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thetimes.co.uk/article/bitcoin

i didn't get past paywall going via google here so didn't read the whole article, but .. is that headline for real? Complete ban on wiring from exchanges

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@waxwing Looks like HSBC only, but 'bitcoin bad' is strong in the recent days it seems, oh well :)

@_g6_ yeah ... but as one of the 3 or 4 really big banks in the country, i don't fancy anyone's chances with the others, if HSBC feels OK with doing this.

@waxwing They will simply help people HODL for now. Besides wasn't that bank already involved in dare I say 'money laundering'? We will see how it's going in the next 6 months. If Kraken and Avanti can get banking licenses in US maybe they will in time secure such licenses outside and then no need for 'traditional' banks. I for one would welcome that

@waxwing Wouldn't surprise me... We really need common carrier laws to force entities like banks to accept all business without a court order mandating otherwise. Plenty of historical precedent in similar laws in the past with stuff like phone service and postal mail.

@pete i mean i guess.

here's an interesting one: how are you supposed to pay the capital gains tax you owe on trades, if you're not allowed to wire money out of the exchange? Does HMRC have an account at Coinbase and Bitfinex and whatnot? Should we pay them in BTC? 😂

@waxwing IIRC that exact argument was used successfully in a lawsuit in Israel to force banks to accept wire transfers from Bitcoin exchanges.

@waxwing @pete additionally I would argue that it's not *real* profits if you can't use it. It's like monopoly money at that point.

@zechendorf @waxwing Sane jurisdictions only require you to pay tax when you sell; not all jurisdictions are sane.

Here in Canada there are actually edge cases with how stock options are treated that end up causing consultants to go bankrupt because you can be required to pay taxes on options that are literally impossible to sell, at valuations that are unrealistic. Found that out working for a startup.

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