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Understanding an XRP P2P use case


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My understanding is that the USA has classified cryptocurrencies (or digital assets) as commodities, and therefore any exchange of say,  XRP for goods or services would trigger a tax event. Is this true in countries other than the USA? I'm thinking of Japan for example, where XRP is about to be used within the country.

If I'm understanding that correctly, in the USA, it seems any P2P XRP payment for say, a double-froth latte at Starbucks will trigger a taxable event. That would be a nightmare for anyone trying to use digital assets for daily use, not only for XRP,  but for any digital asset used to purchase goods and services with cryptos.

I'm wondering how Overstock (using Coinbase) handles bitcoin purchases as well. E.g., if I buy 100 items on Overstock using bitcoin over the course of a year do they give me a list of 100 tax events for the year I'd have to report? Do they 

Just wondering if I'm missing something obvious or if this is a real P2P problem in general for the USA.

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3 hours ago, n2it said:

E.g., if I buy 100 items on Overstock using bitcoin over the course of a year do they give me a list of 100 tax events for the year I'd have to report?

If all sales/purchases with crypto are to be taxable events, this is creating a logistical nightmare not only for consumers, but for the tax authorities as well!

...and is there still sales tax?

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Rethinking, it may be that my example is P2B (or is it B2P? or does it matter at all?). Seems like the only way to avoid the tax event for the consumer is if the consumer sends XRP (or some other digital asset) to the business and the business records the fiat/XRP price at the time of sale. So sending XRP from a consumer wallet to a business wallet is not a taxable event. The business would generate a tax event when converting the XRP to fiat, either at the time of sale, or at a future time with single or aggregated transactions.

I just don't know enough about crypto tax regulation to know if that's how it works.

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Found this https://www.cnbc.com/2017/10/20/using-bitcoin-to-buy-a-sandwich-could-trigger-a-tax-bill-commentary.html that seems to indicate a bad fate for P2B transactions. It does mention legislation introduced that would make P2B transactions free if under $600 USD, but also mentions this kind of IRS rule is unlikely to be passed.

It's and older article so I'll dig around for something more recent.

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