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Crypto Bank Expands in India — Confident Government Will Approve Legitimate Use of Cryptocurrencies – Regulation Bitcoin News

Crypto Bank Expands in India — Confident Government Will Approve Legitimate Use of Cryptocurrencies – Regulation Bitcoin News

Crypto bank Unicas, a joint venture between Cashaa and United Multi State Credit Cooperative Society, has expanded its operations by opening another physical branch. The bank believes that the Indian government will introduce positive crypto regulation and not impose an outright ban on cryptocurrencies such as bitcoin.

Physical crypto bank Unicas has opened another branch, Cashaa announced last week. Unicas is a joint venture between crypto banking platform Cashaa and United Multistate Credit Cooperative Society. Noting that this will be the first of many branches in the city, the announcement details:

Unicas – the world’s first crypto financial institution with physical branches today opened in India’s capital, New Delhi. Unicas is banking on the Indian government introducing a bill to approve the legitimate use of cryptocurrency.

“We are proud to bring Unicas to the nation’s capital,” Unicas CEO Dinesh Kukreja commented. “Delhi is a key market for us and we look forward to opening many branches to service India’s rapidly growing crypto market in a regulated manner.”

The new branch is located at 611 A Devika Tower, Nehru Place, New Delhi 110019. This location is a short drive from the Parliament of India. The bank is headquartered in Jaipur and currently has one more branch located in Gujarat. According to Cashaa:

Unicas will continue to roll out its branches across NCT, Gujarat and Rajasthan. It plans to open 50 branches in 2021 and 100 branches by the end of 2022.

Customers will have access to a number of cryptocurrencies through Unicas, including BTC, ETH, XRP, and CAS, Cashaa’s native token.

Cashaa CEO Kumar Gaurav opined:

We are very confident that the government will create regulations that will reduce scams related to cryptocurrency, while encouraging its legitimate use. Such regulations will enable India to become a global leader in blockchain technology.

The Indian government is getting ready to introduce the cryptocurrency bill. It seeks to provide a regulatory framework for the digital rupee to be issued by the Reserve Bank of India (RBI) but ban private cryptocurrencies. The finance ministry recently confirmed that the bill is still being finalized. Meanwhile, the governor of the central bank revealed last week that the bank is working on the digital rupee and has communicated its concerns about cryptocurrencies to the government.

What do you think about Unicas opening more physical bank branches? Let us know in the comments section below.

bank branches, Bitcoin regulation, Cashaa, crypto bank india, crypto bank new delhi, crypto bill, Crypto regulation, indian crypto regulation, physical crypto bank, unicas, United

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Source: news.bitcoin.com

Author: Regulation

by
Kevin Helms


IRS Rules On Crypto Reporting Just Got Even More Confusing

IRS Rules On Crypto Reporting Just Got Even More Confusing

On March 2, the IRS updated the Frequently Asked Questions (FAQs) on Virtual Currency Transactions. The new FAQ provides that taxpayers whose only crypto transactions include the purchase of virtual currency with real currency need not answer yes to the question on the front page of the 2020 IRS Form 1040. This instruction is directly contrary to the plain reading of the simple question on cryptocurrency, which is highlighted in red here:

2020 IRS Form 1040 page 1

I’ve previously written about IRS enforcement of Crypto account holders here, here, and here. Uncovering crypto account holders is a key part of stepping up enforcement in this area, and as I explained just two weeks ago, the IRS is laser-focused on criminal and civil enforcement in this emerging area of taxation.

Both the 2020 IRS Form 1040 and the 1040 instructions provide that a taxpayer who engaged in any transaction involving virtual currency must check the “yes” box next to the question on page 1 of Form 1040. But the 1040 instructions provide a little more color, explaining that “A transaction involving virtual currency does not include the holding of virtual currency in a wallet or account, or the transfer of virtual currency from one wallet or account you own or control to another that you own or control.”

The FAQs released today provide:

Q5 of IRS virtual currency FAQs

Should crypto account holders who bought, but did not sell, virtual currency in the year 2020 answer “No” to the question based on this FAQ and the 1040 instructions?

I wouldn’t bet a single Bitcoin on it.

First, informal IRS guidance such as FAQs – and even the Internal Revenue Manual – can’t be relied on by taxpayers. Yes, you read that right. The IRS is allowed to and does publish guidance in the form of FAQs and the Internal Revenue Manual to assist taxpayers (and Revenue Agents) in navigating the web of tax law. But there is an abundance of caselaw that says taxpayers don’t have “rights” based on them and can’t try to enforce them. Eaglehawk Carbon, Inc. v. United States, 122 Fed. Cl. 209, 221 (2015) (noting that “it is beyond cavil” that I.R.M. provisions “do[ ] not have the force of law”); Fargo v. Commissioner, 447 F.3d 706, 713 (9th Cir. 2006) (noting that “[th]e Internal Revenue Manual does not have the force of law and does not confer rights on taxpayers”); Valen Mfg. Co. v. United States, 90 F.3d 1190, 1194 (6th Cir. 1996) (noting that [“[t]he provisions of the manual, however, only ‘govern the internal affairs of the Internal Revenue Service. They do not have the force and effect of law,’” quoting United States v. Horne, 714 F.2d 206, 207 (1st Cir. 1983)); and Marks v. Commissioner, 947 F.2d 983, 986, n.1 (D.C. Cir. 1991) (noting that [i]t is well-settled … that the provisions of the [I.R.M.] are directory rather than mandatory, are not codified regulations, and clearly do not have the force and effect of law.”).

Second, answering no to the question when the actual answer is yes based on the FAQ or instructions to the 1040, while technically correct, could lead to adverse consequences. Simply purchasing virtual currency does not create a taxable event. Even if no tax is due in year 2020, if a taxpayer answers no in 2020 based on the FAQ but then does not file a tax return for 2021, or files a tax return that omits a crypto transaction, rest assured that the IRS will argue that answering no in 2020 was evidence of intent to conceal the crypto. And for that matter, so will the Department of Justice, Tax Division. Even if a taxpayer is later vindicated, simply going through an IRS civil or criminal exam can be costly in time, emotional distress, and money on professional fees.

While common sense says it should be perfectly fine to answer “No” based on the FAQ, as a tax litigator who defends clients in civil and criminal tax disputes with the IRS, I’ll advise my clients who bought but did not sell crypto to answer yes, unless there is a compelling non-tax reason not to.

Source: www.forbes.com

Author: Guinevere Moore


Crypto Bank Expands in India — Confident Government Will Approve Legitimate Use of Cryptocurrencies

Crypto Bank Expands in India — Confident Government Will Approve Legitimate Use of Cryptocurrencies

Crypto Bank Expands in India — Confident Government Will Approve Legitimate Use of Cryptocurrencies

Crypto bank Unicas, a joint venture between Cashaa and United Multi State Credit Cooperative Society, has expanded its operations by opening another physical branch. The bank believes that the Indian government will introduce positive crypto regulation and not impose an outright ban on cryptocurrencies such as bitcoin.

Physical crypto bank Unicas has opened another branch, Cashaa announced last week. Unicas is a joint venture between crypto banking platform Cashaa and United Multistate Credit Cooperative Society. Noting that this will be the first of many branches in the city, the announcement details:

Unicas – the world’s first crypto financial institution with physical branches today opened in India’s capital, New Delhi. Unicas is banking on the Indian government introducing a bill to approve the legitimate use of cryptocurrency.

“We are proud to bring Unicas to the nation’s capital,” Unicas CEO Dinesh Kukreja commented. “Delhi is a key market for us and we look forward to opening many branches to service India’s rapidly growing crypto market in a regulated manner.”

The new branch is located at 611 A Devika Tower, Nehru Place, New Delhi 110019. This location is a short drive from the Parliament of India. The bank is headquartered in Jaipur and currently has one more branch located in Gujarat. According to Cashaa:

Unicas will continue to roll out its branches across NCT, Gujarat and Rajasthan. It plans to open 50 branches in 2021 and 100 branches by the end of 2022.

What future awaits cryptocurrencies?
GOODBAD

Customers will have access to a number of cryptocurrencies through Unicas, including BTC, ETH, XRP, and CAS, Cashaa’s native token.

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Cashaa CEO Kumar Gaurav opined:

We are very confident that the government will create regulations that will reduce scams related to cryptocurrency, while encouraging its legitimate use. Such regulations will enable India to become a global leader in blockchain technology.

The Indian government is getting ready to introduce the cryptocurrency bill. It seeks to provide a regulatory framework for the digital rupee to be issued by the Reserve Bank of India (RBI) but ban private cryptocurrencies. The finance ministry recently confirmed that the bill is still being finalized. Meanwhile, the governor of the central bank revealed last week that the bank is working on the digital rupee and has communicated its concerns about cryptocurrencies to the government.

What do you think about Unicas opening more physical bank branches? Let us know in the comments section below.

Source

Source: e-bitco.in

Author: adminhttps://e-bitco.in


Optimism Floods Back to Crypto As Bitcoin Passes $900 billion

Optimism Floods Back to Crypto As Bitcoin Passes $900 billion

Optimism Floods Back to Crypto As Bitcoin Passes $900 billion

The market recovery continued across crypto today as assets are enjoying renewed confidence from investors. 

Global market cap gained 5% in the last 24 hours, putting it back above $1.5 trillion. Total market cap has gained $200 billion in the last 48 hours after last week’s rout. 

Bitcoin is up 2% at the time of writing. Overnight its gains were as high as 8% thanks to reports Goldman Sachs is reopening its crypto trading desk after shuttering it during the crypto winter of 2018. 

There was also news that big Bitcoin buyers MicroStrategy had added another $15 million worth of the cryptocurrency to its already sizeable $4.3 billion stash. The Saylor Super Cycle theory appears to be continuing – more on that in another post.

The two day rally brings the world’s biggest crypto asset back above $900 billion, but it’s still someway from the dizzy heights of the $1 trillion mark it hit in mid February. 

Most projects in the crypto top 20 experienced a similar bump. Ethereum is up 5.3%, Binance 7.4%, and Chainlink 12.49%. The only noticeable exception was Cardano, which is down 5.45%. It’s performance over the past week has trended in the opposite direction from the rest of the market place.

The renewed confidence in the markets came as a direct result of the US Federal Reserve’s announcement yesterday that it will continue to buy at least $80 billion in government debt every month until America’s employment rate recovers and inflation reaches 2%. 

According to its projections, that could take years meaning money printing is likely to go on until around 2023. This open-ended spending helped tamper down those pesky Treasury Bond yield rates that rattled the markets last week, and lead to a surge in spending on assets in both the fiat and crypto markets.  

In the US, the Dow closed up, as did the S&P 500. The tech centric Nasdaq reported its best start to a month in a year, thanks to a boom in tech stock performance. 

Optimism Floods Back to Crypto As Bitcoin Passes $900 billion

Tech stocks rebound. IMAGE: Google

Apple closed up more than 5%, Tesla up 6.2%, Paypal, up 5.2% and Facebook up a smidge below 3%. Zoom is also up 10% after it posted earnings reports at the top end of expectation.

These “growth stocks” have ridden the COVID wave of unlimited Federal spending for nearly a year now, as investors looked to them to deliver better performance than the markets at large. 

And thanks to the words of support from the Fed, Apple et al are being eyed up as stocks with yet more growth to come. 

As we’ve seen previously crypto courts the same type of cyclical investors as those who have gone big on tech stocks in the last 12 montsh: buyers with an appetite for risk, short to mid-term investment horizons who are happy to spend as long as there’s a federal safety net to keep confidence high. 

Source: blockchainworld.media


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