Topic: Government Furious - page 18. (Read 1783 times)
If the government feels angry in the presence of bitcoin would be better if made new rules about taxation issues.In addition to create a sense of comfort the traders actually taxation is also able to make an income for the country in the future and can be more developed again.
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 government of some countries like South Korea is start to regulate the bitcoin. They are lot of transcation undergoing in South Korea as compared to other Asian countries. After some months, the people of South Korea, have to pay a tax.Luckily I was not from South Korea.
taxes goes to government to help the country. we can't blame government for what they are doing because they do it for their people and their country to progress. users have their point but on the other side government have also their point.
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?
Once they start regulating the bitcoin then they will start tracking the bitcoin transaction and will be able to fine tune the process of taxation for the bitcoin transaction. For now it is really impossible to track the transaction exactly as people dont really do it straight. They will blend all the transaction and may trick the government to avoid the taxes and thus the whole thing creates problems. Also tell you what, because of such behaviour government is also tired of crypto currency and who knows they might ban the crypto completely. However I am saying that with very low confidence. So, the only thing they can do is, get the regulations done -> start tracking BTC transactions -> ask for proof of transaction -> ask for filing of the taxes.
The government officials are voted upon by the citizen of one country that is mandated to uphold the law and take regulation to improve the life and countries financial reserves.. In short,, we can’t blame them on taking such action,, for it is also our responsibility to help for the development of our nation.. I’m not anti regulation or anti cryptocurrency as stated obvious,, I’m on fairness and equality on both side..
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 problem with the government is they are too hasty to get their payment in the form of taxes. It is clearly stated that you only be taxed if you used resources from that state or country and since bitcoin is not owned by anyone, therefore, the government cant do such actions. The regulations done in some government system regarding cryptocurrency helps a lot in determining weather that digital asset is taxable or not.
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?
Government dont get taxes because they do not want to regulate bitcoin trade. If bitcoin trade regulated, I am believe bitcoin investor fine with taxes and feel more confidence to investing more money
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?
I honestly just would like to see bitcoin treated the same way as foreign currencies are, or even gold/silver.
Simply doing bitcoin transactions should not incur any taxes. Makes no sense to do so, it's like saying you're going to be taxed every single time you give someone else money regardless of the reason.
What I see with a some countries though is that VAT is added to bitcoin purchases, and CGT is applied when you cash out your bitcoin. Make up your mind, governments. You can't say that bitcoin is both a consumer good and an investment asset. This kind of double taxing shouldn't be happening. Also, apparently in Australia they are also planning on adding a tax for crypto to crypto trades. I get that there may be a tax for crypto to fiat trades, but crypto to crypto, you serious? That's like saying swapping collectibles with someone will incur a tax. Makes no sense to me.
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?
Every country that will adapt or legalize Bitcoin should benefit thru Bitcoin tax in order to help their economy to become strong in which one of the benefits that every country must enjoy. If the country will not get any benefit by adapting Bitcoin then we should expect total banning of it and most of the country will not support Bitcoin anymore. So therefore it is right for every country to collect Bitcoin tax thru regulation in order for the people will continue to enjoy Bitcoin income legally.
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 is not the thing which government should always impose on you. It is something that you should be paying at your will. I have paid my all taxes which were from the bitcoin conversion to fiat currency into my bank account. I am keeping it very simple by paying taxes, the simplicity in terms of clean cheat. Neither government can blame on me that from where the big money is coming and nor I will be in stress all the time waiting the income tax department to hit my doors. LOL.
So to help each country to improve themselves then it is the responsibility of the individual to pay the taxes whether or not their government has any rules and regulations.
Successfully regulating cryptocurrencies is a difficult and long process for countries, as we've seen over the last few months. That's especially true when there are numerous regulatory bodies in a country that all want to take a different approach. And, even as some countries like China clamp down on cryptocurrencies, companies are finding ways to bypass the bans. Regulating cryptocurrencies instead of banning them is likely going to be a good approach. It seems that governments have now woken up to both the opportunities and the threats of cryptocurrencies, and are now looking to regulate them in a way that affords them both benefits from the taxes, while also preventing illegal activity such as money laundering. However, Russia especially has been very indecisive when it comes to its stance on cryptocurrencies, and it remains to be seen whether this will be its final approach.
I do not agree that we need to pay taxes on transactions whatever coin it is. If government decided to put taxes on transaction i think that will be a death blow to crypto currency.
For taxing in trading or capital gains Yes i can deal with that as it is also done in stocks and other market.
For taxing in trading or capital gains Yes i can deal with that as it is also done in stocks and other market.
Government furious is a stupid and selfish government behavior, they aren't able to take advantage of the existing situation or is happening.
Actually, there are ideas which can be used by the government to earn the benefit of crypto, among others:
1. The government should legalize crypto, then there will be many transactions that occur in the exchange account (online wallet).
2. The government must create an online wallet managed by state-owned banks. Then the bank/government will earn revenue from transaction fees incurred.
Perhaps, that way the government can fix its regulation which I think was unclear and certainly unwarranted
Actually, there are ideas which can be used by the government to earn the benefit of crypto, among others:
1. The government should legalize crypto, then there will be many transactions that occur in the exchange account (online wallet).
2. The government must create an online wallet managed by state-owned banks. Then the bank/government will earn revenue from transaction fees incurred.
Perhaps, that way the government can fix its regulation which I think was unclear and certainly unwarranted
I think that is necessary, the government imposed a tax on every Bitcoin transaction. whether a government does not have the power to make that rule, because I think if we are already in taxes that means Bitcoin has Legal in that country, and we are Bitcoin players, Can be calm in playing Bitcoin.
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?
Right now tax should apply, bitcoin is not a local currency and until that time tax should be levied. Governments have a real difficult time levying that tax and the easier route is to penalize all those dealing in cryptocurrencies to spite the few who do not pay their taxed and avoid the millions in dollars of tax revenue,
Some countries have already started to levy taxes on BTC transactions!
Define them as assets and collect VAT and property income tax in BTC transactions!
To some extent, BTC is legal!
Define them as assets and collect VAT and property income tax in BTC transactions!
To some extent, BTC is legal!
The government is furious about btc because it can't do anything to stop.people from doing transaction using btc, that is why now the government coming with an idea to regulate bitcoin, actually we don't comfortable to be watched by the government, but its better to be watched rather than btc being banned, my guess the government going to need us to report our crypto wwalth and provide the documents to verify our identity
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?
There some countries tried to regulate the flow of Bitcoin in their country which the central bank made a centralized wallet to gain fees from internal exchanges. Though transaction fees are much lesser than the external exchanges, they assure that money in your wallet is secured. That is how other countries do to have taxation on our Bitcoin transactions. Instead of banning, they made regulations to have income from Bitcoin.
In my opinion, taxes should not apply to crypto transactions. One of the reasons why people trade or transact using crypto's would be due to it being untraceable and anonymous. Second, it's digital. The only problem will come around if we're not careful and smart about cashing out. Then again, there are some exchanges that can do that for us. Also, I don't think that a lot of people (if not all) will probably be not that comfortable in having crypto's be centralized or regulated.
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?
Actually the Governments are taking their fair cut on every crypto->fiat transaction. In most cases you are obligated to pay 10%-39% Capital Gain taxes. It's inevitable if you receive the money in a bank account.
But they wants more... greedy a**holes.
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