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Bitcoin Daily: Argentinian Tax Authority Orders Crypto Firms To Report User Activity; Williston ND Now Takes Crypto For Utility Bills

Bitcoin Daily: Argentinian Tax Authority Orders Crypto Firms To Report User Activity; Williston, ND Now Takes Crypto For Utility Bills

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Argentinian tax authorities are looking at scrutinizing operations involving cryptocurrency, Coinbase writes.

Argentina’s Federal Administration of Public Income (AFIP) has told domestic crypto exchanges to put out monthly reports on the way users are using their platforms.

The authority wants local crypto firms to keep up regular lists of users’ accounts, and to keep up records of users’ income, expenses and regular balances.

According to the report, AFIP’s crypto regulation relates to crypto exchanges but also to payment processors which include some popular crypto-friendly apps like Mercado Pago. Under the regulations, companies will need to file that information by the 15th of the following month.

The North Dakota city of Williston will now accept cryptocurrency as payment for utility bills.

“We have partnered with BitPay, the largest virtual payment merchant whose partners include Microsoft and Facebook,” explained Finance Director, Hercules Cummings. “We are the first municipality in the State of North Dakota, and the third in the nation, to offer this service.”

Only utility payments are eligible for the crypto payments thus far. There will be quality assessments conducted before other expansions to things like landfill, permits and licenses.

Citizens will have the option by June 2021 to pay using Apple Pay, Google Pay and pay-by-text, and PayPal and Venmo will be added as options before the end of the year, the release says.

India’s central bank is telling lenders to cut their ties with cryptocurrency exchanges, a report from Investing.com says.

The market for crypto is currently booming in India. India has also been looking at a law to ban cryptocurrencies and penalize those who deal in them.

That would be among the strictest crypto laws passed around the newest facet of finance – although with the advent of COVID-19, no one is sure when it might be passed.

As it is now, thousands of users have been entering the system daily and the price of major cryptos has been on the rise.

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May 17, 2021 at 02:57AM
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