> "Gift cards aren’t as convenient as receiving money on your bank account or a debit card. But they’re a great way to avoid telling your bank that you made money by speculating on cryptocurrencies. Many banks directly report data on their users to local tax authorities. But don’t forget that Coinbase can track all your withdrawal events and notify tax authorities too."<p>Sigh. Always comes down to tax evasion or illegal transactions.
"Gift cards aren’t as convenient as receiving money on your bank account or a debit card. But they’re a great way to avoid telling your bank that you made money by speculating on cryptocurrencies. Many banks directly report data on their users to local tax authorities. But don’t forget that Coinbase can track all your withdrawal events and notify tax authorities too."<p>So this "journalist" is telling people it's a great idea to evade tax... hmmmm...
Couldn't someone create a 'Credits' card that converts crypto to 'Credits' and get the top 100 stores on board, through some form of incentivisation (i.e no processing fees, like there are with CC and Debit cards) therefore bypassing Fiat, but do it in the form of a 'Gift Card'?<p>It seems you can bypass some regulations by doing this. How long would it take until the regulatory board starts banging down your door.
Cool, so it looks like they're going all-in on the international money laundering clearing house thing. I'm sure it will be quite profitable.
> Gift cards aren’t as convenient as receiving money on your bank account or a debit card. But they’re a great way to avoid telling your bank that you made money by speculating on cryptocurrencies. Many banks directly report data on their users to local tax authorities. But don’t forget that Coinbase can track all your withdrawal events and notify tax authorities too.<p>Does TechCrunch have any actual editorial review process or do “journalists” publish whatever tax evasion / money laundering 101 instructional article they want?
FYI BitPay offers buying Amazon gift cards with Bitcoins since 2017 <a href="https://blog.bitpay.com/amazon-gift-cards/" rel="nofollow">https://blog.bitpay.com/amazon-gift-cards/</a><p>You can buy until $ 2000 daily.