Pundi X has announced that it has agreed on a strategic partnership with South Korean blockchain data platform Carry Protocol. Pundi X made this known in a post on its Medium page and highlighted the key terms in the partnership.
Both firms have agreed to establish a payment system backed by blockchain technology. Carry Protocol expects that the payment system would see the platform process crypto payments with offline payment data.
It is also anticipated that the platform would process more than 2trillion Korean won in transactions from Carry Protocol’s partners. The payment platform would not be limited to Korea but would be accessible all over the world.
Pundi X to List Carry Protocol Token CRE on its Payment Platform
Carry Protocol’s native token CRE would be listed as part of Pundi X payment ecosystem through Pundi X Open platform as part of the partnership.
This means that the CRE token would be a payment option for Pundi X merchants in over 30 countries. CRE token would also be listed on Pundi X’s Xwallet app, which has over 500,000 users worldwide.
Carry Protocol is aiming to expand within the Asian and overseas markets by tapping into the existing userbase of Pundi X. The blockchain platform would also see increased adoption of its token CRE as a major means of transfer by merchants within the Pundi X ecosystem.
South Korea Considering 20% Tax on Crypto Trading Profits
South Korea is reportedly considering imposing a 20% income tax on all profits made from crypto trading. It is understood that the Finance Ministry is looking at labeling crypto trading profits as other income rather than as transfer of capitals like real estate properties. If this is successful, local tax authorities could impose up to 20% as tax on crypto assets.
The Asian nation has become one of the largest markets for crypto trading, and this has caused issues when regarding laws towards crypto assets. The Korean government was close to imposing a ban on crypto trading via exchanges in 2018 after the crypto carnage but were thwarted by a large scale petition by the crypto community within the country.
It is not known how this latest report on the proposed 20% tax on crypto assets would fare. But the initial response from crypto experts has been negative, and this is largely the perception within the crypto community.