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The #XRPCommunity asked and we delivered! #XRP is now available on #BlockCard.

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Question: is the XRP auto-converted at point of sale? If so, doesn't that hinder adoption simply for tax efficiency reasons? For example, in many western nations the conversion of crypto to fiat incurs a taxable event – a capital gain for instance. In the US I believe it is so even for trades between non fiat currencies, e.g. BTC/XRP (correct me if I'm wrong). 

If so, I prefer the route someone like Nexo is taking where you essentially tap into an instant crypto "credit line" in fiat, but of course, that incurs interest/fees also (although possibly lower than your tax, depending on your country, laws, etc.)

I cannot understand the blurb on their website: 

Quote

Cryptocurrency is converted to TERN. This value stays in crypto and is your purchasing power.

What on Earth is TERN?! 

(I'm also curious about the upcoming Sologenic project, with regards to the categorisation of securities (e.g. stocks) on the XRP ledger and whether trading of them incurs taxable events or whether they represent some kind of crypto-derivative with a separate legal category (but how would dividends work, etc?).)

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1 hour ago, rippledigital said:

Question: is the XRP auto-converted at point of sale? If so, doesn't that hinder adoption simply for tax efficiency reasons? For example, in many western nations the conversion of crypto to fiat incurs a taxable event – a capital gain for instance. In the US I believe it is so even for trades between non fiat currencies, e.g. BTC/XRP (correct me if I'm wrong). 

If so, I prefer the route someone like Nexo is taking where you essentially tap into an instant crypto "credit line" in fiat, but of course, that incurs interest/fees also (although possibly lower than your tax, depending on your country, laws, etc.)

I cannot understand the blurb on their website: 

What on Earth is TERN?! 

(I'm also curious about the upcoming Sologenic project, with regards to the categorisation of securities (e.g. stocks) on the XRP ledger and whether trading of them incurs taxable events or whether they represent some kind of crypto-derivative with a separate legal category (but how would dividends work, etc?).)

All of these questions point to the difficulty in creating legislation around cryptocurrency - regulation is going to be necessarily complex (IMO) and the whole space is still evolving. My hope is that the countries that have been slow to regulate will adopt best practices from those countries that are already establishing guidelines.

Until tax rules are more clear, I won't even be selling any crypto, much less trying to spend it ;)

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