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WATCH: eToro’s Guy Hirsch Discussing Libra on Bloomberg

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When you need to break down a complex issue, it’s best to ask an expert. eToro Managing Director, Guy Hirsch, appeared on Bloomberg TV to discuss Facebook’s Libra project and comment on the company’s first day of Senate hearings.

https://finance.yahoo.com/video/facebooks-marcus-did-great-job-223329542.html

In the segment, Hirsch praises Facebook’s blockchain lead, David Marcus, for the exemplary job testifying in front of the Senate Banking Committee. According to Hirsch, Marcus provided lawmakers with a clear and informed explanation of Libra’s role in the future of payments and the regulatory compliance framework it aims to work within upon launch.

eToro is a worldwide leader in pioneering the exchange of cryptoassets. As one of the first traditional online trading platforms to offer Bitcoin as a tradable asset, the company has quickly established itself as a leading innovator in the U.S. blockchain community.

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Stellar now available on eToroX exchange

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eToroX announces new cryptoasset and multiple fiat pairs

7 August 2019: eToroX, the blockchain subsidiary of global investment platform eToro, today announces that Stellar (XLM) is now available on the eToroX exchange.

As of today, eToroX is making Stellar a base currency for trading pairs on eToroX. It will be tradeable against other cryptoassets and stablecoins. The pairs include USD (XLM-USDEX) GBP (XLM-GBPX), Japanese Yen (XLM-JPYX), Euro (XLM-EURX), and with Bitcoin (BTC-XLM), and Ethereum (ETH-XLM).

“We want to open up the tokenized world for everyone,” said Doron Rosenblum, Managing Director of eToroX. “eToroX is bringing crypto and tokenized assets to a wider audience and enabling them to trade with confidence on a secure and regulated platform.”

“We believe that blockchain technology has the means to include more people in a new financial world, who might have been previously excluded from it. Stellar shares this ethos, which is why we are excited to be adding it to our exchange and on-chain wallet for people to buy, sell and hold, 24/7.”

Stellar is an open source and decentralized payment network protocol with its own currency (XLM), which connects banks, payment systems and people, aiming to provide global access to low-cost financial services for all.

“It’s exciting that eToro has added Stellar Lumens as a base currency on the eToroX exchange,” said Jed McCaleb, CTO of the Stellar Development Foundation. “We believe…

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Are you an accidental bitcoin tax avoider?

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Are you one of the many millions of people who saw the price of bitcoin start rocketing in 2017? Are you one of the hundreds of thousands who bought in? Are you one of the thousands of buyers who is resident, for tax purposes, in the UK?

If your answer is yes to the last question, you need to take a deep breath and read on.

Cryptocurrency is still in its infancy as far as regulators are concerned, with few rules around what you can do with bitcoin and its peers and what can be done to you with it.

While it’s not the Wild West, you’re advised to use registered and regulated platforms, such as eToro, to trade and invest to ensure the best protection from scams.

But if those who make the legal application around burgeoning financial trends are a bit behind the curve, those seeking to tax it are not.

You might not be aware, but if the size of your pot of bitcoin – or other crypto – has risen considerably since you bought it, you need to be thinking about your potential liabilities to HMRC.

In December, HMRC published a list of ways your bitcoin can make you liable for a range of taxes. The main one for those who bought the rising bitcoin…

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Making the most of your bitcoin (by maxing your tax)

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Crypto enthusiasts will know that just because you didn’t know about the tax liable on cryptocurrency gains doesn’t mean you don’t have to pay it. Ignorance is no defence against the taxman.

But there are ways of reducing the tax you have to pay, and they are all entirely legal.

The main tax a holder of bitcoin is most likely to pay is on any gains made when selling the asset. This is called Capital Gains Tax (CGT). Like any investment, if you don’t do anything to make the value increase, it’s seen as something of a windfall – and the government wants a share of the action.

You are liable for tax on the gains you make selling cryptoassets for cold hard cash, exchanging cryptoassets for a different type (i.e. bitcoin for ripple), using cryptoassets to pay for goods or services or giving them away to someone else.

Importantly, you can give the cryptos to a spouse or civil partner and not be liable for gains… but you are just handing over the liability to them to sort out.

Also, don’t think you can just offload them onto a charity, as HMRC can take a view that you are doing it just to get out of paying what you owe.

However, CGT only kicks in after you’ve made…

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