest that Samsung is getting more serious about virtual assets, as the company might be on its way to create its own Ethereum [ETH]-based blockchain network, with the prospect of launching its own cryptocurrency token in the near future. An anonymous official from the organization stated,



“Currently, we are thinking of private blockchain, though it is not yet confirmed. It could also be public blockchain in the future, but I think it will be hybrid—that is, a combination of public and private blockchains.”

Sources from within the company added that blockchain technology is being developed by the wireless technology division of Samsung. Despite the fact that it has not been confirmed as to what devices will provide support for the blockchain, a company official revealed that “some models are being tested for it.”

Samsung’s tryst with Ethereum has been ongoing for quite some time now, with previous developments suggesting that Ethereum could be vulnerable on the S10 device. This was evidenced by a video put out by a user ‘darkshark’ on Imgur, in which it was shown how easy it was to crack the phone. Darkshark stated,

“This brings up a lot of ethics questions and concerns. There’s nothing stopping me from stealing your fingerprints without you ever knowing, then printing gloves with your fingerprints built into them and going and committing a crime.”





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