Crypto Personalities Offer Contrasting Views on Privacy Coins and XRP's Tax Status
Crypto Personalities Offer Contrasting Views on Privacy Coins and XRP's Tax Status
Prominent figures in the crypto space have recently weighed in on the utility and financial implications of various digital assets. Bitcoin advocate Samson Mow expressed skepticism regarding the necessity of Zcash, contrasting it with Bitcoin's utility. Concurrently, Ripple CTO David Schwartz clarified the operational dynamics of the XRP Ledger, specifically highlighting the tax-free nature of transactions involving XRP on its network.
Samson Mow Disses Zcash, Advocates Bitcoin
In a recent statement, renowned Bitcoin bull Samson Mow critiqued Zcash's privacy narrative, suggesting there's no inherent need for the privacy coin for retail traders. Mow instead championed the use of Bitcoin alongside encrypted wallets, reinforcing his long-standing advocacy for the flagship cryptocurrency. This commentary positions Zcash in a negative light, questioning its value proposition.
Ripple CTO Confirms Tax-Free XRP Ledger Transactions
On a different note, Ripple's Chief Technology Officer, David Schwartz, provided clarity on the financial aspects of the XRP Ledger ecosystem. Schwartz confirmed that transactions on the XRP Ledger involving XRP are not subject to tax, a significant point that could drive value and adoption for the asset. His explanation delved into the mechanisms that contribute to XRP's value within its network, offering a positive outlook for holders and users.