Cryptocurrency debit cards are more and more popular as the altcoin community is bigger and growing. One of the common question related to crypto cards is related to taxes. When you top up a standard cryptocurrency card with Bitcoin, Ethereum or any other altcoin it is actually a crypto to fiat exchange, hence it is a taxable event.
Is it possible to avoid taxation when using a cryptocurrency card?
Yes, and it is totally legal. You need a Nexo crypto card which is a total revolution on the altcoin debit card market. You can order a virtual or physical card and use it everyday in all places where Visa or Mastercard is accepted.
When spending through a standard debit cryptocurrency card your altcoins are sold and converted to fiat which triggers a taxable event (this is a taxable event in most countries, except for cryptocurrency havens like Portugal with 0% crypto income tax). The Nexo altcoin card allows you to spend without selling your crypto, hence no taxable event will occur.
Another great feature of the Nexo card is that unlike most cryptocurrency debit cards, the Nexo card lets you retain the ownership of your altcoins. More that that: you can earn rewards up to 2% for every purchase. The virtual Nexo card can be easily linked with Google Pay or Apple Pay.