CRYPTO LAW

Petro the Venezuelan goverment backed "crypto" is trading at less that 8 USD, goverment insist it is a stablecoin and it value MUST be 60 USD by law

Hi guys, Venezuelan living here.
You can see my post history, I usually keep track of the weekly amount traded in LocalBitcoin here in Venezuela (around 500 BTC weekly).
In Dec 2019 goverment airdropped 0.5 PTR (Petro) to a big chunk of Venezuelans, mostly public employees. Stores were obligated to accept it as way of payment (using a wallet o using somekind of POS that links the wallet with the fingerprint of the user). Goverment said: You must accept it and its value is 60 USD, so a lot of people spend their 0.5 PTR (around 30 USD) for like 3-4 days.
Then, it stopped.
Why? The money wasn't getting to the stores and when it did, they paid it in Bolivares, losing a big part of the value (some of the were receiving only 20 USD instead of the 30 USD).
After no one accepted it, a lot of people didn't spend the petros, so didnt know what to do with them.
The only exchanges where you can trade the PTR, are Venezuelan (One is called Amberescoin other is called Criptolago) and they have a really HIGH KYC policy (ID, passport, selfies and so on), I even think you can register ONLY if you are Venezuelan. These exchanged were sponsored by the goverment and they had to have a permission of the goverment to open a "legal" exchange.
Anyway, these "Exchanges" are kinda free market, so the Petro took its "real" value. It wasnt accepted anywhere and people just wanted to exchange for "something".
Remember, here the MONTHLY minimum wage is around 4-5 USD! Yes, you read it right, MONTHLY.
And when there is a lot of offer and no demand... the price drops...
Right know the price is around 1,300,000 Bs. (Bolivares). With a exchange rate of 1 USD = 175,000 Bs.
That is LESS than 8 USD.
Of course this is a complete mess to the govement, they insist its price should be FIXED and MUST be 60 USD. Good look with that.
This is one of the exchanges:
https://twitter.com/AmberesCoin/status/1256201821430984704/photo/1
(There you can see PTVES 1,300,000)
Here is the USD equivalent
https://www.xe.com/es/currencyconverteconvert/?Amount=1.300.000&From=VES&To=USD
Ask me anything!
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Petro the Venezuelan goverment backed "crypto" is trading at less that 8 USD, goverment insist it is a stablecoin and it value MUST be 60 USD by law

submitted by scgco to GGCrypto [link] [comments]

End of the Road for "easy" money.

There is still a lot of excitement and hype around crypto. There is still a huge amount of growth possible as many people are not invested in cryptocurrency whatsoever. There is still a lot of room for the technology surrounding blockchain to grow. This stuff is not going ANYWHERE. More adoption will be awesome and especially when you can start spending your Lumens about town. BUT...
I think the days of doing some research, finding a halfway decent coin and throwing money at it to get insane returns are drawing to a close and here is why:
  1. The adoption curve for technologies have gotten steeper over the years which means technologies get adopted much faster. If you look at the time for key technologies to achieve adoption (Facebook vs the radio), you can see the time it takes is getting shorter and shorter. Keep in mind that just because YOU started trading in cryptocurrencies in 2017, the world didn't. This stuff has been around for a few years. Deals are going to become increasingly difficult to find. Scam coins will be everywhere.
  2. Many folks are strapped for cash and can't afford to go "all in" in crypto. Others have great portfolios with stocks that give awesome dividends and growth rate. Keep this in mind when valuing your crypto investments. The ceiling is not the value of the world's economy.
  3. You may get lucky on some kind of scam, but even those are becoming exposed rapidly. Picking scam coins to day trade seems risky. Even if the moonboys are able to make some cash there are some sophisticated people in these markets that will snatch your money in a second when you let your guard down.
  4. A recession could send this market into a tailspin. Folks are not going to have excess cash for speculative assets when they lose their jobs. This will happen guaranteed in the next few years. Count on it. We will see a mass consolidation of coins when this happens because the scam coins won't survive as their tech can't deliver. Be thankful you have Lumens.
  5. More crypto trading laws will be passed.
Moral of the story - Feel pretty good about having done my research on Stellar early on and having a significant amount of Lumens. I don't feel compelled to day trade because I see a future for the Stellar ecosystem as a practical solution to MANY problems related to money, currency, financial instruments and application development. I hope that the community can rally around the coin and keep the discussion levels elevated.
On a side note - is anyone working to develop any apps using Stellar right now? I would be interested in joining in. PM me if you'd like to chat.
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Guys, polish government has just destroyed all crypto trading by publishing a new tax law "interpretation". By trading 15000 USD you can pay even 500000 USD tax.

Ministry of Finances has just published an announcement, which can cause massive bankrupties or even suicides of people trading cryptos (especially those day-trading).
From buying/selling capital of 15000 dollars worth of cryptocurrency, you can pay even 500,000 dollars tax or more. Sounds completely unrealistic ? Yet it is the state of reality in Poland now.
Sources:
[1] [Translate]
[2] [Translate]
[3] [Translate]
Oh by the way for those that didn't know: in Poland the IRS has a time machine. For them, the law works even back in time. I am serious. They don't change the law, they just change the interpretation which can reverse their previous decisions even 10 years back in time.
I know you guys cannot do anything about this, but maybe giving the topic some publicity abroad could help our case. Our government is usually only concerned when it is massively criticized from all sides.
If we don't do anything soon, this will go into law and cryptocurrency trading (or even using it) could case to exist in our country.
Also X-Posted to btc
submitted by ShadowOfHarbringer to CryptoCurrency [link] [comments]

Crypto Tax Laws Australia - From a Qualified CPA #KaratGold Crypto Laws in 2020 and a Heartbreaking Story #LuckyRico Cryptocurrency REGULATION PROBLEMS explained! Cryptocurrency Tax in 5 Minutes - What are Taxable Events ? Adam S Tracy Talks AML vs. KYC Requirements in Cryptocurrency

Popular crypto exchange Poloniex pulled out of New Hampshire in 2016 when the state legislature inadvertently subjected crypto companies to the state’s banking laws. A year later, House Bill 436 exempted the conversion or transmission of cryptocurrencies from those laws. Crypto Loans, Margin Trading, and DeFi. Cryptocurrency lending platforms and other DeFi services have exploded in popularity within the crypto landscape. Receiving interest income from a crypto loan or similar service is treated as a form of taxable income—similar to mining or staking rewards. Crypto assets are new, but they are already outside the domain of insider trading law for most skeptics. American insider trading law regulates trading in material, non-public information. but many doubt the existence of material non-public information about open-source, virtual currencies. Likewise, American insider trading law generally the business of issuing, transmitting, transferring, providing safe custody or storage of, administering, managing, lending, buying, selling, exchanging or otherwise trading or intermediating convertible virtual currencies, including crypto-currencies or similar concepts where the concept is accepted by persons as a means of payment for goods. The SEC and FBI actions signal the increased regulatory focus on crypto-currencies and token sales. They are also a reminder that aggrieved crypto-currency investors have a number of remedies available to them under U.S. law, including civil suits to recover losses sustained as a result of fraud or violations of Securities laws.

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Crypto Tax Laws Australia - From a Qualified CPA

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