Canadian Tax Authority Seeks Court’s Order To Obtain Users’ Information From Crypto Exchange 0 174

Canadian Tax Authority Seeks Court’s Order To Obtain Users’ Information From Crypto Exchange

Canadian Tax Authority is seeking assistance from the country’s court against Coinsquare – a crypto exchange firm. It wants to obtain information and data of customers of Coinsquare from the day the exchange had started its operations. Coinsquare currently has more than 200,000 users from all across Canada.

A news report confirmed that the Canadian Tax Authority had asked Coinsquare to provide data relating to its customers. Coinsquare, which is a crypto-exchange headquartered in Canada, currently has more than 200,000 local customers. The exchange was asked by the Tax Authority to collect the required information from the day it had initiated its operations.

Coinsquare had initiated its operations in Canada in the year 2013 and had been asked to provide the information since then. The news however reported that Coinsquare had not responded positively to the request of the Tax Authority. Instead, it had remained quiet.

An official of the exchange told that the exchange is not allowed to give information about its customers to anyone.

The information was required on the pretext of fighting against the elements of tax fraud in Canada. Canada Revenue Agency (CRA) had told that the information is necessary for ensuring compliance with the country’s tax laws.

Earlier in 2018, CRA had developed an internal dedicated unit for crypto-exchanges to keep a close eye on the country’s crypto exchanges. However, in a press statement last year, CRA had indicated huge concerns over the increased use of crypto-exchanges. It told that exchanges had increasingly been used as a tool for cross-border transactions with the intent of evading tax.

Meanwhile, in the US also, the Internal Revenue Service (IRS) had also sought similar information from US-based crypto-exchanges. But the exchanges refused to do so and the IRS had to move to the Court for obtaining necessary directions.

Similarly, CRA had filed a case before the country’s Court. CRA had prayed to the Court to pass directions against Coinsquare to handover the required data to CRA.

Meanwhile, Stacy Hoisak, CEO of the exchange told that the exchange’s SOPs do not allow handing over its customers’ information to anyone. She also told that the exchange is looking at the possibility of taking the matter before a court of law.

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Yuan ATMs Rolled Out by the Chinese Central Bank 0 17

When it comes to adopting cryptocurrency and blockchain technology, there is no other country that has done it better than China. In the past year, China has made an enormous amount of improvements and introduced several innovations in the crypto-blockchain sector.

When it comes to the health and medical sector, China has adopted blockchain technology in a very unique manner. It has introduced blockchain systems that have the capability of storing and tracking the medical records of all its citizens.

In addition to this, China has even started working on its first blockchain-based hospital. Once launched, it will be the first hospital in the world that will run on the blockchain infrastructure instead of internet infrastructure.

Then towards the mid of 2020, China announced that it was considering launching its central bank digital currency. From that point onward, the country has gained more advancement than any other country, which is also trying to launch its own CBDC. Some of the countries that are also competing to launch their own CBDC are Russia, Georgia, Switzerland, and Italy.

Although, the majority of these countries started working on their CBDC before China, yet China is now ahead of them all. Towards the 4th quarter of the year 2020, China conducted a pilot for its digital yuan in several provinces.

After carrying out successful pilots in the provinces, China moved onto carrying out its pilot for cross-border transactions. In order to carry out cross-border transactions, China collaborated with Hong Kong and gathered successful results.

Now that the Chinese central bank has gathered enough positive feedback and results, it is ready to take things to the next level.

Just recently, the government of Shenzhen city launched a “Red Envelop” program for providing more exposure to digital yuan. According to the program, a total of 100,000 Shenzhen citizens were to receive “Red Envelops” that would be loaded with handsome digital yuan.

After the completion of the program, the Chinese Agricultural Bank owned by the state has announced the launch of the first digital yuan ATMs. It has been reported that the citizens of Shenzhen have already started using the digital yuan following the launch in the city.

Now, the Shenzhen citizens will be able to deposit and withdraw digital yuan through the newly rolled out ATMs. The users will be able to make deposits and withdrawals with the help of a smartphone application. The application would allow users to convert savings and cash into digital currencies through the central bank.

It has been confirmed that the Agricultural Bank of China is one of the four central banking giants in China that are contributing and making all the efforts to introduce digital yuan in the country.

Ideaology IEO Is All Set to Launch on Bitcoin.com Exchange 0 11

Bitcoin.com Exchange

Ideology is a blockchain-based company that will soon hit the crypto-blockchain platform. The company has announced that it will be initiating the IEO public sale for its native coins ‘IDEA’. It has been confirmed by the exchange that the selling window will be opened for targeted users. It has confirmed that the public sale will be initiated from January 26, 2021.

It was back in December of 2020 when the firm had first initiated its presale or the IDEA coins. At that time Ideaology confirmed that it received a lot of positive feedback from the cryptocurrency community. The network has already nominated the exchange it will be going with for its initial exchange offering (IEO).

For its initial exchange offering (IEO), the firm has decided it will be the Bitcoin.com exchange that it will be going with. The team at Ideaology has revealed that with Bitcoin.com exchange onboard, the network will be able to reach all its users in a timely manner for the freelance project. The freelance project that Ideaology is going to launch will also be powered by cryptocurrency technology.

In addition to the above, Bitcoin.com will also help Ideaology in working and launching ‘Active IDEA’, which is Ideaology’s business launchpad platform.

Just recently, the officials of the Ideaology shared their thoughts on the development and launch of the new platform. The firm stated that they have been making constant developments and doing testing for a long time on the platform. The platform is now in the final stages of development so the team at Ideaology does not want to waste any time.

They want to make the best out of this time and list their IDEA token on one of the most popular cryptocurrency exchange. The firm announced that they have chosen the exchange based on the traffic volume and popularity.

The firm announced that the teams at Ideaology are looking for an exchange that is innovative and modern. An exchange that fully understands the public demand and the best ways to fulfill them. This is the reason why they have chosen Bitcoin.com over the rest for its reputation and position in the crypto-verse.

Most importantly, Bitcoin.com can provide more exposure to the IDEA coins through their platform, which in Ideaology’s case would be on a lower scale.

The CEO of Ideaology, Khaled Alkalbani talked about the role and purpose of IDEA. He stated that IDEA’s connection with the Active IDEA platform is deep. He gave reasons why they have kept IDEA closely connected with the blockchain-based network.

It will be available to the users as a mode of payment that they will be able to use to make transactions. If the users make purchases or use services using the IDEA tokens, they will be getting up to 50% discounts. Most importantly, the users will also be able to invest their IDEA tokens on any projects that will be launched through the Active IDEA platform.

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