Letter to the editor: Cryptocurrency is a tax avoidance – Canton Repository

The United States has missed the boat on cryptocurrency. Taken from the Greek for crypto or kryfo, it means hidden or secret. In plain English, cryptocurrency is black-market economy, barter system or, simply put, a way to avoid taxes. Cryptocurrency is used for drug deals, organized crime and a variety of situations where money cannot be traced.

The federal government instituted the Patriot Act to track exchanges of large sums of money, $10,000 or more. China has banned cryptocurrency. To date, there are over 18,000 different cryptocurrencies. Many were started as a joke.

If the federal government and the current administration wish to collect more taxes, the elimination of cryptocurrency would result in billions of tax dollars and the elimination of yet another tax avoidance. Quite frankly, there is no valid economic reason for a cryptocurrency. By definition, cryptocurrency is a tax avoidance. For those law-abiding, tax-payingU.S. citizens, the failure of the U.S. government to take action is an affront.

Gust Callas,Canton

See the original post here:
Letter to the editor: Cryptocurrency is a tax avoidance - Canton Repository