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I think it would be a major selling point for state adoption. Cracking down on cash based tax evasion is often a major benefit touted when economies look to mo
by mattnewton 5y ago
I think it would be a major selling point for state adoption.
Cracking down on cash based tax evasion is often a major benefit touted when economies look to move to digital currencies, and most digital solutions to this problem "solve" it by throwing away anonymity. I most often see cashless solutions presented as a choice between do you want this system to be rampant with tax evasion and illicit activities but anonymous like bitcoin, or do you want someone keeping full plaintext records on every party in every transaction down to their street address and IP where the transaction was made like paypal.
- godelski 5y agoHow much tax is being avoid by cash payments? I can't imagine very much. If you're a business then there's too high of a risk unless you're a small fry. Maybe I'm missing something. But I imagine 90% of taxes aren't coming from those small enough to slip by. I also see an easy solution: 0.5% transaction fee built into the cryptocurrency.