Singapore-based Ethereum (ETH) Co-founder Vitalik Buterin said he will not get a tax write-off on his donation of 50trn shiba inu (SHIB) tokens to support India’s Crypto COVID Relief Fund.
He was reported as saying by Bloomberg that the rules on cryptocurrency in Singapore, where he pays his taxes, are “significantly cleaner than in the US or Canada”. The Co-founder said he considered he was not eligible for a write-off.
Buterin has made a string of donations in the coin, totaling an estimated USD 1.2bn at the time they were made, following which he burned 90% of his remaining SHIB.
He explained that holding the remaining coins “forever was never an option” for security reasons, among others, and that it made more sense to him to do something useful with his assets right away.
Buterin had been sent the coins by SHIB’s creators without his permission in a move he said has left him puzzled. One of the most popular explanations for their move was the assumption that Buterin, who already enjoys the status of a crypto billionaire owing to ETH’s spike in value, would not spend his share of the meme tokens.
“Realistically, if these coin projects wanted to avoid a person who would sell a large supply, they should’ve just not issued these coins,” the developer said. “I don’t know what they were doing issuing those coins to me.”
Shortly after Buterin announced his decision, SHIB’s value began to spiral down. However, he admitted he was “pleasantly impressed” by how the cryptosphere has reacted to his donation, saying they “were much less upset by it than I expected”.
At 09:43 UTC, SHIB, ranked 25th by market capitalization, trades at USD 0.00001331 and is down by 57% in a week, trimming its monthly gains to 619%. At the same time, ETH trades at USD 2,979 and is down by 29% in a week, but is still up by 33% in a month.
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Learn more:
– Buterin Paid USD 800+ In Fees For 9 Major Transactions on Ethereum
– Vitalik Buterin Shows Mercy To Shiba Inu As Meme Coin Halves In Price
– ‘DOGE Killer’ Shiba Inu Clogs Ethereum While Musk Lifts Dogecoin Again
– IRS Could Come For Your Crypto If You Owe Them – Official
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