Russia has not legalized cryptocurrencies yet. but the government already wants to tax miners and also impose taxes on traders. Therefore, even if cryptocurrencies in Russia are allowed, it is only for people to pay taxes to the treasury.
Politicians and officials of the highest rank of Russia over the past few years have talked a lot about legalization of cryptocurrency, but their opinion was too controversial to create a general opinion about the prospect of its circulation in this state. Putin determined the deadline for the adoption of bills on cryptocurrency in July, then this deadline was postponed to October. However, the year is ending, and no laws have been passed. Or maybe they will eventually adopt a bill that has been under consideration in the State Duma for a very long time, establishing criminal responsibility for using cryptocurrency as a means of payment, since the Russian Constitution, in this state indicated that the only means of payment can only the ruble. So where is Russia going in relation to cryptocurrency?
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The Israeli Tax Authority (ITA) is cracking down on cryptocurrency tax evaders, and has reportedly issued warnings to “hundreds” of Israeli crypto enthusiasts.
Per Israeli news outlet Calcalist, the ITA has “unilaterally opened tax accounts for hundreds of Israelis identified as having cryptocurrency-related revenues.”
The report says that it has identified individuals it suspects of failing to report their earnings, and quotes an unnamed official “familiar with the matter” as stating that citizens “who travel abroad frequently without having the requisite funds on paper, or those who own over three apartments” have been sent warning letters.
It is interesting how this Israeli tax authority will check the observance of the tax laws of this country by individual citizens. So far, the tax authority has sent a warning to those who, from the point of view of this body, do not live within their means - they often go abroad or have a lot of real estate. However, it is not at all necessary that these persons have an income from cryptocurrency. While this is a warning about the voluntary payment of taxes. How will the government act if these citizens do not show their profits in cryptocurrency? This question is of interest to many, since it concerns the possibility of determining the object of taxation in cryptocurrency and its enforcement. The question is in principle: is it possible.
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Every day more and more ICO collect money, and then disappear. Do you think we need sanctions for ICO?
In my opinion, the hype with ICO projects has long ended. This year, ICO is experiencing great difficulties in raising funds. This is due not only to the long period of falling cryptocurrency market, fraud among ICO teams, but also to the large number of KYC checks carried out against bounty hunters, especially if such checks are carried out at the end of the ICO or even after its completion.
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Some bounties requires KYC while some don't. It's just to ascertain that you don't belong to countries that are restricted in crypto activities because of their laws.
In my opinion, so that the ICO team is not responsible for the fact that someone became a member of the ICO from countries whose governments forbid their citizens to participate in the ICO, it’s enough to warn them in their documents and that everyone who joins should press the appropriate option that he knows that. It does not necessarily require confidential data from us. In addition, bounty hunters cannot be considered as clients of ICO projects at all, since they do not invest their money in ICO projects. However, in any case, a KYC check should be carried out for bounty hunters before joining the ICO signature campaign so that everyone can assess their ability to pass such a check. For example, I can not provide documents confirming the fact of residence at the place of registration. since I live at the place of registration. Therefore, to work for free, then at the end of the ICO to find out that I will not be able to get through KYC, I do not agree.
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The world of cryptocurrencies truly fascinates me. How can it not? I’ve never seen so many people this excited about the concept of virtual currency before. Even the dialogues in this forum are very dynamic and of course, informative (I might have picked a few tips here and there ). I know these coins have proven to be very good investments and I’ve read so many success stories already about people making a huge profit out of this. But would there be enough space for all these ICOs and coins to co-exist? Do we need this many coins? Or are you foreseeing a future where we will be using only one virtual currency? Of course, in the future there will be a lot of cryptocurrency. Probably a lot more than there is now. Their application is very diverse, so each of them will occupy a niche in our physical world. However, this process will be very long and difficult, since governments are generally not interested in implementing decentralized cryptocurrency.
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Hello everyone, I have seen many failed projects recently. I have received many emails regarding investing on ICOs, so is it still a good time to invest? I didn't made good with my earlier investments. Is there still a future for ERC-20 tokens?
The future of ERC-20 tokens, of course, is. However, this is not the time to invest in ICO projects. The cryptocurrency market is now in such a long stagnation that the activity of investors has fallen very much and it is very difficult to collect even the minimum amount of funds in the course of even promising ICO projects. In addition, due to difficulties with ICO projects and earnings, as well as the dominance of KYC checks after the end of ICO, bounty hunters also partially stop their activities and this also adversely affects the possibilities of successful ICO. In general, now is a very unfortunate time to invest in ICO projects.
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No, the cryptocurrency is not capable of making the world digital, since it cannot replace the usual currency of various states. It can only go in parallel with the usual currency for many reasons, and above all because of its high price volatility. But in general, it is still too early to talk about it. Cryptocurrency is only developing and what it is transforming in the future is difficult to say.
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Bitcoin will dominate the market for many years because it is the most adapted crypto in the world. However time will come when bitcoin will lose it's top position and then we will see new coins rising to the top.
In my opinion, up to ten years into the future bitcoin still dominates the crypto market. But after that the situation can change, because there are several altcoins whose positions are getting stronger, such as Ethereum (ETH) or Dash (DASH). The crypto market is indeed dynamic, because its users are not fanatical about one coin but are interested in coins that provide benefits. Bitcoin's price dominance over other types of cryptocurrency will disappear much earlier than ten years later. I think that in the next two or three years. The cryptocurrency is really developing now and will be developing very dynamically, there will be a lot of promising coins and tokens on the market, and therefore the price between them will gradually level off. This will happen regardless of whether someone likes it or not.
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If the cryptocurrency market falls further in January-February of next year, it will be very bad, as the panic will intensify even more, many will leave the market, dropping their coins and tokens at these very low prices. Because of this, stagnation in the market will last at least until the second half of 2019. Events after this are difficult to predict. If the states, at last, begin to regulate cryptocurrency and especially the activity of ICO, then this can revive the cryptocurrency market.
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In any case, I view this information as very positive. In my opinion, it would be nice if the cryptocurrency did not apply to securities and no longer fell under the jurisdiction and influence of the Securities and Exchange Commission (SEC), which, I think, is too hostile to cryptocurrency. Davidson’s “light touch” rules regarding ICO regulation would be very useful. Cryptocurrency and ICO should be moderately regulated by the state and there should be a unified approach to the legal status of cryptocurrency.
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Interesting point of view. I'm on exactly opposite end - I'm going deeper with ICO's this year.
Your points are pretty valid, but this mean you just need to be more peaky where you are investing. And I'm always and only buying during the pre-ico phase, avoiding those ICO's with massive pre-sale.
I think that those who invested this year in ICO projects or participated in ICO bounty campaigns have earned almost nothing, and maybe they have suffered losses. This year was a very unfortunate year both for ICO and for bounty hunters. Of course, individuals may be more fortunate, but I think that this is rather an exception to the general rule.
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Interest Ask. For the last two thousand years, mankind has perfected financial relations, as a result of which banknotes of various countries appeared, and here they suddenly declare that it turns out that we were developing completely in the wrong direction and that we absolutely do not need national paper money. I dare to assure that the national money of the states will exist as long as the states themselves exist. Cryptocurrency will not significantly affect the circulation of paper money of various countries.
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Banks very quickly and sensitively react to changing conditions in the field of financial relations and therefore you should not worry about them. They will never miss their financial gain. In addition, even if they would not use blockchain technology in their activities, they would still continue to work successfully, since they are actually under state protection. However, they quickly began to switch to the use of ripple cryptocurrency.
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Over the years cryptocurrency has evolved into a global currency but governments are trying to sweep it's relevancy under the carpet. We all know that the eyes of the community are now opened to the importance and blockchain technology.
What baffles me is why are the government making lives difficult by banning or limiting it's use? Is it because it threatens the political power or are they scared it will improve the global economy or force the traditional banks to reduce their ridiculous interests rate which we have been robbed of for decades now.
What is your take on this and what do you think will make governmental bodies to finally accept crypto?
We cannot force governments to accept and legalize cryptocurrency. Financial relations are among the main ones in society and the state will never rush to make risky decisions in the field of finance. Moreover, agree to the circulation of very high in the price of "alien" and "no one's" money. Moreover, when Bitcoin rises to transcendental prices, it goes down in price by 80 percent. If you look, the government does not need such risks.
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Well, i just thought, if bitcoin become a currency of one Country, maybe it can destroy that country? Think of it, Bitcoins do not have a tax, and tax are used by the government to make that country a good one, without tax, what will be used to spend and make that country a good one?
What do you think?
Bitcoin will never become the official currency of any state. No state will ever give up its national money, because it is on national money that the economy of any state keeps and develops. If the state switches to the use of a foreign or "neutral" currency, which cryptocurrency is actually, then this will be very detrimental to the economy of such a state. However, it will not fall apart if it again switches to using its own currency. Cryptocurrency can have a positive impact on the state’s economy if it goes along with the national money of the states. This will happen in the future.
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Comming from a 3rd world country, many opinions around but not certain. The country gov. doesn't have official statement about crypto. There is a law that you cannot own a bank account abroad and that you can't own stocks outside of the contry. But i think crypto doesn't fit into stocks sector. What are your oppinions?
Cryptocurrency is not a bank account abroad and no shares. If the cryptocurrency is not regulated by the states, then as a general rule, it can be called a legitimate activity. According to the laws of most states, any business is considered legal if there is no special prohibition against it.
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Even if the miners stop extracting Bitcoin due to the further disadvantage of this process, I do not think that this will result in the death of Bitcoin. Over 18 million bitcoins have already been mined and they will continue to be in circulation. However, even suppose that Bitcoin disappears, it will not mean the cessation of the existence of cryptocurrency. However, I do not see any real danger for Bitcoin.
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What is the point of discussing this if it happens around 2140 and none of us will live to that time? Most likely, nothing significant will happen. However, most likely, the situation will change dramatically in 120 years and the last bitcoin will be extracted much earlier, or the need for this will disappear for various reasons, including due to changes in cryptocurrency technology and technical capabilities.
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I think that the price of Bitcoin will not go lower already and will not fall to 3,000 dollars. The danger was a few days ago, when Bitcoin rapidly began to fall in price and dropped below 4,000 dollars. Now the situation seems to be gradually stabilizing, although it is precisely before the new year that it can be deliberately lowered again in price. In general, the situation is now unpredictable and there may be various variants of Bitcoin behavior.
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These are still consequences of pumping the bitcoin price at the end of last year. Now whales, of course, take advantage of the current situation and aggravate it so that more cryptocurrency holders throw off their coins and tokens at these low prices. Most likely, only after that we will see a good rise in the cryptocurrency market. It may be soon, but if at the end of the year we do not see a certain growth in the cryptocurrency market, the price situation will drag on for a while.
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