Swiss Region To Take Cryptocurrency For Tax Payments In 2021 (go.com) 22
A Swiss region that has billed itself as a hub for high-tech finance said Thursday that it plans to accept cryptocurrencies Bitcoin and Ether for tax payments starting next year. ABC News reports: Switzerland's Zug canton joins its eponymous main city and several Swiss towns in agreeing to take tax payments in cryptocurrency. Zug is thought to be the first region in the rich Alpine country to make the decision. The canton, which bills itself as home to "Crypto Valley," said it would accept taxes from companies or individuals of up to 100,000 Swiss francs (about $110,000) paid in Bitcoin or Ether as of February. A pilot program is expected to be launched in the coming weeks. Taxpayers who want to pay in cryptocurrency would notify tax authorities, who in return would send a digitized QR code that allows for such payments.
They should be ready for Trump's sanctions... (Score:2)
...The canton, which bills itself as home to "Crypto Valley," said it would accept taxes from companies or individuals of up to 100,000 Swiss francs (about $110,000) paid in Bitcoin or Ether as of February...
This will be seen by some hawks in Washington as a way to circumvent a currency pegged to the US dollar, which "is not good." They may be the first ones to do it. Others will follow.
Some form of sanctions may be next, I am afraid.
Re: They should be ready for Trump's sanctions... (Score:2)
no it won't, because these governments aren't actually taking crypto coins. They are just exchanging them for money, real money, at time of transaction. This in no way makes crypto coins legitimate currency. They are just game tokens that are exchanged for cash to buy something. They fail the teste of "money", badly.
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no it won't, because these governments aren't actually taking crypto coins. They are just exchanging them for money, real money, at time of transaction. This in no way makes crypto coins legitimate currency. They are just game tokens that are exchanged for cash to buy something. They fail the taste of "money", badly.
And who told you their aim is to make crypto legitimate currency?
Whatever they are doing, (call it anything you want), will reduce the need for a currency that *is* pegged to the almighty dollar; theoretically reducing its need. This cannot be a good thing in those hawks' eyes.
Just a few months ago, those same hawks passeed resolutions punishing entities that participated in determining Europe's energy future. Think about that...
You will agree with me that they will be using crypto as a m
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You spew nonsense, there is a disconnect in your brain. The governments aren't taking crypto, they are taking normal money which is exchanged for the crypto. There is no reduction in the need for money at all in that scenario, because the government is only taking money. That is also the case with almost all merchants "taking crypto", they are doing no such thing but only taking money which is exchanged at the time of transaction.
They will never directly take crypto coins, because crypto coins aren't mon
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Totally agree. The internet is just a fad as well.
Re: They should be ready for Trump's sanctions... (Score:2)
If the economies keep collapsing due to covid restrictions, which even has manufacturing running at limited capacity, the only currencies these governments are going to accept is silver and gold bullion.
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Yeah, it is a trap, where did that crypto come from, did you pay tax on it, well now you will, the second you use to pay taxes, is the second you owe taxes on it. Smart trap, wont catch many but it will catch some.
Casting the nets (Score:2)
If anything sounds like a fishing expedition, this is it. Maybe the IRS in the US will catch on and start offering free checkbook covers to holders of large, offshore accounts. Claim your free cover today!!
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Accepting cryptocurrency or knockout gas (Score:2)
and you need to pay the GOV exchange rate? (Score:2)
and you need to pay the GOV exchange rate?
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Nope, you can convert it at whatever rate you want. And then pay your bill in francs. Oh, you mean if you want to just use bitcoin? Yes, then you have to pay the amount the other entity is willing to accept in bitcoin.
Cryptos is the generalization of a single event (Score:2)
Bitcoin matters not because it's fast, cheap, or easy; but only because nobody controls it. It grew spontaneously in the wilds of the internet without a central planner. After it, no alt could ever recreate this, as there's no spontaneous market demand for a less secure Bitcoin.
https://twitter.com/saifedean/... [twitter.com]
Nazi ver 2.0 (Score:2)
Switzerland owes its current prosperity to being where the Nazis hid their money after WW2. Most Nazi supporting businessmen were never tried and they maintained their wealth due to Swiss Banking secrecy laws. This is also why all over the third world a synonym for a corrupt politician is that "he/she has a Swiss bank account". During the Obama administration the US forced the Swiss to water down their Banking secrecy laws and share data to catch tax evaders. This reduced Switzerland's attraction to the dic