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A system which is 12 years old, of which many people have not heard about, don't understand, or may not even care to understand. In some countries its illegal t
by doggosphere 6y ago
A system which is 12 years old, of which many people have not heard about, don't understand, or may not even care to understand. In some countries its illegal to use. Most countries have unfriendly tax treatment (capital gains on your coffee purchase). Can't be paid in it. Can't yet pay your federal taxes in it. Uncertain if the government will one day ban it.
- thaumasiotes 6y ago> Most countries have unfriendly tax treatment (capital gains on your coffee purchase). That's definitely unfriendly tax treatment. Is it different from the tax treatment that applies to national currencies?
- doggosphere 6y agoNot sure in the US, but in Canada you don't need to report capital gain on foreign currencies if its under $200.
- lmm 6y agoYes. It's the same tax treatment that applies to gold bullion or barrels of oil - volatile commodities that are at least partly speculative investments rather than stable mediums of exchange.
- thaumasiotes 6y agoWhat is the tax treatment that applies to national currencies?
- lmm 6y agoCountry-specific, but often you don't have to account for them up to a certain limit, and/or you can treat anything you buy in a foreign national currency as having been bought at what you originally paid for that currency.