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Yes, I meant fiat currency (US dollars, etc.). I get that the point is to have a parallel currency of crypto. If I purchase a stablecoin with fiat, I’ve exchan
by quantified 5y ago
Yes, I meant fiat currency (US dollars, etc.).
I get that the point is to have a parallel currency of crypto. If I purchase a stablecoin with fiat, I’ve exchanged, there it is. If I earn my salary in crypto, pay for my groceries, and never exchange for fiat, then I’m fully detached.
- 3np 5y agoI still don’t see how that follows for individuals. As long as you’re self-reporting and paying relevant taxes, you’re in the clear. Even if you use privacy-preserving technology to protect yourself from surveillance from private and foreign interests, you should still keep records that can be submitted as proof to tax authorities if required. (Maybe the approach of legislators and regulatory bodies will change; this is reflecting my understanding of recent developments)
- quantified 5y agoMy point was that the regulatory system connects to how money moves. The interfaces where money comes in and out are places that regulation easily touches. I rather doubt the SEC would care if money wasn’t involved (purely in-game currency).