With our current rules and regulations about the taxes, people still try their best to escape from the tax and pay as less as possible. The major feature of Bitcoin or other crypto currencies are "It's decentralized". Which makes it untraceable. You can't expect people to pay their taxes on their own will. I think it's not going to be easy to apply a useful rules on crypto transactions.
People don't pay taxes because the AI doesn't trust the government. They see how politicians have stolen most of the money. After the publication of data from offshore, we also saw how politicians and rich people hide their money in offshore. At the same time, they want us to pay all taxes in full. This is the main reason why people don't want to pay. 
Topic: Government Furious - page 17. (Read 1783 times)
Government shouldn't complain too much of what is happening outside of their authority/control, instead they should look into what is going on. Is a lot of dangerous activities happening in the background without their probation? However most countries I know have its government already observing/made an action with cryptocurrency in their country. I agree that taxes should be done in crypto, as long as government also has to do something with making trading more convenient to a trader like me who observes occasionally on the price increase. I would pay for them. They should also make recognition to other currencies to further add the potentiality of larger adoption of cryptos in their country.
Governments don't want to consider bitcoin as something valuable, but all the same they would like to tax it. This is a quite interesting contradiction.
With our current rules and regulations about the taxes, people still try their best to escape from the tax and pay as less as possible. The major feature of Bitcoin or other crypto currencies are "It's decentralized". Which makes it untraceable. You can't expect people to pay their taxes on their own will. I think it's not going to be easy to apply a useful rules on crypto transactions.
I'm sure time will come that governments of all counties will regulate cryptocurrency in general in their countries. I think South korea already implementing the tax for crypto asset revenue. For sure many countries will follow later on.
I think if governments in each country can manage bitcoin primarily in terms of taxes to get some crypto assets, it will only change the original purpose of creating Bitcoin as an alternative (if applied tax, it is no different from the regular currency), decentralized payment method.
The capitalization of bitcoin transactions reaches billions of dollars but governments of any country can not get revenues or income from these transactions and this makes governments in many countries complain of the existence of bitcoin because it is considered a threat to the economy of a country. Should tax apply to users who do bitcoin transactions? When are users comfortable with this situation? what is the right regulation to address these issues to help each country improve its economy?
As of writing the entire cap of BTC is on $120,595,809,352 which is really huge which government wont really make it easy for them to set aside its 45.0% dominance on the entire cap of crypto market. They cant impose taxes due to decentralized feature of cryptocurrency specially on bitcoin. Users are indeed comfortable with this one since gov't cant sip out taxes if they wont regulate any 3rd party involve like on exchanges. The capitalization of bitcoin transactions reaches billions of dollars but governments of any country can not get revenues or income from these transactions and this makes governments in many countries complain of the existence of bitcoin because it is considered a threat to the economy of a country. Should tax apply to users who do bitcoin transactions? When are users comfortable with this situation? what is the right regulation to address these issues to help each country improve its economy?
It seems you should first understand that billions of dollars in Bitcoin market cap are not real, these dolars are non-existent and used only for the purpose of reference. So there is basically nothing to complain about on the government part. Apart from that, I don't know why anyone would think that crypto transactions should be taxed. I don't know if fiat transactions are taxed somewhere in the world, though I would be curious to find out. Taxing transactions destroys the very idea of money, which is to facilitate trade, not obstruct it.
I think so too. The government is a bit jealous of Bitcoin. The government does not get any tax for Bitcoin. When the government manages a country, the government has to pay taxes for everything. So the government can not get anything from Bitcoin. The fact that Bitcoin is providing huge amount of money to all the countries, the users are getting the bitcoin. But the government can not accept it. So Bitcoin is banned in many countries with illegal declaration.This kind of behavior is furious manifestation.
In my opinion, the government may impose taxes on every transaction that uses bitcoin. That is good. Very good. Moreover, the tax becomes state income. However, noteworthy, the government must recognize the existence of bitcoin as a means of transactions in the country. That way, no one feels disadvantaged, both government and bitcoin service users themselves.
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I'm sure time will come that governments of all counties will regulate cryptocurrency in general in their countries. I think South korea already implementing the tax for crypto asset revenue. For sure many countries will follow later on.
Thats why the government is fear of crypto currency because people can transact now without using their fiat but by using only crypto. The people can by pass the tax thats why the government sending FUD to make people leave the crypto.
But as for me and my friends. I'll stay holding my cryptos. Thanks theres trezor and nano ledger.
But as for me and my friends. I'll stay holding my cryptos. Thanks theres trezor and nano ledger.
The capitalization of bitcoin transactions reaches billions of dollars but governments of any country can not get revenues or income from these transactions and this makes governments in many countries complain of the existence of bitcoin because it is considered a threat to the economy of a country. Should tax apply to users who do bitcoin transactions? When are users comfortable with this situation? what is the right regulation to address these issues to help each country improve its economy?
The capitalization of bitcoin transactions reaches billions of dollars but governments of any country can not get revenues or income from these transactions and this makes governments in many countries complain of the existence of bitcoin because it is considered a threat to the economy of a country. Should tax apply to users who do bitcoin transactions? When are users comfortable with this situation? what is the right regulation to address these issues to help each country improve its economy?
Tax already applies to anyone dealing in bitcoin. Revenue is revenue regardless of what form it comes in. No company is exempt from paying income tax just because they accepted bitcoin payments, just like to company is exempt from paying income taxes just because they took cash payments. People ascribe a lot of government hostility to bitcoin that either doesn't exist or exists for reasons that aren't at all reflective of reality, like this post trying to say that nobody pays taxes related to bitcoin transactions.
The capitalization of bitcoin transactions reaches billions of dollars but governments of any country can not get revenues or income from these transactions and this makes governments in many countries complain of the existence of bitcoin because it is considered a threat to the economy of a country. Should tax apply to users who do bitcoin transactions? When are users comfortable with this situation? what is the right regulation to address these issues to help each country improve its economy?
Oh but they do get them.
I've bought last week a cpu from a store that accepts bitcoins.
Guess what I also did pay. VAT!!!
As long as you buy something with BTC from a store you will always pay VAT and the government will get it.
You send BTC to a friend? Of course you don't pay taxes.
But you wouldn't have paid taxes if you would have sent him fiat either.
Tell me where is the government losing money?
Governments has already a benifits from the people who gain from bitcoin business transactions. Like for instance, a certain person who become financially stable because of bitcoin, and they build a big business establishments which is legally paying taxes into government so difinitely bitcoin has already contributes big impact of economic development even bitcoin is not directly paying taxes.
I don't see any problem with the government taxing exchanges to help in boosting the economy of the country... My humble submission.
They don't really need to tax you.
In my country, what they did was, they regulated every cryptocurrency here. So whenever you wanted to convert let say Bitcoin into fiat (money), it will surely have fixed fees depending on the amount of what you wanted to convert. Also, here you can Bitcoin into specific Banks and will automatically be converted into fiat, though there may be no fee but at least they regulates it.
Since it was implemented here pretty quickly, personally I think its still convenient, and I think the fees are not that very high, so I'm used to it.
In my country, what they did was, they regulated every cryptocurrency here. So whenever you wanted to convert let say Bitcoin into fiat (money), it will surely have fixed fees depending on the amount of what you wanted to convert. Also, here you can Bitcoin into specific Banks and will automatically be converted into fiat, though there may be no fee but at least they regulates it.
Since it was implemented here pretty quickly, personally I think its still convenient, and I think the fees are not that very high, so I'm used to it.
If the government will apply taxes to Bitcoin transactions what will it be called then? Because I don't think you can even count transactions as an excise tax as the sender of the BTC is the one shouldering the transaction. Taxing it would only make things worst for any BTC users. If the government has something to worry about its not the transactions itself but people who will try to evade or falsify their true Bitcoin earnings which can be really bad for their economy. The quickest fix to that is of course regulation which majority of the governments who are supporting BTC are doing.
Governments are furious because they aren't gaining anything back from the cryptocurrencies industries , moreover they are giving electricity in cheap cost for people to make their mining farms work with it and make fortunes and the government gets nada ..
Regulations must be made for miners i think , but simple holders shouldn't be concerned in any government decision .
Regulations must be made for miners i think , but simple holders shouldn't be concerned in any government decision .
Government will always be furious with crypto, why?? because bitcoin has captured people's trust. More people are investing in it which means more profits and more money. Yes, there's huge income in bitcoin and that's what the government is chasing. They're just after the money and nothing else.
The capitalization of bitcoin transactions reaches billions of dollars but governments of any country can not get revenues or income from these transactions and this makes governments in many countries complain of the existence of bitcoin because it is considered a threat to the economy of a country. Should tax apply to users who do bitcoin transactions? When are users comfortable with this situation? what is the right regulation to address these issues to help each country improve its economy?
that's right sir. it is the thing that makes the government do not like the existence of bitcoin. if there is a tax they may be silent and suddenly like bitcoin because the result of bitcoin is much more and this makes the government get more taxes than the transaction tax of paper money. Jump to: