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RE: Bitcoin Trading Hits $3.5 Billion In India as HNIs Get Hit With Tax Notices!
This is a real potential game changer for taxing - it could get over the top. Capital gains must be tiered like they do for fiat. the thing is converting fiat to cryptocurrency has a fiat fee; then you exchange to another cryptocurreny - then another trader and blockchain fee, then converting back to fiat is another fee. Primary fiat taxing should only occur once (or at worst twice) - the rest stays crypto.
I agree. There should be no taxation for trading crypto to crypto at all. Only if traded to fiat.
Yes otherwise that would defeat the object of decentralized exchanges.