I think cryptocurrency usage will definitely boost the economy of a country because it can reduce unemployed people that rhey could have jobs to provide the things that they need and pay their bills, so it could also solve poverty in a country. Other countries will definitely assume that crypto will be bad for the economy because it is being used for illegal activities but they didn't know that it can also help people for their financial issues.
- The unemployment rate will not be easy to reduce with crypto when you can see the difficulty level of the jobs here, often require relatively good skills and very strong competition, a country can only have a small number of people succeed in crypto, and I have not calculated the number of people who can know about crypto in a country, so the economic development of a country cannot change based on crypto. However, cryptos have good economic support for those who know how to invest and spend their time on it, we are here probably an example that is very standard in terms of financial improvement 
Topic: Cryptocurrency usage will boost economy or make it worst ? (Read 2177 times)
I don't think there is a possibility of large corporations adopting cryptography for their payments with the intention of evading taxes. The Governs would look for ways to tax cryptocurrencies some tax. I think that developed nations would not stop using fiat for cryptocurrencies. What I have seen is nations with economic problems and inflation with the interest of using cryptocurrencies.
Strong nations will continue supporting the ways of their financial system, while those who are struggling they will look for other things that can help them up building their financial sectors. Everything will depends with how capable the government to govern and regulates crypto system, if the intentions is to use it for supporting their system to create quicker transactions it will boost the economy as its really being use the right way. What if all those big corporates and businesses starts using crypto as a mode of payment just to avoid tax which will cause a direct loss to the government which uses tax for the betterment of the country. This might not affect corrupt countries as it doesn't matter because tax money goes to politician's coffers but what about developed nations?
Yeah you're right actually your idea was good why they don't try to use crypto or btc as a payment method to avoid paying higher tax, because just like you said tax will go to the government and what if the government is corrupt then most of tge taxes has been corrupted by tge government. Then the tax that you pay for was useless.
I think cryptocurrency usage will definitely boost the economy of a country because it can reduce unemployed people that rhey could have jobs to provide the things that they need and pay their bills, so it could also solve poverty in a country. Other countries will definitely assume that crypto will be bad for the economy because it is being used for illegal activities but they didn't know that it can also help people for their financial issues.
You are true to say in developing countries it will benefit us more as tax money is looted by the politicians and they loot us of our rights. In developed countries, companies can be forced or sanctioned if they don't show their earnings.
I don't think there is a possibility of large corporations adopting cryptography for their payments with the intention of evading taxes. The Governs would look for ways to tax cryptocurrencies some tax. I think that developed nations would not stop using fiat for cryptocurrencies. What I have seen is nations with economic problems and inflation with the interest of using cryptocurrencies.
If you consider your scenario, then a push in the economy can really happen, provided that the market is stable for a long time.
However, in the event of any dynamic changes in the market, there are huge risks that a large amount of money invested in cryptocurrencies
on the part of states will simply depreciate in view of the fall in cryptocurrency prices.
Other states can seize the moment to buy these cryptocurrencies or continue to speculate on falling prices.
And this is generally one of the biggest threats. If some country invests in some currency, then one of the strongest countries, with the help of dropping the exchange rate, can put this country on the verge of default and the collapse of all obligations to citizens. However, in the event of any dynamic changes in the market, there are huge risks that a large amount of money invested in cryptocurrencies
on the part of states will simply depreciate in view of the fall in cryptocurrency prices.
Other states can seize the moment to buy these cryptocurrencies or continue to speculate on falling prices.
Cryptocurrencies can easily help any economic system There are many issues with fiat currency system that governments are already struggling to deal with. Some of these issues include, inflation, high cost involved in printing new notes to replace defaced currencies. Central government in many nations are also trying to consider ways that can help improve the economy by promoting a cashless system. I believe cryptocurrencies are one of the easiest way to promote a cashless system.
If you consider your scenario, then a push in the economy can really happen, provided that the market is stable for a long time.
However, in the event of any dynamic changes in the market, there are huge risks that a large amount of money invested in cryptocurrencies
on the part of states will simply depreciate in view of the fall in cryptocurrency prices.
Other states can seize the moment to buy these cryptocurrencies or continue to speculate on falling prices.
However, in the event of any dynamic changes in the market, there are huge risks that a large amount of money invested in cryptocurrencies
on the part of states will simply depreciate in view of the fall in cryptocurrency prices.
Other states can seize the moment to buy these cryptocurrencies or continue to speculate on falling prices.
It might affect developed nations like the UK where heavy taxes paid by the citizens are being used to develop the country through the provision of social amenities. It might further destroy corrupt countries as it will be very easy for them to still from the public and go unnoticed by completely transacting anonymously. I think this is actually part of the reason why so many countries are frowning about the use of cryptocurrencies by individuals
Unless crypto is controlled by a government it's unlikely that the govt will receive any tax from now on I feel the utilization of cryptocurrency won't stimulate the economy because what percentage of countries will support the crypto economy if many countries don't support crypto. performing on crypto can help boost the country's economy.
In Japan, within a year after the cryptocurrency was legalized in this state, the economy due to cryptocurrency grew by several percent, I don’t remember how much. This was due not only to revenues in the form of taxes, but also from an increase in the general level of wealth of the population. Therefore, the unambiguous circulation of cryptocurrency in the state should positively affect its economy.Unless crypto is controlled by a government it's unlikely that the govt will receive any tax from now on I feel the utilization of cryptocurrency won't stimulate the economy because what percentage of countries will support the crypto economy if many countries don't support crypto. performing on crypto can help boost the country's economy.
In Japan, within a year after the cryptocurrency was legalized in this state, the economy due to cryptocurrency grew by several percent, I don’t remember how much. This was due not only to revenues in the form of taxes, but also from an increase in the general level of wealth of the population. Therefore, the unambiguous circulation of cryptocurrency in the state should positively affect its economy. 
Nobody can avoid taxes even though they have used cryptocurrency does not mean they will avoid taxes, if that's the case then of course the use of crypto will make it worse. If cryptocurrency is used by them then it will not happen easily, at least there will be a regulation that will be applied and back again, the use of cryptocurrency is not something that you can use to avoid taxes because after all, payment of tax is important for the country's development and issues regarding corrupt country or not, that is a problem in every country.
Cryptocurrency is the one of the popular transaction today and with the use of different coins. Crypto are consist of different coin like bitcoin, bitcoin cash, ripple and ethereum. But of the most popular coin, today is the bitcoin because it gives a good market profit to the community of crypto. Now many people would like to use now the cryptocurrency as their payment to the transaction because it is more easier to transfer funds and also it has a less transaction fee why do they want to apply this to the community but still it must need to have a lot of paper transactions to be legalized the use of crypto because a country must need the security of the users but still there is a chance it will use as payment method because it already applied by the other country.
I think in this case, the government will do everything to avoid this.
I don’t understand why everyone reasons like this? Aren't we all human? Aren't we all the same? Indeed, there are an ordinary people work in big corporations, why should they do bad things that will badly affect their own families and people around them?
I don’t understand why everyone reasons like this? Aren't we all human? Aren't we all the same? Indeed, there are an ordinary people work in big corporations, why should they do bad things that will badly affect their own families and people around them?
Nobody can avoid taxes even though they have used cryptocurrency does not mean they will avoid taxes, if that's the case then of course the use of crypto will make it worse. If cryptocurrency is used by them then it will not happen easily, at least there will be a regulation that will be applied and back again, the use of cryptocurrency is not something that you can use to avoid taxes because after all, payment of tax is important for the country's development and issues regarding corrupt country or not, that is a problem in every country.
Unless crypto is controlled by a government it's unlikely that the govt will receive any tax from now on I feel the utilization of cryptocurrency won't stimulate the economy because what percentage of countries will support the crypto economy if many countries don't support crypto. performing on crypto can help boost the country's economy.
I can't imagine that cryptocurrency usage may have such a big influence on the world economy. I consider it as a result of the developed economy.
Earning them though is a different question.
In a way, cryptocurrencies people have in their wallet that they got from projects and bounties can help the economy. It will not boost the economy but it can be of a help in a way. These days, usage of cryptocurrencies are not that helpful since these exchange are just accepting Bitcoin and they just convert that to fiat to pay that certain platform.
For me this is a big time revolution beacuse it can solve many problems like fast and easy payment anywhere in the world with minimal fees. It can create self employment as youth can start investing or trading with minimum capital and no need to depend on somebody else to provide them a job . We have seen in past how people have a become self millionaire in bitcoin era and it can continue to be same if government allows or make it legal and support this crypto currency.
There is actually a statement, specifically the IRS 2014-21 where all virtual currencies are subjected to tax still. Therefore, stating that buying using BTC or any other crypto, is in fact, still liable to tax. As for the specifics, I don't really know but the 2014-21 already states that existing tax principles apply to transactions using virtual currency. The taxable events are Cashing out, Paying using crypto, Exchanging one crypto to another or Receiving mined crypto. These are some I just looked up in google and you can search for more information if you want specifics.
I believe that this was reasonable. It is needed that every transaction using crypto should be liable for taxation because if not it becomes an oppurtunity for many people to purchase an item using crypto. Honestly, if we dont pay tax it is somehow favorable for us but in the case of government it is not because we all know what was the real purpose of tax right?
In my opinion, the use of cryptocurrency as a digital asset, as well as a means of payment and means of investment, cannot violate the current use of fiat national currencies, especially if everything happens legally. In addition, in any case, this can bring a certain investment in the state, as well as improve the economy of the state. But, if we talk about the large-scale replacement of fiat money with cryptocurrency, then in this regard, the state economy will undergo certain changes that will not always be positive, at least until then, until everything is stabilized. But I believe that until this time it will take a very long time to wait, because in my opinion Not only the current, but also future governments in the coming years of different countries will not be ready to transfer the entire state economy and financial system to cryptocurrency.
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