RE: Higher Taxes Could Mean Higher Bitcoin Lending Rates
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I am perplexed by the tax policies in other countries which are nonexistent in this part of the world. I imagine the government trying to tax an unemployed fellow like me. ðŸ¤
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It depends on the laws of your nation if you are unemployed but the government considers it capital gains on your holdings and you break their threshold ofcourse you’re liable for tax
A lot of money was spent on lockdowns around the world and with all the job losses government will want to stimulate the economy and when it’s up and running you best believe they coming for every cent they can get
In this part of the world, people can move money around under the nose of the government. The government even creates those channels for their fraudulent activities.
The same cannot be said for Nigeria where the government was hoarding palliatives meant for the citizens. There isn't much of a tax culture here and rightly so because the government has done little or nothing for its people.
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I guess we all deal with out own pain points if you can get your crypto tax free in Nigeria that's great and how I feel it should be but here in South Africa they going to chop off as much of your balls as possible if you're not careful on how you cash out your crypto