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RE: The problem of cryptocurrency and taxation
I think you are technically supposed to pay taxes an cash transactions too. I wouldn't be surprised if this is something they are working on.
I think you are technically supposed to pay taxes an cash transactions too. I wouldn't be surprised if this is something they are working on.
Yeah technically that is the case, because as of now, you have to sell your cryptocurrency into fiat to buy things for most purchases. Therefore, it is a capital gain.
I think in the USA they're looking at a "fair tax law" for immunity with smaller purchases.
Once people are just trading crypto back and forth without changing to fiat, this muddies the waters a little, legally. If you have 1 BTC and you trade it as 1 BTC, and fiat isn't really a thing any more, it hasn't changed quantity, so is it a capital gain?