Topic: Taxes and regulations - page 5. (Read 2216 times)
If seeing and classifying Bitcoin as an asset and then imposing tax on it is what it will take for the whole world to adopt Bitcoin as a legit means of payment so may it be reason been that no matter how good a product or technology may be it will be useless unless it is been accepted and put into use, and Bitcoin is no exception to this rule.
I think the state tax requirement is natural. Something that is likely to be banned, and the only demand taxes, shows that it is not against it. Tax companies may be oppressive in this regard, but ultimately the state will set a reasonable rate. Tax will be charged even if accepted as a means of payment.
Imposing tax on cryptocurrecy depends on the the state or government. Until know, theres a confusion whether crypos are currency or an asset so adding tax on it is still a debate. But there are some countries who impose tax on crypos. See the link below.
https://coinsutra.com/tax-free-bitcoin-countries/
https://coinsutra.com/tax-free-bitcoin-countries/
Paying taxes also serves as a good citizen , crypto currency is an asset and tax should also be imposed and this is the reason why some governments are against crypto because of this tax issues and regulation but for adoptabilty and long term goals of a cryptocurrency abiding certain government policies and laws is a good start to be recognized as legal assets and legal tender.
Today I was on a conference in Vilnius and went on a lecture about cryptocurrencies. I would like to share some aspects which I did't see so clear before. As we know, among those states which want to regulate cryptos, there are those which consider them as property and others as means of payment. The first approach is usually seen when there are tax companies around, because money is not taxed, but possession is. So when a state days they consider cryptos as property, it means they are getting taxed, while this is not the case with means of payment.
What do you think of this?
Even if they consider it as a mean of paymet,there will still be VAT or TVA.Honestly I prefer that countries tax cryptocurrency rather than banning it without making the effort to know what is all about.Also there is some countries that doesn't even tax personnal assets as long as they are considered as "not high risk taking investments" in other words you shouldn't put all your money on it especially if you have a family,their priority is to make sure that investments doesn't interfere with standard "meet your needs" What do you think of this?
I agree only if the government can run and manage the collection of taxes and penyalurannha well, because if the government imposes a tax on the crypto currency means the government has recognized and legalized bitcoin used as a means of transaction or investment commodity
I think about tax and regulatory issues there should be a discussion through ownership of bitcoin forums to find out the reasons why taxes and regulations should be applied.
For me it is just up on the goverments in countries cause in some way if crypto will become more popular than now in most of the countries it will be so hard for them to "earn" anything from taxes like they are "taking" from normal money so some changes in law/ taxes/ regulations need to be done in coming time if this crypto world will be developing that fast.
All countries have their own laws and regulations, as bitcoin can be regulated everywhere the same, if someone does not want it to exist on the territory of the state.
Taxes has become one of the main reasons why politicians want to regulate or stop cryptocurrency from spreading throughout the world as many will lose their main source of funding. But taxes are outdated now maybe we should look for another way of raising money for the development of our countries.New ways of raising money will be better than tax.
There is nothing that we can do against it.
That is why i like regulations, it is safe and good for all of us, at least, it shows that our governments are taking in consideration that there are a lot of scams over it.
I prefer to have bitcoin regulated, but without taxes.
In my opinion. It is mandatory with the law, so be adhered to and followed. I see a good thing in the tax, I just hope that it will go to a suitable place. Regulations may be difficult in this market but that is ok for me instead of forbid us to use electronic money. That is why i like regulations, it is safe and good for all of us, at least, it shows that our governments are taking in consideration that there are a lot of scams over it.
I prefer to have bitcoin regulated, but without taxes.
It all depends to the state where you are belong. This debate will never end that most of us treats bitcoin as traditional assets but there are people who are against with it. With the last G-20 conference, bitcoin has been classified as an asset so I guess every state will follow that declaration but they are also free to think of it if they don't see it as an asset, it's up to them.
At the summit of the "Big Twenty" so far expressed a preliminary opinion that the crypto currency can be recognized as an asset, but no decision has yet been taken.If the state recognizes crypto currency as a means of payment, then in this case the crypto currency may be taxed. We can see this in the example of Japan, where it has been recognized as a legal tender since April of last year and is quite successfully taxed. In Poland, for example, citizens were obliged to fill out a separate document for each transaction and then submit them to the tax authorities.
I think that conference which to regulates taxes for cryptocurrency are not been a final regulations to legally accepted which can base on what G-20 conference because it follows the international law apprehends for every country, and as now the decisions of G20 bitcoin is been classified as an asset so I guess every state will follow that declaration.
It's a pity because Satoshi Nakamoto clearly envisioned a new currency (not an asset). Sincerely, it is fair to consider it as an asset right now but only because of the crazy speculation around it. When mass adoption occurs, cryptocurrencies will finally play their original role, but the tax offices might never consider them back as currencies... So we will probably pay taxes for holding cryptocurrencies while we will never pay taxes for holding a stack of banknotes.
It is quite of an advantage for that to be the reason of people being in Bitcoin anyway. I mean the real purpose of it is to be a currency, but people won't throw in their time for it if it is nothing beneficial for them. Because of the benefit given by its price, people will also slowly recognize it as a currency. We're currently at the stage of adopting yet and I believe that this will be the longest stage that Bitcoin will ever progress at. It will be straight up to the process now when the full adoption has begun.
It is maybe because people as of now see it as an asset, and as far as i know, cash is centralized that is why it has to be taxed when it is in ones possession, and that is the difference of bitcoin when it is a currency, nobody would put taxes on it while you have it, but differently when you use it as a payment, it is common that they will implement tax for each and every transaction made.
States and countries have different tax and regulation laws.
Whatever it is, all cryptocurrencies will lead into regulation whether we like it or not. If countries or states are unable to regulate crypto's it will be banned eventually.
Whatever it is, all cryptocurrencies will lead into regulation whether we like it or not. If countries or states are unable to regulate crypto's it will be banned eventually.
I think about tax and regulatory issues there should be a discussion through ownership of bitcoin forums to find out the reasons why taxes and regulations should be applied.
It's normal, Governments always wants to get its share. Government as an entity isn't much interested in anything else.
Now, how they spend this depends on:
1. Whether they collect money only to provide for themselves, as in my country, or:
2. They collect the money to provide for the benefit of the society, which should be the purpose of the Government.
In the latter case, I hold nothing against them taxing anything.
About your question - Bitcoin shouldn't be considered a property. But that is only my opinion.
But bitcoin is not a property it is just a currency so we need to consider it as a currency if we change the property of bitcoin for someone's benefit then bitcoin may not last long as it could be.Even if it consider it as a currency still governments will get benefit but still it is hard to categorize and hard to regulate so its still the governments and politicians need to make decisions in this case.Now, how they spend this depends on:
1. Whether they collect money only to provide for themselves, as in my country, or:
2. They collect the money to provide for the benefit of the society, which should be the purpose of the Government.
In the latter case, I hold nothing against them taxing anything.
About your question - Bitcoin shouldn't be considered a property. But that is only my opinion.
Actually, it's not a currency yet. "Cryptocurrency" is one of the most famous misnomers these days:
Since it is not currency, it needs to be put in some class and most of the governments decided to put it in the "property" class. All I can say for sure is that it can be considered an asset the same way as a stock is. That is why most of the coins out there are actually not the coins but tokens.
Yes some taxes and regulations are very good to maintain the price and standard of bitcoin and other crypto currencies so my opinion is something is important to develop crypto currencies.
It's normal, Governments always wants to get its share. Government as an entity isn't much interested in anything else.
Now, how they spend this depends on:
1. Whether they collect money only to provide for themselves, as in my country, or:
2. They collect the money to provide for the benefit of the society, which should be the purpose of the Government.
In the latter case, I hold nothing against them taxing anything.
About your question - Bitcoin shouldn't be considered a property. But that is only my opinion.
But bitcoin is not a property it is just a currency so we need to consider it as a currency if we change the property of bitcoin for someone's benefit then bitcoin may not last long as it could be.Even if it consider it as a currency still governments will get benefit but still it is hard to categorize and hard to regulate so its still the governments and politicians need to make decisions in this case.Now, how they spend this depends on:
1. Whether they collect money only to provide for themselves, as in my country, or:
2. They collect the money to provide for the benefit of the society, which should be the purpose of the Government.
In the latter case, I hold nothing against them taxing anything.
About your question - Bitcoin shouldn't be considered a property. But that is only my opinion.
Actually, it's not a currency yet. "Cryptocurrency" is one of the most famous misnomers these days:
Since it is not currency, it needs to be put in some class and most of the governments decided to put it in the "property" class. All I can say for sure is that it can be considered an asset the same way as a stock is. That is why most of the coins out there are actually not the coins but tokens.
There is nothing that we can do against it.
That is why i like regulations, it is safe and good for all of us, at least, it shows that our governments are taking in consideration that there are a lot of scams over it.
I prefer to have bitcoin regulated, but without taxes.
That is why i like regulations, it is safe and good for all of us, at least, it shows that our governments are taking in consideration that there are a lot of scams over it.
I prefer to have bitcoin regulated, but without taxes.
still those problem always being a topic for every goverment in all country to regulation or some of that, in my country bitcoin are not accepted for a transaction with it, and just accepted for the investment or a valueable asset, and still doing some research to begin as a payment
Do you think we should pay a bitcoin tax? Bitcoin managers should also have strict rules to ensure the safety of users. Bitcoin also means that it is legitimate income and a valuable asset.
If its mandated with the law we have nothing to do but to follow. I see a good thing in taxation, I just hope that it will go to a right place. Regulations might be hard in cryptoworld, but that is ok for me instead of banning us from using cryptocurrency.
Bitcoin is mostly seen as possession so it is taxed but I think in the future it will be rather seen as currency and there will be no taxation, it might be about its extreme gains against usd.
how can bitcoin be taxed?and where does it happen? of course bitcoin will not be taxed because bitcoin is in fact not in the control by the tax authorities
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