Re:Why Is Coed Cherry Shutting Down?
by monero-xmr on Thursday November 09, 2023 @09:35PM
(#38214410)
Why not be cryptocurrency-only? A lot of the seedier sectors of the online economy (adult and gambling) are very crypto friendly. Plenty of web hosting takes crypto. And the artists themselves are very savvy. I don’t see why you need a traditional bank anymore for this sort of business in 2023.
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Re:Why Is Coed Cherry Shutting Down?
by tgsovlerkhgsel on Thursday November 09, 2023 @09:58PM
(#38214566)
The second to last section addresses that.
You would still need to declare your crypto earnings on your tax return, and convert some of them into your local fiat currency to pay taxes.
Re:Why Is Coed Cherry Shutting Down?
by monero-xmr on Thursday November 09, 2023 @10:11PM
(#38214650)
Yes but the industry is not illegal, it’s just banks not wanting to work with him. He can cash out on normal exchanges and file taxes normally.
Fair point, that could be an option.
I’ve heard in the past that the off-ramp from crypto to fiat could be unreliable at exchanges but I don’t know personally whether that is true, either in general or for Canadian customers.
how do you cash out business amounts of money without a bank account though? if the bank doesn't want to work with him, it means he doesn't have anything to connect a Coinbase account to. Unless he wants to deal in large amounts of cash (which; cannabis clubs have to do, so it's not out of the question), he can't cash out.