"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?"
Topic: Cryptocurrency usage will boost economy or make it worst ? - page 7. (Read 2177 times)
every government certainly will not be silent if many large companies in the country use crypto as a means of payment. taxes will still be imposed by every government, but the use of cryptocurrency will not be limited and for people who use cryptocurrency can certainly help improve their economy.
Actually, I don’t see anything wrong with taxes, because taxes are the main source of filling the state budget, thanks to which there are all state structures, including social programs. When the state comes up with a real process to control cryptocurrency in order to avoid fraud and theft, I am sure that cryptocurrency will not have problems with government agencies. 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?
We cannot really be certain about this yet considering the fact that there's no living proof yet about maximizing the use of crypto to boost the economy. Taxes are not assured to be avoided when you are using crypto. If ever a country would allow the use of crypto, the government might abuse their power and steal most of their investment. We should take the idea of what could happen if crypto is regulated through those countries who are currently using crypto in different terms. 
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 the big corporations and businesses starts to pay bitcoin or other cryptocurrency to their employees who are working under their company then it would be good because they don't need to pay taxes anymore when they are paying their employees for their hardworks. It would be more helpful to the company because they can just pay their employees through online wallets and just convert it into fiat or there local currency, and because of they don't need to pay tax then the employee will be also benefit because they don't need to pay taxes also so they can get their whole salary without any negation of taxes.
every government certainly will not be silent if many large companies in the country use crypto as a means of payment. taxes will still be imposed by every government, but the use of cryptocurrency will not be limited and for people who use cryptocurrency can certainly help improve their economy.
It means that the government's concern is not because of the use of its cryptocurrency but its object in the value of its income. In addition, it also depends on the policies that are the focus of a government whether fiscal, monetary or policy policies in terms of supply. Also in some countries, there are no taxes. And for those who are not accustomed to using cryptocurrency as a means of payment, they will find it more complicated than conventional banks. Someone can because of ordinary.
Economic growth is everyone's hope, but in making strategies it is necessary to have the same perception from the government and state apparatus institutions about what kind of economic growth is expected? stimulate the short-term economy or long-term growth. What is needed to accelerate economic growth is productivity. Crypto does not have a significant role in increasing productivity, but as a tool to value productivity and support productivity.
As a cross border export and trading agent, I feel that the use of blockchains and cryptocurrency can only be done by parties who already know the credibility and professionalism of each party.
every government certainly will not be silent if many large companies in the country use crypto as a means of payment. taxes will still be imposed by every government, but the use of cryptocurrency will not be limited and for people who use cryptocurrency can certainly help improve their economy.
For me, it depends on the usage of cryptocurrency will be because if it will use to some legal proposes that the government has rules and implementations, especially in pay some taxes, it will be tough to both sides that make it worst. But if the usage is all about in fast and alternative transactions, it will boost the economy because of less queue, less transaction fees, quick, etc. But it will only happen if the establishment and costumer agree to the regulations that the government will implement. In short, it will boost the economy if cryptocurrency becomes legal and accepted by the state. 
companies will have a nefarious option to avoid taxes because the government cannot fully monitor what they hide for laundry purposes. if demand increases because of things like adoption to customers, it will increase the transaction period and be followed by an increase in costs. This will damage their clause about urgent needs. Still need to be considered the impact caused by two sides that have different economic chains
For the following reasons there is more chance for boosting of economy than going worse
- There will be added circulation of fiat as well cryptocurrency
through the buying and selling benefitting mutually - Large volume of funds can be transacted without lot of fee
- Will eliminate the expense of printing and double spending
- If the transactions were channeled governments can benefit
out of taxation - Business transactions happens within minutes which takes
hours through other banking systems
For me, it depends on the usage of cryptocurrency will be because if it will use to some legal proposes that the government has rules and implementations, especially in pay some taxes, it will be tough to both sides that make it worst. But if the usage is all about in fast and alternative transactions, it will boost the economy because of less queue, less transaction fees, quick, etc. But it will only happen if the establishment and costumer agree to the regulations that the government will implement. In short, it will boost the economy if cryptocurrency becomes legal and accepted by the state.
In my opinion, the spread of cryptocurrencies will allow us to have a more realistic economic model.
Because one of the essential features of cryptocurrencies is eliminating the "double spending" problem, in this way, people will not be able to spend "non-existing" money.
Besides, the integration of cryptocurrencies into each sector and the fact that we can purchase every product with cryptocurrencies will probably increase consumption. Because every service will be available wherever you are in the world, when high commission fees, bureaucracy, and borders have vanished, people will tend to do more consumption. As a result, the world economy will be boosted.
Because one of the essential features of cryptocurrencies is eliminating the "double spending" problem, in this way, people will not be able to spend "non-existing" money.
Besides, the integration of cryptocurrencies into each sector and the fact that we can purchase every product with cryptocurrencies will probably increase consumption. Because every service will be available wherever you are in the world, when high commission fees, bureaucracy, and borders have vanished, people will tend to do more consumption. As a result, the world economy will be boosted.
Then another bill will be passed saying all crypto users must submit their personal information including their book of accounts in crypto to keep track of you so that you may not escape the tax payments. The government won't just leave you alone knowing you are earning a lot of money in a certain business and not paying your tax.
In Brazil, they came up with some law which makes it mandatory to give the details of all the cryptocurrency transactions, including the Blockchain logs. Even some of the US-based cryptocurrency exchanges are also asking for the same. The real intention is not to prevent tax evasion, but to gather data about the cryptocurrency users. This will be useful for the government in case they want to ban the ownership of cryptocurrency at some point 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?
Then another bill will be passed saying all crypto users must submit their personal information including their book of accounts in crypto to keep track of you so that you may not escape the tax payments. The government won't just leave you alone knowing you are earning a lot of money in a certain business and not paying your tax.
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?
Then another bill will be passed saying all crypto users must submit their personal information including their book of accounts in crypto to keep track of you so that you may not escape the tax payments. The government won't just leave you alone knowing you are earning a lot of money in a certain business and not paying your tax.
For many part of Africa where cryptocurrency is used most, the economic status of the individual players involved in crypto has been good starting from the merchants to traders to investors. This is made possible because cryptocurrency can be used to pay some utility bills like TV bills and buy airtime credit as well aside its investment opportunities.
We shall quote their examples to those who are afraid of purchasing bitcoin or dealing in crypto currencies. Africa is an emerging state for business and I am sure that soon it will become a great hub of crypto currencies. This is amazing if they are using bitcoin in real life for clearing bills and making such kinds of payments. Such usage increases the worth of crypto or digital currencies in the real world. first of all if companies are given permission to operate and use cryptocurrency as a mode of payment they are fully responsible for each transaction, if they are caught abusing or monopolizing their business, I am sure the government will easily close and take down their networks and businesses. I am sure that if a business is given an operating license for use cryptocurrency, entrepreneurs will take care in managing their business, so it will be mutually beneficial for the government, users and entrepreneurs.
For me, once crypto will be legalized and will be accepted by all merchants, tax is already enclosed in every item that we ought to buy. So even if we are already using crypto, tax is already imposed in there. But on the side of the government officials, corruption will be minimized since crypto is very transparent as a currency. But development in each country will still be happening.i thought taxes are only possible on fiat use ? but on cryptos no i dont think so because cryptos arent came from the public institutions .
on the other hand corruption will still be possible and cryptos are not the solution to eliminate it because those corrupt people will still be able to use the traditional system and they will still use fiats if possible . so my overall response is both ( it can boost and neutral )
Depending on how it is used it could make it better. For example, right now it is traded and people use it to get richer and richer, that will make our economy worse because people are losing money to each other and in the end only the exchanges make money whereas all others slowly lose money if for nothing else just to fees.
However, if people start to use it for spending it on regular stuff like buying your groceries or paying your electric bill etc etc that type of stuff then it would actually boost our economy because we could finally have a world where banks and governments can't intervene with our currency and print more or change stuff up, it would actually improve it a lot and many people would get richer and that would affect the whole country for the better.
However, if people start to use it for spending it on regular stuff like buying your groceries or paying your electric bill etc etc that type of stuff then it would actually boost our economy because we could finally have a world where banks and governments can't intervene with our currency and print more or change stuff up, it would actually improve it a lot and many people would get richer and that would affect the whole country for the better.
What if all those big corporates and businesses starts using crypto as a mode of payment just to avoid tax
They will still be taxed. Crypto is subject to tax already. If any big companies want to avoid paying tax, they will already be doing so (hello Amazon! hello Google!).
Aside from tax, crypto will boost the economy. It offers phenomenal advantages in terms of speed and security over existing processes. Anything that makes the economy more efficient is a plus.
first of all if companies are given permission to operate and use cryptocurrency as a mode of payment they are fully responsible for each transaction, if they are caught abusing or monopolizing their business, I am sure the government will easily close and take down their networks and businesses. I am sure that if a business is given an operating license for use cryptocurrency, entrepreneurs will take care in managing their business, so it will be mutually beneficial for the government, users and entrepreneurs.
For me, once crypto will be legalized and will be accepted by all merchants, tax is already enclosed in every item that we ought to buy. So even if we are already using crypto, tax is already imposed in there. But on the side of the government officials, corruption will be minimized since crypto is very transparent as a currency. But development in each country will still be happening.i thought taxes are only possible on fiat use ? but on cryptos no i dont think so because cryptos arent came from the public institutions .
on the other hand corruption will still be possible and cryptos are not the solution to eliminate it because those corrupt people will still be able to use the traditional system and they will still use fiats if possible . so my overall response is both ( it can boost and neutral )
first of all if companies are given permission to operate and use cryptocurrency as a mode of payment they are fully responsible for each transaction, if they are caught abusing or monopolizing their business, I am sure the government will easily close and take down their networks and businesses. I am sure that if a business is given an operating license for use cryptocurrency, entrepreneurs will take care in managing their business, so it will be mutually beneficial for the government, users and entrepreneurs.
For me, once crypto will be legalized and will be accepted by all merchants, tax is already enclosed in every item that we ought to buy. So even if we are already using crypto, tax is already imposed in there. But on the side of the government officials, corruption will be minimized since crypto is very transparent as a currency. But development in each country will still be happening.i thought taxes are only possible on fiat use ? but on cryptos no i dont think so because cryptos arent came from the public institutions .
on the other hand corruption will still be possible and cryptos are not the solution to eliminate it because those corrupt people will still be able to use the traditional system and they will still use fiats if possible . so my overall response is both ( it can boost and neutral )
Quote
businesses starts using crypto as a mode of payment just to avoid tax
FYI what is the assurance that some big companies does not use bitcoin to transact some of their businesses and evade tax already ?
Government will not loose entirely because there shall be import duties charges on the goods that the company shall bring into the country.
Government are greedy, when they discover such non-taxed business they shall surely find a way to implement taxes on cryptocurrency, my sincere apology to those in government.
Jump to: