Bitcoin Forum

I have read an article "US Senate Moves to Criminalize Non-Disclosure of Cryptocurrency Ownership (https://cointelegraph.com/news/us-senate-moves-to-criminalize-non-disclosure-of-cryptocurrency-ownership) which about not only BTC but also cryptocurrencies have finally drawn the attention of both the mainstream and the governments.

So, do you think the day will come soon or never happen?

IMO, the government will surely find some way to interfere with a "proper" excuse and tax us because they are leak of money! Their intention is so obvious to make everything "Legal". However, will they success? Will we fight?
Everyone who hodling crypto is not only want profit and financial freedom but also they do not like how centralization works.

Sorry for my poor English. Hope you will understand.

As we speak, governments around the world are slowly making their move against cryptocurrency as it is becoming mainstream. I think It will not be long before they will be successful in their endeavor of implementing whatever that is encompassing their so called "legal actions".  But whatever it is, I also think that this whole thing will prove to be quite difficult to achieve by them since most of the people who are indulging in crypto dislikes centralization.

As I said in a previous post, that bill (if passed) isn't going to end up doing anything, it's just a scare tactic to the entire crypto community telling us that the government does have the ability to screw with us if they'd really like to. Enforcement on that is hard, and won't happen. But the thing to note here is that they can regulate us.

If the government feels like we are hurting them, or hurting the people that pay them the big bucks in political donations (financial instutions ie banks) then they're going to tax us and regulate us into oblivion. They have the power, and they will use it if need be -- and there's nothing we can do about it.

So yes, if need be.

Fight for what? Though we fight against the government, we will lose. Their "soldier" is bigger than us, there is banks, ministry, president, and more, they all act in the name of protection for the people. I'm sure they are planning something, so cryptocurrency can give an advantage to their country and not kick the bank out.
And maybe someday you must pay your taxes or you will go to prison because you have 1 or 2 bitcoins :D

I think we are already hurting them in a way no one really doesn't see. In some countries, bitcoin is being regulated only because "it can be used on illegal doings" is their excuse, but I think it is not actually the reason. But either bitcoin can be a threat on central banks, which government doesn't want to see. That is why bitcoin regulation is being implemented on some countries. And if bitcoin regulation is done, taxation is nearly coming. For me, at this moment, those who implement bitcoin's regulation are now moving to put tax on bitcoin, I knew they had the power but I just don't think it's enough for now. So let's don't worry for now.

If a country exercises democracy then legalization of bitcoin and other cryptocurrency will be a long process. However, I think they have the rights to tax bitcoin earnings since funds of government came from the taxes of people. Government should have services in return for taxing bitcoin to make users agree with the terms they will impose for legalizations.

I think it can happen because the role of government in this country is very important. Whatever decision we can only follow and comply with its rules given. because the decisions and regulations of the government are made only for the benefit of us all the nation that exists in this country.

Wait what? That's ridiculous. Doesn't the US have a bank secrecy law of some sorts? Doesn't this mean that everything is open to their scrutiny now? That seems like a gross misstep and an abuse of power. Citizens still have the right to privacy.

Also, the article states that they seek to criminalize "intentional concealment." Does this mean you have to declare all your bank accounts and crypto wallets to the government? Or will that be only necessary should they request for your info? People are saying that this is going to be a pain to enforce and I agree, but I'm sure not many people would be willing to take part in criminal activity.

I've read an article on a democracy country that the government and local banks is giving a warning to those who make investments in crypto and maybe who knows that they were also planting to interfere by putting taxes on it. But in my opinion they are just doing it for the purpose that some banks might get bankrupt if the poeple continues to invest in crypto and the used of banks will be less in need.

Maybe they will interfere by putting taxes. but it depends on a situation. In our country, the bitcoin users is not as other countries income on bitcoin, and it should be taxed, but it has no problem because their government support bitcoin, and bitcoin has own network, without government involved. But other countries banned bitcoin, because maybe they feel that bitcoin can cause problem to their economy.

in my country the government is already making attempts to tax work with the cryptocurrency. However, you can still earn and not pay taxes

That's what russians are afraid of since they've heard that Putin is gonna legalize crypto in Russia.

This is different, it is not about taxation.
Taxation happens when you sell your coins at a profit (already in place in the us where they are views like commodities stock) or when you make purchases in country that have VAT.

What is proposed with this bill is that you have to declare how many coins you own , and this is actually a bit too serious.
I doubt it can be enforced, as you can hide a privkey for a wallet even in a painting or in a 1cm steel tube in a hole in the garden, but  what happens if you get caught?
Going to jail and doing time for a few years because you haven't declared 100$ in crypto?

Besides, it can get pretty nasty with people holding wallets , somebody can out of pure generosity send you 1000$ and then there is a know at your door.

Most likely, I think the only way the government can regulate bitcoin is by means of taxation, just like when you order a coffee and pay through bitcoin part of it will go to tax. I believe that in order for the government to legalize bitcoin entirely such compromise such as this is neccessary.

To hell with the government, to hell with the bank, do not believe them. Bitcoin is our way to fight them, do not be afraid of what happens later, bitcoin will be a very valuable asset.

Surly, investment moving toward bitcoins from lost of big institutions in previous few months, so all govt. have to explore the ways to tax on bitcoin to increase their tax base. Though, it is not  a easy task. Most of country Governments are exploring all the possible ways in silent manner.

I'm afraid it's not going to happen with that kind of thinking.
How is this going to be a valuable asset if this stays the way this was forever?

There are too many ways to regulate this like:

• The Government will act as the main wallet holder, the addresses will be issued to the holders (users/consumers/merchants) with licences at the same time.

At this point, us at the moment will either register their wallets for licences or stay under the radar.
Its our choice... at the moment in that point.

• The Government makes their own Digital Currency as an alternative to fiat as the future of banking system. Making Bitcoin still active but with lower number of users.

Either way, they will make an action to whatever that will benefit their county.
 (

Yes even the governments that haven't as of yet definitely will do something soon. You think governments are going to let there people trade outside the system and not get a piece of the pie. That's why anonymous currencies will be more valued in the future. Move underground on to the TOR network coins guys and they won't even be able to trace your movements let alone tax you.

Yes, I agree Bitcoin is a very valuable asset but as long as there's always the need to convert bitcoin into Fiat currency the government will always find a way to interfere. The whole chain from Bitcoin storage down to when it's spent on something need to be as anonymous as possible to avoid any possible government interference.

The government has noticed that the money market has a huge profit, so they are all going to set the rules for tax.

Yes, of course. Because while the price of bitcoins is rising at the same time its popularity. So the government will definitely know it and make it a way for it to be taxed. But do not be afraid of it because we can make our withdrawals easier and we will not be afraid to get arrested by the government because we are paying a tax.

Observing the rise of bitcoin usage certainly government can think of it to bring an interface and also can levie tax on the users. Bitcoin is a lucrative job so government may think to collect taxes,  so that they will get sufficient money  from it. Bitcoin is a decentralized money as of now no government is collecting tax from users, so in future may be chances are there.

This is a huge line of action for government which they would want to tap into because imagine charging a capital gain tax of just 10% on sale of bitcoin. Let's also imagine someone who bought at $1000 price is now $14000 which means government will get a tax of $1300 which is even more than the initial amount investment.

With the above room to increase the tax revenue, there is a dilemma because of the beclouded judgement of using bitcoin to finance criminal activities and until they are able to get that in check through various policies and rules, they would definitely interfere in the near future.

You know what they say about Death & Taxes - They are unavoidable.  :P

Some people seem to think that Bitcoin is some magic technology that can be used to avoid paying taxes and they are very wrong about that. Even if Bitcoin is pseudo anonymous, you still have to explain your financial situation when you get audited by the tax authorities. < If you buy that new Tesla on a $1000 income, the authorities will ask the uncomfortable question : Where did you get the money to pay for that car? >

I feel like we are already running a parallel economy. Non govt in world will entertain this. Without giving tax to any country's govt, we are dealing and without taxes every country is getting into worst situation. Many countries who are promoting digital transactions, are getting worst hit with crypto currencies. Very soon we can expect huge countries shaking hands to curb investing into these coins.

I'm glad to hear that not everyone has been loaded into this illusion...indeed, we really can't hide and live apart...our situaton will somehow be explained...in that case I feel like a criminal

It is definitely possible considering that the price of bitcoins currently are no doubt, not a joke. The government may interfere by imposing tax regulations and prohibitions especially when prices are beginning to skyrocket. Though this may be relative to the country, the government are slowly approaching the cryptocurrency world and are making there move by influencing a lot of big companies. Expect soon that the government will interfere and might hinder us from earning more bitcoins due to obligations and other tax implications.

Bitcoin acts in a way where transactions can be done privately and the security system is high. The government cannot just pry into and in their view, it is just a scheme to intimidate people.

Well thats certainly a good question, because as some governments are forbidding the use of BTC in their territory, others are increasing that. In the other hand, last december the potential list of financial system threats was launched by the US Government where, to our surprise, Bitcoin was barely mentioned, evenwhen a lot of big people in the world of economy has manifest, the same year, their concern about the cryptocurrencies, as Jamie Dimon, who last November was expressing how he thought cryptocurrencies where going to collapse.

The US Government just spoke few of crypto, based on low impact: there are not many people using the Btc and the global impact in the economy system is lower than 1 billion, so, for now, they think they don’t need to be concern at all. But will the new report be the same? I don’t think

so: everyday thousands of people begin using crypto. Next year, probably, the impact in global economy will be very, very different, and within it,
maybe they will make some different choices.

Yes some countries started to regulate cryptocurrencies,soon they will give us another problem to be faced.

This is very alarming it will start in the u.s then many countries will follow its like we are going to back to the fiat system.

I do not think that everyone will be able to! yes they are in my opinion and will not bother. why do they need it?

I think it will, and now Japan and South Korea are ready to tax bitcoin. That could be a good thing for bitcoin. They acknowledge the legitimacy of bitcoin and will help the development of bitcoin.

Well, I think that the government is not up to something that would put a stop to bitcoin directly as I believe that they can also see the effectiveness and how it can change and add to the economic sector of a country. But for it to be legitimized it needs to be regulated and one part of regulating it is to tax it and have the government be involved in its implementation

Trump’s tax cuts for the big corporations and the super rich have caused dept to shoot up to the moon. Taxing crypto trading maybe a way to offset the mounting debts, especially with many of the wall street donors to the establishment government on both sides (the GOP, and also DEM “swamps”) being opposed to cryptos.

Trump was also talking about solving the debt crisis by printing more money.. saying that it is easy.

Looking at the mounting debt, I personally have no confidence in the health of the USD and other Fiat currencies that are strongly tied to it now.

Hopefully, the taxing of crypto trading would reduce the volitality and pump and dump tactics? Hopefully.