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In the US, cryptocurrencies are treated as assets, they are taxed every time you exchange them for something or even each other. I would disagree that libra coi
by wuliwong 7y ago
In the US, cryptocurrencies are treated as assets, they are taxed every time you exchange them for something or even each other. I would disagree that libra coin is akin to Facebook and partners creating their own money.
- supermatt 7y agoClearly you didnt read the whitepaper. Facebook (and partners) literally mint libra. You give them a dollar, they mint a dollars worth of libra and stick the dollar in their "reserve". What stops them minting more libra than they actually hold fiat reserves for?
- Sargos 7y agoThis actually might be a blessing in disguise for crypto currency as Facebook will lobby hard to get that rule changed fast as people aren't going to want to report a line in their taxes for each of the hundreds of items they buy in their taxes.