The question is: will the government allow them to avoid taxes? Of course they won’t. Here’s the thing: these companies would not do that because managing this huge sum of money would be hard as well as hiding it. Questions would arise if the taxes that a certain company pays decreases more so significantly then they would have a hard time answering these and they would face lawsuit along with their reputation that they should value very much since it carries the trust of the people aka the brand name.
Taxes really? most of the cryptocurrencies have the characteristics of being decentralized so taxes are impossible to implement because the government have no control on most of the cryptocurrencies. The only thing that the government can do is to create regulations and laws about cryptocurrency, right now most of the government are complying in international anti-money laundering in order to prevent fraud and scam projects. 
Topic: Cryptocurrency usage will boost economy or make it worst ? - page 5. (Read 2205 times)
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?
This will depend on countries government understanding and approach to crypto.
Some of the big businesses are monitored by government, therefore, government have first hand information of the organization income. Using cryptocurrency as a means of payment will only cost them sanctions, which may attract higher charges than tax.
The question is: will the government allow them to avoid taxes? Of course they won’t. Here’s the thing: these companies would not do that because managing this huge sum of money would be hard as well as hiding it. Questions would arise if the taxes that a certain company pays decreases more so significantly then they would have a hard time answering these and they would face lawsuit along with their reputation that they should value very much since it carries the trust of the people aka the brand name.
Private companies do not really need cryptocurrencies to try to diminish or to completely avoid the taxes that they are supposed to pay, you must remember that those that have the money can make the laws and the laws are structured in such a way that allows them to avoid taxes in a legal way so they do not really need cryptocurrencies for that, what bothers the government more than anything is that cryptocurrencies allow everyone to do the same.Now a person without too much money that is invested in cryptocurrencies can avoid most taxes and if they cannot get those taxes then governments will have problems remaining at their current size.
The question is: will the government allow them to avoid taxes? Of course they won’t. Here’s the thing: these companies would not do that because managing this huge sum of money would be hard as well as hiding it. Questions would arise if the taxes that a certain company pays decreases more so significantly then they would have a hard time answering these and they would face lawsuit along with their reputation that they should value very much since it carries the trust of the people aka the brand name.
When something has got the ability to generate more market circulation automatically the growth will happen positive. In this regard cryptocurrency having its own value causes price moves relative to the market circulation. Though it is manipulative there is a simple fact of demand to supply that too making changes in the market. Economy change in a country won't be much affected positive or negative by bitcoin as it is a very small market when we consider a country's economy altogether.
But can't leave to the fact that authorities will pursue them for taxes. Yes, it gonna have a positive impact on the economic capabilities of the company but can't think that the government will let these things happen cause they won't get any from them. Taxes are very important to the government and it is something we need to understand that we also need to help our country and paying taxes is a big help.
When something has got the ability to generate more market circulation automatically the growth will happen positive. In this regard cryptocurrency having its own value causes price moves relative to the market circulation. Though it is manipulative there is a simple fact of demand to supply that too making changes in the market. Economy change in a country won't be much affected positive or negative by bitcoin as it is a very small market when we consider a country's economy altogether.
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?
Both, some people gain millions from BTC and other Crypto investments, and some of people lost everything they had on the ICO bubble. So IMO it can make economy better and worse
Every investment that has potential market value that sustains for long term, can help the economy. Choosing the type of coins which to be included in our sets of holdings, was quite not easy since it involves more risk. The only ways to deal with those pressures, was picking those highly recognized coins which bitcoin is one of the top and others may follow as well.
The only threat that governments have from bitcoin and other decentralized currencies is the loss of power and control over money. People who are holding these coins can definitely be not controlled by legal authorities. Their assets cannot be tracked or recorded. This also affects the tax system. The fluctuations have nothing harmful in them. They are required in order to get some profits from digital coins.
Ironically, this was one of the reasons why the Libra project (by Facebook) faced a lot of criticism during the recently concluded senate hearings. When the politicians are not comfortable with the freedom offered by a centralized currency such as Libra, just imagine how much scared will they be about Bitcoin. It is decentralized and outside the control of any entity or corporation.
But Facebook learned a very hard lesson you cannot try to take away one of the things that makes governments so powerful and do it while you are a centralized institution, so the project was easily shutdown like many others in the past, something which is impossible to do to bitcoin due to its decentralized nature.
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?
Is that even possible ? If that's possible the government will ban cryptocurrencies for good and anyone caught using crypto assets will serve serious punishments, especially companies that are caught using it will face serious issues. So, I don't think any of them would like to try such a thing. But, I know for sure that if any company is making use of cryptocurrency they are still going to be paying tax while they are making use of it.China was once against cryptocurrency that they even planned on stopping their miner, but you have seen how they have made a U-turn from that and have fully accepted it because they must have found a very big way around the tax that has been of concerned to them.
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?
Both, some people gain millions from BTC and other Crypto investments, and some of people lost everything they had on the ICO bubble. So IMO it can make economy better and worse
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?
Is that even possible ? If that's possible the government will ban cryptocurrencies for good and anyone caught using crypto assets will serve serious punishments, especially companies that are caught using it will face serious issues. So, I don't think any of them would like to try such a thing. But, I know for sure that if any company is making use of cryptocurrency they are still going to be paying tax while they are making use of it.Both, some people gain millions from BTC and other Crypto investments, and some of people lost everything they had on the ICO bubble. So IMO it can make economy better and worse
I don't know if it does have any impact on our economy. Maybe when in a particular country and there are lots of investors holding crypto assets and making profits, if they withdraw it to their country bank it might in some way boost the economy. I don't know if this is right or not. Our world is becoming more and more of technology based society, maybe sooner or later we'll start to use crypto more often. I can say it has impacted the economy since late 2017 as the growth rate of people using digital currency increased and banks are considering blockchain to integrate with their system and by these things cryptocurrency will surely play a vital role in the future.
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?
Is that even possible ? If that's possible the government will ban cryptocurrencies for good and anyone caught using crypto assets will serve serious punishments, especially companies that are caught using it will face serious issues. So, I don't think any of them would like to try such a thing. But, I know for sure that if any company is making use of cryptocurrency they are still going to be paying tax while they are making use of it.Both, some people gain millions from BTC and other Crypto investments, and some of people lost everything they had on the ICO bubble. So IMO it can make economy better and worse
I don't know if it does have any impact on our economy. Maybe when in a particular country and there are lots of investors holding crypto assets and making profits, if they withdraw it to their country bank it might in some way boost the economy. I don't know if this is right or not. 
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?
I think it is impossible for big corporate and businesses to avoid taxes by using crypto as a means of payment.
Because the government will immediately know this, because to set up a company and run a business needs a permit
government. Thus all company activities are under government supervision, so it is clearly impossible to avoid taxes.
If crypto currency is only used by people to avoid taxes, it will make a country's economic conditions worse, because of how
even the government needs tax revenue from its citizens in order to obtain funds to develop the country's economy.
Good question, with one logical answer! Crypto is better than fiat! If something is better, faster and more secure it will boost whatever needs to be boosted. If we imagine cryptocurrencies as a tool, that is better then any other tool invented before, it's logical to think that this tool will replace all other tools eventually!
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?
Both, some people gain millions from BTC and other Crypto investments, and some of people lost everything they had on the ICO bubble. So IMO it can make economy better and worse
"Money" - whether fiat or crypto does not matter - has very little to do with the performance of the economy.
You can use gold, or whale teeth, or bits, but the point is that money is always a "representation" of value.
It is like asking "how much heat a thermometer?"
That's true but cryptocurrency doesn't represent as a country's own currency because it is decentralized meanwhile for a country to stabilize their economy they need to have control over the economy itself and the currency. The volatility might also contribute to make the economy unstable because the point of government having a currency is to give the citizens a tool to trade that's stable. Imagine a country that uses crypto for example alts that could drop its value overnight then it will mean a huge crisis for the country. currency definitely matter a lot and have something to do with the performance of the economy.You can use gold, or whale teeth, or bits, but the point is that money is always a "representation" of value.
It is like asking "how much heat a thermometer?"
I don't know for sure, but I have always been interested in knowing how things will turn out to be if companies will do things like this and avoid making use of fiat and switching to cryptocurrency to avoid paying tax. The way I see it, I think that things will turn out pretty bad and that will cause the government to be serious about eliminating cryptocurrency for good when they see that nobody is paying the tax as they should anymore. Or maybe if there is a way, they might be able to subject crypto users to pay their taxes.
But the way I see it, I think that will only be possible if they are making use of centralized exchanges and wallets that collects information about users so that they can be traced. If not that way, I don't see how it can be possible with other wallets that decentralized.
But the way I see it, I think that will only be possible if they are making use of centralized exchanges and wallets that collects information about users so that they can be traced. If not that way, I don't see how it can be possible with other wallets that decentralized.
If you see the complete economy definitely we would say cryptocurrency will make the economy fall down very much but if you see the individual person growth this cryptocurrency will hello everyone to earn and make their own money without any unwanted fees and taxes used by the government and business peoples.
Since the government is looking from us but finally the complete the world's business strategy obviously they were looking from us.
Since the government is looking from us but finally the complete the world's business strategy obviously they were looking from us.
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?
If this will be the case, There are two sides of speculations. Some says that the global economy will surely boost and Financial stability experts has been telling that cryptocurrencies aren't a threat to the economy but actually has a great potential in boosting it and that potential should not be underestimated. But the European central bank is considering another problem, it is about how the prime monetary system would be affected and economy itself. The economy might be affected because the blockchain is designed to exclude intermediaries transforming the existing financial system. However. blockchain is being seen to still have a potential to be effectively used for banking system. 
The only threat that governments have from bitcoin and other decentralized currencies is the loss of power and control over money. People who are holding these coins can definitely be not controlled by legal authorities. Their assets cannot be tracked or recorded. This also affects the tax system. The fluctuations have nothing harmful in them. They are required in order to get some profits from digital coins.
Ironically, this was one of the reasons why the Libra project (by Facebook) faced a lot of criticism during the recently concluded senate hearings. When the politicians are not comfortable with the freedom offered by a centralized currency such as Libra, just imagine how much scared will they be about Bitcoin. It is decentralized and outside the control of any entity or corporation.
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