3 ms·
To me, the stronger government intervention is taxing the use of cryptocurrencies (or pretty much anything except dollars in the US) when buying something with
by wuliwong 4y ago
To me, the stronger government intervention is taxing the use of cryptocurrencies (or pretty much anything except dollars in the US) when buying something with it. There is a capital gains tax event that happens if you buy something with BTC, for example. So you have to pay extra to use non-dollars for transactions but also a regular person's taxes would become extremely complicated if they used non-dollars for all their transactions.
- datadata 4y agoExcellent point. This also lends to it being easier for US tax subjects to use the dollar as a unit of account and ignore its (small, but not insignificant and always trending downward) value changes. I think a crypto wallet app that optimized for this problem would be super valuable, e.g. making doing taxes of these transactions seamless, and suggesting paying using a currency that is optimal for taxes (e.g. realizing a loss if that is possible, because then your purchase would come with a tax credit.) There are also efforts by legislators to enable de minimis exemptions for crypto transactions (taxes waived if the transaction size is sufficiently small)