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TronWallet Enables In-App Offering for KLV Ahead of Klever App Launch

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TRON Network’s prominent crypto wallet TronWallet has announced the launch of its in-app offering of the KLV token, days before the official launch of the Klever app. KLV has been included in the TronWallet Swap Tool and this will allow users to buy KLV using BTC, TRX, ETH, and USDT via the flash sale IAO for KLV scheduled between August 20th–24th.

Klever App is the next generation of the TronWallet, and the rebranded 4th generation application is expected to go live within a matter of days. Ever since it was revealed in July, Klever has managed to garner significant popularity, with a record of 157,000+ downloads within a month. The Klever App launch will mark a new chapter in the journey of the TRON Network, as it will also launch the Klever OS, Klever Exchange, and Klever Lab.

The network has sold about 300 million KLV tokens, out of the 1.2 billion available for sale, to VIP members and those who hold TWLT. The token will soon go for sale on both decentralized and centralized exchanges. However, TronWallet users will be able to purchase KLV before the listing via the in-app flash sale.

TronWallet is one of the biggest crypto wallets across the globe. It recently became the no.1 mobile payments wallet on Google Play Store in 22 countries, including the UK, US, Vietnam, Ukraine, Denmark, Belgium, and Australia. It currently has more than 222,000 DAUs, with over 625,000 users in over 193 countries. The wallet’s swap tool has shown remarkable progress, clocking 7,500 individual swaps in a day. Commenting of the recent developments, Dio Ianakiara, CEO of Klever and TronWallet, said that that they have been working on the 4th gen wallet and the Klever ecosystem for more than three years. Dio further said,

Dio further said

Given the tremendous rise in the demand for digital assets, both as utility and investment, the crypto wallet space is set to witness a boom in the near future. With its wide presence and robust infrastructure, Klever is very well positioned to capitalize on the upcoming opportunities. This is not only beneficial for the anticipated Klever ecosystem, but also the larger TRON community.

Source: https://www.cryptonewsz.com/tronwallet-enables-in-app-offering-for-klv-ahead-of-klever-app-launch/

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Audio Streaming Mogul Spotify Considering Cryptocurrency Payments

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Joining the tech and financial services bigwigs in the payments revolution, Spotify too is going the crypto way. The Swedish audio streaming and music services giant just put up a job offer for an Associate Director, Payments Strategy & Innovation. The desired candidate will play a key role in ‘navigating the company’s payments rudder’ through the cryptocurrency ecosystem.

Spotify Looking To Be A ‘Leading Player In The Cryptocurrency Space’

As per an official job opening that Spotify just posted, the company is looking for an Associate Director for their Payments Strategy & Innovation Team. The said individual would report to the Director of the same team. And will be instrumental in Spotify gaining a considerable foothold wrt integration of cryptocurrency payments. According to the description:

We are now looking for an outstanding Associate Director to join our Payments Strategy & Innovation team. This role will report to the Director, Payments Strategy & Innovation and will play a key part in defining and implementing Spotify’s payments strategy as well as leading Spotify’s activity within the Libra stablecoin project and wider digital asset & cryptocurrency space.

The objective is to address the company’s plan of ‘enabling new monetization opportunities’ for music creators. Also, Spotify wants its platform to become accessible to a larger section of potential users.

Spotify intends to inculcate all the latest fintech trends in their payments strategy, including cryptocurrencies. So that users from all sections of the society can access the music streaming platform.

Crypto Agenda Involves Libra As Well

One of the designated roles of the incoming Associate Payments Strategy Director would be to lead ‘Spotify’s day-to-day engagement with the Libra Association.’ This is due to the ongoing alliance of the company with Facebook’s digital currency project.

Along with this, the company is looking to leverage all the blue-chip aspects of the blockchain and cryptocurrency space. This includes stablecoins and Central Bank Digital Currencies (CBDCs). It is to streamline its transition to the most advanced payment methods available in finance at the moment.

The Associate Payments Strategy Director would be required to fulfill the above roadmap by making use of

Spotify’s global footprint to seek out innovation in the payments domain globally as well as emerging regulatory & market trends that could influence Spotify’s approach to payments.

Through all the above, the company actually intends to elevate its ‘reputation as a market leader in payments’, the website said. And give giant payments players like PayPal a run for their money.

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Source: https://cryptopotato.com/audio-streaming-mogul-spotify-considering-cryptocurrency-payments/

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India Reportedly Plans to Tax Crypto Investors As Bitcoin Price and Trading Activities Soar

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Barely ten months after the Indian Supreme Court lifted the RBI’s ban on cryptocurrency transactions, fresh reports from yesterday revealed that the country’s tax authority is now keeping a close watch on crypto traders as Bitcoin’s price continues its bullish trend.

Taxing Crypto Gains

According to local media, the Indian Tax Department is already in possession of data belonging to investors who invested in Bitcoin or cryptocurrencies through banking channels before the RBI’s ban in 2018. 

This development is coming after data shows a tremendous increase in crypto trading activities in India. Since the crypto ban was lifted earlier this year, retail investors between the ages of 25 and 40 have been spending millions of dollars on crypto trading every day. 

Over $25 Million Daily

Two of India’s largest crypto trading platforms, Binance-acquired WazirX and CoinDCX, saw a significant increase in activities over the last six months. According to an earlier report, WazirX recorded a massive 125% increase in user signups in the last two quarters. The exchange also has a daily trading volume of $19-26 million, with more than 85% of the transaction coming from Indian traders. 

Some experts believe it will be difficult for the country to tax crypto because there’s no regulation in place for crypto dealings. They feel a regulatory framework will provide the needed clarity to make taxation easier. While India is yet to release its crypto regulation, an earlier report suggests that the country may regulate crypto as commodities.

Declaring Bitcoin Profits As Capital Gains

Although it is unclear how India plans to implement the tax law, sources familiar with the matter claimed that the country’s taxman is already preparing to collect tax on the gains made from Bitcoin. And notice may be sent out to investors if “something goes out of this.”

Experts believe that the tax authorities may classify crypto gains as business income, and investors may have to pay up to 30% tax on profits made from selling cryptocurrencies. 

However, some tax experts are advising their clients to declare their Bitcoin earnings as capital gains, which is similar to profits generated from shares.

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Source: https://cryptopotato.com/india-reportedly-plans-to-tax-crypto-investors-as-bitcoin-price-and-trading-activities-soar/

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Binance Uganda Notifies Users of New Closure Date

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Dec 04, 2020 at 13:02 // News

Binance Uganda is closing its activity

Binance Uganda, an arm of the greater Binance Global has notified all its Ugandan clients on the new date of closure, which is now set for December 15. A Binance user from Uganda, Joel Odota, notified CoinIdol, a world blockchain news outlet, that he received a notification email from the company.

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Binance launched in Uganda

The world’s largest crypto exchange by trade volume, Binance, was the first fiat-crypto exchange platform to launch in Uganda in June 2018 although trading kicked off on the exchange four months later. Binance Uganda was warmly welcomed as indicated by fast-paced sign-ups in the beginning days. By October, Binance Uganda had reached a record 40,000 users most of whom were Ugandans.

However, the company had initially announced on its official site that it would shut down in phases in what it called a “migration” from Uganda to a global platform Binance.com. This “hard-shutdown,” therefore, does not come as a surprise to Binance users in Uganda.

The closure was anticipated to take place sometime at the end of November but did not happen and the exchange has now informed its clients it will eventually cease operations by close of business on December 15. While the official site still does not have such an announcement, it was present on the company’s official Telegram channel.

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The crypto space of Uganda

Just like any other countries in the eastern Africa region, Uganda has witnessed unprecedented growth in crypto usage within its borders in the last decade. The government of Uganda, until now, does not recognize crypto asset holdings and has constantly warned citizens against investing in the volatile digital currency. Crypto assets investment in the country is mostly driven by the need of professionals and young people to make additional income.

In 2018, the Financial Intelligence Authority (FIA) of Uganda wanted to regulate crypto and blockchain usage in the country, citing crime and terrorism. It is unclear whether the recent move by Binance Uganda to close down was influenced by government regulations or the recent spread of COVID-19 global pandemic.

What happens after December 15?

According to the short reminder email, users who would have not withdrawn their fiat currency or Binance Coin (BNB) after the scheduled shutdown would forfeit their assets. The announcement also says that any currencies that would not reach the minimum withdrawable amount would be lost by the client and later donated by the company to its nonprofits arm, Binance Charity. After the closure, users would not be able to access their accounts and no more new registrations would be allowed.

The year 2020 has been tough for not only governments, civil society organizations but also the private sector. Many jobs were lost as companies shut down. The recent planned closure of Binance Uganda in the same year might be linked to the medical emergency or tighter government regulation of cryptocurrencies.

Source: https://coinidol.com/binance-uganda-closure-date/

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