In recent days, Paypal and Coinbase have suffered many free attacks due to their recent incorporation of an automated digital tax system every time users buy and sell cryptocurrencies through their website.
This software is called TaxBit. The intention of this change is to simplify the payment of taxes for the purchase of cryptocurrencies.
The CEO of the company wants to make life easier for buyers and investors, but not everyone is happy with this news, especially if we have experience in this world.
The United States remains committed and focused on vigorously controlling those users who do not report their cryptocurrency transactions. Because of this, some exchanges are going to get rid of Zcash and Dashcoin, since these cryptocurrencies stand out for their privacy and lack of purchase traces.
South Korea wants to copy this dynamic. Any citizen who obtains more than $ 2,300 in income with cryptocurrencies per year, will be subject to a fixed tax of 20%.
Theoretically, a person is obliged to declare any income he receives, the thing is that many exchanges do not require any verification process or request for personal and tax data where the sales of each individual are registered. Cryptocurrencies are attractive because they make us free, they offer freedom to buy and sell without giving explanations. The problem comes when we pass these cryptocurrencies into Fiat money and from there to our national bank account.
There are many tricks to avoid declaring your earnings, however, governments and tax authorities will fight to make our activity with cryptocurrencies more and more transparent, this explains the promotion of stablecoins that symbolize traditional currencies.
