say someone asked you to open your wallet and asked you where your funds came from, can you just say that you mined it? since XMR cant be trace afaik

  • Varyk
    32·
    2 months ago

    yes.

    fyi, mining cryptocurrency is usually subject to income tax and every year you mined xmr, you should have been paying tax on tye mined crypto.

    If you simply bought it, then there would be no taxes until you exchange or sell the XMR.

    • ride@monero.townEnglish
      31·
      2 months ago

      subject to income tax

      there would be no taxes

      That depends on the laws of where you are.

      • Varyk
        2·
        2 months ago

        that’s correct!

        different states and countries often have different laws, which determine their income tax regulations and necessarily all of their other ordinances.

        • NoobFromXMR@monero.townOPEnglish
          2·
          2 months ago

          but i guess at the end of the day, you are innocent until proven otherwise, and since monero cant be track the worst case that can happen to you is that government will seize your monero?

          • Varyk
            1·
            2 months ago

            I don’t know by what right? or legal process they would seize your monero unless you admitted to it being yours and personally sent them the XMR, but yeah, at the moment, xmr being entirely fungible means that it’s basically the same as cash.

            it comes from where you say it comes from.