World Crypto Global
- Written by: Abdulkarim Abdulwahab
- Mon, 31 Jul 2023
- United States
Ripple CTO reacts as accounting consultant Fredo Ayala discusses tax implications of XRPL Pathfinding on US crypto transactions. In a recent crypto Twitter exchange, Fredo Ayala, an accounting consultant with an MBA, raised an intriguing point about the implications of XRP Ledger (XRPL) Pathfinding on taxable events in the United States. According to Ayala, if the […] The post Ripple CTO Reacts as Consultant Says XRP Ledger Pathfinding Causes Taxable Events in US first appeared on The Crypto Basic.
Ripple CTO Reacts as Consultant Says XRP Ledger Pathfinding Causes Taxable Events in US
Ripple CTO reacts as accounting consultant Fredo Ayala discusses tax implications of XRPL Pathfinding on US crypto transactions.
In a recent crypto Twitter exchange, Fredo Ayala, an accounting consultant with an MBA, raised an intriguing point about the implications of XRP Ledger (XRPL) Pathfinding on taxable events in the United States.
According to Ayala, if the pathfinding results in settling a transaction within a single ledger and the prices remain unchanged between buying and selling, the tax implications primarily fall on the customer.
If it settles in a single ledger and prices do not change between buying and selling then the implications are only for the customer.
If they shift while pathing then we got -/+
Europe sees crypto was gambling so this…
For context, XRPL pathfinding implies finding the best way to send XRP or other assets between two accounts on the XRPL.
Ayala argued that if prices shift during the pathing process, the situation becomes more complex, and the implications seem different in Europe. The accounting consultant suggested that USD-denominated payments or stablecoin-based transactions on the ledger be preferable.
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