Guys, in your opinion, as the title said, do you think the government around the globe put taxes for all Cryptos?
For me yes, They will accept cryptocurrencies but will implement taxes because majority of countries accepting cryptocurrencies as a form of payment regulated exchanges and tax is included when we are about to convert Bitcoins into our local currencies. Here in my country it has been implemented and we have no problem in dealing with it yet since transactions are smooth. Sometimes it is good for us to pay taxes because it is also our contribution to the economy of what country we are living it is really a big help unless it is not in the hands of corrupt people. 
Topic: do the government will take action to put TAX for all Crypto Currency Exchanges? - page 2. (Read 646 times)
October 05, 2017, 02:10:27 AM
October 05, 2017, 01:49:08 AM
They obviously will in the near future, because taxes are the revenue receipts of the government which help to find the budget of the each economy for a financial /fiscal/accounting year. Cryptos are playing a big role in the markets and it's popularity has become vast this very year and governments will try to benefit from it.
October 05, 2017, 01:47:02 AM
I don't think that's possible because they cannot even trace you and the transactions you've made. They have to list all people who use bitcoins and their wallets. This will give them hard time finding these poeple who use bitcoin. And that's why bitcoin is very hard to legalize to other countries. People may slipped out with their taxes. That's favorable for us because we can easily get away or evade taxes that government might charged us. But if you are a decent person and you think this is wrong. Then you can report your income statements to IRS. So you are clean.
October 05, 2017, 01:46:05 AM
Guys, in your opinion, as the title said, do you think the government around the globe put taxes for all Cryptos?
In my own opinion that is so possible because there is a big money being involved now in the cryptocurrency and with Bitcoin itself with a almost $70 billion market cap it is no joke for the governments not to take an action in taxing it in the future. It just that governments should strengthen first their law and authorities in the virtual world before they implement such things.
Almost all things in real life now are getting modernize by the internet and that is inevitable, I think every country must put a big budget like they are doing in their military department in this kind of modern technologies because a lot of crimes are already committed online.
October 05, 2017, 12:36:30 AM
In my country the local exchanges has to adhere to all these KYC/AML regulations, so they report to governments and they get audited as a legal business. It is your personal responsibility to report your Capital gain in the previous financial year, when you submit your income tax forms.
If you do not report these gains/profits and they pick this up when they audit these exchanges, you will face huge penalties.
If you do not report these gains/profits and they pick this up when they audit these exchanges, you will face huge penalties.
October 04, 2017, 11:52:58 PM
Guys, in your opinion, as the title said, do you think the government around the globe put taxes for all Cryptos?
Dude! This clearly is the dream of every government! I mean, imagine how much money every government would gain if all of these coins existing in the crypto world would have to pay taxes to the governments. Plus all the transactions that would be required to pay taxes that would depend on the amount sent. If this isn’t enough to make governments drool on the thought, then I say we have great governments. But I really think they would do it if they could.
October 04, 2017, 11:51:23 PM
The governments work on taxes and right now they are seeing Crypto currencies as an obstacle for collecting taxes from common man. Eventually they will start making policies for imposing taxes on transactions.
October 04, 2017, 11:44:45 PM
The way I see it, if any government does decide to regulate and tax Bitcoins, keeping an eye on exchanges is the way to do it. There would be no way to monitor every single person and every single one of their transactions. They would have to depend on the individual's honesty and integrity to file the proper taxes, which would honestly be not much better than not taxing at all. The way things are now, you could move massive amounts of Bitcoins and not have any use for them because very few stores accept them. In the end, you're going to have to convert them to fiat, and the most efficient way of doing that is through exchanges. This way, if you impose taxes on exchanges, then you've effectively taxed majority of a person's transactions.
I would honestly rather live in a world where Bitcoins and exchanges aren't regulated, but even regulations have positives, especially when it comes to getting Bitcoins into the mainstream. Right now we'll just have to wait and see how things go.
There are many ways to completely regulate Bitcoin for government and if someone convert Bitcoin to fiat and they can easily tax them. The major way will be to close down every exchange of the country and that would be easy since exchange needs bank and open a government regulated exchange where they can monitor the inflow and outflow of money and keep a check. This is what I think China is going to do by launching their own cryptocurrency.I would honestly rather live in a world where Bitcoins and exchanges aren't regulated, but even regulations have positives, especially when it comes to getting Bitcoins into the mainstream. Right now we'll just have to wait and see how things go.
Bitcoin can stay anonymous and out of government control till they are on internet as crypto. Once they are converted to fiat, government have many ways to regulate them. The things is bitcoin still isn't a bigger a phenomenon that countries need to fear or do something major about or against it.
Yeah, this is my point in a nutshell. That's why I was saying that governments that are looking to tax cryptocurrencies are most definitely going to keep an eye on exchanges. Bitcoins aren't anonymous at that stage anymore since most exchanges ask for a bank account to deposit fiat to. It would also serve as a way to protect their own currency, as they will be able to monitor the flow of money. It definitely won't be as easy for money launderers to do business.
Regarding Bitcoin as a phenomenon though, it's not big enough now, but we're already seeing more and more countries taking a stance. This is a sign that it's growing, and I only hope they don't take steps to stifle that growth. Blockchain technology is the future, and cryptocurrencies are just one of the many applications. They should at least keep it around and see how it evolves.
October 04, 2017, 11:41:23 PM
well, altcoins are all investments so the same way you pay taxes when you trade stocks or penny stocks then you must pay taxes when you trade altcoins too. there is nothing out of the ordinary about that.
as for bitcoin the tax laws are a little different since bitcoin is both an investment (something people trade) and also a currency. so some countries ignore the currency part and call it a commodity to tax it easier, some like Japan and Australia treat it as it is, meaning when you trade it you pay taxes and when you use it as a currency to buy stuff you don't pay any taxes.
as for bitcoin the tax laws are a little different since bitcoin is both an investment (something people trade) and also a currency. so some countries ignore the currency part and call it a commodity to tax it easier, some like Japan and Australia treat it as it is, meaning when you trade it you pay taxes and when you use it as a currency to buy stuff you don't pay any taxes.
October 04, 2017, 11:39:08 PM
Guys, in your opinion, as the title said, do you think the government around the globe put taxes for all Cryptos?
I think it may be bro, because it can increase the income of the state, of course it will cause problems, if it happens I hope the best so that we who have long in the world bitcoin not harmed
It is really hard to put tax especially for virtual currencies. The main issue for government is if it would be used in illegal activities in there own state and they can't track on who has how much in wallet. Although it can be taxed if it is converted to fiat currency but still even someone in a country can make transactions outside the its own country.
October 04, 2017, 11:35:01 PM
Guys, in your opinion, as the title said, do you think the government around the globe put taxes for all Cryptos?
I think it may be bro, because it can increase the income of the state, of course it will cause problems, if it happens I hope the best so that we who have long in the world bitcoin not harmed
October 04, 2017, 11:06:19 PM
I~m sure they`re trying super hard but it wont be easy for sure. So they may just keep trying to see what they can get out of it
October 04, 2017, 10:58:10 PM
Tax may be levied on Bitcoin transactions by Govt. future. But if levied then the transactions cost would be very high and people may reluctant to transact with this coin. Hence price would come down . But, again the conversion from Bitcoin to fiat or local currency is also high but reasonable. If tax levied then people opt for another method of payment or other crypto coin. May be Dogecoin will be the next Bitcoin because now the transaction cost over the Doge blockchain network is very low.
October 04, 2017, 10:38:10 PM
If those exchanges need to be registered and regulated by the government from the moment they send their company details they are bound to pay taxes unless theres a law in that country that excepts them from paying taxes and thats for exchangers only. But for crypto users, thats going to be hard for the government to impose since who will proactively declare (private individual) how much they earn from their Bitcoin business.
I hope the government initiates something like 3-5 years moratorium for exchangers to start paying taxes so that it will encourage others to set up a business like Bitcoin exchanges to eliminate possible monopoly.
I hope the government initiates something like 3-5 years moratorium for exchangers to start paying taxes so that it will encourage others to set up a business like Bitcoin exchanges to eliminate possible monopoly.
October 04, 2017, 10:31:41 PM
Guys, in your opinion, as the title said, do you think the government around the globe put taxes for all Cryptos?
I think not, because not all has been legal, and about the legal issues that govern it in my country does not yet exist. but maybe if it has been in legalkan there will be taxation issues.
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October 04, 2017, 10:29:59 PM
Yes, I think exchanges will be regulated and they will have to pay taxes in most countries. The same happened with most online fiat casinos years ago. They were unregulated and the majority of them were operating from tax havens. When most governments realized they were losing tax income they regulated them.
That doesn’t mean that all governments around the globe are going to do it, but I bet they will be regulated in most of them.
That doesn’t mean that all governments around the globe are going to do it, but I bet they will be regulated in most of them.
October 04, 2017, 10:24:38 PM
No actually what we are doing right now is online job. An online job doesn't have any tax. With that, without any tax it means that government isn't in control with cryptocurrency. So it will be a no.
October 04, 2017, 10:10:59 PM
The way I see it, if any government does decide to regulate and tax Bitcoins, keeping an eye on exchanges is the way to do it. There would be no way to monitor every single person and every single one of their transactions. They would have to depend on the individual's honesty and integrity to file the proper taxes, which would honestly be not much better than not taxing at all. The way things are now, you could move massive amounts of Bitcoins and not have any use for them because very few stores accept them. In the end, you're going to have to convert them to fiat, and the most efficient way of doing that is through exchanges. This way, if you impose taxes on exchanges, then you've effectively taxed majority of a person's transactions.
I would honestly rather live in a world where Bitcoins and exchanges aren't regulated, but even regulations have positives, especially when it comes to getting Bitcoins into the mainstream. Right now we'll just have to wait and see how things go.
There are many ways to completely regulate Bitcoin for government and if someone convert Bitcoin to fiat and they can easily tax them. The major way will be to close down every exchange of the country and that would be easy since exchange needs bank and open a government regulated exchange where they can monitor the inflow and outflow of money and keep a check. This is what I think China is going to do by launching their own cryptocurrency.I would honestly rather live in a world where Bitcoins and exchanges aren't regulated, but even regulations have positives, especially when it comes to getting Bitcoins into the mainstream. Right now we'll just have to wait and see how things go.
Bitcoin can stay anonymous and out of government control till they are on internet as crypto. Once they are converted to fiat, government have many ways to regulate them. The things is bitcoin still isn't a bigger a phenomenon that countries need to fear or do something major about or against it.
October 04, 2017, 10:04:30 PM
Guys, in your opinion, as the title said, do you think the government around the globe put taxes for all Cryptos?
For exchangers, yes.
For an exchanger to fully runs and operately legitimately they need to be a legal company and they need to listed on governments premises. And because of that, exchangers faces taxes like any normal companies and businesses. That's why they are also following governments rules about money system.
October 04, 2017, 10:03:28 PM
Here in our country legally the bitcoins used by the people. So it's free if I change my bitcoins to money. But it has policies implemented. Just like handling large money people in bitcoins. It is being investigated and they know where the bitcoins we've been.
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