> 47% of UK banks don’t allow customers to interact with crypto exchanges
And yet the state asks you to pay your taxes when you make added-value on crypto.
There are literally people who have taxes on added-value made on crypto due but are unable to pay them because their banks are refusing their money.
Take 10 K EUR out: easy. Take 1 million+ EUR out: it's extremely difficult.
The hypocrisy here is phenomenal: "cryptos are scams" / "cryptos are only for money laundering and drug dealing" / etc.
But then: "don't forget to pay your taxes to the nanny state on your crypto winnings".
And it's really vicious for the state says: "Oh, crypto went up 10000%, you hence have lots of taxes due to the state!" but the bank goes "Oh, you have a 7 digits sum in crypto, you must be a fraudster".
I don't understand the argument. 99% of UK banks don't allow customers to buy barrels of salted pork. But the state will ask you to pay your taxes if you make added-value selling barrels of salted pork
> There are literally people who have taxes on added-value made on crypto due but are unable to pay them because their banks are refusing their money.
If they have taxes on added-value, it means they sold tokens, so they can take that money out fo the exchange and use it to pay tax
> The hypocrisy here is phenomenal
you can be prosecuted for not declaring your drug earnings, on top of the actual crime of dealing drugs
Actually, that is perfectly normal in many tax systems, e.g. in Germany. Afaik the tax law doesn't care where the money comes from – it could be from a completely illegal activity, and you still own taxes on gains.
Is it really much different from the UK attitude to prostitution? Illegal to solicit but the actual act of exchanging money for sex is totally legal as long as it’s declared on taxes.
> It's actually quite similar I'd say. The hypocrisy behind that one is strong too.
The City makes the rules, and it doesn't like competition in the only competitive sector they have left (finance), but you can rest assured they will get their cut while making it as difficult as possible for anyone to do so legally.
I really want people to see the inherit hypocrisy of this system, people get riled up about woke-based politics which is decisive and ultimately effective at letting these type of brazen injustices continue unabated.
I think the idea that taxes must be paid in a specific currency is immoral. Money means division of labor. If you must pay taxes on economic activity then the government effectively forces you to engage in the national division of labor/economy which basically means the taxes we owe turns us into debt slaves who must work in the debtors prison known as capitalism.
We can argue endlessly about what kind of tax rate is immoral or necessary to run a modern society but having to pay taxes in a single currency is definitively the most immoral aspect.
After all, a lot of things that you get taxed on are difficult to turn into money without selling the whole thing. Like a house or a family business. If you could give the government an x% share then you would have already gained a lot of freedom.
And yet the state asks you to pay your taxes when you make added-value on crypto.
There are literally people who have taxes on added-value made on crypto due but are unable to pay them because their banks are refusing their money.
Take 10 K EUR out: easy. Take 1 million+ EUR out: it's extremely difficult.
The hypocrisy here is phenomenal: "cryptos are scams" / "cryptos are only for money laundering and drug dealing" / etc.
But then: "don't forget to pay your taxes to the nanny state on your crypto winnings".
And it's really vicious for the state says: "Oh, crypto went up 10000%, you hence have lots of taxes due to the state!" but the bank goes "Oh, you have a 7 digits sum in crypto, you must be a fraudster".
Sneaky bastards.