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Canada Auditing Cryptocurrency Investors

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The tax collection service of Canada, CRA i.e. the Canada Revenue Agency has started auditing the cryptocurrencies' investors.

According to a recent report, the tax collection service of Canada, CRA i.e. the Canada Revenue Agency has started auditing the cryptocurrencies’ investors.

The report states that the tax collection agency has sent extensive questionnaires to the crypto investors in perspective of the activities done by them in crypto space for the last few years. This extensive questionnaires has around 54 questions as well as sub-questions and is of 14 pages.

When asked about the criteria of selecting the files for this audit, the officials of the Canada Revenue Agency declined to answer by saying that they couldn’t disclose the criteria as this might violate the integrity of their risk assessment systems.

The questionnaires aim to clarify many important facts about the crypto investments of crypto investors. It has several questions like how they bought the digital assets, what was the medium of this purchase, do they use services/tumbers like mixing of the digital coins etc. It also includes queries like have they purchased/sold the cryptocurrencies on the exchanges like  ShapeShift or Changelly. It must be noted that the two mentioned crypto exchanges allow the investors to buy/sell the cryptocurrencies with no disclosure of the identity of the customer.

Canada Revenue Agency started imposing taxes on the cryptocurrencies six years ago in 2013. It further established a unit for cryptocurrency taxation in 2017. The main idea behind the establishment of this separate unit was to collect intelligence and conduct audits related to crypto market risks. This organization closely monitors crypto related activities in the country. As per some sources, the organization view the digital currencies as a commodity, hence it is liable to be taxable as other business income or capital profits,

Canada Revenue Agency directs all the crypto investors of the country to file their tax returns before April 30. For self-employed can file it till June 15. There has been a lot of software which allows the crypto investors to calculate the taxes on their crypto assets. TurboTax is one of the popular such software. It allows the user to calculate tax from their assets from exchanges like  Coinbase, Gemini, and Poloniex. Recently, Ernst & Young launched a similar tool named, EY Crypto-Asset Accounting and Tax for calculating taxes of crypto investors.

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Alert: GotSatoshi Reveals the Real Identity of Satoshi Nakamoto?

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A new website called GotSatoshi now claims to know the real identity of the founder bitcoin Satoshi Nakamoto.Here is what they revelead.

The identity of Satoshi Nakamoto is one of the biggest secrets in the world, especially in the cryptocurrency industry. A lot of people have speculated the real identity of the bitcoin founder and some people such as Craig Wright has even self-proclaimed themselves to be Satoshi Nakamoto. A new website called GotSatoshi now claims to know the real identity of the founder bitcoin Satoshi Nakamoto.

 

Where in the world is Satoshi: The Countdown ends

The website ran a countdown and also posted on their official twitter account claiming to know the real identity of the founder of bitcoin.

 

The countdown which ended just a few minutes back (from the time of publication) revealed a video which is actually marketing a news website called PaiNews. It seems that it was just another joke or a method of fooling and attracting traffic to the website.

 

What are your thoughts on such lame jokes or methods of attracting traffic? Tell us in the comments section below.

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Kevin O’Leary from Shark Tank calls Bitcoin: Garbage and a Useless Currency

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During an interview with the CNBC, Kevin O'Leary from Shark Tank said that according to him Bitcoin is garbage and a useless currency.

During an interview with the CNBC, Kevin O’Leary from Shark Tank said that according to him Bitcoin is garbage and a useless currency.

 

Kevin O’Leary calls Bitcoin Worthless

Famous as the founder of Softkey, a startup that earns annual revenue of around $29 million and a host on the American business reality series Shark Tank, Kevin O’Leary is a celebrity amongst the business class in the United States of America.

 

During the interview published on 14th May 2019, Kevin expressed his thoughts over the king of cryptocurrencies bitcoin and called it a useless currency as the people who accept it just wants to hedge against the high volatility of the virtual currency. This comes in the midst of the current bitcoin surge as the virtual currency doubled its value in just a few days from below $4000 to more than $8000.

 

Kevin also explained why he has such negative views on bitcoin giving the instance of how once he tried using bitcoin for a real estate transaction in Switzerland. He said that it is not possible to get in and out of bitcoin while transacting in huge amounts.

 

He also gave an example stating that if one wants to buy real estate in Switzerland for $10 million. The seller wants a guarantee that the value comes back to him as currency at ten and the buyer has to hedge the risk of the cryptocurrency, hence it is not a real currency. Kevin said that the seller or the receiver would never want to take the risk of such high volatility and thus BTC is worthless.

 

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Amazon Owned Whole Foods, Other Big Retailers Start Accepting Bitcoin

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Whole Foods, which is owned and operated by the e-commerce giant Amazon and other big retailers are now going to accept payments in bitcoin.

Whole Foods, which is owned and operated by the e-commerce giant Amazon and other big retailers are now going to accept payments in bitcoin.

 

Whole Foods and Others accepting Bitcoin using Spedn:

A company called Flexa in collaboration with Gemini exchange which is owned by the Winklevoss Twins has managed to persuade a lot of big retailers including Nordstrom, Crate and Barrel & Whole Foods to configure the same scanners that they are already using for payments from other digital wallets like Apple Pay to work with their cryptocurrency payments app called Spedn.

 


Everything is handled on the backend of the application so that the cashier need not even have heard of bitcoin, let alone understand how to manage payment in cryptocurrency. The merchant has the choice in receiving immediately converted fiat or actually taking and holding the cryptocurrency.

 

The Spedn app lets consumers pay in bitcoin, bitcoin cash, ethereum and GUSD (Gemini Dollar), the Gemini backed stablecoin.

 

This new solution actually uses the existing systems and offers really only upsides for the companies as they don’t have to do any special training for their staff and there is no new hardware required and just a software upgrade.

 

It is worth noting that this is still in its early experimental stages for all the retailers which are cooperating with this scheme and things may of course change in the future. The thing to keep in mind here is that Bakkt is likely launching a massive payment processing service for cryptocurrency in the very near future as well and it could be a big competitor to what Gemini and Flexa are offering.

 

The company will also need to prove itself with consumers and get people to actually go out, download and use the Spedn app.

 

Can this be a game changer in retailer adoption of bitcoin and cryptocurrencies? Let us know about your thoughts in the comments section below.

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