Cryptocurrency

[Whorty]

It is easier to track crypto in general than cash and that is a fact!

but what do you know about facts? you are the wrong person so talk about facts....

All you've made there is a personal statement. Care to back it up with facts?

[Lockhouse]

So tax evasion, eh?

Avoidance - as you well know. Trolling again.

[Whorty]

Yet another, nothingburger -

"Binance ‘temporarily suspends’ payments from EU’s Sepa network

Latest block comes after flurry of regulatory pushbacks against crypto exchange

Binance said it will suspend euro bank deposits from one of Europe’s key payments networks in the latest sign of how the crypto firm is losing key connections to the conventional financial system following a regulatory crackdown. In an email to users on Tuesday, the exchange said that from 8am universal co-ordinated time on Wednesday, customers would no longer be able to deposit funds through the Single Euro Payments Area, or Sepa, schemes. Its move was due to “events beyond our control”, the exchange said."

https://www.ft.com/content/bf99e9e3-...1-8bd70b884b3f

Of course the irony in all this is those who fanatically support crypto want it to take over and take down the current financial systems and replace FIAT currencies but need those same systems and currencies to allow it to succeed. Crypto currencies are really no different to FIAT in that they have no intrinsic value.

At least if you deal with a commodity like coffee, if the floor drops out of the market you can still make yourself a nice cuppa

[AtW]

Avoidance - as you well know. Trolling again.

Yeah, pretending money were not converted to USD by using USDxx designation label and providing ability to convert it into real USD 1:1, obviously tax evasion - you even correctly stated which tax is being evaded - CGT, you are fully aware what and why is happening there.

[d000hg]

Avoidance - as you well know. Trolling again.

Surely if you are converting to fiat within your exchange account it's not liable until you withdraw it? Or is cash not held in your own accounts still liable?

[Lockhouse]

Surely if you are converting to fiat within your exchange account it's not liable until you withdraw it? Or is cash not held in your own accounts still liable?

I've always believed that the CGT becomes due when you crystalise into GBP whether that's an exchange account or otherwise - at least that's how I've been paying mine. Move to GBP, put 20% away.

[Lockhouse]

Yeah, pretending money were not converted to USD by using USDxx designation label and providing ability to convert it into real USD 1:1, obviously tax evasion - you even correctly stated which tax is being evaded - CGT, you are fully aware what and why is happening there.

No. It's just a hedge against crypto movement. It's not evasion as tax will be paid when it's converted to real USD depending on one's tax domicile. It is identical to moving into gilts from shares. This is my final reply to your posts on this subject as we'll never agree.

[Jog On]

Surely if you are converting to fiat within your exchange account it's not liable until you withdraw it? Or is cash not held in your own accounts still liable?

Any trade if it's crypto to crypto (including stablecoins) or crypto to FIAT is a taxable event

[jamesbrown]

Any trade if it's crypto to crypto (including stablecoins) or crypto to FIAT is a taxable event

Correct.

[AtW]

Correct.

But it was just a hedge, your Honour!!





Hopefully IRS/HMRC will catch up with all the dumb people in this thread (and other threads).