Taxes and privacy

[georgelupino]

Do crypto debit cards report transactions to tax authorities even if the user lives in a third world country? How do tax authorities in third world countries find out if someone maybe using a crypto debit card? Is there complete privacy even in third world countries? What if its a debit card which simply doesnt have a user name?

 

[PurpleKayle]

"Do crypto debit cards report transactions to tax authorities even if the user lives in a third world country?" It depends. Many crypto debit cards partner with financial institutions, and they may be required to report transactions. Regulations differ in each country and some are part of international agreements that track crypto transactions.

"How do tax authorities in third world countries find out if someone maybe using a crypto debit card?" Some ways they can track are: if you used an exchange or through blockchain analysis.

"Is there complete privacy even in third world countries?" There could be if you use privacy coins like Monero and non-KYC exchanges. Complete privacy takes effort.

"What if its a debit card which simply doesnt have a user name?" Again, transaction data can be traced through blockchain analysis or links to an exchange.

 

[georgelupino]

"Do crypto debit cards report transactions to tax authorities even if the user lives in a third world country?" It depends. Many crypto debit cards partner with financial institutions, and they may be required to report transactions. Regulations differ in each country and some are part of international agreements that track crypto transactions.

"How do tax authorities in third world countries find out if someone maybe using a crypto debit card?" Some ways they can track are: if you used an exchange or through blockchain analysis.

"Is there complete privacy even in third world countries?" There could be if you use privacy coins like Monero and non-KYC exchanges. Complete privacy takes effort.

"What if its a debit card which simply doesnt have a user name?" Again, transaction data can be traced through blockchain analysis or links to an exchange.

Complete privacy takes effort? What do you mean?

 

[PurpleKayle]

Because of the transparent nature of most crypto and increasing regulations. You have to be careful about possible links to your identity through IP address, using banks, exchanges, or digital wallets with KYC, the devices you use.

 

[georgelupino]

Because of the transparent nature of most crypto and increasing regulations. You have to be careful about possible links to your identity through IP address, using banks, exchanges, or digital wallets with KYC, the devices you use.

So can 100% privacy be achieved or not?

 

[Stifmeister]

The crypto cards use visa/mastercard - SWIFT.
Any government can very easily request access to these transactions. It may take a while for these requests to be fulfiled, but there is no hiding them.

Though, usually governments dont really know you even have one unless they audit you and you link them with your other bank accounts.

The only way to achieve 100% privacy is XMR/Monero and laundering crypto - p2p/crypto for cash IRL, crypto for gift cards etc...

 

[georgelupino]

The crypto cards use visa/mastercard - SWIFT.
Any government can very easily request access to these transactions. It may take a while for these requests to be fulfiled, but there is no hiding them.

Though, usually governments dont really know you even have one unless they audit you and you link them with your other bank accounts.

The only way to achieve 100% privacy is XMR/Monero and laundering crypto - p2p/crypto for cash IRL, crypto for gift cards etc...

Crypto for cash irl?

 

[georgelupino]

The crypto cards use visa/mastercard - SWIFT.
Any government can very easily request access to these transactions. It may take a while for these requests to be fulfiled, but there is no hiding them.

Though, usually governments dont really know you even have one unless they audit you and you link them with your other bank accounts.

The only way to achieve 100% privacy is XMR/Monero and laundering crypto - p2p/crypto for cash IRL, crypto for gift cards etc...

Link them to other bank accounts? But how or why would a third world country government audit someone?

 

[savitaprasad]

Do crypto debit cards report transactions to tax authorities even if the user lives in a third world country? How do tax authorities in third world countries find out if someone maybe using a crypto debit card? Is there complete privacy even in third world countries? What if its a debit card which simply doesnt have a user name?

If you do large transactions, please pay taxes on all. There is no point in sacrificing peace of mind for money. There is no debit card issued without name by any exchange.

 

[Stifmeister]

Link them to other bank accounts? But how or why would a third world country government audit someone?

Third world country is an outdated cold-war term. If your country has Visa and Mastercard, it's a modern society that understands credit.

Where are you from?

 

[georgelupino]

Third world country is an outdated cold-war term. If your country has Visa and Mastercard, it's a modern society that understands credit.

Where are you from?

Third world country is an outdated cold-war term. If your country has Visa and Mastercard, it's a modern society that understands credit.

Where are you from?

Suriname, why?

 

[georgelupino]

If you do large transactions, please pay taxes on all. There is no point in sacrificing peace of mind for money. There is no debit card issued without

 

[georgelupino]

If you do large transactions, please pay taxes on all. There is no point in sacrificing peace of mind for money. There is no debit card issued without name by any exchange.

Do you have private email where i can send you photo??

 

[DJPaulyD]

Use XMR for privacy

 

[MoonStarz]

that is simple, they do not know, but what they do is track where the money is coming from, if you are expending a lot and your income, tax do not match they will start investigating with the banks, with other companies where you making those purchases, later the amazing goverment will come to you, and hit you with a WHY ARE YOU avoiding taxes and tax you for everything you purchase pay, or we will take everything even remoted jobs at some point they will ask you to give a reasoning of that money in some countries let me clarify and will want to tax you, depending the country too.

 

[georgelupino]

that is simple, they do not know, but what they do is track where the money is coming from, if you are expending a lot and your income, tax do not match they will start investigating with the banks, with other companies where you making those purchases, later the amazing goverment will come to you, and hit you with a WHY ARE YOU avoiding taxes and tax you for everything you purchase pay, or we will take everything even remoted jobs at some point they will ask you to give a reasoning of that money in some countries let me clarify and will want to tax you, depending the country too.

What if its belize or el salvador or haiti?

 

[georgelupino]

that is simple, they do not know, but what they do is track where the money is coming from, if you are expending a lot and your income, tax do not match they will start investigating with the banks, with other companies where you making those purchases, later the amazing goverment will come to you, and hit you with a WHY ARE YOU avoiding taxes and tax you for everything you purchase pay, or we will take everything even remoted jobs at some point they will ask you to give a reasoning of that money in some countries let me clarify and will want to tax you, depending the country too

that is simple, they do not know, but what they do is track where the money is coming from, if you are expending a lot and your income, tax do not match they will start investigating with the banks, with other companies where you making those purchases, later the amazing goverment will come to you, and hit you with a WHY ARE YOU avoiding taxes and tax you for everything you purchase pay, or we will take everything even remoted jobs at some point they will ask you to give a reasoning of that money in some countries let me clarify and will want to tax you, depending the country too.

But assuming the anonymous, no kyc, or visa/mastercard that simply doesnt have a name reported something, would it be the egmont group or the debit card reporting this to the government?

 

[MoonStarz]

I think you are confused, even there is no name, the probem is if you start to spend a lot of money, that is what alert them and depending what are you buying they will need your personal information, name, address, phone number, ID and there you left a register otherwise they won't know who you are, but believe me they always know and find where the money is coming from, they follow the money flow, basically if you expend a lot of money you draw attention from everyone to you in simple words.

 

[georgelupino]

I think you are confused, even there is no name, the probem is if you start to spend a lot of money, that is what alert them and depending what are you buying they will need your personal information, name, address, phone number, ID and there you left a register otherwise they won't know who you are, but believe me they always know and find where the money is coming from, they follow the money flow, basically if you expend a lot of money you draw attention from everyone to you in simple words.

But what if the person living in any of these third world countries is always using either an anonymous, no kyc, or a visa/mastercard which simply doesnt have the users name on a regular basis to make small, average size purchases at walmart, mcdonalds, shell gasoline, online purchases, ect... theyre not spending a lot per say but are always making regular size purchases for things of this nature...?

 

[Trishour]

So can 100% privacy be achieved or not?

100% privacy can be achieved provided you use only third party channels for all your transactions.