The case has arrived, I don't know if you guys have seen this tweet, which mainly talks about how USDC can be directly used for payments in some shops in Japan, with the counterpart settling in Japanese yen, effectively skipping OTC and paying directly with USDC. In essence, it is similar to U Card, but a problem arises!

Does spending USDC require paying taxes? The answer is no. Although there may be some taxes incurred, the fluctuations of USDC are minimal and can be ignored, so the taxes related to using USDC for payments can be disregarded.

But how is USDC acquired? If it is income generated from trading, then this income is taxable. For example, buying $BTC at a price of $50,000 and then selling it at $100,000, with all the proceeds converted to USDC, this process will ultimately be taxable.

However, if one directly holds USDC or acquires USDC with Japanese yen, then there is no need to pay taxes on these transactions. Moreover, the BASE APP itself does not require KYC and AML, which indicates that decentralized trading in Japan has almost zero tax burden (although there are gray areas in regulatory visibility).

Furthermore, the BASE APP itself is not based on VIAS or MasterCard, and there is almost no wear and tear during payments and exchanges. Japanese tax residents need to assess their usage, as using USDC for payments requires confirmation of whether annual miscellaneous income exceeds 200,000 yen.

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