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Topic: Law To Declare Bitcoin Ownership - page 2. (Read 3346 times)

sr. member
Activity: 1400
Merit: 420
October 16, 2017, 11:42:36 AM
#48
If you are in a country where Bitcoin is declared illegal than you are in a tight situation because you cannot attach yourself as the owner of an illegal currency, by doing so you are identifying yourself as a lawbreaker. But for a country where there are no laws regarding Bitcoin you can protect your Bitcoin by declaring it as one of your intangible assets because it is one, anyone who try to steal Bitcoin will be penalized by your country's law.

I think no country has declared possession of bitcoin as illegal and if there is it will be hard for that country to identify their citizen who owns a coin, especially crypto currency has an anonymity.

And once a country had a law that requires their citizen to declare their coins it will remove the characteristic of bitcoin being decentralized.
full member
Activity: 192
Merit: 100
October 16, 2017, 11:37:00 AM
#47
The Bitcoin revolution is fast reaching the nooks and crannies of many countries all over the world, what with the use of the modern gadgets and the internet. Sooner or later, financial authorities have to come up with the necessary framework with which cryptocurrency can work with.
hero member
Activity: 1680
Merit: 655
October 15, 2017, 03:15:16 AM
#46
If you are in a country where Bitcoin is declared illegal than you are in a tight situation because you cannot attach yourself as the owner of an illegal currency, by doing so you are identifying yourself as a lawbreaker. But for a country where there are no laws regarding Bitcoin you can protect your Bitcoin by declaring it as one of your intangible assets because it is one, anyone who try to steal Bitcoin will be penalized by your country's law.
full member
Activity: 854
Merit: 108
October 15, 2017, 03:13:08 AM
#45
I am not sure if your country is having a law requiring all citizens to declare Bitcoin ownership...maybe there is still no such a law yet but what if there is...would you follow that law and be open about your engagement with cryptocurrency or would you choose to just ignore thinking that anyway the government can have a hard time detecting your involvement with it?

In the next few years and as Bitcoin (and cryptocurrency in general) would be more and more popular, there would be more clashes on many pivotal issues regarding laws and regulations focused on Bitcoin. What we are witnessing this year is just an introductory phase on many things to come...so brace yourself and be prepared for the ride of your life.

Welcome to the Bitcoin generation...where all sides are on edges!




For me, if that will be a law and policy of the government i will abide by the rules and regulations specially if the purpose is for the welfare benefits of the people because this is the same policy for fiat in which we are obliged to declare our daily and monthly income as basis for the tax. I think this declaring bitcoin ownership will be included in the regulations set by the nations who plans to adopt bitcoin after a series of regulating. I support this moved because it is hard to face the consequences if you will not comply with the law.
full member
Activity: 476
Merit: 101
October 15, 2017, 02:07:14 AM
#44
I'll declare just a small portion of my own because declaring it all could be a risk for my life and my family. I know that even politicians hide their total wealth and assets to their citizens so I will apply it to myself as well.
hero member
Activity: 1806
Merit: 672
October 03, 2017, 10:03:44 AM
#43
I don't know what will be the debate about this but by definition Bitcoin can be classified as a movable property or a personal property. Yes even though it exist virtually it still has a value which is actually bigger than any kind of fiat currency. Under being a movable property it can be classified as an "intangible" property where like what I said earlier cannot be touch but is still has value. From stocks to mutual funds all of them cannot be seen physically but all of them has value.
full member
Activity: 1316
Merit: 108
October 03, 2017, 10:00:28 AM
#42
I do not think governments will oblige citizens to declare absolutely all assets in digital currency. Perhaps this will be mandatory beyond any fixed amount. However, the state can not clearly control the fulfillment of this obligation by citizens, and therefore it will depend on the citizens themselves to indicate the digital currency in their declarations or not.
full member
Activity: 364
Merit: 104
October 03, 2017, 08:01:43 AM
#41
as crypto currency philosophy is based on anonymity I don'T think that any law or regulation work easily.
full member
Activity: 630
Merit: 103
October 03, 2017, 08:00:26 AM
#40
I am not sure if your country is having a law requiring all citizens to declare Bitcoin ownership...maybe there is still no such a law yet but what if there is...would you follow that law and be open about your engagement with cryptocurrency or would you choose to just ignore thinking that anyway the government can have a hard time detecting your involvement with it?

In the next few years and as Bitcoin (and cryptocurrency in general) would be more and more popular, there would be more clashes on many pivotal issues regarding laws and regulations focused on Bitcoin. What we are witnessing this year is just an introductory phase on many things to come...so brace yourself and be prepared for the ride of your life.

Welcome to the Bitcoin generation...where all sides are on edges!



Bitcoin is not legal or ban in our country but if this law will impose by our government then i will abide the law because it just applying a business permit of a certain business. If we will not obey the law we may face the consequences and the government may forbid us of using the bitcoin in which is the most difficult situation because we will miss the chance of earning both bitcoin and altcoin.
sr. member
Activity: 518
Merit: 257
October 02, 2017, 03:45:30 AM
#39
I think Govt. can impose such law as central authorities are quite insecure with the incremental use of bitcoin as a payment mode. People are adopting BITCOIN in order to secure their privacy, saving taxes and transaction charges etc, so imposing such law is contradictory with the concept of bitcoin. I think we should prepare ourselves and plan according to face such situation in near future.
legendary
Activity: 1358
Merit: 1565
The first decentralized crypto betting platform
September 30, 2017, 11:53:15 PM
#38
There's no such law in the EU, but if there was I'd outright ignore it. What's the difference between them wanting me to declare my BTC and them wanting to read my emails, know what i'm eating for lunch and what arouses me in bed?
I was asked once by a friend what I'd do if I had any superpowers and my answer was: hide. If you share anything with the government they'll find a way to fuck you in the ass. If you had any powers and let them know the next day you'd find yourself locked up, or worse, on an operating table.

You are talking as if the EU had the same laws in all countries and one tax agency to enforce those laws. Nothing further from the truth. There are different tax laws for each country, but what’s more: in my one there are differences as to if you need to declare them in different regions.

So, if my total net worth (wealth) was higher than 600.000 euros, I would be legally obliged to declare bitcoin. What I would do in such a case, I don’t know.
hero member
Activity: 1778
Merit: 520
September 30, 2017, 01:09:55 PM
#37
I think it will be really difficult for the government to implement such law in reality. It will be difficult to trace the transactions and to identify the defaulters, as the identity of the user will be anonymous until they reveal it by their self.
member
Activity: 296
Merit: 12
September 26, 2017, 06:21:47 PM
#36
This is such an odd question because the purpose and beauty of decentralized currency is meant to be exactly that. Don't know why people would want bitcoin ownership.
hero member
Activity: 826
Merit: 508
September 26, 2017, 04:44:33 PM
#35
This is no different than two questions that have already been asked of "our" people.  To declare all guns that are owned and to declare all Gold that is owned.  Legal to own, but it easily allows the Gov to come and take them whenever they decide to.  BTC would be no different.  They know about half of my guns and nothing about Gold.  They do not and likely never will know about my BTC unless I cashout over some legal amount (probably 5K - 10K) that would become law.  I would try for multiple smaller transactions over one transaction if possible.
You are mistaken. Everyone who uses their Bank card to exchange bitcoins can be easily tracked. Unfortunately, most users are forced to use such operations in order to buy something with bitcoin. At the moment, the anonymity of bitcoin is only a dream.

You raise a good point, but this is not entirely true. One method is to use Bitcoin ATMs -- most require no KYC information, and one can cover their face and identifying features while in front of the ATM.

Another method is LocalBitcoins. This is getting harder and harder, as authorities are increasingly pressuring larger traders to enforce KYC procedures. But smaller/casual traders generally don't, so it's possible to acquire BTC in those cases without giving up any personal identifying information.
sr. member
Activity: 630
Merit: 272
September 26, 2017, 06:23:18 AM
#34
This is no different than two questions that have already been asked of "our" people.  To declare all guns that are owned and to declare all Gold that is owned.  Legal to own, but it easily allows the Gov to come and take them whenever they decide to.  BTC would be no different.  They know about half of my guns and nothing about Gold.  They do not and likely never will know about my BTC unless I cashout over some legal amount (probably 5K - 10K) that would become law.  I would try for multiple smaller transactions over one transaction if possible.
You are mistaken. Everyone who uses their Bank card to exchange bitcoins can be easily tracked. Unfortunately, most users are forced to use such operations in order to buy something with bitcoin. At the moment, the anonymity of bitcoin is only a dream.
hero member
Activity: 761
Merit: 606
September 25, 2017, 03:22:37 PM
#33
This is no different than two questions that have already been asked of "our" people.  To declare all guns that are owned and to declare all Gold that is owned.  Legal to own, but it easily allows the Gov to come and take them whenever they decide to.  BTC would be no different.  They know about half of my guns and nothing about Gold.  They do not and likely never will know about my BTC unless I cashout over some legal amount (probably 5K - 10K) that would become law.  I would try for multiple smaller transactions over one transaction if possible.
full member
Activity: 686
Merit: 146
September 25, 2017, 09:48:25 AM
#32
I am not sure if your country is having a law requiring all citizens to declare Bitcoin ownership...maybe there is still no such a law yet but what if there is...would you follow that law and be open about your engagement with cryptocurrency or would you choose to just ignore thinking that anyway the government can have a hard time detecting your involvement with it?

In the next few years and as Bitcoin (and cryptocurrency in general) would be more and more popular, there would be more clashes on many pivotal issues regarding laws and regulations focused on Bitcoin. What we are witnessing this year is just an introductory phase on many things to come...so brace yourself and be prepared for the ride of your life.

Welcome to the Bitcoin generation...where all sides are on edges!

This is a tricky question. There are countries where declaration of assets is mandatory and hiding your assets is a crime. So in case the government discovers unaccounted for assets, they can infer that you got the assets through illegal means. At the least, they will nail you for making a false declaration of your assets. So if it does become necessary to declare your crypto assets, the best option would be to come clean.

If this were the case, then I would opt to just declare my assets. After all, this kind of law would be imposed for national security and AML purposes. As of now, most jurisdictions do not specify on particular cases such as this but surely after some diversification, there would be some rulings and regulations imposed. In such an event, I'd rather go through the hassle of declaring all my assets than having to hide it in the fear of getting your BTC taken away from you or having it declared as illegal.

It may be likely for a law like this to be created, especially with the increasing use and popularity of Bitcoin.
sr. member
Activity: 476
Merit: 254
September 24, 2017, 01:54:25 PM
#31
I am not sure if your country is having a law requiring all citizens to declare Bitcoin ownership...maybe there is still no such a law yet but what if there is...would you follow that law and be open about your engagement with cryptocurrency or would you choose to just ignore thinking that anyway the government can have a hard time detecting your involvement with it?

In the next few years and as Bitcoin (and cryptocurrency in general) would be more and more popular, there would be more clashes on many pivotal issues regarding laws and regulations focused on Bitcoin. What we are witnessing this year is just an introductory phase on many things to come...so brace yourself and be prepared for the ride of your life.

Welcome to the Bitcoin generation...where all sides are on edges!


Declaring bitcoin income will largely dependent on how they want it. In my country, we are far from reaching that point and I am not sure we will get there soon but if we get there, the modalities of how to go about it will be set out and personally I won't have any problem with it because it then will mean they are giving recognition to bitcoin which will then makes it more popular for everyone to use. I am a law abiding citizen and would want it to stay that way.
hero member
Activity: 806
Merit: 507
Trusted Campaign manager
September 24, 2017, 01:05:53 PM
#30
I am not sure if your country is having a law requiring all citizens to declare Bitcoin ownership...maybe there is still no such a law yet but what if there is...would you follow that law and be open about your engagement with cryptocurrency or would you choose to just ignore thinking that anyway the government can have a hard time detecting your involvement with it?

In the next few years and as Bitcoin (and cryptocurrency in general) would be more and more popular, there would be more clashes on many pivotal issues regarding laws and regulations focused on Bitcoin. What we are witnessing this year is just an introductory phase on many things to come...so brace yourself and be prepared for the ride of your life.

Welcome to the Bitcoin generation...where all sides are on edges!

I don't think that such a law will ever come in to existence. It can be a breach of individual privacy and citizens can challenge it in the courts. There are multiple risk factors associated with such a law. For example, if the hackers identify the big holders, they can launch spear-phishing and other tactics to steal the coins. Also, the organized crime syndicates and mafia groups can target these top holders, through kidnapping for ransom or other criminal activities.

on the other hand, it is common for a government to have citizens report large stores of wealth, for the sake of national security. this is the essence of AML/KYc law; individual privacy (as it often does) loses out to the selective security. we cant have terrorists funding massive terror campaigns right under our noses just because we turned a willing blind eye; and the same hand, not scrutinizing in this way could facilitate pornographers and criminals, undermining the rule of law. im all for personal freedoms and protections, but when it comes to money, it always gets much better with transparency. Wink

I think its very easy for any government to make a law in order to declare the ownership of the bitcoins. But question remains regarding the success of such law, as why people will declare the ownership when people can hold the coins anonymously
full member
Activity: 420
Merit: 110
September 24, 2017, 01:03:58 PM
#29
I am not sure if your country is having a law requiring all citizens to declare Bitcoin ownership...maybe there is still no such a law yet but what if there is...would you follow that law and be open about your engagement with cryptocurrency or would you choose to just ignore thinking that anyway the government can have a hard time detecting your involvement with it?

In the next few years and as Bitcoin (and cryptocurrency in general) would be more and more popular, there would be more clashes on many pivotal issues regarding laws and regulations focused on Bitcoin. What we are witnessing this year is just an introductory phase on many things to come...so brace yourself and be prepared for the ride of your life.

Welcome to the Bitcoin generation...where all sides are on edges!


I think at the end of the day you will just have to go for declaring ownership. Reason is that as of now the use of bitcoin is limited so if you want to use it properly in your daily transactions you have no way than declaring it.
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