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Why is it necessary to pay taxes on withdrawals from USDT accounts?
According to the provisions of the Individual Income Tax Law of People's Republic of China (PRC), individual residents shall pay individual income tax in accordance with the provisions of this law on income obtained from inside and outside China. Usdt is a kind of virtual currency that links cryptocurrency with legal tender dollar, and it is a kind of virtual currency that is deposited in foreign exchange reserve account and supported by legal tender, so it is necessary to pay taxes to withdraw money from USDT account.

I. TEDA coins (USDT)

1, TEDA coin (USDT) is a token Tether USD (hereinafter referred to as USDT) introduced by Tether Company, and USDT = 1 USD. Users can change USDT into US dollars at any time. The tether company strictly abides by the reserve guarantee of 1: 1, that is, every time it issues 1 USDT tokens, its bank account will be guaranteed by 1 USD. Users can query funds on the tether platform to ensure transparency.

2.TEDA currency is a kind of virtual currency, which links cryptocurrency with legal tender dollar. Each TEDA coin is symbolically associated with legal tender supported by the government. TEDA currency is a virtual currency deposited in foreign exchange reserve account and supported by legal tender. This method can effectively prevent the price fluctuation of cryptocurrency. Basically, the value of a TEDA currency is equal to $65,438 +0.

Second, the characteristics of TEDA currency

1, a stable currency

Tether converts cash into digital currency, anchoring or linking the prices of national currencies such as US dollar, euro and Japanese yen.

2 100% people support it.

In our foreign exchange reserves, traditional currencies always support each currency at the price of 1 to 1. So $ 1 _ is always equal to $ 1.

3. transparent

Our foreign exchange reserves are published every day and subject to frequent professional audits. Everything in circulation always matches our reserves.

4. Blockchain technology

Tether platform is built on the basis of blockchain technology, using the security and transparency they provide.

5. Extensive integration

Tethers are the most widely used digital legal tender. Use tethers in Bitfinex, shapUNK, GoCoin and other exchanges.

6. Safety

Tether's blockchain technology provides world-class security while complying with international compliance standards and regulations.

7. The biggest feature of USDT is that it is equivalent to US dollars, 1USDT = 1USD. Make it a good hedging tool in the turbulent cryptocurrency market.

Three. Introduction to tax payment:

Paying taxes, also known as paying taxes, is the behavior and process of natural persons or legal persons paying taxes to the state tax authorities. For example, paying customs duties means that importers and exporters or their agents pay taxes to the banks designated by the customs within the specified date with the tax payment certificate issued by the customs.