Digital currency.
TaxLess Future.

Digital currency.TaxLess Future.
You may have already heard that there are two financial systems in the world today. The traditional banking system and the second, new system based on digital currencies. The traditional or ‘legacy’ system, as the proponents of the new crypto ecosystem call it, exists separately. Publishes statistics, keeps records, pays taxes, and creates various boring things: cars and machines, razor blades and soap, and so on and so forth.

At the same time, simultaneously with the previous legacy system, a new financial system is rapidly growing and developing, a system based on the digital currency market. Where each company can issue its own currency backed by… nothing. And in a few mouse clicks or phone screen taps, transfer your cryptocurrency to any fiat currency in the world. Someone may exclaim that today's US dollar or euro is also not backed by anything, but this is not entirely true.

At a minimum, the dollar, euro, and other national currencies are backed by the products and services created by the inhabitants of these countries. Fiat currencies printed by the governments of various countries flow into various branches of the economy and gradually come to all citizens of the country, along the way turning millstones that create various things and services, fill the budgets of countries that are distributed among social services and from which public services, pensions, and the army are provided. and so on.

What made digital currencies so attractive for many companies, funds, banks, and individuals? In recent years, many new solutions have emerged in the financial sector, such as mobile banking. Many of which made really convenient products that surpassed standard banking solutions in terms of usability. People love convenient products that save them time, which is never enough in our fast-paced world.

And then cryptocurrencies appeared and began to gain momentum. Were their apps and websites user-friendly? No, most still do not shine with ease of use or a convenient and understandable interface. What then became the driver that led to the rapid development of crypto payments? The main advantage of crypto payments was the lack of taxation. Until now, in many countries of the world, there is no single interpretation and uniform legislation regarding cryptocurrencies.

Many countries are taking active steps to resolve this issue, but have not yet been able to agree on all the nuances. Some countries, such as Georgia, directly write that crypto-currency investments are not taxed on capital gain. Thus, another financial system that does not make payments for social security or pensions appeared in the world. No need, no legal requirement.

And such a system, perhaps, could exist in parallel with the main financial system for years and decades, but alas, the laws of business do not allow such a system to exist for a long time. This happens because any company, whatever it produces or whatever it does, pays taxes that fall on the cost of its products or services. If a competitive company does not pay taxes, then it can sell goods or provide services at a price that will be impossible for you.

And so your company is left with only two choices: shut down or also turn to crypto funding. Someone might say that you can, figuratively, pass by, and turn to traditional financing, not crypto. But many traditional investment funds and banks were the first to understand the advantage of digital currencies and also plunged into them, leaving no choice to all other market participants.

But this growing TaxLess paradise is devouring itself, and the consequences of its activities will be reflected primarily in the banking system. Because this uncontrolled ‘printing’ of digital money leads to a fall in the price of fiat money in all countries of the world and in all areas, in other words, to inflation. But the banking sector also loses some of the income that went to the owners of digital currencies. Therefore, for employees in the banking sector, growing inflation with a drop in income is a mixture that inevitably leads to massive staff reductions and sometimes bankruptcy first.

Cryptocurrencies' second negative factor on the economy was the practical stoppage of the project financing mechanism. Only the nascent infrastructure of the digital currency industry was completely unprepared for the explosive growth of customers. And given the fact that some investment funds were among the first to enter the digital currency system, the stoppage of project investment turned out to be so significant that it will inevitably affect the fall in the GDP of many countries of the world.

The paradox of the situation also lies in the fact that that part of the financial market that has already joined digital currencies does not want to change the status quo in any way. The second part of the traditional legacy of the financial system does not want to see or hear anything about the real state of affairs. As a result, this vicious circle can be broken either by political will or by the system’s inevitable collapse, a collapse so significant that everyone will inevitably have to find out the reasons that led to such a fall.

The double paradox of the situation lies in the fact that the time was missed when it was necessary to respond to the situation and today a significant part of the world's financial assets have been invested in crypto financing. That is why we have developed a detailed plan for overcoming the current situation, which is described in the Digital currency market Harmonization article.

Otherwise, a TaxLess future awaits us all. In this future, we rely only on ourselves, there are no institutions of social benefits and pension payments, institutions for the protection of the state, and the existence of many states is also in question. A new, unknown, unexpected future awaits us. The future is for the bravest, as we will all not live but survive, not cooperate but fight.

Do we need such a future?

June 05 / 2023

Text author: Ihar Kul

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