While the American tax authorities are lost in a glass of water and all the bills to allow the payment of bitcoin taxes have run aground due to the alleged difficulty in the accounting management of this type of payment, Switzerland continues to press on the accelerator of the adoption of cryptocurrencies; it is yesterday's news, in fact, that the municipality of Zermatt, the second after Zug, has also decided that it will accept bitcoin as a payment method for taxes.
In order to offer this opportunity to citizens, local authorities have entered into a strategic partnership with the main company in the Swiss cryptographic industry, Bitcoin Suisse, which therefore confirmed the initiative with an official press release issued, as mentioned, yesterday; the solution to the problem of volatility, as we have recently been able to explain, is always the same, very simple in its simplicity, and consists in the immediate conversion of the bitcoins used to pay taxes in legal tender currency.
This type of operation, among other things, could also be implemented to regulate the taxation on capital gains deriving from trading between cryptocurrencies; traders working to accumulate bitcoin, in other words, could directly calculate the capital gains in bitcoin and pay their taxes in BTC.
In doing so, the authorities would have to choose whether to keep those bitcoins in wallets, if they wanted to adopt a bullish approach, or whether to convert them immediately into legal tender currency to make cash on the spot; instead of proposing simple and practicable solutions, however, the authorities prefer to screw in the usual, depressing, whining about cryptocurrencies as tools to evade the tax department when the truth is that it is the tax authorities (especially here in Europe) that do not implement those initiatives which are essential for enabling crypto-traders to pay taxes.
A fixed rate of 26%, like the one applied in forex, would be well accepted by almost all traders especially because it would allow them to operate in absolute legality; however, it is necessary to ensure that the calculation of capital gains does not require the intervention of a nobel prize for mathematics and, above all, stop demanding documents (such as bank statements) that the main exchange platforms do not issue, simply accepting certification of the capital gains made, the normal printing of the transaction history that all exchanges make available to their users.
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