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Why not be cryptocurrency-only? A lot of the seedier sectors of the online economy (adult and gambling) are very crypto friendly. Plenty of web hosting takes cr
by monero-xmr 3y ago
Why not be cryptocurrency-only? A lot of the seedier sectors of the online economy (adult and gambling) are very crypto friendly. Plenty of web hosting takes crypto. And the artists themselves are very savvy. I don’t see why you need a traditional bank anymore for this sort of business in 2023.
- tgsovlerkhgsel 3y agoThe second to last section addresses that.
- senkora 3y agoYou would still need to declare your crypto earnings on your tax return, and convert some of them into your local fiat currency to pay taxes.
- monero-xmr 3y agoYes but the industry is not illegal, it’s just banks not wanting to work with him. He can cash out on normal exchanges and file taxes normally.
- senkora 3y agoFair point, that could be an option. I’ve heard in the past that the off-ramp from crypto to fiat could be unreliable at exchanges but I don’t know personally whether that is true, either in general or for Canadian customers.
- fragmede 3y agohow do you cash out business amounts of money without a bank account though? if the bank doesn't want to work with him, it means he doesn't have anything to connect a Coinbase account to. Unless he wants to deal in large amounts of cash (which; cannabis clubs have to do, so it's not out of the question), he can't cash out.