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RE: IRS Asks for Help Breaking XMR and Lightning Network

in LeoFinance4 years ago

Hmmm. That's interesting. Made me go off and see what the current situation is in the UK.

Seems like the last update to the white paper from HMRC was December 2019 and it seems like they haven't got a clue about the variety of available "cryptoassets" (which they describe as cryptocurrency or Bitcoin 😂).

Seems that "If you receive tokens from mining and are not trading, the tokens will be treated as other taxable income."

So that depends on what they term as mining which I'm guessing they're assuming is the original mining such as people do for Bitcoin. But what about playing Splinterlands. Is that mining? And what about the cards? Are they tokens?
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At this point I imagine nobody knows but good luck to HMRC in working out. I'm betting there are going to be one hellava lot of creative loopholes employed.

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Yeah, they are so far behind the curve it's ridiculous.