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Isreal Looking to tax Bitcoin

Tuesday September 17,2013 :  ISRAELI TAXMAN LOOKING BITCOIN OVER
 
But the country has not yet recognised the the virtual money as an official currency.
 
The Israeli taxman may be putting the cart in front of the horse if he tries to tax transactions in the virtual currency Bitcoin, given that the country has yet to recognise the virtual cash as an official currency, but he's looking the possibilities over, according to a report this week in the business publication Globe.
 
The Israel Tax Authority's interest is yet another illustration of the growing influence of the virtual currency, and its possible impact on transactions where a profit can be realised, which should therefore be taxed, according to tax officials.
 
“We cannot ignore this phenomenon which one way or another involves financial transactions and therefore we are examining its importance,” an Israel Tax Authority source told Globe.
 
Jonathan Rouach, CEO at Israeli bitcoin exchange Bits of Gold says that he is talking to the tax authorities in the hopes of helping to shape future regulations.
 
Ron Gross, the Tel Aviv-based founder of crypto-currency portfolio tracking software BitBlu, told Globe that an official position on Bitcoin would be a good thing, keeping honest transacters within the law and legitimising the virtual currency.
 
Globe points out that there is uncertainty in the market regarding Bitcoin, with some banks ambivalent in policy and others embracing it, and the publication reported that the Israel Bar Association has opined that Bitcoin is on the way to gaining acceptance as a means of payment for lawyers.
 
However, formal regulatory bodies have mostly ‘pleaded the fifth’ regarding bitcoin, Meni Rosenfeld, founder of exchange Bitcoil, said. “There has hardly been any clear statement or action from them.”
 
Globe reports that interested parties in Israel have formed a local chapter of the Bitcoin Foundation to exchange views, with up to 160 attendees at meetings, and that growing numbers of Israeli retailers are starting to accept the virtual currency.
 
However, banking involvement is needed, said Gross:
 
“We need at least one commercial bank to let go of its fear of progress, and start innovating in regards to bitcoin. Fidor Bank in Germany decided to partner with the German exchange,” he said, arguing that its stocks subsequently rose. “There is a lot of potential here.”



Gambling News :

Betradar Launches US Sports Betting Solutions - With only a few weeks to go until the betting and gambling world descends on ICE in London, Betradar have today announced that they will be launching a comprehensive range of tools and services to any company that will be looking to provide sports betting in a post-PASPA United States.

Abdelaouhab Zizi Wins MPNPT Morocco Main Event - Abdelaouhab Zizi has defeated fellow Casablanca resident Fadhil Farag heads up to win the 2018 MPN Poker Tour Morocco Main Event and MAD 375,000 (c. €33,220) after a two-way deal.

Final 12 For MPNPT Morocco - Sunday on the MPN Poker Tour Morocco will see several trophies awarded at the Mazagan Beach Resort, with the largest going to the Main Event champion along with a prize of MAD 400,000 (c.€35,400).

MPNPT Morocco Updates - Leading the 104 combined survivors from both flights is still Said El-Yousfi with 272,000 chips; visit the MPN Poker Tour blog for an end-of-day recap and full chip counts.

MPN Poker Tour Morocco Day 1A - The MPN Poker Tour has returned to Morocco this week (January 11-14), featuring the MAD 1.5 million guaranteed Main Event, accompanying side events, and the activities and parties for which this tour has now become known on two continents.

2018 MPN Poker Classic - The MPN announces the return of The Classic tournament series this January. The series is back following its successful €350,000 guaranteed debut in 2017. This time €500,000 is guaranteed, along with a once in a lifetime trip to Monaco for the Classic Champion.

PDC and Sportradar Renew Deal - Following this month’s hugely successful World Championship, the Professional Darts Corporation (PDC) and long-standing partners Sportradar have renewed their multi-faceted cooperation that will see the leader in sports data and content continuing in their role as official data

Poker Yaar Joins MPN - Available through download, instant play and mobile, Pokeryaar.com is live with Omaha, Hold’em and Five-Card poker variants, alongside MPN’s Fish Party, the industry’s only progressive jackpot SNGs.

New MPN Poker Rooms Tower Torneos - Impressed with Microgaming, having already integrated with the Quickfire platform to gain access to some of the industry’s best gaming content, Tower Torneos has extended the relationship with poker.<

NY Rangers vs. Devils on 12/21 - When the Devils and Rangers hit the ice on Thursday (7 PM ET on MSG), so too will two of the league’s top netminders. After a slow start to the season, Henrik Lundqvist has returned to his form of old. Through 29 games, he’s posted a 2.59 goals against average, and a .920 save percentage.

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