Tax

As cryptocurrencies and blockchain technology gain root in the world, governments are becoming more involved in the industry through taxation.

For the first time the US House of Representatives has had a very useful debate on Blockchain technology. During the recent debate lawmakers convened an educative and informative discussion on Blockchain technology without bending towards one side due to political wills.

Beijing's first blockchain electronic ordinary invoice was issued in the parking lot of Hanwei International Plaza, marking Beijing's tax service entering the age of blockchain.

As the Special Money Act passed the South Korean National Assembly's plenary session, the Enforcement Decree is in full force.

US Tax body Internal Revenue Services (IRS) is demanding that American Citizens who hold cryptocurrency deposits in their wallets be taxed. The tax agency sent warning letters to more than 10,000 cryptocurrency holders over failure to pay appropriate taxes or falsifying taxable income.

Some tax experts in South Korea suggested that they first adopt low-level transaction taxes for the practical application of cryptocurrency taxation, and then gradually switch to applying capital gains tax. In the absence of a cryptocurrency-related bill, it is difficult to track all of the trading profits of investors, so it is reasonable to initially introduce a trading tax that proves only the existence of a transaction.

In the world of manufacturing and production, 2019 represented a passing year, poised between a weakening enthusiasm and the uncertainties of a framework also in terms of groundbreaking incentives including cryptocurrency and blockchain technologies, that were slow to recompose.

Many times, to explain the uncertainty of companies and organizations in understanding the benefits of digital innovation, information asymmetry has been spoken of. The value of innovation including cryptocurrencies and blockchain technology, so often, could not be perceived as such by businesses, organizations or citizens in Italy.

Recently Russians woke up to the news of a new prime minister following a number of events that saw the government resigning. The new PM, who served as the head of  Russian tax services Mikhail Mishustin has  supported cryptocurrency for quite some time. The prime ministers vowed to transform the modern blockchain powered state for the benefit of Russians.