CryptoCurrency News Latest – Not Banned in India, 20% Tax in Korea, SoFi App Launched

It’s a new year, the 2020 and the new year comes with new projections and fresh start to everything in your life. A lot has been put on roadmap when it comes to goals. HMD Global has plans to unveil new devices in 2020 and Samsung this year mobile phones have been rumored too. The same goes for the upcoming Sony Xperia phones too. Similarly, after sad last year, with questions like Is Bitcoin stuck in a downward trend, cryptocurrency is on news and upward trends is expected in 2020.

So for this week, here is what happened in the block chain technology world –

Crypto Currencies Not Banned in India

In a much relief to crypto fans in India, Reserve Bank of India (RBI) has clarified that Crypto is not banned in India. This statement came during a Supreme Court hearing case on crypto filed by the Internet and Mobile Association of India (IAMAI).

RBI says that –

The Reserve Bank of India has said it had not banned cryptocurrencies such as bitcoin in India, but only ringfenced regulated entities like banks from risks associated with trading of such virtual instruments.

Further clarifying in a 30-page document, RBI said –

Any possible avenues which facilitate anonymous cross-border fund transfer have to be acted upon swiftly and stringently dealt with. It is an admitted fact that VCs [virtual currencies] have been used to purchase illegal and illicit goods ranging from guns and ammunition to drugs.

So, for now, Indian can invest in Cryptocurrency however banks in India have been directed in 2019 to block such transactions. We can soon expect a circular by RBI on this.

Further Indian Government has inaugurated Block chain Center of Excellence in Bengaluru city with an aim to provide a clear understanding of cryptocurrency learning, experience and resources.

SoFi launches beta version of SoFiInvest

SoFi, i.e., Social Finance Inc has launched SoFi app, its cryptocurrency trading platform and now it’s open for general public use. The new platform is called SoFi and one can start their own investment by downloading the SoFi app from Play Store for Android and App Store for iOS or directly visit the website

Using the SoFi apps, individuals can buy and sell cryptocurrency with more than 40 coins available. Regarding the charges, it has set 1.25% as a markup fee on transactions.

Still many users don’t have clarity on what is crypto and how does bitcoin trading work.

South Korea Government Impose a 20% tax on Crypto Gains

According to a local newspaper, the South Korean government has planned to introduce 20% tax on income generated on cryptocurrency gains and income from such will be referred to as other income opposed but not under capital gains.

Is Samsung to Partner Crypto Startup?

with And talking about the Block chain technology rumors, according to Cointelegraph, GatePay, a crypto enabled payment app is about to partner with Korea’s second largest consumer electronics manufacturer and it could be Samsung.

Alexander Drummond, co-founder of GatePay said this –

“We’re about to partner with the largest or second-largest payment network in the world. If people have a typical Android phone, they’re likely already tied into this ecosystem. I can only tell you that we’re close to announcing a collaboration with Korea’s largest consumer electronics manufacturer.”

10,737,513 USD were Transferred from South Korea to Mysterious Wallet

According to a tweet by @Whale_alert 45,000,000 XRP equalling to 10,737,513 USD were transferred from Bithumb to unknown wallet.

So, that all we have in the latest Crypto currency news around the world.

Yogesh Khetani: Yogesh Khetani is a Tech Geek and has a Bachelor of Technology degree. He runs and websites that has identified its place among the top websites in its niches. He likes to keep updated with the latest technology and right now he is learning more about the Artificial Intelligence and ChatGPT's practical uses. His social media profiles are regularly updated with useful information.