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Assuming we talking only about "removing big banks from large long-distance cash transfers" which is also one of the few sane possibilities for crypto that I wo
by Yizahi 9y ago
Assuming we talking only about "removing big banks from large long-distance cash transfers" which is also one of the few sane possibilities for crypto that I would want. I suspect that if it will ever work then in the fully regulated marked (e.g. we are transferring from regulated country to regulated) then the recipient will have to pay capital gain tax for cashing out on his side. This kinda defeats the whole purpose of the system.
The more I think and read about crypto and blockchain the less practical applications I see.
- gomox 9y agoWhy would you pay capital gains tax on a money transfer?
- sanderjd 9y agoI think because the implication is that the way the transfer actually happens is: 1. Buy BTC in the right amount in origin country, 2. Transfer it to another BTC address, 3. Sell BTC in the right amount in the destination country. I believe most countries will consider the sale in step #3 a capital gain.