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Cryptocurrency Transactions

CryptoLocally Delivers to its Customer Base by Adding Credit Payments for Cryptocurrency Transactions

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Cryptocurrency organizations now have a new goal of rope more customers: to make the entire transaction process more seamless and attractive. This mantra has led to a number of innovations and developments that would otherwise have been unseen to the industry. Keeping this shift in sentiment in mind, popular cryptocurrency exchange platform CryptoLocally has introduced credit card payments for ease of cryptocurrency transactions. Using the latest feature, customers will be able to make the transition from Fiat to crypto in a matter of minutes.

The cryptocurrency exchange platform CryptoLocally announced that customers will be able to buy Bitcoin, Binance Coin, Tron, EOS and ETH instantly using a credit card. Safety and security are also a high priority for the organization with the automatic implementation of KYC for credit card users. The credit card launch comes on the back of several partnerships conducted by CryptoLocally, mainly with organizations like Skrill, Western Union, Paytm and Google Pay.

Over the past couple of weeks, The cryptocurrency exchange platform CryptoLocally has been busy with adding additional players to its roster. Towards the end of July, CryptoLocally listed its first Ethereum based digital assets on the platform. These included Ethereum [ETH], Tether [USDT] and DAI. The additions were part of the organization’s efforts to give customers the best trading experience while balancing the cost of functioning.

With the new Instant Buy feature,  The cryptocurrency exchange platform CryptoLocally aims to traverse the rapidly growing industry of quick crypto payments. Instant Buy is also set to enable users to conduct more transactions on the platform and take the cryptoverse into the mainstream realm. CryptoLocally also released a blog post to make it easier for users to understand the workings of the credit card linkup. According to the company’s release, the first step includes:

” …click “Buy” on the navigation bar at the top left. Then, click the “Instant Buy” button to purchase crypto with your Credit card. If you want to see offers only for credit card transactions, the Select Payment Methodfilter can help.”

Customers will be presented with the multiple cryptocurrency option on the next page with the drop-down menu displaying BTC, ETH, TRX, BNB and EOS. The company has set the minimum amount for the transaction at $60. Once a customer decides the required amount of purchase, all they need to do is type in their credit card details.

After processing, the customer will be asked to provide his/her wallet address to which they ant the funds to be transferred to. The KYC process becomes imperative here with CryptoLocally conducting the process by taking a photo of the customer’s face and an official document confirming the same. , The cryptocurrency exchange platform CryptoLocally has assured users that they will do everything in their power to maintain a high standard while allowing them to carry out safe and quick transactions.

US Charges Dutch National With Running Crypto-Funded Child Porn Site

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The Spanish authorities have indicted a number of individuals with the ongoing investigation of crypto-funded child porn websites on the dark web. The Spanish Civil Guard reportedly brought down a dark web-based crypto-funded child porn gang that used cryptocurrency transactions to subscribe to the contents.

According to the Spanish Civil Guard, the operation known as “Jekyll” nabbed three individuals connected to the “Welcome 2 Video” platform. However, the Spanish authorities have received additional reinforcement from the US authorities to take down the crypto-funded child porn gang.

Crypto-funded child porn business on the dark web

Users of the platform would pay using digital currencies such as bitcoin or any other privacy token to access content on the dark web. And the platform rewarded members for uploading their videos and photos to the dark web-based website. The examination of thousands of cryptocurrency transactions led to the final arrest of individuals connected to the site.

Additionally, Spanish law enforcement reportedly detained an individual in Bilbao, Spain, during operation “Kugantxu.” As per the police, the person was arrested for purchasing and streaming for pornographic content where minors were sexually violated live on-demand. The name of the website has not yet been revealed.

International co-operation against child pornography

Notably, the Civil Guard claims that the dark web site is operated by people based in the Philippines. Once the Philippine Transnational Criminal Investigation Unit was informed, they were able to recognize the content shared by individuals.  The Spanish authorities also carried out an operation called “kiru,” which resulted in the arrest of a man based in Madrid for defiling his 16-year-old stepdaughter.

The large international operation led to the identification of 20 individuals based in the U.S.; Colombia, Argentina, Chile, Brazil, Ecuador, Mexico, Panama, and Peru. Furthermore, earlier this month, a South Korean court ordered all the crypto assets and digital wallets owned by Cho Ju-bin to be frozen, the suspect behind Nth Room, a child porn channel based on Telegram.

US Lawmakers Again Proposes Bill to Exempt Small Crypto Transactions from Taxes 

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While the crypto community stresses the mainstream adoption of cryptocurrency or bitcoin, such as the ability to use Bitcoin to buy a slice of pizza or cup of coffee – this is considered to be taxed in the U.S just like stocks are being taxed on such use-cases.

Bill to Exempt Taxes for Everyday Crypto Transactions

As an attempt to make bitcoin everyday currency such as US dollars where people don’t pay capital taxes, US lawmakers re-introduced a bill intending to exempt personal crypto transactions from taxation for capital gains. Noticeably, a bill dubbed “Virtual Currency Tax Fairness Act 2020” was introduced on Thursday by the Congresswoman Suzan Delbene of Washington and the Congressman David Schweikert of Arizona.

The crux of the matter is that the Bitcoin and Cryptocurrency transactions existed without having any particular rule made for it. Such transactions were treated equally as a commodity that can be transacted similarly to other currencies. Consequently, this scenario created a problem at the time of paying the annual taxes. As such, every time you spend some Cryptocurrency, there is a possibility of a tax event to occur. So, every user had to keep information about every single Bitcoin being transacted with its value which might have appreciated or depreciated.

“Gross income of an individual shall not include capital gain, by reason of changes in exchange rates, from the disposition of virtual currency in a personal transaction (as such term is defined in section 11 988(e)). The preceding sentence shall not apply if the capital gain which would otherwise be recognized on the transaction if it exceeds $200.”

If approved, the bill will cover all the transactions that have taken place after 31st December 2019.

Coin Center, which was equally involved in pushing for the de minimis exemption said on Thursday; 

“This easy solution to an obvious problem with today’s tax treatment of Cryptocurrencies would help level the playing field for this technology.”

That said, now it is time for us to wait and watch until the bill is approved and the new amendments are brought into the action.