Italy Wants to Treat Bitcoin as Currency And Tax It

[Milkduds]

The whole concept of taxing bitcoin is where I get my knickers in a twist. For me bitcoin is about creating a field outside of the government,where I can make money and not be hit over the head with taxes or scrutinized come tax time for every odd number in the forms.
Seems like the Countries pushing forward all want to get their piece of the pie and has nothing to do with keeping bitcoin rolling towards mass adoption.
With any movement I will cross my fingers I am being that glass half empty kind of guy to often.

[coinzat]

how are they going to tax bitcoin ? someone may have bitcoin and never tell anyone about his address. I really wonder how they can control or monitor bitcoin transactions so they can tax it ?

[Barbut]

Any legalization is good for bitcoin, more people will trust in blockchain after few modern states accept it officially. About taxing I`m not sure what to say, that will not be so easy I think. They will try to tax shops and then shops will make prices higher cause of that. I don`t see other way for them to tax bitcoin.
If bitcoin users are anonymous, how they will find someone who is using VPN or TOR, or something else? That person can hide his work on internet, how will government find such person? And can they check everyone? To many unanswered questions about all this taxing.

[Kprawn]

If Bitcoin are not taxed, people would use it as a loophole to avoid paying taxes. This will then result in a banning or over regulation from

the governments. If you tax it from the start, you will avoid conflict in the future with the tax authorities. Pay VAT on your transactions and

pay Capital Gains on your profits, and you will be left alone. 

[PremiumCodeX]

I find that an interesting idea. I am still wondering how they could tax a currency whose one of the best features is the high anonymity that it provides to the owners.

[hero1111]

Italy wants to treat bitcoin and tax it if they want it ,i think this can be good for bitcoin and it is mean   government of italy  will except bitcoin and they will allow to use it for every area in the future but there is a problem  users of bitcoin dont want to share thier identity  and how can  government of italy will handle it , i wonder too?

[Sharma]

On September 2, Agenzia delle Entrate, the major Italian tax authority, published a new document titled “Bitcoin and digital currencies buying and selling: clarification on the tax treatment” about the fiscal treatment of Bitcoin and how VAT would be applied to digital currency transactions.

The document states:

“Traditional currency intermediary activities made with virtual currencies held by market participants are exempt from VAT, as they are among the transactions related to banknotes and coins.”

Source : https://cointelegraph.com/news/italy-wants-to-treat-bitcoin-as-currency-and-tax-it

I'm not sure If it's something to be happy or sad about ? (treating bitcoin as a real currency and in the same time .. TAX IT) but well I guess that by the end of the day , Bitcoin won't go mainstream unless it is taxable.

Even if government tax is the cost we have to pay to make bitcoin mainstream,I dont see any harm.Once bitcoin goes mainstream,its value will rise too high and almost all of us would become rich.Paying taxes when you have fortunes is not bad

[cr1776]

It will be mean that Italy will approve bitcoin for their government and I think it is much better as with that bitcoin will also get a full support from the governments and the price will increase more higher.

absolutely right, we will see that bitcoin is trusted by government field. the government would guarantee bitcoin and then bitcoin will be developed in the community italy.

How will the government "guarantee bitcoin"?   

[Milkduds]

On September 2, Agenzia delle Entrate, the major Italian tax authority, published a new document titled “Bitcoin and digital currencies buying and selling: clarification on the tax treatment” about the fiscal treatment of Bitcoin and how VAT would be applied to digital currency transactions.

The document states:

“Traditional currency intermediary activities made with virtual currencies held by market participants are exempt from VAT, as they are among the transactions related to banknotes and coins.”

Source : https://cointelegraph.com/news/italy-wants-to-treat-bitcoin-as-currency-and-tax-it

I'm not sure If it's something to be happy or sad about ? (treating bitcoin as a real currency and in the same time .. TAX IT) but well I guess that by the end of the day , Bitcoin won't go mainstream unless it is taxable.

Even if government tax is the cost we have to pay to make bitcoin mainstream,I dont see any harm.Once bitcoin goes mainstream,its value will rise too high and almost all of us would become rich.Paying taxes when you have fortunes is not bad

The idea that every one is willing to give up privacy for more global appeal is the fine line that divides those for profit and those that are hoping to change the system. Lets not presume that every one is wanting to hand all their details over to make some economic gains.

Taxing the system is a half cooked idea and if they do have a way to track then it is a bad spot for all the internet as well. It would mean that they can track all movement and not just bitcoin.

[DomainMagnate]

very stupid move by Italy government.How can they tax a money?They may apply income tax when bitcoin is converted to fiat

[Hannu]

Yep,

Finland you have to be own company a burden 

[Marma Kalari]

It is still debatable whether cryptocurrency can be called a currency or a commodity,different country will take different stand on this,i thing it is high time to take a decision as these virtual currencies made millonaires all over the world and the government want to tax them. This is how economy works,if someone makes money somehow the government will find a way to tax it.

[Hannu]

It is still debatable whether cryptocurrency can be called a currency or a commodity,different country will take different stand on this,i thing it is high time to take a decision as these virtual currencies made millonaires all over the world and the government want to tax them. This is how economy works,if someone makes money somehow the government will find a way to tax it.

I have dream to invest example XMR or ETH mining power so i can make 24/7 money + low payed job(?) Money is solution many and many problems

Everything cost something, even funeral is not free and placing your grave and doom stone is what your social class and status on that moment. 

[Velkro]

On September 2, Agenzia delle Entrate, the major Italian tax authority, published a new document titled “Bitcoin and digital currencies buying and selling: clarification on the tax treatment” about the fiscal treatment of Bitcoin and how VAT would be applied to digital currency transactions.

The document states:

“Traditional currency intermediary activities made with virtual currencies held by market participants are exempt from VAT, as they are among the transactions related to banknotes and coins.”

Source : https://cointelegraph.com/news/italy-wants-to-treat-bitcoin-as-currency-and-tax-it

I'm not sure If it's something to be happy or sad about ? (treating bitcoin as a real currency and in the same time .. TAX IT) but well I guess that by the end of the day , Bitcoin won't go mainstream unless it is taxable.

Well that would be amazing news. Oficially recognized but country. Regulated in positive way, well lets hope its real deal.

[calkob]

If people are smart then there will be plenty of ways around this and in the future we should be able to achieve anonymity 

[LTU_btc]

Government of my country wanted to tax all online currencies : Paypal, Webmoney, Payza and others, cryptocurrencies like bitcoin. If follow them offer, we would to pay taxes for gambling or sports betting money. This is ridiculous. Good that this offer are rejected.

[Doamader]

Well the Italy just wanna collect more fees and they are see digital currencies are mooving a great volume of coins soo they will or wanna tax them, they will know who has bitcoins because the banks, each deposit make at exchanges will be a proof for them, with this maybe the local trades may happen more to avoid the control of the governement.

[pooya87]

this is only good news. whenever a country legally announces (or planning to announce) bitcoin as a legal currency, it means more businesses and merchants can start accepting bitcoin as payment easily. and that will help the mass adoption a lot.

[avikz]

This decision will have its pros and cons both. The good thing is that the bitcoin will be hugely popular and many people will start exploring its possibilities. Which will help to spread the awareness about bitcoin and will help in price increase.

However, on the other hand if the government start taxing it, then the anonymity will be gone and people will have to hand over their fortune to the government. But I guess, adapting bitcoin as a currency in a country like Italy, will help bitcoin in long run. 

[goinmerry]

Oh crap. It is starting. They are seeing the money that they can get from it. This is what I am scared of.  Then other countries will start questioning "why dont we do that too?"
I dont think this is a good thing. Government dont think good first. It is the money which is the priority.