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Does cryptocurrency mean the end of income tax?


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.....since there is no BANK, to speak of, to store your crypto once you've mined it, and since it's not tied to your ID in any way - ie. if you have some Bitcoin on USB drive 1 and some more on USB drive 2, there's no way to tell that it's the same GUY that has them; then I fail to see how you can be Forced to pay taxes, should you choose to avoid them...?

....the government simply doesn't KNOW who has what, right...?

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8 minutes ago, onebigindian said:

.....since there is no BANK, to speak of, to store your crypto once you've mined it, and since it's not tied to your ID in any way - ie. if you have some Bitcoin on USB drive 1 and some more on USB drive 2, there's no way to tell that it's the same GUY that has them; then I fail to see how you can be Forced to pay taxes, should you choose to avoid them...?

....the government simply doesn't KNOW who has what, right...?

The government claims to have chain analysis tech, which they can use to analyze transactions on the blockchain since it is a public ledger and then try to associate certain transactions with suspicious activity or monitoring ones going to say like a Dark Web Market. There is a term used often called "plausible deniability", they simply cannot prove anything, even with their chain analysis software. Simply put, no one can be forced to do anything. Typically though, tax wise, they track that upon exchanging, so if you use something like Coinbase etc. then you will surely want to file your taxes. If you are keeping crypto crypto you do not have to claim taxes on it. Usually only when you go crypto to fiat or fiat to crypto, though I would check your jurisdictions laws, as they vary heavily between different countries and areas.

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2 hours ago, onebigindian said:

So you're saying, simply, that I CANNOT be forced to pay tax?

Well, this, unfortunately is the news in India:

https://timesofindia.indiatimes.com/business/india-business/bill-to-ban-private-cryptocurrency-likely-in-budget-session-of-parliament/articleshow/80607008.cms

Yup, you can do whatever you want. Just grab Tor (https://torproject.com) and a nice VPN, use exchanges that don't support KYC and no one can tell you what to do. 🙂

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