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. 
Topic: Cryptocurrency usage will boost economy or make it worst ? - page 8. (Read 2177 times)
This seems to be the opposite of a country's economic development as taxes used for the betterment of the country. If corporates and businesses using crypto to avoid tax, state income will decrease.
It may happening right now, that's why every cryptocurrency convert to fiat currency must through KYC policy. However, it's risky for businesses due to bitcoin price fluctuations.
it will only be a disaster for the company itself, especially when bitcoin prices fall below expectations. Methods like this are very unhealthy in strengthening corporations unless there is a fairly complex motive. Developed countries are more stringent in legal governance, they will ensure that the financial systems of registered companies must pass the path they provide, even after going through an exchange. High price volatility in crypto will actually make taxes higher than the regular system. It may happening right now, that's why every cryptocurrency convert to fiat currency must through KYC policy. However, it's risky for businesses due to bitcoin price fluctuations.
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 seems to be the opposite of a country's economic development as taxes used for the betterment of the country. If corporates and businesses using crypto to avoid tax, state income will decrease.
It may happening right now, that's why every cryptocurrency convert to fiat currency must through KYC policy. However, it's risky for businesses due to bitcoin price fluctuations.
the use of cryptocurrency will boost the economy if it is done on an exchange market that is already affiliated with government regulations, so the tax will go to the government.
they won't be able to avoid taxes from the goverment. if the company is caught using crypto as a payment, i am sure there will be consequences.
Even in developed nation, there must be regulations regarding the use of crypto as a payment, if many companies avoid taxes (by using crypto), the country's economic conditions will slowly disintegrate. developed nation still need taxes.
it will make it worse if for avoid tax.
they won't be able to avoid taxes from the goverment. if the company is caught using crypto as a payment, i am sure there will be consequences.
Even in developed nation, there must be regulations regarding the use of crypto as a payment, if many companies avoid taxes (by using crypto), the country's economic conditions will slowly disintegrate. developed nation still need taxes.
it will make it worse if for avoid 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 the governments will surely make a move that businesses will have an option,pay taxes in fiat or governments will banned cryptocurrency from circulating in each countries .And if things comes to worst and the whole world is affected?for sure the world will be against crypto(but not us users of course)I mean the government will do actions towards this market and the end of crypto will soon come
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?
First of all, they can not act as they wish. I mean, using crypto as a payment, tax evasion, and others. There is a framework enacted by the laws of the country, and if big corporates and businesses go outside this framework, the government will punish them. In addition, the opposite company or people should accept crypto as payment. If not, how are you going to pay the company payments or the money you have to pay when you buy raw materials from someone? It will not be problematic if the payment uses the only crypto to avoid tax. If the company or business in the country is opening payments via crypto makes payments faster and fees are cheap without any tax deductions. But the country tax usually exists annually and we are obliged to pay.
The local exchange will shoulder the majority of the tax, yeah the annual tax calculation will apply for the businesses uses bitcoin. Still, I think it will not be accurate since bitcoin transactions are hard to track. Yet, for the user who uses the bitcoin for canned transaction or trading purposes, their local exchange will be the one that will shoulder their tax, that is what's happening here in the Philippines.
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.
It will not be problematic if the payment uses the only crypto to avoid tax. If the company or business in the country is opening payments via crypto makes payments faster and fees are cheap without any tax deductions. But the country tax usually exists annually and we are obliged to pay.
The local exchange will shoulder the majority of the tax, yeah the annual tax calculation will apply for the businesses uses bitcoin. Still, I think it will not be accurate since bitcoin transactions are hard to track. Yet, for the user who uses the bitcoin for canned transaction or trading purposes, their local exchange will be the one that will shoulder their tax, that is what's happening here in the Philippines. 
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 all depends on the conditions of the country. if a country legalizes cryptocurrency and can make laws regarding the use of cryptocurrency I think it can tax the cryptocurrency investment. and I think this is not a bad thing. because taxes are indeed needed by a country to be able to build infrastructure and taxes can make the country more advanced. and by using blockchain we can avoid corruption because the transaction process is more transparent and secure. so I think cryptocurrency can improve the economy of a country if they can manage it well. 
It will not be problematic if the payment uses the only crypto to avoid tax.
u must be crazy enough to dare say like that, how you think it will be no problem paying with crypto to avoid tax ?avoid what we must to pay ? in this cases, its a company/business, and u decided to not paying tax ?
the next thing will happen is that company/business will be closed by goverment.
If the company or business in the country is opening payments via crypto makes payments faster and fees are cheap without any tax deductions.
for sure, the country determines the payment is,not the company.and until now, still new zealand which using crypto for paying tax,salary.
It will not be problematic if the payment uses the only crypto to avoid tax. If the company or business in the country is opening payments via crypto makes payments faster and fees are cheap without any tax deductions. But the country tax usually exists annually and we are obliged to pay.
I really doubt whether cryptocurrency is big enough to influence the economy, at least outside some of the specific niche areas. The user base remains quite big, but so far we have been unable to translate the large number of users and huge trade volumes in to any sort of economic influence. And this is also one of the reasons why the politicians are able to ignore the cryptocurrency users. Perhaps the situation will change, once the mainstream investors show more interest in cryptocurrency. Initiatives such as Bakkt represents a right step in this direction.
Cryptocurrency do really is big enough to influence the economy, how come? being widely accepted and providing all the security features and advantages that cryptocurrency is having already provides the chance of changing the economy. Lets think of this. Economy is through each individual that makes up the country. If each individual is well knowledgeable enough to cryptocurrency, it can definitely change their financial status from the opportunities that crypto can give. Each financial status of the people will be the basis of the economy they have in a holistic view.
Yeah and since bitcoin is mostly anonymous in nature it can help not only the formal but also the underground economy in my opinion.As more people adopt to this transaction especially the new generation, it will sure help the economy and I am optimistic of it. We are advancing to he future and we really need this crypto for ease and secure transaction online which we can control.
I really doubt whether cryptocurrency is big enough to influence the economy, at least outside some of the specific niche areas. The user base remains quite big, but so far we have been unable to translate the large number of users and huge trade volumes in to any sort of economic influence. And this is also one of the reasons why the politicians are able to ignore the cryptocurrency users. Perhaps the situation will change, once the mainstream investors show more interest in cryptocurrency. Initiatives such as Bakkt represents a right step in this direction.
Cryptocurrency do really is big enough to influence the economy, how come? being widely accepted and providing all the security features and advantages that cryptocurrency is having already provides the chance of changing the economy. Lets think of this. Economy is through each individual that makes up the country. If each individual is well knowledgeable enough to cryptocurrency, it can definitely change their financial status from the opportunities that crypto can give. Each financial status of the people will be the basis of the economy they have in a holistic view.
We have to clarify when we talk of the economy. Individuals earning good from crypto jobs may not be benefiting the macro economy, or the economy of the national level. It could be considered micro, or the economy of a certain person or family but not the national. The national economy or the macro level of the economy is hard to change simply because of people using cryptocurrency. The macro economy is influenced by the increase and decrease of the national income by way of the nation's products and services.
I really doubt whether cryptocurrency is big enough to influence the economy, at least outside some of the specific niche areas. The user base remains quite big, but so far we have been unable to translate the large number of users and huge trade volumes in to any sort of economic influence. And this is also one of the reasons why the politicians are able to ignore the cryptocurrency users. Perhaps the situation will change, once the mainstream investors show more interest in cryptocurrency. Initiatives such as Bakkt represents a right step in this direction.
Cryptocurrency do really is big enough to influence the economy, how come? being widely accepted and providing all the security features and advantages that cryptocurrency is having already provides the chance of changing the economy. Lets think of this. Economy is through each individual that makes up the country. If each individual is well knowledgeable enough to cryptocurrency, it can definitely change their financial status from the opportunities that crypto can give. Each financial status of the people will be the basis of the economy they have in a holistic view.
its wrong dude,bitcoin could not survive without any help from its community or even government.standing alone will not make bitcoin developtmen improved,moreover there are much money invested here.and if it left alone ,i am worry we could not reach maximum result.i could be boosted when government contribute in blockchain and bitcoin developtment.all processes could finished faster.
What do you think that the government will do about a decentralized currency, the best they will do is to try their best to stop the evolution and if that cannot be done then they will try to regulate it and if you think you need the government to be widely accepted then it is true as majority might not invest in it because of the regulatory issues.
If the scope of the provision of goods and services, as well as small and medium-sized businesses in the country will switch to payment with cryptocurrency in order to circumvent tax fees and duties, then their businesses will be quickly closed because by law they are required to pay taxes.
This can only work in countries where cryptocurrencies do not have legal status, which means that for some time it will be possible to receive income in cryptocurrencies without taxing them.
But in the future, any state will somehow create legal legislation for cryptocurrencies and tax them, this is inevitable.
The stability of the infrastructure and the power itself depends on this.
The government cannot weaken control over people, otherwise it can lose power. Because cryptocurrency destroys states due to the destruction of familiar monetary institutions.
This can only work in countries where cryptocurrencies do not have legal status, which means that for some time it will be possible to receive income in cryptocurrencies without taxing them.
But in the future, any state will somehow create legal legislation for cryptocurrencies and tax them, this is inevitable.
The stability of the infrastructure and the power itself depends on this.
The government cannot weaken control over people, otherwise it can lose power. Because cryptocurrency destroys states due to the destruction of familiar monetary institutions.
its wrong dude,bitcoin could not survive without any help from its community or even government.standing alone will not make bitcoin developtmen improved,moreover there are much money invested here.and if it left alone ,i am worry we could not reach maximum result.i could be boosted when government contribute in blockchain and bitcoin developtment.all processes could finished faster.
What do you think that the government will do about a decentralized currency, the best they will do is to try their best to stop the evolution and if that cannot be done then they will try to regulate it and if you think you need the government to be widely accepted then it is true as majority might not invest in it because of the regulatory issues. The user base remains quite big, but so far we have been unable to translate the large number of users and huge trade volumes in to any sort of economic influence.
I don't think the user base is quite big at all, because there is not much demand for anything related to crypto other than speculation. If there was any real demand for use we would have seen it pick up, but that's not the case so far.What we have seen pick up throughout the years is the speculative demand, which is enough for the price to go up.... in order to stimulate use the price has to be somewhat stable, which it definitely isn't right now.
It sucks when you receive like $1k worth of payment for something you sold to then see it drop by 5-10%. Yes, it can also go up by 5-10% but this is use as money, not use as speculation.... you want the certainty that it stays $1k.
I really doubt whether cryptocurrency is big enough to influence the economy, at least outside some of the specific niche areas. The user base remains quite big, but so far we have been unable to translate the large number of users and huge trade volumes in to any sort of economic influence. And this is also one of the reasons why the politicians are able to ignore the cryptocurrency users. Perhaps the situation will change, once the mainstream investors show more interest in cryptocurrency. Initiatives such as Bakkt represents a right step in this direction.
Jump to: