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Topic: Cryptocurrency usage will boost economy or make it worst ? - page 13. (Read 2177 times)

hero member
Activity: 1666
Merit: 502
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?
Developed countries certainly already have regulations regarding taxes. there are several ways that allow the government to tax users of crypto. For example working together with local exchangers that are usually used to exchange crypto to fiat.

In my opinion as we know, that it is still not possible to use crypto for living expenses or to buy something. The impact of the use of crypto on the economic sector is not much as long as the government still requires the use of fiat.
sr. member
Activity: 1638
Merit: 261
What if all those bug 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?
Actually it will bring slump in businesses in a longer term. It's because of the simple law of demand and supply. Business will have to sell their goods at lower and lower prices everyday while this would bring discomfort in them as no new money will flow in Economy and business will not be able to do new investment therefore hampering the employment opportunities and business growth opportunities overall. Someone's profit will always be at the stake of someone's loss. It might become a more rational and capitalist approach but there would technically be no outer aid to combat the situation.


Yes indeed I think market will will be doomed if every business transactions takes place in crypto due to the reasons which you have mentioned. This is a delicate situation which needs to be dealt accordingly as this seems to be one of the reasons why some countries are scared of crypto usage and trying to ban.
hero member
Activity: 2114
Merit: 618
What if all those bug 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?
Actually it will bring slump in businesses in a longer term. It's because of the simple law of demand and supply. Business will have to sell their goods at lower and lower prices everyday while this would bring discomfort in them as no new money will flow in Economy and business will not be able to do new investment therefore hampering the employment opportunities and business growth opportunities overall. Someone's profit will always be at the stake of someone's loss. It might become a more rational and capitalist approach but there would technically be no outer aid to combat the situation.
hero member
Activity: 2576
Merit: 666
I don't take loans, ask for sig if I ever do.
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.
sr. member
Activity: 1638
Merit: 261
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?
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