Well, the US is already applying capital gains tax to Bitcoin and one man is facing prison time for not reporting profits made from selling face to face via Localbitcoins.com. This happened in Michigan, I believe.
Stories like that are given a lot of attention in order to scare people into voluntarily submitting their info, because that's the only way it'll work. The truth is the government can't go around searching for everyone's hidden cold wallets when we lie and say our crypto got hacked and we made no gains. It's not hard to hide crypto, and to use it completely anonymously from the start so the government can't trace it to you in the first place.
Well, the US is already applying capital gains tax to Bitcoin and one man is facing prison time for not reporting profits made from selling face to face via Localbitcoins.com. This happened in Michigan, I believe.
Stories like that are given a lot of attention in order to scare people into voluntarily submitting their info, because that's the only way it'll work. The truth is the government can't go around searching for everyone's hidden cold wallets when we lie and say our crypto got hacked and we made no gains. It's not hard to hide crypto, and to use it completely anonymously from the start so the government can't trace it to you in the first place.
thanks for information and freind
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