Florida Law Professor Names Cryptocurrencies “Super Tax Havens”
A University of Florida law professor, Omri Marian, who believes that cryptocurrencies are “super tax havens,” says that while cryptocurrencies are already considered taxable assets (under US tax law), the inability of the government to monitor blockchain transactions could mean a lot more people opting out of the tax system. When we hear that the government wants to “regulate” cryptocurrencies the reason given is always to protect consumers from fraud and money laundering. The fact is, however, that while these may in fact be legitimate government concerns they certainly are not the only....
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Tax evaders stunned by the Panama Papers leak are likely to see bitcoin as a tax haven, according to a California law professor reported. Bitcoin wallets have no physical presence, and they do not require expensive assistance to create and maintain. Bitcoin is especially attractive to workers in the gig economy who exchange skills for money. So far there is no effective enforcement method for tracking bitcoin. ‘Super Tax Havens’. Omri Marian, a law professor at the University of California Irvine, tnotes that even as governments have started to cooperate on nabbing tax cheats, bitcoin....
A Spanish professor and economist stated that cryptocurrencies have brought out the “obsolescence” of central banks, although their capitalization is still “very insignificant.” Crypto Is Not Only About the ‘Speculative Noise’ Pablo Agnese, an economics professor and lecturer in the Department of Economic and Business Organization at the Universitat Internacional de Catalunya in Barcelona (UIC Barcelona), told Europa Press in an interview that young people could lead cryptocurrencies to even stronger mainstream adoption. The academic believes that young....
Tyler Cowen, an economist and professor at George Mason University, has suggested that the key use cases of cryptocurrencies are mutually exclusive. He argues that cryptos can either be important inflation hedging tools or useful forms of payment but not both. The Regulation Threat The professor adds that despite the popular assertions by some that bitcoin will replace the U.S. dollar as the world’s reserve currency, the digital asset remains too volatile to serve this purpose. Writing in an opinion piece, the economist concedes that “there is a demand for a non-intermediated,....
The American politician and attorney serving as the 46th governor of Florida, Ron DeSantis, announced the state’s 2022-23 budget proposal last week and proposed an idea to let businesses pay state fees with crypto assets. The governor’s “Freedom First Budget” suggests creating a department in Florida to accept state fees in cryptocurrencies. Florida Governor’s Freedom First Budget Includes Crypto The Republican governor of Florida, Ron DeSantis seems to be keen on allowing businesses in Florida to pay for state fees in crypto assets. Florida is becoming....
The state of Florida has an interesting relationship with Bitcoin. The sunshine state has seen many legal cases on the subject — most notably the recent Michell Espinoza trial. Amid the proceedings, lawmakers in Florida are preparing to draft legislation that may finally recognize Bitcoin as a currency. Florida’s Senate Will See a Bitcoin Bill This Year.....