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Block expects to begin offering bitcoin payments to eligible Square sellers later this year, with full availability targeted for 2026, pending regulatory approval
How can you reasonably expect regulatory approval when virtually none of the spenders will be compliant with current tax law obligations?
MoE use of Bitcoin/LN requires extraordinary recording and tax calculations which render it effectively impractical to achieve in a legally compliant manner.
This is no accident- it is the fiat operators protecting their invaluable MoE hegemony. This is the sly obstruction of bitcoin MoE adoption.
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They can start with Europe;)
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Are capital gains on Bitcoin not taxed in Europe?
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There are nuances, depends on the country, holding period, total amount you sold, etc. I’ve talked to tax consultant recently and she told me it’s such a grey area, that for now it’s mostly ignored, unless you are transacting in hundreds of thousands.
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So they 'allow' small traders to operate under the radar but any larger retailer is going to have accountants/tax consultants who will advise that while the retailer itself may not be breaching tax law, as long as they convert immediately upon transaction to fiat, their customers mostly will not likely be recording, reporting and paying the tax due on their purchases. The retailer thus could risk being identified as enabling/association with tax evasion by its customers. Most large retailers will run a mile from taking such a risk of association with tax code violation. The whole thing is slyly intended to 'discourage' (obstruct) adoption by retailers by making legally compliant retail level MoE use of Bitcoin effectively impractical.
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I wonder how it’s aligned with recent announcement that Spar accepts bitcoin now. Also this logic could also be used for any cash transaction, but it’s not. if I’m accepting cash, it’s not my responsibility to check if you have paid taxes on this cash or you just didn’t declare you cash earnings
Great observation
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That is why most retailers will choose immediate conversion to fiat
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