The cryptocurrency sector faced one of its most significant security breaches this year as stablecoin banking platform @0xinfini fell victim to a sophisticated cyberattack.
It needs to be able to destroy the tax money after you pay it.
That’s just an accounting trick, they can “destroy” whatever the current USD value would be. Whether they hold or immediately exchange the BTC is largely irrelevant.
And governments don’t necessarily need to issue the currency they use. For example, Ecuador uses the USD as their national currency. There’s nothing stopping any country from standardizing on multiple currencies either.
It’s not just a preference. Taxation is what gives the currency value.
The government can create and destroy dollars. It spends dollars into existence, and it taxes them into nothingness.
But if it receives BTC, it can’t destroy the BTC. Same with any foreign currency.
It needs to be able to destroy the tax money after you pay it.
That’s just an accounting trick, they can “destroy” whatever the current USD value would be. Whether they hold or immediately exchange the BTC is largely irrelevant.
And governments don’t necessarily need to issue the currency they use. For example, Ecuador uses the USD as their national currency. There’s nothing stopping any country from standardizing on multiple currencies either.