In polite pockets of society, acceptable and positive crypto talk revolves around its amazing tech and what the future might hold. At least one bitcoiner has tossed aside such niceties, and examined the world’s most popular cryptocurrency as a potential offshore tax avoidance haven. Depending on the study, as much as $20 trillion is hidden away from government tax farmers. However, loopholes are closing as lawmakers discover them, perhaps creating just the use case bitcoin needs to thrive in the near future.
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Can Bitcoin Get a Slice of the $20 Trillion Tax Avoidance Market?
Treasure Islands author Nicholas Shaxson explained what he imagines to be a queer phenomenon. “Governments were short of revenue and seeking new sources; there was huge public anger at bailouts and banking is at the center of the offshore system; and there were rising concerns about inequality when offshore is an inequality machine,” he told The Christian Science Monitor.
Not quite a decade ago, the US in particular used terrorism as a pretext to force notorious Swiss bank accounts to release information on tens of thousands of American customers. Soon after, the Organization for Economic Cooperation and Development urged global standards in this regard. From there, the G20 picked up the cause, and by last year implemented a system of instant accountability between nations and their respective tax authorities.
John Christensen of the Tax Justice Network put it succinctly, “‘Bit by bit, international standards are being created. This is all being extended in the direction’ of secretive jurisdictions such as Switzerland. But activists and journalists investigating fraud, kleptocracy, embezzlement and other financial crimes ‘hit a brick wall when we can’t
