I bought it in the early days and moved several times due to security reasons. As a result, I’m unable to prove its origin. What would be a viable strategy to cash out?

You are viewing a single thread.
View all comments
5 points
*

Depending on how serious you are about “getting government approved”, you can do a cross chain analysis on yourself and provide necessary view keys. To prove you bought 10K of Monero, just show that your bank account went down 10K and your Monero account went up 10K (at the past exchange rate). To show you exchanged 5K Monero for 5K Bitcoin, show that 5K Monero was transferred from your wallet at the same time 5K was added to your Bitcoin wallet. It’s extremely cumbersome and requires that you have access to all wallets/accounts and is extremely invasive on your privacy, but it can be done if you really want to. Personally, I’d agree about the tax attorney. Often there’s a way of “legitimising” grandfathered funds, but expected to be taxed to the max. Alternately, there may be a way of doing crypto loans so that you get the money without actually cashing out.

permalink
report
reply
1 point

A crypto loan would be a similar situation, since I still need to prove the origin of the crypto in order to get the loan. I bought it with cash, so I can’t provide any real proof that can fulfill a SoF check properly.

permalink
report
parent
reply

Monero

!monero@monero.town

Create post

This is the lemmy community of Monero (XMR), a secure, private, untraceable currency that is open-source and freely available to all.

GitHub

StackExchange

Twitter

Wallets

Desktop (CLI, GUI)

Desktop (Feather)

Mac & Linux (Cake Wallet)

Web (MyMonero)

Android (Monerujo)

Android (MyMonero)

Android (Cake Wallet) / (Monero.com)

Android (Stack Wallet)

iOS (MyMonero)

iOS (Cake Wallet) / (Monero.com)

iOS (Stack Wallet)

iOS (Edge Wallet)

Instance tags for discoverability:

Monero, XMR, crypto, cryptocurrency

Community stats

  • 257

    Monthly active users

  • 909

    Posts

  • 5.1K

    Comments

Community moderators