They Will Take Everything From Us : CryptoCurrency

They Will Take Everything From Us : CryptoCurrency

 

Caution advised, what is being said contains truthful info but is also heavily exaggerated.

Below at (*) 2 quotes from the doc shows that it most likely doesn’t even concern crypto.

First, I’ve tried to fact-check what is being said by the guy on Twitter comparing to the mentioned doc IRS Provision 6050l:

“NFTs>10k, you go to jail.” False – If you receive in 1 trade > 10k$ you are required to declare it by filling the form 8300, but it’s neither a crime nor illegal.

“Programming payments in installments to keep sums <10K, also a felony” – Difficulty to understand what is being said there, but in the case of multiple payments of the same trade, until it exceeds 10K $ you’re not required to declare anything.

“Writing software […] in a wallet to assist, jail” Where is this even being said? The 6050l only talks about cash trade in an amount exceeding 10K$ but no a word about any others subjects such as programming.

(*) Now for the quotes proving it’s impossible for the law in its current state to work with crypto:

In (c 1 ii B) it defines cash as “A cashier’s check (by whatever name called, including “treasurer’s check” and “bank check”), bank draft, traveler’s check, or money order having a face amount of not more than $10,000 –

Crypto is not associated nor managed by centralized institutions or country, therefore this is only “matching” with condition “money order having a face amount of not more than $10K”. But BTC is way above this value & to politicians eyes this is the only crypto they’re aware of. It would be insanely weird that they would penalize others coins before the only target they want so badly to ban.

In (c 2 : Transactions occurring outside the United States):

“Except to the extent provided in regulations prescribed by the Secretary, subsection (a) shall not apply to any transaction if the entire transaction occurs outside the United States.”

Some like Opensea are in the US but many websites, companies, exchanges are located outside & all the transactions made there are constantly on an international scale, therefore it is impossible to track & prove every single transactions that occurred in the US. So…

TLDR: Until you convert your crypto & cash out more than 10K$ at once, you shouldn’t have any issue as nobody would know you have received a certain amount of money in crypto (That’s the whole point of the concept & decentralization isn’t it?).



Source link

Leave a Comment

Your email address will not be published. Required fields are marked *