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A Better Playbook for Crypto in Nigeria

Bitcoin Nears $50,000 As Its Mainstream Acceptance Grows - Tekedia

Nigeria could have borrowed this playbook to improve its tax position. Yes, get the crypto guys to pay their own shares of taxes. There is no need to ban crypto in Nigeria.

Cryptocurrency investors who are avoiding taxes could be in big trouble soon, and two recent IRS efforts show how serious the agency is about compliance. According to The Wall Street Journal, a Boston judge approved an IRS summons last month for customer records at peer-to-peer payments company Circle and its affiliates. And earlier this month, a federal judge in San Francisco approved a separate IRS summons to Kraken, a crypto exchange and bank. WSJ reports both evidence requests involve investors who had more than $20,000 in transactions from 2016 through 2020.

Cryptocurrency and blockchain technology in general have already improved the lives of many people around the world, and the likelihood that this trend will continue is huge. The new technology could positively affect such industries as medicine, education, government, the country's economy, etc. Nobody even thought that blockchain could become a platform for nft gaming. Recommend

Do you agree?