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Is it loonie to collect your salary in Bitcoin?

Posted by AGORACOM-JC at 11:58 AM on Tuesday, September 2nd, 2014

A small but growing – and surprising – number of workers are rejecting Canadian dollar salaries for Bitcoin, according to a Waterloo, Ont., payroll firm.

Wagepoint CEO Shrad Rao said his firm came up with the cryptocurrency payment option in November last year as a side project and did not expect any take-up.

Video: Wrapping your head around bitcoin

But as the online currency gained popularity this year, he said, employees from 10 firms have signed up for the Bitcoin option, and many more are asking about it.

“When we started off, we didn’t even think we’ll get one,” he said over the phone from New York, where Wagepoint has another office.

“What’s interesting is that we’ve actually had customers come to us because of the (Bitcoin) integration, which we were not expecting at all.”

Rao said the firms are overwhelmingly technology companies, whose workers have higher interest in new innovations and tend to dabble more.

In addition to Canadian interest, he said gets about five inquiries for Bitcoin payment per month from the United States, where Wagepoint also operates, although it has not yet launched such an option in that country.

Bitcoin, a decentralized currency, was launched in 2009 by an as-yet unknown person or group. It gained mainstream attention in 2013, and subsequent adoption caused one bitcoin to rise to a high of $1,000.

But most brick-and-mortar shops still do not recognize Bitcoin as currency, and neither does the Canadian government, which in June ruled Bitcoin is property.

Canada Revenue Agency spokesman Noel Carisse said paying employees in Bitcoin means paying them in goods – “a barter transaction.”

“The goods – the Bitcoin, in the case of digital currency – must be valued and reported in Canadian dollars,” he said in an e-mail.

“The employee would then include the appropriate amount on their tax return for the year as employment income. Any tax payable would have to be paid in Canadian dollars.”

For Wagepoint, however, it works differently. Rao said for tax purposes, employees are still being paid with Canadian dollars on paper.

He said workers can have all or part of their wages in bitcoins, and taxes are taken from the Canadian dollar salary before the remainder is converted.

“Really, it’s (about) what you do with your personal income at that point,” he said. “If you bought a boat with it or invest in Bitcoin – I’m not sure that’s very different from each other.”

But the payment system will not likely have mass adoption until there is regulation and widespread acceptance for Bitcoin, according to an expert.

Cissy Pau of the Vancouver-based Clear HR Consulting, which deals with small businesses, predicts being paid in virtual currency will not expand beyond the tech world because there are currently too few places to spend it.

“Tech companies, I can see that,” she said. “But I just can’t see that in, say, Canada Post, a more traditional-type company with more traditional-type workers. I would suspect that people will be highly skeptical.”

Currently, even those who earn exclusively in bitcoins cannot escape traditional currency.

Michael Perklin of Bitcoinsultants does business in the virtual currency and has not earned Canadian dollars since February, but does not use Bitcoin directly in most day-to-day transactions.

Perklin said he uses third-party services that allow him to make regular purchases and bill payments in Bitcoin, and also sells bitcoins for cash.

For instance, Perklin’s mortgage is paid for through a Canadian dollar chequing account where he deposits funds after selling bitcoins on online exchanges.

Perklin said living completely without traditional currency may be possible in the future, but it is difficult to do right now.

“I have to interact with Canadian currency,” he said. “That’s a fact of live in the country I live in.”

Source: http://www.theglobeandmail.com/technology/tech-news/is-it-loonie-to-collect-your-salary-in-bitcoin/article20296919/?cmpid=rss1&click=sf_globe

Newnote Financial – Statement Regarding Bill C-31 Legislation Amendment

Posted by AGORACOM-JC at 3:45 PM on Wednesday, June 25th, 2014

Vancouver, British Columbia – Newnote Financial Corp. (the “Company”) (CSE: NEU; FSE: 1W4) would like to address the recent amendment to Bill C-31 in regards to virtual currencies.

The federal government passed a law on June 19 that makes Bitcoin subject to the same standards that apply to traditional financial markets. The rules will apply to all Bitcoin exchanges and ATMs. This move makes Canada one of the first countries to implement legislation that regulates digital currencies.

In addition to following the money services regulations, all Bitcoin exchanges in Canada are now required to register with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), an independent body that reports to the federal Minister of Finance whose main mandate is to prevent money laundering and the financing of terrorist activities.

Bitcoin companies from outside the country will also need to comply when doing business in Canada.

Newnote requested the MSB designation from FINTRAC on December 10, 2013 and received an official reply on January 3, 2014 stating ‘it does not appear that your entity will be engaged as an MSB in Canada as per our Act and associated regulations.’, therefore based on the amendment of Bill C-31, Newnote is in the process of adhering to the appropriate compliance requirements as set out by FINTRAC.

Paul Dickson, President and CEO states: “We are pleased that Canada has implemented what is the first official national law on Bitcoin use. This clearly adds credibility to crypto-currencies and the legitimacy of its use. The news of the amendment has arrived in good time for the imminent launch of our proprietary Bitcoin trading platform, ‘Puretrade’. ”

In addition, Newnote is pleased to report that the recent acceleration of the warrants has provided the company with an additional $360,000 of operating capital. The use of proceeds will be for marketing of products, services and general operating expenses. The company’s low overhead will enable us to operate with no further need of financing for the time being.

About Newnote Financial Corp.

Newnote Financial Corp. is pioneering innovative crypto-currency and Bitcoin related software products and services geared at the growing business segment of this bourgeoning market. Newnote has positioned itself to be a leading contender in delivering opportunities to startup businesses world-wide and continues to create new opportunities for its clients and its shareholders. Newnote has a clear vision on the direction in which this new and unique business is headed and is continually adjusting and adopting new business practices in both technology and the policies & procedures required by banks and securities regulators.

For further information please contact:

Paul Dickson

President, CEO & Director

Newnote Financial Corp.

Suite 709-700 West Pender Street

Vancouver, BC V6C 1G8

direct: 604-229-0480

fax: 604-685-3833

web: www.newnote.com

Forward-Looking Information:

This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business and trading in the common stock of Newnote Financial Corp. The forward-looking information is based on certain key expectations and assumptions made by the company’s management. Although the company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the company can give no assurance that they will prove to be correct. These forward-looking statements are made as of the date of this press release and the company disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

The CSE has not reviewed, approved or disapproved the content of this press release.
To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/newnote06252014FG.pdf
Source: Newnote Financial Corp. (CSE:NEU) http://www.winrockresources.com/

AGORACOM Welcomes Newnote Financial, Canada’s Only Publicly Traded Bitcoin Company

Posted by AGORACOM-JC at 9:12 AM on Wednesday, May 28th, 2014

Why Newnote Financial?

  • Pioneering innovative crypto-currency related software products and services geared at this growing global market
  • Positioned as a leader in delivering opportunities for companies and businesses wishing to participate in the Bitcoin economy while continuing to create value for our shareholders and stakeholders
  • Developingits own philanthropic crypto-currency, opened a datacenter for Bitcoin mining, secured over 100 terahashes for its cloud hashing services, secured  a Bitcoin ABM and is launching its own Bitcoin exchange in short order.

Dedicated bitcoin mining Co-location Data Center

  • Secure underground Canadian facility is designed to handle the need for power and cooling for even the most powerful mining equipment.
  • Facility runs on 100% renewable energy, and has world-class security and energy infrastructure.
  • Miners can host their energy intensive mining equipment, which company will install in our facility, and they can remotely manage and mine Bitcoin or various altcoins of their choosing.

Growing network of ABM machines will allow people to conveniently buy bitcoin using their local fiat currency

Comapny ABM is quick and flexible. Some key advantages:

  • Fiat to Bitcoin in fifteen seconds
  • Accepts notes from over 200 countries
  • Supports leading exchanges, wallets and price feeds
  • Coded and audited by network security experts
  • Intuitive and simple user interface

Physical security is a priority, and the ABM has an internal steel vault that can be securely bolted to wall, stand, or countertop.

Charity Coin

  • Bringomg a new source of revenue for global charities.
  • When CryptoAid generates a coin, part of the currency will go to the miner and part goes to a pool of charities chosen by the CryptoAid community.

Newnote Financial Corp. Adds an Additional 100 Terahashes to Its Cloud Hashing Capacity

Posted by AGORACOM-JC at 9:13 AM on Tuesday, May 27th, 2014

Newnote Financial Corp. (the “Company”) (CSE: NEU; FSE: 1W4) is pleased to announce that its cloud hashing service ‘Newnote Miners’, which sold out of its initial capacity in 12 hours, has added an additional 100 Terahashes of capacity.

Newnote’s cloud hashing platform allows users to participate in Bitcoin mining without having to purchase, configure, and maintain expensive hardware. The few platforms that do exist, offer inflexible pricing, but Newnote’s next generation cloud hashing platform gives users added flexibility and convenience. In a few short years, cloud hashing has become a global multi-million dollar business.

Paul Dickson, President and CEO states: “The demand for Newnote’s cloud hashing services was overwhelming, showing that the Company is offering a service that meets the needs of the marketplace. As a result, the Company has been sourcing additional computing capacity. This trial run is only the beginning; additional computing power is planned for the near future.”

Newnote Miners cloud hashing software is designed to distribute Bitcoin to subscribers based on purchased hashing power. Users may purchase a contract for one day or 24 months and may choose from one gigahash to multiple terahashes with no need for hardware or technical expertise. Individuals wishing to buy cloud hashing services can go to the Newnote Miner website: http://www.newnoteminers.com/.

About Newnote Financial Corp.

Newnote Financial Corp. is pioneering innovative crypto-currency and Bitcoin related software products and services geared at the growing business segment of this bourgeoning market. Newnote has positioned itself to be a leading contender in delivering opportunities to startup businesses world-wide and continues to create new opportunities for its clients and its shareholders. Newnote has a clear vision on the direction in which this new and unique business is headed and is continually adjusting and adopting new business practices in both technology and the policies & procedures required by banks and securities regulators.

For further information please contact:

Paul Dickson
President, CEO & Director
Newnote Financial Corp.
Suite 709-700 West Pender Street
Vancouver, BC V6C 1G8
direct: 604-800-6749
fax: 604-685-3833
web: www.newnote.com

Forward-Looking Information:
This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business and trading in the common stock of Newnote Financial Corp. The forward-looking information is based on certain key expectations and assumptions made by the company’s management. Although the company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the company can give no assurance that they will prove to be correct. These forward-looking statements are made as of the date of this press release and the company disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

The CSE has not reviewed, approved or disapproved the content of this press release.