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Ohio Treasurer Suspends Bitcoin Business Tax Payment Program

PYMNTS

The state of Ohio has decided to end its support for bitcoin tax payments, state Treasurer Robert Sprague announced this week. In a statement published on Sprague’s official website this week, the treasurer said “OhioCrypto.com,” the website that allows businesses to pay their taxes in cryptocurrency, would be suspended immediately.

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Crypto Fails To Impress For Corporate Tax Payments

PYMNTS

to allow businesses to pay their corporate taxes in bitcoin. While B2B use cases of blockchain are plenty (and gaining greater traction in use cases such as trade finance and cross-border corporate payments), adoption of bitcoin and other cryptocurrencies themselves remains muted in the business community.

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Thailand to Tax Cryptocurrencies

Bank Innovation

Taxes on cryptocurrency? According to a report by Nikkei Asian Review, after a cabinet meeting suggested that crypto traders could be charged with as much as 7% value added tax as well as up to 15% tax on capital gains. Taxing cryptocurrency is a way for […].

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Bitcoin Daily: Bitcoin Rises After Recent Crash; IRS Delivers New Rules For Crypto Investors

PYMNTS

Ransom is demanded in bitcoin, upon threat of releasing damaging information to family, friends, and co-workers. But now the hackers are asking for alternative crypto currencies to bitcoin in their ransom demands. This latest sextortion version is using a Litecoin wallet address instead of bitcoin to evade detection,” Johnson wrote.

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Bitcoin Daily: Tether’s Parent Co. Hit With $1T Lawsuit; Nearly $10B In Bitcoin Held In Crypto Exchanges

PYMNTS

In other news, $10 billion worth of bitcoin — or almost 7 percent — is currently held in the wallets of eight major cryptocurrency exchanges. And the Swiss National Bank (SNB) and the Bank for International Settlements (BIS) announced that they have signed an operational agreement on the BIS Innovation Hub Centre in Switzerland.

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Insurance Helps Bitcoin Become Safer for Mainstream Consumers

Bank Innovation

Bank depositors get tax-payer funded insurance in many jurisdictions (such as FDIC in America) in case a bank goes bankrupt. Your Bitcoin in Mt.Gox or BitFinex….buyer Once you send those Bitcoin it is like handing over cash…buyer Read More. buyer beware. People paying by Credit Card can fight back against a fraudulent charge.

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Dear IRS, How About An Update on That Bitcoin Notice?

Bank Innovation

Two years ago the IRS issued a brief notice on the status of bitcoin and all its digital cousins stating that for tax purposes these items are property — not currency.

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