Quote from: gentlemand on November 20, 2020, 11:03:46 PM

Quote from: Tytanowy Janusz on November 20, 2020, 07:02:58 PM

in order not to worry about meeting a series of strict guidelines that would have to be met while maintaining a legal tender. It is also preferable by many traders to not have to worry about reporting each transaction to the tax office for tax purposes. BTC/USDT is crypto/crypto transaction not crypto/Legal tender so potential profit / loss in many jurisdictions is not subject to taxation.

Anyone who thinks that had better double and triple check down their local tax office. In the US and UK at least there is absolutely no difference between moving into USD or USDT. Both are classed as a disposal.

I'll bet there are thousands upon thousands of traders who have unknowingly run up humongous tax bills believing they're somehow immune because it's crypto. Not so. Hopefully they'll get away with it.

Precisely right. It is critical to know the tax laws that apply to you and not rely on something you read here. It MAY be right what you read here, but it is much better to know for sure.