South Africans are selling their cars for Bitcoin

ActivateD

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CT_Biker

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#12
Something seriously irks me about people selling things they need to buy Bitcoin. It's beginning to turn into a religion or some sort of Cult.
 

CT_Biker

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#14
Who says they need them?
Im not making that assumption though.

Im speaking about the willingness of people willing to sell their possession to invest in a security that is a risk as the are no formal "regulatory" standards and practices in place.
 

The_MAC

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#17
Im not making that assumption though.

Im speaking about the willingness of people willing to sell their possession to invest in a security that is a risk as the are no formal "regulatory" standards and practices in place.
I'm assuming people prefer to get paid in Crypto than in ZAR, they were going to sell anyways. Avoid the tax, and the depreciation of the currency., not to mention the ability to spend it overseas, perhaps they emigrating.
 

CT_Biker

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#18
I'm assuming people prefer to get paid in Crypto than in ZAR, they were going to sell anyways. Avoid the tax, and the depreciation of the currency., not to mention the ability to spend it overseas, perhaps they emigrating.
The issue I have is when you convert the money into hard currency and it reflects on your bank statement, it becomes something of an issue as it can be investigated. What do you do then? State in your tax return that you have a sizeable amount invested in a crypto currency which then makes you subject to pay tax.

There is noting wrong with tax avoidance, I'm just trying to make sense of the logistics behind it so that crypo-currencies remain "un-taxable" and also where does SARS jurisdiction end.
 

The_MAC

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#19
The issue I have is when you convert the money into hard currency and it reflects on your bank statement, it becomes something of an issue as it can be investigated. What do you do then? State in your tax return that you have a sizeable amount invested in a crypto currency which then makes you subject to pay tax.

There is noting wrong with tax avoidance, I'm just trying to make sense of the logistics behind it so that crypo-currencies remain "un-taxable" and also where does SARS jurisdiction end.
That I am unsure of - but if you don't cash it and wait for the market to mature to a point when you can simply buy in crypto.

If I was getting rid of an old car, or some big asset that I don't need which is paid off, crypto would be an option.
 

CT_Biker

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#20
That I am unsure of - but if you don't cash it and wait for the market to mature to a point when you can simply buy in crypto.

If I was getting rid of an old car, or some big asset that I don't need which is paid off, crypto would be an option.
But then you may not have access to the money and if you do cash your Crypto all of a sudden someone from SARS knocking on your door with a garnishing order, and that person will be demanding a please explain.
 
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