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Portugal May Implement Capital Gains Tax for Cryptocurrency

June G. Bauer

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Portugal’s minister of finance Fernando Medina said on Friday before a full sitting of Portugal’s parliament that crypto assets will soon be subject to capital gains taxes. He also mentioned that the Portuguese tax authorities are currently looking at cases in other countries to inform recommendations for regulation.

Fernando Medina said in a working session in parliament that his rationale for the tax came about by comparing Portugal to countries that “already have systems” in place. Additionally, Sapo reported that Medina noted that it doesn’t make sense for an asset that creates capital gains to not be taxed. He said:

Due to the fact that crypto was not taxed effectively, Portugal gained a reputation as one of the most attractive crypto tax havens in the world. It helps that Portugal is a country with good weather, beautiful cities, good food, wonderful beaches and a (somewhat) stable currency and government.

It remains to be seen whether the new tax will really become that deterrent to businesses, as it could take years for this to become law in Portugal. If the legislation goes into effect, all these companies and people with crypto are likely to move to the Portuguese island of Madeira, where the tax rules for crypto remain favourable and bitcoin will soon become legal tender.

Pop cultureaholic, Technology expert, Web fanatic and a Social media geek. If you have any questions or comments please feel free to email her at [email protected] or contact her on Twitter @JuneTBauer1

Bitcoin

Craig Wright’s “Satoshi Nakamoto” Claim Debunked in UK Court Ruling

June G. Bauer

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The mysterious identity of Satoshi Nakamoto, the inventor of Bitcoin, has been a burning question in the crypto world for over a decade. Several self-proclaimed candidates have stepped forward claiming to be Nakamoto, but their assertions have been widely doubted or disproven. One of the most vocal Nakamoto claimants is Australian computer scientist Craig Wright, but a recent UK court ruling has decisively undermined his case.

In a lawsuit brought by the Crypto Open Patent Alliance (COPA), a group representing crypto companies, the British High Court judge firmly rejected Wright’s claim to be the creator of Bitcoin. The evidence presented in court exposed critical flaws and deception in Wright’s story.

According to the lawyer representing COPA, Jonathan Hough, Wright’s insistence on being Satoshi Nakamoto amounted to “a brazen lie and an elaborate false narrative supported by forgery on an industrial scale.” Hough argued that Wright had provided fabricated documents, backdated file edits, and even indications of using AI language models like ChatGPT years before they were publicly available.

The judge, Justice Mellor, found the evidence overwhelmingly against Wright’s claims. In an unusually swift ruling, he stated unequivocally: “Dr. Wright is not the inventor of Bitcoin” and “Dr. Wright is not the author of the Bitcoin white paper, and he is not the person who adopted the name Satoshi Nakamoto.”

This legal setback is just the latest blow to Wright’s efforts to establish himself as the elusive Bitcoin creator. In a separate case in 2018, Wright was sued for fraud by the estate of the late Dave Kleiman, an American computer scientist considered by some to be a potential Nakamoto candidate. Wright lost that lawsuit as well and was ordered to pay $100 million in damages.

As the crypto community continues to speculate about Satoshi Nakamoto’s true identity, Craig Wright’s claims have been definitively dismissed by the UK court. The mystery endures, leaving open the question – who was the brilliant mind behind the revolutionary blockchain technology and the world’s first cryptocurrency? Only time may unravel the details shrouding Bitcoin’s enigmatic origins.

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Former IcomTech CEO Admits Guilt in Cryptocurrency Ponzi Scheme

sying.tien

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In a recent development, Marco Ochoa, the former CEO of IcomTech, has pleaded guilty to a conspiracy to commit wire fraud charge in the United States District Court for the Southern District of New York. This admission of guilt is tied to the infamous Ponzi scheme orchestrated by IcomTech during Ochoa’s tenure as CEO, which lasted from the company’s inception in 2018 until 2019.

The U.S. Department of Justice, in an official statement, revealed that IcomTech enticed investors with the promise of daily returns on investment products, all under the guise of being a cryptocurrency mining and trading enterprise. To attract unsuspecting customers, the company went to great lengths, including hosting extravagant expos and community events on a global scale. Additionally, IcomTech introduced its own digital token, known as an “Icom.”

However, the shocking truth emerged that the company did not engage in cryptocurrency mining activities as claimed. Worse yet, investors found themselves unable to access the profits they believed were accumulating in their accounts. This deceitful scheme eventually unraveled, leading to the company’s collapse in late 2019.

In the aftermath, legal charges were filed against Marco Ochoa and other high-ranking IcomTech executives in November 2022. As a result of his guilty plea, Ochoa now faces a maximum prison sentence of 20 years.

This latest revelation serves as a stark reminder of the importance of due diligence when investing in the cryptocurrency space. It highlights the need for investors to exercise caution and skepticism, especially when confronted with promises of unrealistically high returns. As the cryptocurrency market continues to evolve, staying informed and making informed decisions remains paramount to protect oneself from fraudulent schemes like the one perpetrated by IcomTech.

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Robert Kiyosaki’s Bold Prediction: Citibank Tokens vs. Bitcoin and the US Dollar

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In a recent tweet that sent shockwaves through the cryptocurrency community, renowned author and financial literacy advocate Robert Kiyosaki ignited a spirited debate about the future of Bitcoin and the US dollar. The tweet read:

This bold statement has raised questions about the impact of traditional financial institutions like Citibank embracing blockchain technology and its potential implications for both Bitcoin and the US dollar.

Citibank, one of the world’s leading financial institutions, made headlines by announcing its entry into the blockchain arena. The bank revealed its plans to leverage blockchain technology to create Citibank tokens, which will be backed by institutional savings. These tokens aim to facilitate instantaneous cross-border transactions, operating 24/7 without the limitations of traditional banking hours or international borders.

Bitcoin, often hailed as “digital gold” and a store of value, has faced both optimism and skepticism since its inception. While some see it as the future of global finance, others view it as a speculative asset prone to volatility. Citibank’s move to introduce its blockchain-based tokens could potentially challenge Bitcoin’s status as the premier digital asset.

Citibank’s tokens, backed by the credibility and stability of a major financial institution, may attract investors seeking a more secure and regulated digital asset. This development could lead to increased competition between Bitcoin and Citibank’s blockchain-based tokens, potentially impacting Bitcoin’s market dominance.

The US dollar, long considered the world’s primary reserve currency, has faced its share of challenges in recent years, including inflation concerns and geopolitical uncertainties. Citibank’s blockchain technology could potentially offer an alternative means for cross-border transactions that is not reliant on the US dollar.

As more institutions adopt blockchain-based solutions like Citibank’s, the traditional financial system’s reliance on the US dollar may gradually diminish. This could have far-reaching consequences for the global financial landscape, including potential shifts in currency preferences and a reduced role for the US dollar in international trade.

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