[robinduckett]

In the UK, it is only a taxable event when the coin is exchanged to a "readily convertible asset", i.e. Bitcoin, Mainnet ETH.

[cmsd2]

I don’t know where you got this advice from but this is precisely wrong from my reading of the rules. An asset exchange between two non legal tender assets is treated exactly the same as any other disposal and acquisition and absolutely is a chargeable event.

[grey-area]

All currencies are readily convertible assets by definition.

[leereeves]

Tether isn't readily convertible?

[cma]

Not if we dont even know what it is backed by, readily convertible one minute, can't dump it for $.01 the next once it happens.

[cmsd2]

Please tell me this is a joke. The fact tether trades readily on an exchange is a major factor for it being convertible, even if at a price you don’t like.

[toss1]

>>tether trades readily on an exchange is a major factor for it being convertible

... for now

We've seen lots of the crypto exchanges fail to make exchanges for hours to days when things get hot

Official stock exchanges have a standard practice of halting trading in stocks when unusual events happen. Sometimes this cools the market and things get back to normal, sometimes the thing has gone to zero when

If Tether crashes to $0.01, I'd be a bit surprised if it didn't stop being convertible for a significant time.