Dealing with tax and crypto ban - page 2.

Westant

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Quote from: n0ne on February 13, 2022, 05:30:53 PM

Quote from: Flexystar on February 06, 2022, 02:13:53 PM

Accepting the crypto taxes does not necessarily mean that government or central banks are actually accepting them as legit assets. Remember that tax acceptance could be Trojan horse situation where Government is saying that they are in favour of it but deep inside they could be plotting big arena battle. The recent case with India, where budget stated that they will levy 30% taxes on the crypto earnings. Just imagine the situation of those who are in India right now. I mean they may be happy but they may not be really happy!

It’s not full ban at all, but it’s indirect ban because who would pay 30% of their income straight in taxes? That’s sorrowful and they can’t just deal with it.

What we see with India is different. They should give the governments stand on cryptocurrency usage and further about the tax. What has happened is straight opposite, they've taxed heavily and then said just because cryptocurrency is taxed it doesn't mean it is legalized. So what does this people do, whether they can make use of it or not. For such a situation it is good to have a clear view as China. If I'm not wrong India won't make a conclusion statement, because it looks like more politicians invested into it.

I think the people of India will not be sad much because I check about their income tax on normal currency and they are also taxing the normal income up to 30%. The income tax starts from 5% and reach to 30% with the ascending of Indian citizens income. The only difference is that the tax on normal income starts from 5% and reach to 30% while the tax on crypto is fixed 30%. Those who already paying normal income tax will find it familiar but those who are new to taxes will find it a little hard.

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Quote from: Flexystar on February 06, 2022, 02:13:53 PM

Accepting the crypto taxes does not necessarily mean that government or central banks are actually accepting them as legit assets. Remember that tax acceptance could be Trojan horse situation where Government is saying that they are in favour of it but deep inside they could be plotting big arena battle. The recent case with India, where budget stated that they will levy 30% taxes on the crypto earnings. Just imagine the situation of those who are in India right now. I mean they may be happy but they may not be really happy!

It’s not full ban at all, but it’s indirect ban because who would pay 30% of their income straight in taxes? That’s sorrowful and they can’t just deal with it.

What we see with India is different. They should give the governments stand on cryptocurrency usage and further about the tax. What has happened is straight opposite, they've taxed heavily and then said just because cryptocurrency is taxed it doesn't mean it is legalized. So what does this people do, whether they can make use of it or not. For such a situation it is good to have a clear view as China. If I'm not wrong India won't make a conclusion statement, because it looks like more politicians invested into it.

wxa7115

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Quote from: Flexystar on February 06, 2022, 02:13:53 PM

Accepting the crypto taxes does not necessarily mean that government or central banks are actually accepting them as legit assets. Remember that tax acceptance could be Trojan horse situation where Government is saying that they are in favour of it but deep inside they could be plotting big arena battle. The recent case with India, where budget stated that they will levy 30% taxes on the crypto earnings. Just imagine the situation of those who are in India right now. I mean they may be happy but they may not be really happy!

It’s not full ban at all, but it’s indirect ban because who would pay 30% of their income straight in taxes? That’s sorrowful and they can’t just deal with it.

Even if also I think of the example you are giving as an indirect ban, most people are not going to be that dumb and pay that tax, I remember that after the Great Depression on the US the government made possession of gold illegal and ordered all of their citizens to give their gold to the government, and what happened next? The government devalued the dollar against gold and earned a lot of money because of it since they were the ones now holding way more gold than before.

However it is believed that roughly half of the population did not gave their gold away, and taking into account that thanks to the technology people are more informed than at any moment in the past, I doubt people will pay a tax that high and will simply ignore it.

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Quote from: dezoel on February 07, 2022, 01:19:58 AM

I think it is usually best For a country to accept tax for Bitcoin, instead of banning it from their country. That way they are going to benefit from it instead of losing. Whenever the government bans Bitcoin, it’s just like they are losing, because they can’t actually stop people from making use of cryptocurrency. Some people in the country will still continue to make use of cryptocurrency because they know that they would be able to use decentralized platforms and go free with it.

The only platforms that are affected by the government ban of cryptocurrency is just CEX. So people still continue using it, and the government are the ones who are losing. But by embracing cryptocurrency and allowing people to make use of it, they can decide to be collecting a little tax from it, which stands to benefit the country in one way or the other.

This is probably one of the major taking actions of a government of a certain country if would going to legally adopted bitcoin as a legal tender but so far even liking the idea that they might get a profit from the tax of crypto user still governments of many countries didn't want to give a try to allow the circulation of bitcoin in their economy. Well, with that being said, this is not the losses of bitcoin because bitcoin became more valuable even without this kind of privilege.

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Quote from: DrBeer on February 06, 2022, 01:24:52 PM

On the one hand, I do not rule out that Putin and his clan have deposits in cryptocurrencies - having huge amounts of free funds. On the other hand, he is hiccups afraid that it will be used:
1. To withdraw funds from Russia, past his hands.
2. "To finance the opposition that wants to overthrow him"

The person is mentally unstable, all nonsense in the head

He wouldn’t be the first to have such a thought, that is the regular thought that most people in power do have, they always think that somehow that there would be people who are making use of cryptocurrency as a way to fund illicit activities against their government and their country. So, it is nothing new at all and they have been saying it right from time.

But, so far, I have not seen such activities take place, where people are using Bitcoin to fund terrorism or illicit activities or anything at all against the government. Moreover Bitcoin is not that too anonymous to the extent that you wouldn’t be able to know what it is being used for. If such things are going on there is the possibility that it will be uncovered.

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I think it is usually best For a country to accept tax for Bitcoin, instead of banning it from their country. That way they are going to benefit from it instead of losing. Whenever the government bans Bitcoin, it’s just like they are losing, because they can’t actually stop people from making use of cryptocurrency. Some people in the country will still continue to make use of cryptocurrency because they know that they would be able to use decentralized platforms and go free with it.

The only platforms that are affected by the government ban of cryptocurrency is just CEX. So people still continue using it, and the government are the ones who are losing. But by embracing cryptocurrency and allowing people to make use of it, they can decide to be collecting a little tax from it, which stands to benefit the country in one way or the other.

Flexystar

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Accepting the crypto taxes does not necessarily mean that government or central banks are actually accepting them as legit assets. Remember that tax acceptance could be Trojan horse situation where Government is saying that they are in favour of it but deep inside they could be plotting big arena battle. The recent case with India, where budget stated that they will levy 30% taxes on the crypto earnings. Just imagine the situation of those who are in India right now. I mean they may be happy but they may not be really happy!

It’s not full ban at all, but it’s indirect ban because who would pay 30% of their income straight in taxes? That’s sorrowful and they can’t just deal with it.

wxa7115

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Quote from: dbc23 on February 01, 2022, 04:14:30 PM

Since Putin sees benefits in cryptocurrency mining and how much development it can bring about I think they would rather come to a consensus of regulating it's process and usage other than an complete ban. I just believe at some point the Russian government is trying to get involved so the actually account on how this new technology is been mined and how much of positive impact it has placed on her citizens

The Russian economy was in problems due to the pandemic, however now that the US is making a point about Ukraine then they are facing even greater problems, Putin probably realizes that he cannot really ban an industry that is bringing economic activity and taxes to the country.

However I do not think we should expect a huge deal of support from Putin towards bitcoin, to him bitcoin is only a tool that he can use for his benefit, and the moment that is not the case then a ban will most likely take place.

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Quote from: dbc23 on February 01, 2022, 04:14:30 PM

Since Putin sees benefits in cryptocurrency mining and how much development it can bring about I think they would rather come to a consensus of regulating it's process and usage other than an complete ban. I just believe at some point the Russian government is trying to get involved so the actually account on how this new technology is been mined and how much of positive impact it has placed on her citizens

Not everything is clear here. On the one hand, I do not rule out that Putin and his clan have deposits in cryptocurrencies - having huge amounts of free funds. On the other hand, he is hiccups afraid that it will be used:
1. To withdraw funds from Russia, past his hands.
2. "To finance the opposition that wants to overthrow him"

The person is mentally unstable, all nonsense in the head

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Quote from: usekevin on February 02, 2022, 08:00:30 PM

People invest with their knowledge. The profit is shared by the mean of taxes. I had strongly disagreed with the concept of taxation. The crypto earnings is our hard work, how the government had a right to keep a taxes on us. This is not a good enough for the investors. All the indian people who had crypto investment are not happy now. I had read the article about that one. The crypto investors of India have to pay of 30 percentage of their earnings. This was huge drawback to investors of India.

Without taxation the world would not survive, all the people who need help will be ignored and there will be poverty beyond measure. You may consider that you should be doing whatever you can and if you can't then you should be eliminated by a Darwinian situation.

However, that will be death and misery everywhere around the world and we can't just say "let people die if they can't succeed". Some people will be in terrible position all their lives and yes taxpayers do pay for them to not die and live with bare minimum via welfare. That is just one side of it, from police force to firefighters to teachers and hospitals there are many things that our taxes go to.

The problem is not "taxing is a bad thing", it is "corrupt politicians use our taxes to enrich themselves". They may end up doing the right thing, but they will pay double the amount to their friends to do it.

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Quote from: Dunamisx on January 27, 2022, 07:48:14 AM

Quote

The Zimbabwean government recently said it had entered into an agreement with the British Virgin Islands-based Daedalus World Limited wherein the latter is expected to collect taxes from companies that offer “betting, gaming and cryptocurrency services to persons and organisations within the territory of the Republic of Zimbabwe.”
https://news.bitcoin.com/zimbabwe-signs-agreement-enabling-collection-of-taxes-from-crypto-and-e-commerce-entities/?utm_source=thecryptoapp

Going by this i want to believe that tax payment goes along way to regulating restrictions and ban challenges by many countries

but in this case zimbabwe looks like chasing the future excessively, and even then because of its financial condition that can't be saved because the exchange of money they have is very bad.
so it's only natural that now some of the income from crypto proceeds is also taxed to improve their financial cycle slowly and regardless of the risk that will be obtained later. even when they talk about regulations, they are still very confused about what to do with cryptocurrencies that are not their currency. for me they are just beneficiary and not wise.

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Quote from: paxmao on February 02, 2022, 05:40:11 PM

Quote from: kryptqnick on February 02, 2022, 04:02:50 PM

Regulation has to be there, it is inevitable and up to a certain point it is desirable. As I have mentioned a number of times, the devil is in the details. The fine print of the regulation may mark the distinction between a ban, a regulation that restricts trade and use, a regulation that simply protects the users or one that simply taxes and provides zero value for the investors.

I am interested in regulations that protect users.

I am agreeing with you totally. I am never an advocate of non crypto regulation.
Every government no matter how corrupt has the duty of securing the properties of her citizens. We should not expect any reasonable government to accept in totality what she does not control or regulate as the case may be.
Regulations would be there to protect users;
Regulation would be there to curb excesses;
Regulation is a product of adoption.
You cannot regulate when you do not adopt. We should see regulation as a tool to appease ban.
Then, every country should regulate according to how bitcoin affects or effects her economy.

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Quote from: paxmao on February 02, 2022, 05:40:11 PM

Quote from: kryptqnick on February 02, 2022, 04:02:50 PM

Calling for regulation instead of restriction is a simple choice because regulation would mean at least some influx of money for the state, and given that crypto mining isn't anything morally questionable (unless one believes it's very harmful for ecology, but Russia's not the sort of country that takes ecology seriously anyway), it's clearly a win to legalize cryptos and operations with it.
As for Zimbabwe and tax collection, I think if taxes are applicable, it already means that cryptos are legalized in some way there. I only hope taxes will be reasonable because otherwise people will simply look for ways of avoiding paying them.

Regulation has to be there, it is inevitable and up to a certain point it is desirable. As I have mentioned a number of times, the devil is in the details. The fine print of the regulation may mark the distinction between a ban, a regulation that restricts trade and use, a regulation that simply protects the users or one that simply taxes and provides zero value for the investors.

I am interested in regulations that protect users.

People invest with their knowledge. The profit is shared by the mean of taxes. I had strongly disagreed with the concept of taxation. The crypto earnings is our hard work, how the government had a right to keep a taxes on us. This is not a good enough for the investors. All the indian people who had crypto investment are not happy now. I had read the article about that one. The crypto investors of India have to pay of 30 percentage of their earnings. This was huge drawback to investors of India.

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Quote from: kryptqnick on February 02, 2022, 04:02:50 PM

Calling for regulation instead of restriction is a simple choice because regulation would mean at least some influx of money for the state, and given that crypto mining isn't anything morally questionable (unless one believes it's very harmful for ecology, but Russia's not the sort of country that takes ecology seriously anyway), it's clearly a win to legalize cryptos and operations with it.
As for Zimbabwe and tax collection, I think if taxes are applicable, it already means that cryptos are legalized in some way there. I only hope taxes will be reasonable because otherwise people will simply look for ways of avoiding paying them.

Regulation has to be there, it is inevitable and up to a certain point it is desirable. As I have mentioned a number of times, the devil is in the details. The fine print of the regulation may mark the distinction between a ban, a regulation that restricts trade and use, a regulation that simply protects the users or one that simply taxes and provides zero value for the investors.

I am interested in regulations that protect users.

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Calling for regulation instead of restriction is a simple choice because regulation would mean at least some influx of money for the state, and given that crypto mining isn't anything morally questionable (unless one believes it's very harmful for ecology, but Russia's not the sort of country that takes ecology seriously anyway), it's clearly a win to legalize cryptos and operations with it.
As for Zimbabwe and tax collection, I think if taxes are applicable, it already means that cryptos are legalized in some way there. I only hope taxes will be reasonable because otherwise people will simply look for ways of avoiding paying them.

Mahanton

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Quote from: dbc23 on February 01, 2022, 04:14:30 PM

Since Putin sees benefits in cryptocurrency mining and how much development it can bring about I think they would rather come to a consensus of regulating it's process and usage other than an complete ban. I just believe at some point the Russian government is trying to get involved so the actually account on how this new technology is been mined and how much of positive impact it has placed on her citizens

They are really not that confident thats why they do have that kind of tug-of-war like kind of decision making towards involvement with crypto whether they do accept or would totally ban it because they dont like it?
I wouldnt be surprised on what are their criterias before accepting something and for the sake of testing out then they could do such thing but hopefully that there would be no total ban on this one
because for sure that would really be making some major impact once again in the market.

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Quote from: justdimin on February 02, 2022, 09:26:17 AM

I do see these two different countries' stand against cryptocurrencies as a case-study to get ready for any kind of regulation even in my country. I am little worried about what kind of final outcome about cryptocurrencies that my government will take. I guess with the help of gift cards and anonymous debit cards, I may manage for some times until all hassles settle down. But, the cost associated for these are a bit higher than what I do get from my local exchange which is the only concern for me when my government goes against cryptocurrencies.

For example, for buying a giftcard from bitrefill I need to pay 8% to 12% higher than my local exchange's bitcoin rate. If my government asks only 10% tax on my bitcoin selling then I will keep using my exchange by paying tax to government if taxes are higher than 15% then I need to lead a life out of gift cards.

I would say that localbitcoins type of hand to hand could be a bit better in that case? I do not know where you live but where I live it is still legal and yet people still use localbitcoins. P2P was used in Nigeria a lot where it was looking like it will get banned and exchanges closed out of fear so people had to use P2P. That is the only way out right now for the people, many wealthy people have bank accounts in other nations as well.

If you could travel to another nation for a while, get a bank account there, get a credit card, then you could use that nations exchanges and you would use that nations credit card and you could go back and live in your nation with that nations banks card. This was done by people in Cyprus back in the day when it was banned for a short term, but it was reopened again I believe, and being done by people in Iran as well, who all travel to other nations get a bank account and then use that nations card in their own nation.

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Quote from: Dunamisx on January 27, 2022, 07:48:14 AM

Going by this i want to believe that tax payment goes along way to regulating restrictions and ban challenges by many countries, just as Russia sees mining crypto is a cognitive advantage to technological development of it country and Zimbabwe accepting tax payment in crypto by digital currency firms.

I do see these two different countries' stand against cryptocurrencies as a case-study to get ready for any kind of regulation even in my country. I am little worried about what kind of final outcome about cryptocurrencies that my government will take. I guess with the help of gift cards and anonymous debit cards, I may manage for some times until all hassles settle down. But, the cost associated for these are a bit higher than what I do get from my local exchange which is the only concern for me when my government goes against cryptocurrencies.

For example, for buying a giftcard from bitrefill I need to pay 8% to 12% higher than my local exchange's bitcoin rate. If my government asks only 10% tax on my bitcoin selling then I will keep using my exchange by paying tax to government if taxes are higher than 15% then I need to lead a life out of gift cards.

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Since Putin sees benefits in cryptocurrency mining and how much development it can bring about I think they would rather come to a consensus of regulating it's process and usage other than an complete ban. I just believe at some point the Russian government is trying to get involved so the actually account on how this new technology is been mined and how much of positive impact it has placed on her citizens

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Quote from: gantez on January 31, 2022, 04:07:11 PM

I really not seeing the negative side of bitcoin and the countries coming against it are doing that for selfish reasons. Bitcoin is talking of financial freedom for everyone both the people and the government. The government can transact fast and monitor theft through blockchain. The corruption in fiat will not be there in blockchain and this is why they don't look at using bitcoin.

Our government are too selfish and always interested in what they can have control over else that thing is automatically tagged as bad, bitcoin is not the root of the problems we have in this world, even before the advent of btc, there have always been multiple of crimes of different economic and political status, but for some selfish reasons, they want to attribute majorities of these problems as a result of btc existence,
Since crypto gives a certain level of financial freedom and can prevent users from being tied to the apron string of the government, they are not so happy with that and must do everything to prevent it.

Topic: Dealing with tax and crypto ban - page 2. (Read 557 times)