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.
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.
And also , there are some people still dont know how crypto works in our world.. So maybe that is one of a factor to be considered when their thinking about putting taxes on the said cryptos. What do u think.?
