Samsung founders fined billions of dollars in more than 200 offshore accounts

nBankruptcy comment: Recently, according to South Korea’s mainstream news media JTBC reported that Samsung Group billionaire founder Lee Kun-hee will be fined for tax avoidance. The reason is that Lee Kun-hee did not report to the South Korean government and the State Revenue Agency about the transactions in its more than 200 offshore bank accounts, after Saudi government billionaire Prince Alwaleed bin Talal was confiscated on various charges Billions of assets. In this case, the advantages of bitcoin are also self-evident, so it seems that the offshore banking market is the main battlefield of bitcoin.n
nTranslation: Clovern
Lee Kun-hee, founder of South Korea’s Samsung billionaire group, is expected to be fined for tax avoidance. It is reported that it deposits billions of dollars in more than 200 overseas bank accounts.n
The advantages of bitcoinn
JTBC, South Korea’s mainstream news media, reported that Mr. Lee had frequently withdrawals from his hundreds of offshore bank accounts by 2011, but did not report these transactions to the South Korean government and the State Revenue Agency.n
Samsung founder Lee Kun-hee was found to have more than 200 offshore bank accounts. The government will impose taxes on these multi-billion dollar accounts and impose fines on them.n
nWhat is the advantage of bitcoin? Privacy and financial freedom. Gain insight into the $ 40 trillion offshore market. “n
– Joseph Young (@iamjosephyoung) on ​​December 27, 2017n

Earlier this year, the billionaire Prince Alwaleed bin Talal was also severely beaten by the Saudi government, accused of corruption, money laundering and tax evasion. Prince Talal was therefore placed under house arrest and was asked to pay $ 7 billion for freedom.n
Max Keizer, a respected financial analyst at RT, therefore criticized the Prince Talal for condemning Bitcoin earlier. Talal used to think bitcoin was a bubble, calling it “a brewing Enron.” Just months after he denounced bitcoin, the Saudi government demanded that Talal hand over most of his assets to the government in exchange for his freedom as a prince, and that if he took wealth away from decentralized value storage Store, then he can avoid this incident.n
nTalal sees bitcoin as useless because it is not governed by the central government and the central bank, and just a week later the central bank and the central government have taken away all of his net worth, and if these assets are replaced by bitcoin, then he will not He’s the one who buys bitcoin, and anyone who thinks about whether or not to buy Bitcoin looks at Talal, who is under house arrest in a luxury hotel, who knows the answer. Overrated him. “n
nAs Ari Paul, chief investment officer and co-founder of Blocktower, a cryptocurrency hedge fund, explains, Bitcoin can better handle offshore banking than JPMorgan, the dominant financial institution in the industry . Paul pointed out that bank executives such as JPMorgan chief executive Jamie Dimon viewed Bitcoin as a threat because of its potential to infiltrate the $ 40 trillion offshore banking industry worldwide .n
As a decentralized currency and value store, Bitcoin brings the level of financial freedom, independence, substitutability, privacy and transmissibility that the offshore banking system can not match because existing offshore banks The system relies on intermediaries and third-party service providers.n
As a result, the demand for Bitcoin in traditional financial market investors (especially institutional and retail investors) has been on the rise.n
Trillion dollar market value of the keyn
Many analysts point out that bitcoin can cost more than $ 50,000 and that if bitcoin can penetrate the $ 8 trillion market, it is highly likely that it will enter the $ 100,000 range and gold is still the world’s most The main value of storage.n
However, in terms of market capitalization, the global offshore banking market is more than five times the gold market, so experts like Paul think the offshore banking market is the main battlefield for bitcoin.n

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