The Terra community has passed Proposals 3568 and 4159, which will introduce a 1.2% tax burn for on-chain transactions of LUNC and USTC on Terra Classic network. In accordance with Terra governance, these proposals are being created to change the tax parameter from its current value of 0 to 0.012 (1.2%). The tax will be applied to all currency denominations currently available on-chain, including LUNC and USTC.
- Deposits: Transactions will be taxed by the Terra Classic network before it reaches BKEX. The balance will be credited to your BKEX account after the 1.2% tax deduction by the network.
- Withdrawals: Users will receive the withdrawal amount minus withdrawal fees charged by BKEX and the 1.2% tax deduction by the network.
English Telegram group: https://t.me/BKEXEnglish