1298
Please Stop
(jlai.lu)
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this post was submitted on 09 Mar 2024
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Crypto is not anonymous. Even monero, the most private cryptocurrency, has a feature called "view only wallets", so 3rd party auditing is possible, if not easier then auditing today. Will individuals use it to avoid some taxes? Sure, it gets easier for them. Will corporations avoid more taxes then they already do? Doubtful.
A view only wallet doesn't trace anything that doesn't get received directly by that view only wallet. If we had two wallets that didn't interact with that wallet, it couldn't do shit to trace or audit my transactions.
If you are a company and run a webstore, it could be mandatory that all funds must go through a wallet where the tax authorities have a view key. This would be trivial to enforce with penalties whenever for publicly using addresses that point to other wallets. Peer to peer transactions (for eg. used goods or produce from your garden) are already except from taxes in my jurisdiction, so these transactions can be private.
Ahhhh I see what you mean now that's true but would be dependant on the legislation of the area like you said.