RE: Governments: The Ultimate Web 3.0 Disruption
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Talking about the Web3 effect on the government is a scary and complex topic. You mentioned about "...using cryptocurrency for payments wherever possible. ...earning one's living via these platforms." This might be ok if only a few do it. But imagining a majority of the workforce doing it can be bad. There will be significantly less taxes. And while taxes are usually mishandled, a lot of them are still used for real world services; like maintaining roads, paying for public workers [police, garbage collectors, etc.]. While things might be shifting to global, there are still a lot of local things where the government is needed.
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Well many governments are going that way anyway. Taxes do not cover what the federal governments are spending. What happens when they cannot sell the debt?
So I wouldnt worry about the tax shortage. That is minor in comparison.
And crypto, under most jurisdictions is taxable.
That makes sense. I forgot that crypto is taxable in the US.