Bitcoin to be Taxed...... - page 21.

batang_bitcoin

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Quote from: CryptoDream2049 on October 16, 2017, 08:21:40 PM

This is interesting could be a mass following with this. South Korea is preparing to Tax bitcoin use after the cryptocurrency's trading volume sky-rocked. This could spark a new trend s everyone battels to see how to control the life of cryptocurrency's

This is what plays to my mind, adoption is good and legality of bitcoin too. But once the government starts to show it's support to bitcoin expect to it that they should benefit with bitcoin too and not only with it but as well as with other cryptocurrencies. I'm expecting it that bitcoin will be taxed, each transactions so in the future if majority of the countries are accepting and adopted bitcoin. We are not going to pay with the miners fee only but as well with the tax too.

mharz

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Quote from: speedy963 on October 17, 2017, 12:12:00 AM

As far as i can see the governments from each resoective countries are already starting to move towards bitcoin, because of its increasing popularity and prices, even though they know bitcoin back then they doesn't seemed to care because it was not that popular and super valued though, but now that they have been hearing it again and again they will probably make a move just to earn from it, and imposing taxes to each transaction is not too far to happen in the future, so as expected it will be imposed.

For now it is impossible to happen, because bitcoin are decentralize currency from different parts of the world. However if the United Nations decided to under it by their supervision, it is high possible to impose taxes all income in crypto currency. Moreover gambling sites have a high chances to closed if they can't legalize due to this site are prohibited in some country.

Taki

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That's not interesting at all. That is going to be our obligation.
The only thing is interesting that no one payed so much attention at bitcoin thill the price crossed 1000$ point.

Gozie51

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This should be one of the good news for bitcoin growth. Meaning, the government can not be dealing with bitcoin with a long spoon while intending to din with it - dinning with it in this sense I mean collection of taxes.

Where the South Korean government or any government for that matter intends to levy taxes on bitcoin means they are looking at control or regulations and regulation itself is approval - this is good Grin

.

Yeah, naturally income are taxed and thats called income tax. We waiting for more adoption via income tax.

usorin

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If this will happen that the South Korean Government admits cryptocurrency as a tradable coin in banks including. That will lift a little bit bitcoin. Interesting perspectives, can't wait for it.

leea-1334

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Quote from: CryptoDream2049 on October 16, 2017, 08:21:40 PM

This is interesting could be a mass following with this. South Korea is preparing to Tax bitcoin use after the cryptocurrency's trading volume sky-rocked. This could spark a new trend s everyone battels to see how to control the life of cryptocurrency's

Sounds like good news to me, to be honest. My government is still not very clear on Bitcoin, so there is no tax on it. But if a government like South Korea taxes Bitcoin, this means they recognize it and therefore it is legal and proper currency. Is that not a good thing? As a responsible citizen, you should always pay income tax anyway. South Korea let people have Internet and knowledge and services to use Bitcoin. You owe it tax to help keep things running well.

deadsilent

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Actually charging taxes to bitcoin and other cryptocurrencies is a good thing. Means, there's no hindrance on cryptocurrecy adoption. It will fuel the market to the higher level. This is a part of regulating cryptocurrency. Lets admit it. We cannot get away from our responsibilty. Tax is our resposibility. We are obliged to pay tax as a citizen. Some people are skeptical about taxation on cryptocurrency. I don't know why. Losing money? I don't think so. If this could solve the problem of cryptocurrency, why not? It is also to avoid problems in the future. It's better than this. Than ban it by tye government. That's sucks.

AiloveYouks21

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Quote from: CryptoDream2049 on October 16, 2017, 08:21:40 PM

This is interesting could be a mass following with this. South Korea is preparing to Tax bitcoin use after the cryptocurrency's trading volume sky-rocked. This could spark a new trend s everyone battels to see how to control the life of cryptocurrency's

Shit, it means there will be the two type fees.
fee for each bitcoin transaction and fee for using bitcoin.

jezus

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I am waiting for more news.

Slipknot79

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The truth of the matter is Bitcoin is already taxed by law in all countries.

Its not a matter about taxing it - its a matter on how they can control and audit it.

Russia, with cryptorubels is smart - there attitude is "if you cant beat them, join them"

His plan is to create the cryptoruble so his government can control it.

If they can control it.... they can tax it.

Manchumichael

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Quote from: linkybit on October 16, 2017, 11:01:09 PM

Taxing BTC by GOVTs is good for btc as it'll become legal for people to trade btc.

To trade BTC why Govt makes this legal I am not understanding. In my country it is illegal, but i am trading BTC.

speedy963

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As far as i can see the governments from each resoective countries are already starting to move towards bitcoin, because of its increasing popularity and prices, even though they know bitcoin back then they doesn't seemed to care because it was not that popular and super valued though, but now that they have been hearing it again and again they will probably make a move just to earn from it, and imposing taxes to each transaction is not too far to happen in the future, so as expected it will be imposed.

Argoo

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On taxation of the crypto currency, most likely, it is a question of charging the so-called profit tax when it is transferred to the money fiat. To recognize the crypto currency as a means of payment, such a tax, in principle, is necessary. Here the question is that the states establish a proportional amount of such a tax so that it does not drive the circulation of the crypto currency into the shade and that the state does not establish unnecessary and unjustified restrictions for the crypto currency.

Seansky

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Quote from: CryptoDream2049 on October 16, 2017, 08:21:40 PM

This is interesting could be a mass following with this. South Korea is preparing to Tax bitcoin use after the cryptocurrency's trading volume sky-rocked. This could spark a new trend s everyone battels to see how to control the life of cryptocurrency's

That would be problematic for those living there but it is healthy for bitcoin market and crypto itself. After this event, there is a probability that another country will set their eyes on bitcoin and crypto too, they will also seek to tax cryptocurrency transactions. Besides taxation, some countries also will seek to regulate bitcoin exchanges since it is a good tool for others to use for money laundering. The turn out of events right now is really interesting. South Korea taxing btc is a good proof of the growing mass adoption of crypto.

linkybit

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Taxing BTC by GOVTs is good for btc as it'll become legal for people to trade btc.

baradfo

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The only way that governments can tax it's citizens on bitcoin/altcoin is if they deem crypto's to be currencies or a store of value. That coupled with the exchange into the fiat is where they will get you on tax. If you find a way to interact and utilize the crypto's as they were inteneded, as currency, and not exchange for fiat then governments would have to expend too much energy finding out who is actually using them. AML/KYC is there to find out who has what and to be able to tax accordingly.

jtipt

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Quote from: CryptoDream2049 on October 16, 2017, 08:21:40 PM

This is interesting could be a mass following with this. South Korea is preparing to Tax bitcoin use after the cryptocurrency's trading volume sky-rocked. This could spark a new trend s everyone battels to see how to control the life of cryptocurrency's

Even if they somehow try to enforce this, it isn't going to be easy to tax bitcoin. But enough precautions I can easily send btc to anyone without anyone else know that I have seen it. This isn't very practical idea.

VackFromOhm

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It's turtles all the way down!

Makes sense for governments to finally tax bitcoin. Not only is it going to help with the illegal ways that bitcoin is being used, but it's going to legitimize the currency, stabilize it, and help mainstream it. I'm sure that Satoshi is going to be pissed, BUT for the purpose of making this a more accepted cryptocurrency, I think it's about time.

For truly anonymous crypto, that's where the altcoins will come in. No one is going to be able to track where these altcoins go and it will be the anonymous side of crypto.

Ayiranorea

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Not only South Korea, even before that Israel made bitcoin to be an taxable asset making it fall under the commodities similar to the gold and other materials. Here the taxation was done based on the transactions that happens with relation to bitcoin and other related services opted with bitcoin. But this doesn't look that effective on functioning.

pflmagic

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This is not new or startling... when bitcoin (or crypto currencies in general) are popular enough to be recognised by countries governments - without a doubt there will be some sort of tax on them. Even if it’s a standard tax that’s imposed on local currencies.
The issue with this is that we preferably want them to tax it and classify it correctly (and not destroy any profits on capital gains etc).

Topic: Bitcoin to be Taxed...... - page 21. (Read 4565 times)