Government on legalising bitcoins - page 5.

LadyCoin

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Quote from: anna12345 on February 25, 2018, 01:52:03 AM

I strongly think that government should legalise bitcoin, because it may become a great revenue source for the goverment by imposing taxes of more than 30% and it can develop our country in so many ways.

Agrees with you, Bitcoin becomes a promising investment ground. Many people are in droves to buy bitcoin for sale again when the price is soaring. If only a country legalized and taxed the transaction from the bitcoin investment then it would be a very beneficial asset for the country itself.

maarx

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cloverdex.io

I hope this will happen in future not immediately, it takes time to understand the whole concept of blockchain technology. It is difficult to understand immediately. But in future surely it happens. The main reason that government afraid to accept bitcoin is it will dominate the local currency. Slowly slowly it will disappear the local fiat. But government dont know if it accepts the economic growth of the country is rich. If it happens in one country automatically the revolution takes place in other country also.

NavishaKhairin

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Quote from: cryptorocket84 on May 18, 2018, 05:20:58 AM

I think the best thing that can happen to any Government is to legalize Bitcoin, the people have chains of income, when this is done the Government can now place tax on the users of bitcoin, believe me you they will pay any tax exacted on them as long as they don't have fear in doing their business.

I think the best thing that can happen to the Government is to legalize Bitcoin, but the Government apparently in legalize bitcoinagak is difficult, even now a lot of information is dropping about bitcoint

cryptorocket84

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I think the best thing that can happen to any Government is to legalize Bitcoin, the people have chains of income, when this is done the Government can now place tax on the users of bitcoin, believe me you they will pay any tax exacted on them as long as they don't have fear in doing their business.

richardsNY

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Quote from: Blondy12 on May 17, 2018, 09:07:20 AM

Government cannot accept and legalize a currency which there are people who are ignorant about it because in the end the goverment are the one to be blame of.

It doesn't really depend on that. Since when have governments done anything for their people instead for forcing their people do to something for them? The main concern for the government is that they aren't capable of catching up on everything related to crypto with how fast it keeps growing. By the time they have come up and agreed to force through regulations, they are somewhat forced to review their regulations with how the market yet again moved to the next level. The main point of importance is that with how the ecosystem around crypto keeps growing, new platforms and products emerge, which all requires new regulations to cover them. It's basically an endless cycle.

Magic Sarap

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Quote from: anna12345 on February 25, 2018, 01:52:03 AM

I strongly think that government should legalise bitcoin, because it may become a great revenue source for the goverment by imposing taxes of more than 30% and it can develop our country in so many ways.

Yeah if the government legalise bitcoin it can help to become strong and rich the country yet it will make to persuade the other country to accept bitcoin too.

Greenkarki

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If bitcoin is legalized by governments then the economic growth of that particular country will be tremendous. It happens in one country automatically it will give massive changes to other countries as well. Lots of good will certainly haooen especially to their citizens as well.

Blondy12

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Quote from: anna12345 on February 25, 2018, 01:52:03 AM

I strongly think that government should legalise bitcoin, because it may become a great revenue source for the goverment by imposing taxes of more than 30% and it can develop our country in so many ways.

I guess it is not easy for the government to decide if they going to allow bitcoin in an instant. Ofcourse there are lot of factors to be considered first before hand. Like the bad and good effects of bitcoin in the economy and for the people itself. And so as the acceptance of bitcoin as a whole. There are still lots of people who does not yet know the existence of bitcoin. Government cannot accept and legalize a currency which there are people who are ignorant about it because in the end the goverment are the one to be blame of.

Oasisman

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Quote from: stomachgrowls on May 15, 2018, 05:27:06 PM

Quote from: Rooster101 on May 15, 2018, 01:05:19 AM

Quote from: sujonhossan54 on May 13, 2018, 09:08:07 AM

I believe that the government should be made legal on Bitcoin because it can be a huge revenue gauge of the government and it can develop many improvements in our country.

Bitcoin legalization may take time in some countries with strict laws and unaccomodating leaders. They are the one who are used to a centralized government and everything in their country is almost under their control. Bitcoin, a decentralized virtual currency will be having a hard time to enter in such country unless they can control it. Other countries are planning to create a regulation to control the flow of bitcoin in their area before allowing it to use by their citizens.

Not totally to control bitcoin but rather it do make regulations when it comes to services that it uses or involved. We know that bitcoin cant really be controlled when it comes to technical which this is one or main reason why government on some countries wont easily consider on accepting it because of such feature. Uncontrollable and anonymous stuff.This is why they do come to a point where they do end up on accepting it and do only get taxes into those things which do make btc transactions.

Thats the least the goverment could do to legalize Bitcoin, putting taxes in a specific coutry's local exchanges. With every purchase or selling there is a certain percentage to be taken as a tax excluding the transaction fees. Its also a way of regulating Bitcoin. Regulations isnt bad at all for it will protect investors from harmful scammers and other theft related activities.

Eleven86

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Once the government accepts bitcoin the economic growth of the country will more. The revenue come from bitcoin will be more than revenue come from local fiat. The turn over of the country will be high when compared to local currency. Bitcoin legalization takes in some countries and if they run it successfully means other countries also consider to accept bitcoin. Lets us wait and see whats going to happen.

stomachgrowls

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Quote from: Rooster101 on May 15, 2018, 01:05:19 AM

Quote from: sujonhossan54 on May 13, 2018, 09:08:07 AM

I believe that the government should be made legal on Bitcoin because it can be a huge revenue gauge of the government and it can develop many improvements in our country.

Bitcoin legalization may take time in some countries with strict laws and unaccomodating leaders. They are the one who are used to a centralized government and everything in their country is almost under their control. Bitcoin, a decentralized virtual currency will be having a hard time to enter in such country unless they can control it. Other countries are planning to create a regulation to control the flow of bitcoin in their area before allowing it to use by their citizens.

Not totally to control bitcoin but rather it do make regulations when it comes to services that it uses or involved. We know that bitcoin cant really be controlled when it comes to technical which this is one or main reason why government on some countries wont easily consider on accepting it because of such feature. Uncontrollable and anonymous stuff.This is why they do come to a point where they do end up on accepting it and do only get taxes into those things which do make btc transactions.

Hannahanto

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The government on some countries would legalize bitcoin and others are afraid to accept. The main reason for not legalizing bitcoin is if it enters it will dominate the local currency. There is no value for fiat, and at the same time tax problem. Because people using bitcoin is no need to pay tax. This is another major drawback to the economy of the country. If country will accept the bitcoin it will give more revenue. Soon bitcoin will be accepted by other countries also.

bitcoinFPT

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If Government on legalising bitcoins is the best news for people in this forum but this may be a historical process it will take place slowly,
From acceptance to acceptance, from one country to two countries ... to all legalization
If the legalization takes place, more people will have more work, more opportunities to contribute to poverty reduction

Rooster101

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Quote from: sujonhossan54 on May 13, 2018, 09:08:07 AM

I believe that the government should be made legal on Bitcoin because it can be a huge revenue gauge of the government and it can develop many improvements in our country.

Bitcoin legalization may take time in some countries with strict laws and unaccomodating leaders. They are the one who are used to a centralized government and everything in their country is almost under their control. Bitcoin, a decentralized virtual currency will be having a hard time to enter in such country unless they can control it. Other countries are planning to create a regulation to control the flow of bitcoin in their area before allowing it to use by their citizens.

1Referee

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Quote from: BitHodler on May 13, 2018, 06:22:55 PM

I have always wondered how the tax department will react in case you suddenly start reporting your gains. Is it even smart to report your gains after not having done it for years? I have been thinking about it for a while.

Can you just claim that you found back an old wallet file? At some point large holders will become multi millionaires and it will somehow require them to come up with a solid plan of action to buy properties and such.

That's actually a good question, but it depends on what country you are from firstly. I have done some research on this last year, and the explanation was pretty simple and straightforward.

If I can prove that my coins haven't been into circulation in the previous years, which can be proven easily with how open the blockchain is, it's like I instantly obtained that wealth, and only have to start paying due taxes from the moment I claim that I gained back access. That's from a wallet backup, which I assume is the easiest part because it clearly shows that your coins haven't been moving. I don't know how things are in case you can't prove that your funds haven't been into circulation.

In case of the latter you are better off just not declaring anything, or you have to contact an attorney specialized in crypto tax cases to see what your options are.

imsotiredofmoviereboots

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Quote from: anna12345 on February 25, 2018, 01:52:03 AM

I strongly think that government should legalise bitcoin, because it may become a great revenue source for the goverment by imposing taxes of more than 30% and it can develop our country in so many ways.

30% is too much while there are other countries that don't charge taxes at all. Those government that will impose that are surely against btc. They should also put the tax on withdrawal and not on profits.

marcbitcoins

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Quote from: anna12345 on February 25, 2018, 01:52:03 AM

I strongly think that government should legalise bitcoin, because it may become a great revenue source for the goverment by imposing taxes of more than 30% and it can develop our country in so many ways.

Some countries are already declared Bitcoin is legal as they believed that adapting Bitcoin is an advantage to make their economy strong and stable. In fact some of these countries imposed less Bitcoin tax like Japan and France, then declared it no tax in Germany so i think with these huge development many countries were going to be attracted to support, to adapt and will legalize Bitcoin.

BitHodler

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Quote from: richardsNY on May 13, 2018, 03:30:10 PM

In all cases it comes down to how willing you are to declare your profits, so crypto isn't anything special.

I have always wondered how the tax department will react in case you suddenly start reporting your gains. Is it even smart to report your gains after not having done it for years? I have been thinking about it for a while.

Can you just claim that you found back an old wallet file? At some point large holders will become multi millionaires and it will somehow require them to come up with a solid plan of action to buy properties and such.

There are several ways to approach it from an illegal perspective, but doing it legally will definitely be a challenge and could end up causing more bad than good for you. Tax evasion has always been a serious offense.

It's your own money, but you are a criminal for not handing it over to the government. Cheesy

baundul

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Many countries are arranging to make Bitcoin by making their own crypt-currency. The country has got a lot of taxes for having its own crypt. Bitcoin is taxing more than 30%, this is the highest taxed tax. https://en.wikipedia.org/wiki/List_of_countries_by_tax_rates
It should be legal in all countries so the every government can get huge amounts tax.

richardsNY

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Quote from: ahmad21 on May 13, 2018, 02:30:51 PM

Taxation will only be possible if I approve myself that yes I earned this much from bitcoin and honestly speaking why would I? Here comes the second thing that bitcoin was created may be not directly for tax evasion but surely tax evasion would have been a very strong motive in here.

This form of tax evasion isn't just related to crypto. I barely trade any stocks, but when I see certain dividend stocks on the lower side, it might be an interesting option to go for when it comes to diversifying my portfolio. In the same way, it's me that decides to declare these holdings and the profits made. If I don't declare any of them, and honestly speaking I have done so years ago, no one comes after me. This directly also applies to your gold coins and other metals that you own and trade. You are obliged to pay tax legally, but people just aren't doing it in some cases, which is pretty understandable. In all cases it comes down to how willing you are to declare your profits, so crypto isn't anything special.

Topic: Government on legalising bitcoins - page 5. (Read 1402 times)