Quote:
Originally Posted by The Fonz
This is where I'm at on crypto. Governments will outlaw it, whether they're direct about it or it's under the guise of say, environmentalism, is irrelevant.
It is already too complicated for the general public to utilize, and governments can and will (IMO) add regulations to further complicate and deter those who can and are willing to grasp crypto.
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This is false.
Governments stand to make a lot of tax income from taxing cryptocurrency, therefore they will be incentivized to make it legal and setup the proper regulatory framework for it.
All income, whether via buying, holding & eventually selling which falls under capital gains, and staking income, which quite possibly falls under standard income needs to be declared and is taxable.
There is a reason there are multiple centralized exchanges both registered and insured within Canada. While the tax law remains a bit complicated, if you handle your crypto purchases & ownership via the two methods I described above, both will be above ground.
The majority of people who are looking to get into crypto will do so completely on the legal side, and will pay taxes on it like everything else.
Just because a small percentage of people are using it for nefarious activities, doesn't mean that it will suddenly be outlawed. Billions of dollars in laundered fiat are floated through Canadian businesses & banks each year. Are governments going to ban the CDN because of this? No.