The Effect of VAT Withholding Requirements in Latin America

Innovations in payment systems are rapidly transforming the world economy. While Bitcoin, Ethereum, and other decentralized blockchain-based systems tend to garner much of the press (good and bad), centralized peer-to-peer (P2P) payment systems are far more common. (Note that I use the term P2P here in its original sense to mean all peer-to-peer transactions, which includes transactions between any combination of individuals, businesses, and other entities, such as governments and unincorporated associations.) 

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