Swiss banks are considering a proposal from ICO CustomCoin Platform

Swiss Luzerner Kantonalbank is considering the proposal from ICO CustomCoin Platform (https://ccnowpro.com/) regarding the legalization of withdrawal of money from cryptocurrency assets. The main controversial point is a future web platform of the company which will use its CustomCoin (CC) token instead of the Swiss francs in recalculations. How will this look in tax reports and what is the exchange rate of a token to a franc?

This is not the only question that officials ask. The floating rate of Ethereum in relation to a dollar, and it is directly attached to Ethereum and to a token, complicates an estimation of a monetary turn of the future platform. Bankers are not satisfied with the following thing: taxation of only incoming and outgoing money transfers from the account of the company. Bank experts say this is only a top of the aisberg, the main block is in money transactions in a currency whose value is varyings from hour to hour.

Another controversial issue is ‘burning’ of tokens, bought-out by ICO investors which is necessary for the growth of the token in price. ‘Will you burn your money?’ the bankers ask the platform. ‘Are you a cryptocurrency bank?’ The cloud of uncertainties helps to resolve the origin of monetary assets of the company which are foreign to the Swiss bank. The platform offers to pay taxes only for the profit that we derive exclusively from monetary transactions in Switzerland and only for cash transactions in the fiat money. It depends greatly on the further approach of Swiss politicians to the cryptocurrency asset whether Swiss banks will agree to such conditions.

The review was prepared by Bruno Rumpf

Project references:

website https://ccnowpro.com/

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