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Taxation May Have Negative Effects on Cryptocurrency

With all the glitz on crypto these days, from telecommunications, finance houses, sports to the media, more than ever before, the spotlight is on crypto, but one wonders why crypto hasn’t grown larger than it is now, the simple answer is taxation.

 

Breaking the Ice

In the last few years, it would have been unimaginable to think of the current trend of crypto in social circles. The adoption of crypto for example by AT &T, Miami Dolphin Football team has surpassed imaginations. Cryptocurrency has gained the reputation of being easy to use and of course cheaper by the way. It is also a known fact that the decentralized Altcoin exchange provides the most secure, autonomous while protecting the privacy of the user rather than normal banking transactions. cryptocurrency also has a volatility advantage to the crypto user’s profit. The ease of transfer, for example, sending money through coins such as BCH is also to the user’s benefit.

 

Taxation: The Bane of Crypto

A system of robbing peter to pay paul isn’t socially acceptable, no matter the intentions backing it. But it becomes alienable if the character in question is the “government” An old saying equalizes taxation to stealing. The fears have been relayed about this premise on how it negatively impacts the acceptance of crypto worldwide.

It may be said that some of the laws being passed regarding crypto seem ambiguous. The IRS isn’t even helping matters by creating fears about investing in cryptocurrency, while not updating their policy base for crypto.

Trading cryptocurrency in a non-regulated way has the disastrous consequences of jail, revoked passports, heart-rending fines and ultimately breaking of the soul that comes from the destruction of one’s livelihood.

Interestingly, the fact that the IRS with all its shortcomings is desperately pushing to invade crypto user’s privacy by coercing the crypto exchanges to reveal their customer details. This is coming as a result of increasing global debt and a new worldwide recession being anticipated.

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      Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.