Taxing DeFi: The Internal Revenue Service (IRS) has been making moves to impose taxes on decentralized finance (DeFi) transactions, which has caused concern among the crypto community. The recent joint resolution in Congress aims to reverse this decision and protect the growing DeFi industry. What is DeFi? DeFi, short for decentralized finance, refers to a financial system that operates on a decentralized blockchain network. This allows for peer-to-peer transactions without the need for intermediaries such as banks or financial institutions. DeFi has gained popularity in recent years as it offers more financial freedom and control to its users. The IRS's Move: In December 2021, the IRS announced that it would be imposing taxes on all DeFi transactions, including trading, lending, and staking. This decision sparked outrage among the crypto community, as it goes against the decentralized nature of DeFi and could potentially stifle its gro...
Welcome to Daily Crypto Talkies News, your ultimate source for latest and most relevant news, insights, and updates from the world of cryptocurrency. Our blog aims to provide valuable information to crypto enthusiasts for only learning purpose.
Join with us !
Download App Now