There is truth in the old adage by Ben Franklin, “In this world nothing can be said to be certain, except death and taxes”. So the ATO/IRS want to chase down those rascally rabbits making a killing on Crypto. They refuse of course to call it a currency it’s classed in Australia as an asset that can be taxed for capital gains purposes.
In the states I believe it’s similarly classified as a security probably with similar tax implications, please let my know in the comments if I’m mistaken. But the impression these agencies give is that everyone is sneaking the money out of their bank accounts and putting it into crypto, isn’t that like taking your money out of the bank and putting it in your wallet. I know you can trade it on various exchanges and directly give it to people, yup just like cash.
FOMO I think is what is happening, anyone in the crypto space can see the writings on the wall. There is a shift in thinking now when the tax guys (the Untouchables) start saying “this is a real asset” then it won’t be long before the legitimacy this space has been looking for will happen.
I can’t tell you how many people have told me “Crypto is a Scam”, “Crypto will be dead in a year”, “Crypto isn’t backed by anything, it’s not real”. “What’s Crypto?” I just roll my eyes and think “another headlines reader”.
Yes there probably are a few, maybe quite a few people globally hiding some extra dollars in their crypto, who don’t want it discovered, but for the magority of us we are flag carrying (maybe not flag carrying) patriots that love our respective countries and have no real issue in paying our fair share of taxes to keep the wheels of the country moving along, as long as that taxation is fair and equitable.
The idea that we are being hunted down, like it’s something inherited illegal, is just ridiculous, Crypto is just another asset class, yes it’s volatile, not for the faint of heart or for those with a low risk tolerance, but for those of us who really believe where this technology is going, we know it’s ligit, above board and will ultimately take over the current financial system. Bringing decentralised financial freedom to millions.
Let the crypto revolution begin, I’m in.
Please comment and give me an upvote, I’d appreciate the encouragement.
https://www.brainyquote.com/quotes/benjamin_franklin_129817?src=t_death_and_taxes
http://www.executivecareer.net.au/news/ato-to-chase-crypto-money