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Taxman Could Collect Millions Within 48 Hours Of Bitcoin Cash Fork

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Taxman Could Collect Millions

New York, US – 15 November 2018 – One of the least talked about but most significant consequences of the upcoming Bitcoin Cash fork will be the tax authorities collecting millions from the individuals involved, according to cryptocurrency taxation experts NODE40.

The company, which is behind the pioneering cryptocurrency taxation reporting software Balance, has said that the IRS will receive a massive windfall if the upcoming fork is anything like the 2017 Bitcoin Cash fork.

Looking at the number of individuals who sold their Bitcoin Cash tokens from the previous fork, the IRS and the relevant tax authorities worldwide could be set to collect nearly $100m in tax in just 48 hours. This assumes trading volumes are at a comparable level, with as many cashing in on the new Bitcoin SV or Bitcoin ABC tokens they’ve received, and assuming a value of around $400 each. The amount the taxman receives will also depend on how many individuals are US tax citizens.

Bitcoin Cash BCHDespite the Bitcoin Cash fork of 2017, there is no existing law and no guidance from the IRS that address whether receiving a new cryptocurrency from a fork could trigger a taxable event.

“Unlike dividends of publicly traded companies that investors opt-in to, if an individual receives additional cryptocurrencies through a fork, they should not owe taxes on the amount received,” said Sean Ryan founder of NODE40, whose cryptocurrency taxation reporting software integrates directly with major exchanges.

“However, if an individual later disposes of all or part of the forked currency, tax should be owed on 100% of the proceeds as a capital gain.”

Bitcoin Cash (BCH) came about as a direct result of a Bitcoin fork that occurred on August 1, 2017. The day after the fork on the 2nd August 2017 the price of Bitcoin Cash was $473.03 with a 24 hour trading volume of $366,633,000 according to Coinmarketcap. If the trading volume had been cashed out on the 2nd of August it would result in a tax income to the tax man of $91,658,250 USD (based on a 25%) tax rate.

The IRS is under increasing pressure to provide updated guidelines on how taxpayers should report profits associated with investing in Bitcoin and other cryptocurrency assets, having not done so since 2014.

“If the recipient chooses to dispose of the forked coins, then and only then should tax be accessed. It should be a gain of 100% of the asset’s value at the date of disposition. This is a critical point that needs to be addressed because the openness of blockchains in general could open the flood gates to unreported income that no one actually considers income,” continued Ryan.

“When guidance falls short of addressing specific tax issues, it is important to take a position that has a reasonable chance of standing up to scrutiny if challenged.”

The AICPA May 30, 2018 letter to the IRS Commissioner requesting more guidance recommended forked currencies be assigned a cost basis of zero.

“To me, the AICPA’s 400,000+ members make a good point,” concluded Ryan.

Despite the ongoing lack of guidance from the IRS, individuals likely to receive Bitcoin SV or Bitcoin ABC tokens should nonetheless be aware of possible tax obligations involved in trading forked currencies.

Disclaimer: Readers should do their own due diligence before taking any actions related to the company, product or service. BitcoinAfrica.io is not responsible, directly or indirectly, for any loss or damage caused by or in connection with the use of or reliance on any content, product or service mentioned in this press release.

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BIAN Announces National Campus Blockchain Hackathon Focused on Sustainable Growth

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Campus Blockchain Hackathon

The Blockchain Industry Association of Nigeria (BIAN) – formerly Nigeria Blockchain Alliance (NBA) – in collaboration with the National Information Technology Development Agency (NITDA) announces the National Campus Blockchain Hackathon focused on sustainable growth. With the successful launch of Campus Blockchain Hackathon in five (5) Nigerian universities, the Blockchain Industry Association of Nigeria (BIAN), the brain box behind the Campus Blockchain Development Programme is concluding the pilot stage of Campus Blockchain Hackathon with a national programme.

Campus Blockchain Hackathon is an initiative of Blockchain Industry Association of Nigeria (BIAN), a sub-division of Cryptography Development Initiative in Nigeria (CDIN), in engaging the academic community on the importance of Blockchain Technology, its relevant use cases, and more specific, its adoption for innovative solutions. The Hackathon aimed to give Nigeria University students early exposure to the career and business opportunities being presented by the Blockchain/DLT digital innovations in order to domesticate the knowledge and skills for sustainable national development.

African tech startupsThe two-day event will bring together developers, enthusiasts, stakeholders, and students from the various teams that participated in the subsequent hackathon hosted by the initiative. With the theme; “Blockchain Innovations for Sustainable Growth,” the event is scheduled to hold in Nigeria’s federal capital territory, Abuja, on 24th and 25th of September, 2019. The National Campus Blockchain Program is proudly sponsored by Jelurida, IBM, and Nile University of Nigeria. Virtually everyone will agree, Technology can play a vital role in achieving sustainable growth. The blockchain is one of such that can help accelerate this progress. Just like the arrival of the internet which launched us into an era of technological change, the blockchain is a cutting-edge technology that possesses similar potential to redefine and transform every sector.

Through this project, the Campus Blockchain Hackathon seeks to harness innovation, by providing blockchain literacy, inclusion, skills and proffer long term solutions to critical problems towards the sustainable growth we desire.

Commenting from BIAN’s office in Abuja, Mr. Adeolu Fadele, President of BIAN said: “Education is the bedrock of any country’s development; the educational system of any country is considered as the cornerstone for meaningful achievements. The element of continuity and change remains hinged on education. Therefore, even though there is evidence of improved public understanding, increasing mainstream interest, and the emergence of startups that are building practical solutions using the blockchain technology in Nigeria today, however, all these cannot be considered to be true development until the learning institutions are carried along in a structured and sustainable manner.”

Campus Blockchain Hackathon began in October 2018, at the foremost Covenant University, Ota, Ogun State, with over 1000 participants from the first day, undeniable evidence of Nigerian students’ growing interest in emerging technology as Blockchain Technology. After which, the project reached Ahmadu Bello University, Zaria; Kwara State University; Federal University of Technology, Akure, and the University of Nigeria, Nsukka.

Speaking ahead of the event, Mr. Kayode Babarinde, National Coordinator, Campus Blockchain Development Programme said: “The enthusiasm and participation of students across the five (5) universities in which Campus Blockchain Hackathon has been successfully held, has demonstrated that student culture in Nigerian universities goes beyond the norms of obtaining the degree and getting a good job. They are beginning to think outside the box and see real value in emerging technology as Blockchain. With the National Hackathon, we can look forward to mind-blowing innovations.”

The National Campus Blockchain Hackathon will also explore and fuel insightful discussions around key areas by featuring keynote sessions, panel discussions, learning, networking amongst others. The Program is Chaired by Mr. Kashifu Abdullahi, Director General, at the National Information Technology Development Agency (NITDA).

The event is open to entrepreneurs, software engineers, blockchain developers, start-up founders, business/tech consultants, government stakeholders and as well as individual with a keen interest in the field of blockchain.

For registration and further details please refer to the event website: www.bit.ly/nationalcampushack

Disclaimer: This is a press release. Readers should do their own due diligence before taking any actions related to the company, product or service. BitcoinAfrica.io is not responsible, directly or indirectly, for any loss or damage caused by or in connection with the use of or reliance on any content, product or service mentioned in this press release.

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MEETUP: September 21, 2019 OKEX Brings the CryptoTour Africa 2019 to Kenya

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CryptoTour Africa
Image by OKEx

OKEx, the Malta-based mega crypto exchange, will be holding a meetup in Kenya, on September 21, 2019, featuring key speakers in the blockchain and crypto space in Kenya.

OKEx is looking to introduce its mega crypto exchange in the region to enables traders to margin trade for a profit.

The OKEx Cryptotour Africa 2019 will cover four African countries namely:

  • Ghana
  • Kenya
  • Nigeria
  • South Africa

The upcoming CryptoTour Africa 2019, Nairobi Edition, meetup will feature:

OKEx Meetup

Speakers who will be presenting at the OKEx CryptoTour Africa 2019

Roselyne Gicira – Chairperson, Blockchain Association of Kenya

Felix Macharia – Head of Operations, EOS Nairobi

Alex Matu – Crypto Trader / Trainer, BitcoinKE

Five lucky winners who attend the event will be rewarded with each winner getting 50 USDK ($50). Other gift perks will include OKEx T-Shirts, pens, key holders, and stickers for attendees.

Come enjoy great conversations, networking, drinks, and nibbles!

Event Details

DATE: Saturday, September 21, 2019

TIME: 12:00PM – 3:00PM

LOCATION: Nairobi Garage, Pinetree Plaza, Kaburu Drive, Off Ngong Road, Nairobi, Kenya

REGISTRATION LINKhttp://bit.ly/OKEXRegistrationKE

RSVP to Attend. The event is FREE.

Disclaimer: This is a paid press release. Readers should do their own due diligence before taking any actions related to the company, product or service. BitcoinAfrica.io is not responsible, directly or indirectly, for any loss or damage caused by or in connection with the use of or reliance on any content, product or service mentioned in this press release.

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Cryptocurrency Elite Gathering at Crypto Fest 2019 in South Africa

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Crypto Fest

Bitcoin Events is hosting the first-ever Crypto Festival in Cape Town on 7 September 2019 at Shimmy Beach Club, V&A Waterfront. This is the first event of its kind in South Africa and with the tremendous interest in cryptocurrencies that exist in South Africa, this event is certainly going to provide several insights into why South Africans are investing in, and trading with cryptocurrencies!

What You Can Expect at the Crypto Fest

Bitcoin is now 10 years old and with it has come a plethora of exciting new ways to transact, invest, trade and conduct business. The Crypto Fest 2019 strives to bring cryptocurrencies to life through immersive activities showcasing examples of real-world applications and increased engagement opportunities to make the connections needed to expedite cryptocurrency adoption through controversial crypto debates in the Crypto Battle Arena, live crypto gaming and fun competitions with crypto giveaways. The festival will culminate with a crypto party!

On the Crypto Fest Stage

We are delighted to welcome our confirmed speakers who are recognised as thought leaders in the cryptocurrency industry. 

KHAYA MALONEY is a blockchain design solutions architect and strategic fintech business developer in South Africa. He’s currently the OKEx Country Manager for South Africa Market where he’s in charge of growth development.

MARTIN HARRIS: Trader And Market Analyst At IG

SHANTNU SAXENA, EVP At Huobi MENA. He is considered an innovative and results-driven leader focused on achieving results in highly competitive environments that demand continuous improvement.

MARIUS REITZ, the General Manager for Africa at Luno, a leading global cryptocurrency company with its head office in London. He joined Luno in 2016 and helped the company grow to a diverse team of 300 people across three continents. Marius wholeheartedly shares his company’s philosophy of upgrading the world to a better financial system. 

CLAIRE HALL, MC For Women In Crypto Meetup, Sydney. Once coined a ‘corporate hippy’, Claire Hall is a passionate ‘woman in crypto’ working at a grassroots level to entice other ‘everyday’ women into the world of crypto. Claire is a Corporate Learning Consultant for a large financial institution in Australia where she is working to put blockchain on the agenda.

ABRAHAM CAMBRIDGE, founder and CEO of the Sun Exchange, is a serial energy entrepreneur who establishes businesses and projects that use solar energy to effect socio-economic change. In 2014 he launched Sun Exchange, a global solar micro-leasing marketplace that closes the funding gap for commercial- and community-scale solar projects in emerging markets while streaming monetised sunshine all over the world.

Hotly contested debates and discussions will take place in the Crypto Battle Arena:

Crypto Battle I: Battle of the Coins

The Bitcoin Civil War between BTC, BCH, and BSV is hotter than ever, with existential stakes for different communities of stakeholders. Many different opinions exist in the crypto community on which bitcoin is the true bitcoin: which is the most efficient payment system.

Catch Rocelo Lopes, Warren Gray and Lorien Gamaroff, in this crypto battle ring, with James Preston as the moderator.

Crypto Battle II: Bitcoin vs. Gold

Gold has historically played a central role in economies driven by physical exchange and remains a recognised store of value to this day. What are the investment cases for gold vs the investment cases for bitcoin?

Catch Richard de Souza, Graeme Tennant and Piotr Tylczynsk, in this crypto battle ring, with Grey Jabesi as the moderator.

Crypto Battle III: Libra Coin: What Does it Mean for Crypto?  

It is no more news that Facebook is taking a chunk of its resources and technical know-how to establishing a coin, Libra, offering a “faster, cheaper and more secure” alternative to traditional ways of making payments on the internet. Is Facebook’s entrance into the crypto market the best thing to happen in crypto?

Catch Graeme Tennant, Grey Jabesi, Claire Hall, Marius Reitz, Tshepo Magoma and Prof. Angela Itzikowitz, in this crypto battle ring, with Farzam Ehsani as the moderator.

Read more about our speakers here. The focus of the Crypto Fest is on cryptocurrency investments, trading, and payments. Have a look at the exciting festival programme here.

Sponsors on the Crypto Fest Throne

The Crypto Fest is a global arena for industry leaders to share their breaking news and technologies with a legion of investors, experts, developers, businesses and participants who are using cryptocurrency to redefine the prevailing practice of everyday life.

Premier Sponsors

One of South Africa’s first cryptocurrency exchanges, AltCoinTrader SA, providing cryptocurrency trading in South Africa since 2015.

IG is a world-leading online trading provider, giving you access to opportunities across thousands of financial markets through our intuitive platforms and apps. 

Diamond Sponsor

OKEx is a world-leading digital asset exchange, providing advanced financial services to traders globally by using blockchain technology. OKEx provides hundreds of token and futures trading pairs to help traders to optimise their strategy.

Platinum Sponsors

Huobi provides secure and reliable digital asset trading and asset management services to millions of users in over 130 countries around the world.

Stratum is a technology company that develops blockchain solutions focused on digital currencies. Stratum has developed their Stratum Blue token, a digital token that represents a diversified portfolio of cryptocurrencies.

MineBest is a cryptocurrency mining company, who prides itself as a technologically advanced infrastructure company specialising in cryptographic computing activities.

Gold Sponsors

Luno is South Africa’s oldest cryptocurrency exchange, with over 2 million customers in 40 countries. Luno makes it safe and easy to buy, store and learn about cryptocurrencies.

YOUNIQX brings products and services for secure digital identity to the spotlight internationally.

Sun Exchange is the world’s first buy-to-lease solar cell marketplace. Through Sun Exchange, anyone, anywhere in the world, can own solar energy-producing cells and build wealth by leasing those cells to businesses and organisations in emerging markets.

Blockchain Africa Conference 2020

We are planning our next event! The Blockchain Africa Conference is in its 6th year and we are expecting 600+ attendees for the conference. The general theme is the use and application of emerging financial technologies, i.e.: Blockchain Technology and cryptocurrencies, beyond the Fourth Industrial Revolution, and how these emerging technologies enable and enhance artificial intelligence and machine learning in enterprise development in the efforts and championing toward financial inclusion.

Subscribe to our newsletter to stay informed of our next events and news of the global blockchain and cryptocurrency industry. For more information on this and future events, please email the team at info@blockchainafrica.co

About Bitcoin Events

Since inception, Bitcoin Events have cut through the hype and challenged the critics to educate, upskill and drive long-term thinking on the strategic benefits of cryptocurrencies and blockchain technology for businesses, governments, citizens, and society.

For more information on the Crypto Fest visit our website at www.cryptofest.co.za or email us at info@blockchainafrica.co 

See You at the Crypto Fest 2019 in Cape Town!

Crypto Fest

Disclaimer: This is a press release. Readers should do their own due diligence before taking any actions related to the company, product or service. BitcoinAfrica.io is not responsible, directly or indirectly, for any loss or damage caused by or in connection with the use of or reliance on any content, product or service mentioned in this press release.

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