so if crypto becomes 'play money' that means they can't tax it right? It's like 'points' in a video game, or kids trading marbles. Am I missing something?
They can remove the on-ramps to the traditional banking system. For example, in Washington state, there are only a few "allowed" crypto exchanges. If I want to transfer US dollars to the exchange, buy/sell/trade it for crypto, I can only use those exchanges. End of the world? No. But, it definitely makes it painful if I want to sell some crypto for US dollars. (or buy crypto using US dollars)
so if crypto becomes 'play money' that means they can't tax it right? It's like 'points' in a video game, or kids trading marbles. Am I missing something?
They can remove the on-ramps to the traditional banking system. For example, in Washington state, there are only a few "allowed" crypto exchanges. If I want to transfer US dollars to the exchange, buy/sell/trade it for crypto, I can only use those exchanges. End of the world? No. But, it definitely makes it painful if I want to sell some crypto for US dollars. (or buy crypto using US dollars)