A user of the Taiwanese Bitcoin exchange MaiCoin won 10 million TWD (~$310,000) in the tax lottery by making a small transaction on the platform with a commission of 2 TWD (~$0.06).
Who says retail users can’t profit from trading cryptos? Taiwan’s largest crypto exchange @MAX_exch announced some user made a tiny trade that paid $2 NTD ($0.06 USD) in fee on platform, the tax receipt ended up winning 10mil ($310k USD) in Taiwan govt’s invoice lottery!🥳 pic.twitter.com/FSGXdKVW5J
— Paul Huang (@PaulHuangReport) October 5, 2023
“Who said retail users can’t profit from trading cryptocurrencies?” wrote researcher Paul Huang.
In order to increase tax revenues in the early years of the state’s existence, the Taiwanese authorities introduced the option of unified invoices. This is a type of receipt that merchants give to customers when selling goods and services. The document is kept by both parties.
In 1951, the government launched a lottery of these receipts to encourage residents to receive them for every purchase from businesses with a monthly turnover of at least 200,000 TWD (~$6,200).
Draws are held every odd month on live television. The maximum winnings are received by participants whose last 8 digits of their invoice numbers match those drawn. MaiCoin user was among these lucky ones.
Let us recall that in August, Ethereum co-founder Vitalik Buterin received a residence permit in Taiwan.
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