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?
Bitcoin becomes or stands as the threat of the government around the globe is because they don't allow it to take part in their economic system. If only they will allow it they will use it as one of the asset concerning economic growth. 
Topic: Government Furious - page 9. (Read 1780 times)
As we see in practice, not all countries negatively regard bitcoin. Some countries still took it as a means of payment and actively use blockchain technology. I believe that with the correct and reasonable use of bitcoin and its technology, you can achieve great success in the development of the country.
Imposing tax collections will be restricted to the use of exchange, so let's face it, tax collection is something that cannot be easily achieved by the government across board unless this is the case.However, it is a simple fact that a higher percentage of users are still going to be making use of exchanges anyway, so I do not see how this should be a problem in tax collection. Now, regulation is imposing KYC to be done in most of the exchanges, which I believe would make it easy to track down every user with respect to taxes.
until now government won't to penetrate the system o crypto if they going to legalize the btc they do it to gain something
but its better to collect tax in a bitcoi earner than to provoke the government and make them realized that btc is no benefits in the economic if they do they just banned it in a whole country making the btc price fall
we are lucky cause here in the philippines bitcoin and other cryptocurrencies are legal our government file a case where all of cryptocurrency are welcome in our country cause they know that it is a good opportunity for their citizens. theres a lot of benefits in a single country when they accept bitcoin.cause bitcoin can lift the whole economy. imagine bitcoin will circulating all over those country we should think about it we can raise bitcoin all over are self so government will legal it.but its better to collect tax in a bitcoi earner than to provoke the government and make them realized that btc is no benefits in the economic if they do they just banned it in a whole country making the btc price fall
It is the danger of the absolute truth. With blockchain tech, it is not possible to lie. Since USA abandoned gold reserve system and moved to debt/FIAT monetary system it is possible to lie. Luckily, their lies only useful for delaying the inevitable.
Corruption spread over the countries like a disease because of this monetary system. The countries which already has nothing to lose especially gonna favor this new tech.
Those who have many to lose however, especially those who have the power of printing reserve currencies, they will either try to control it and if not become successful, they'll try to destroy it. We'll see.
The government can play an important role here. If the government can complete the transaction, the tax can be set there. Taxation is done on the bank transactions. But the government does not see it, it's illegal. Or the level is putting extra tax.
until now government won't to penetrate the system o crypto if they going to legalize the btc they do it to gain something
but its better to collect tax in a bitcoi earner than to provoke the government and make them realized that btc is no benefits in the economic if they do they just banned it in a whole country making the btc price fall
we are lucky cause here in the philippines bitcoin and other cryptocurrencies are legal our government file a case where all of cryptocurrency are welcome in our country cause they know that it is a good opportunity for their citizens. theres a lot of benefits in a single country when they accept bitcoin.cause bitcoin can lift the whole economy. imagine bitcoin will circulating all over those country we should think about it we can raise bitcoin all over are self so government will legal it.but its better to collect tax in a bitcoi earner than to provoke the government and make them realized that btc is no benefits in the economic if they do they just banned it in a whole country making the btc price fall
I bet some countries are already charging taxes when people convert their bitcoins into FIAT, so i don't think they should be charging tax when people use cryptos to make purchases online.Maybe that's why they are calling for more regulations in the crypto community.
Unless you live in a country which does not charge you taxes, in theory every single country around the world should be charging you taxes when you convert your bitcoin to fiat, the only reason why they would do not this is if you got losses instead of profits, but if you get profits then you're probably subject to capital gain taxes and if you want to be out of trouble you need to pay them.Dubai doesn't charge tax so it would ok over there. Other governments that don't have billion in oil revenue are certainly getting annoyed and very worried at just how they will collect tax via bitcoin transactions. Also, if they get too involved then people will switch to privacy coins like deeponion or xspec.
until now government won't to penetrate the system o crypto if they going to legalize the btc they do it to gain something
but its better to collect tax in a bitcoi earner than to provoke the government and make them realized that btc is no benefits in the economic if they do they just banned it in a whole country making the btc price fall
we are lucky cause here in the philippines bitcoin and other cryptocurrencies are legal our government file a case where all of cryptocurrency are welcome in our country cause they know that it is a good opportunity for their citizens. theres a lot of benefits in a single country when they accept bitcoin.cause bitcoin can lift the whole economy. imagine bitcoin will circulating all over those country we should think about it we can raise bitcoin all over are self so government will legal it. but its better to collect tax in a bitcoi earner than to provoke the government and make them realized that btc is no benefits in the economic if they do they just banned it in a whole country making the btc price fall
I don't know. In my country, they tax the income from those 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?
I think, The government should accepts bitcoin. The government can make a regulation to impose the collection of tax to cryptocurrency as billions of dollars passes everday to the users and investors who transact that huge money then it should apply to the users who do bitcoin transaction. This can make possible to the government if they pursuit a laws that addresses the cryptocurrency users to be taxed. so, it will be income for the country.
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 think the government need to appoint one agency where all the users need to declare that he/she a bitcoin users and government need to appoint only one bank where all the users can convert their bitcoin into cash by that they can put a proper tax for every bitcoin users. 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 is nothing much government can do about digital currency. Since they are decentralized and no one is the controller or owner of these currencies, hence government cant make anyone accountable for it and ban it.
The best thing for the government is to accept it and regulate it. In this way it will be more beneficial for the Users and government also.
I tend to disagree with this point, at least to a degree. In fact, governments can deliver a lot of damage to crypto and its users. It is just a question of effort and coordination between them as well as apprehension and concern. In a nutshell, governments are too slow to react in time, but that doesn't mean that when they react at the end of the day, it won't be detrimental, especially if they manage to come to the lowest common denominator between themselves, so to speak, and that would mean a universal ban on crypto. That's unlikely to happen but if we assume such a development, if purely hypothetically, the effect would be devastating.
Indeed, they can't ban crypto technically as that would mean outlawing the entire Internet, as others have already mentioned, but to hurt it badly banning crypto de juro and actually going after both cryptocurrency users and businesses alike would suffice, for most practical intents and purposes.
This is one of the reasons why other countries are pushed to regulate and even ban bitcoin and the rest of digital currencies because they can't get any single cents from these cryptographic transactions. This is also what makes it hard for bitcoin to realize its purpose.
Well, it is a headache they are trying to find a drug to cure otherwise Japan would not be issuing a statement to all the exchanges to delist every complete anonymous digital currency by June which obviously will be affecting the likes of Dash, Monero and so on.Good thing that bitcoin is pseudo anonymous, so every activity on the exchanges can still be tracked anyway. It is normal for government to do this when they know there would just be some who would want to use currencies like this to want to stay clear of the government tax radar.
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 is nothing much government can do about digital currency. Since they are decentralized and no one is the controller or owner of these currencies, hence government cant make anyone accountable for it and ban it.
The best thing for the government is to accept it and regulate it. In this way it will be more beneficial for the Users and government also.
That's true. In order to ban crypto completely you basically need to ban the Internet. However, banning the Internet will nearly be a political suicide for most governments.
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 is nothing much government can do about digital currency. Since they are decentralized and no one is the controller or owner of these currencies, hence government cant make anyone accountable for it and ban it.
The best thing for the government is to accept it and regulate it. In this way it will be more beneficial for the Users and government also.
Surely crypto market will be regulated soon and imposed taxes and it is not so bad because market should be more clear and safeguard without scam (firstly I mean ICO, of course)
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?
Bitcoin is really a threat to the economy of a country, bank and government become united to oppose it nut the more they oppose bitcoin the more it becomes a threat. Opposing bitcoin does not really helps, and doing this because of thinking that it creates crisis to the economy the more the economy falls. Until the government realized the advantage of bitcoin that can be helpful to the country it will remain a threat.
I think that the process of legalization of the bitcoin will become a grandiose thing, which will result in the furious reaction from many governments if this happen. But I am sure that this will happen sooner or later
If the tax that will be collected will be used for goods then why not!.it's just that some government is corrupt that's why other's will not agree to it. That's my opinion only.
If I may ask ,who is the government? We are the government and the government is us not greedy men in suit.Now if we the citizens have discovered a technology that will put an end to the greedy nature of a small group of people in official positions then why should anyone be angry.We do not Care about their anger.More grace to block chain.change is inevitable.
Government should be not afraid with bitcoin. If government issuing bitcoin regulation, government will get benefits from bitcoin trading with taxes. Cryptocurrency market is potential growing market, and if government regulate the market, I am believe government earn much money from taxes
Jump to: