Bitcoin Forum

The latest ban on Bitcoin by India has raised some questions. Is it wise to simply ban Crypto currencies, when you can keep

it legal and over tax it? Look what the Japanese did with their Bitcoin decision. They declared Bitcoin legal and then started to

over tax it. The Indian government lose all that tax income when they ban it,  but Japan reap all the benefits of the tech and

they gather extra high tax income from their decision. Do you prefer a blanket ban or extra high tax on Bitcoin use?


Most people will say, "Rather give me the high taxes", but I think these high taxes will eventually kill the adoption in that

country in the long run. Why use a Alternative currency, if the tax on that currency or commodity is higher than the Fiat

equivalent? What say You?

You are absolutely right. Most of the traders in India are thinking so. This is a growing technology and as a well techie country, India should adopt it.

Forbidding cryptocurrency I think it is very detrimental to the state itself, because we see for ourselves that cryptocurrencies provide many benefits to the people as well as the countries with tax revenues, and Japan with their technological advancements always support the development of technology.

Its a nonsense TAX something that is indirectly taxed. Bitcoin processing needs a lot of energy and specialized hardware which is already taxed
Talking about minery, mining would be taxed on countries where electricity is subsidized by state.
However, pay taxes in BTC or another crypto would be OK, so thats means its an accepted currency.

For me, what Japan did is better than what India have done. Banning the Bitcoin or other crypto currency would mean Bicoin not even existing on the country. Though the tax is high due to the givernments' implementation of it, it is still ok since what you have taxed will still be earned in the long run and will benefit not only you but the whole country

Placing a high tax on bitcoin is better than banning and this is my belief. Exchanges are earning millions a day from transaction fees from the trading to the withdrawal. Just imagine thousands of people doing tens to hundreds of trades day will make the crypto exchange hundreds of millions monthly. With this at hand it is right to place a high tax since they are earning that much, it is fair and just.

Just for the record, all of the information about bitcoin being banned in India was fake news -- https://www.newsbtc.com/2018/04/07/no-india-not-banned-bitcoin-trading-government-confirms/ -- It was confirmed by the Indian government that this was fake news as well.

But back onto the subject here, taxation is, of course, better then being banned -- so if I was from India, or any country thinking about doing this I'd rather just be taxed on capital gain and such rather then a blanket ban.

Some countries banned bitcoin, because it's simply a threatened way to force bitcoin pay taxes to the government. And for me, if government collected a taxes from bitcoin business, I would rather support it, but I don't agree that there is power of government to control bitcoin.

Tax is a must at some point. It’s always ok to pay tax. I really don’t understand why the imposed restriction on Banks to deal with Crypto. No doubt they have lost a great deal of potential and opportunity.

Bitcoin taxation is what the governments are trying to work out now which is why you are hearing news of bans but in the end they will just regulate the market.

I will say taxation is better than banning it,because if they ban it the user and government have no benefits from it but when they regulate it the user can earn as always and the government also can get benefits from the taxes.But reasonable taxation is the fair option if they want to implement the taxes like 30% or above then just ban it,we don't want to pay all of our earning to the governments.

I wish they should review the ban, lift the ban and introduce taxation bearable to the holders.

The governments will always lose if they ban Bitcoin, they will find out eventually. If country A bans Bitcoin, country A will not get any taxes from hidden bitcoins, because owners of hidden bitcoins will simply leave to country B, which didn't ban Bitcoin, and instead they offered a pretty reasonable tax cut instead of a straight robbery.

As a result, all the tax that country A could have collected, goes all to country B, because owners of Bitcoin in country B will want to buy real state there, and for them it will be worth to pay some reasonable tax in order to buy a nice villa , which you will be able to afford with a single BTC in the next 5 to 10 years.

Yes indeed. It will truly affect the adoption if they put an over taxations. But in my opinion, I think they will put huge tax if the bitcoin price will be higher than 2017 price. That’s the reason why Bitcoin prices collapsed this month amid a flurry of bearish cryptocurrency news, but the mass sell-off may simply be due to investors wanting to avoid the tax. Tax experts say cryptocurrency holders may be rabidly selling off their holdings in order to avoid paying capital gains taxes, which in some instances are substantial due to bitcoin's soaring prices in 2017. However, it’s better to be taxed rather than banning the crypto currencies.

In fact bitcoin can't be banned, you can avoid the use of it so they will ultimately choose to tax it over banning. I don't know why they took this decision now.

I know that the bitcoin is is illegal in the other countries because the government doesn't want it to enter it in their country. Well, it's up to the government because the government have a point to banned the bitcoin because it is untrace able, perfect to make a crime amd also, they might enter in to their country but put some tax

India also banned it????
I guess Asian countries are scared to handle technology or they probably want to keep people back in stone age!!
Highly disappointing.
They will regret this later!