Singapore Says they found a way to tax Bitcoin, I say bullcrap scare tatic!!!

[zolace]

Means casinos and are gaming sites soon will fall due to these regulations, and other business will start to get taxed cause bitcoin they decided they can call bitcoin a product, but we call it virtual currency.

Here is link

http://venturebeat.com/2014/01/10/singapore-clarifies-tax-on-bitcoin-exchanges-and-sales/




Short-sighted and kneejerk policy, without giving much thought to what Bitcoin/Litecoin actually are and how they will be used 2, 5 or 10 years from now. Doesn't address income from mining at all, causes people to potentially be taxed multiple times on the same money...it's inelegant and poorly thought-out, done with the the clear desire to avoid acknowledging Bitcoin/Litecoin as currency.

"Legal tender" is such a smokescreen. Anyone can use anything to pay for goods and services, if the vendor of said goods and services decides to accept it as payment. The writing is on the wall, and they know it...the world is losing its taste for government-issued fiat and central bank mismanagement and abuse.

[Lethn]

Please stop trying to spread panic, it's actually just getting amusing now, this article is about how the Singapore government is legally defining Bitcoin rather than actually being able to regulate it, as people have speculated on these boards the only way somebody could probably attack Bitcoin is with a quantum computer lol, they aren't going to be able to tax it, not directly anyway the technology just doesn't allow for easy confiscation or centralised interference.

[zolace]

Please stop trying to spread panic, it's actually just getting amusing now, this article is about how the Singapore government is legally defining Bitcoin rather than actually being able to regulate it, as people have speculated on these boards the only way somebody could probably attack Bitcoin is with a quantum computer lol, they aren't going to be able to tax it, not directly anyway the technology just doesn't allow for easy confiscation or centralised interference.

 I was thinking there is no way. Seems like the asians are trying to devalue bitcoin with these scare tactics

[Kiki112]

I have no idea how would they even be able to do this o.O
There's  no possible way to do this, except to track ATM withdrawls but you could still do hand-to-hand exchanges which wouldn't be taxed

[Sindelar1938]

This is actually good news
Taxation in some form was inevitable