As the age of cryptocurrency comes into full force, it will facilitate a subversively viable taxation avoidance strategy for many of the technically savvy users of peer-to-peer payment systems. In doing so, cryptocurrency use will act to erode the tax revenue base of national jurisdictions, and ultimately, reposition taxation as a voluntary, pay-for-performance function. In this post, I cover some of the benefits such a strategy will have for cryptocurrency investors, why our notion of taxation is ripe for disruption, and why cryptocurrency taxation is enabled by default.
Read The Full ArticleThe government shouldn't complain of having bitcoin as non taxable because in the first place, most of them don't even recognize us or the system itself. I'm not that knowledgeable in other country's taxation system but ours have high product and services tax so income tax is least of my worries.