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COINTURK NEWS > Cryptocurrency News > Terra Luna Classic Community Approves New Tax Management Proposal
Cryptocurrency News

Terra Luna Classic Community Approves New Tax Management Proposal

In Brief

  • Terra Luna Classic community simplifies tax management with a new proposal.

  • The new mechanism eliminates double taxation for smart contracts.

  • Closure of Shuttle Bridge boosts community's hope for LUNC's future.

Ömer Ergin
Ömer Ergin 8 months ago
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The Terra Luna Classic community has approved a new tax management proposal aimed at simplifying the tax system on the Terra Classic network. This “Reverse Charge” mechanism alters how taxes are deducted from transactions, facilitating a more user-friendly experience for developers and users.

Contents
Details of the Tax Management ProposalLUNC Token BurnClosure of Shuttle Bridge

Details of the Tax Management Proposal

In a recent announcement, the newly introduced Reverse Charge mechanism will allow taxes to be directly deducted from the transaction amount before being transferred to the recipient’s wallet. This change provides convenience for developers and end-users as senders are no longer required to pay additional taxes.

One of the key benefits of the Reverse Charge system is the elimination of double taxation for smart contracts. In the previous system, contracts were taxed both when receiving and sending funds, leading to extra costs for developers and users.

LUNC Token Burn

The new tax proposal follows efforts to reduce the total supply of LUNC and increase the asset’s value through token burning initiatives. In the latest burn cycle, Binance burned 1.048 billion LUNC tokens, raising the total amount of burned tokens to approximately 137 billion, as reported by the community.

Alongside these measures, millions of LUNC delegations have been made to support the validators and other key participants within the Terra Luna Classic ecosystem.

Closure of Shuttle Bridge

The closure of the Shuttle Bridge has increased the community’s hopes for the future of LUNC. Community member Leonardo recently addressed questions about the shuttle bridge and anticipated burns, stating, “The shuttle bridge is closing, and we will adapt when the burn occurs.”

“The expected burn did not happen, but the good news is the shuttle bridge is now closed. We will adapt when the bridge burn occurs.” – Leonardo

With the Shuttle Bridge’s closure, the Terra Classic community anticipates additional LUNC and USTC token burns to stabilize and support the ecosystem. As a result, these steps taken by the Terra Luna Classic community regarding tax management and token burns are expected to significantly impact the ecosystem’s development and LUNC’s value enhancement.

You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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Ömer Ergin 4 November, 2024 - 3:06 am 4 November, 2024 - 3:06 am
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