Italy Wants to Treat Bitcoin as Currency And Tax It

[JeffBrad12]

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.

Because they are know all of your listed is already contain a lot of money, and so greedy... but otherwise in my region, but considering from the op will be a bad news maybe the another country will following them too.

[1715694793]

1715694793

[Carlsen]

I'm not sure what to think of that news.
If a company  holds bitcoins at the end of the year, they have to pay taxes on them.
Do they have to pay taxes at the end of the year if they hold dollars or pounds as well? Somebody knows that?

[Herbert2020]

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.

i think it is mostly a happy news.
nobody likes paying taxes and if the laws are not to strict and harmful to the businesses i don't think they would be so unhappy about it either.
although i have seen before that in US some of the businesses had to move headquarters out of there and move to other states because of the regulations.

but i think eventually everywhere will become the same with regulation laws and bitcoin will become legal currency in the near future which can help adoption a lot.

[daneranon89]

Get this guys:

Penalty is a fine you pay for doing the wrong thing.
TAX is the fine you get to pay for doing the correct thing.

Which mean the Government will take a some money from you whatever you do. It's how the world work.   
Charging tax by the government seems good for bitcoin as I feel that they have recognized bitcoin and has accepted it as a commodity rather than currency.

[lady Royal]

Well i don't want to see Bitcoin as Currency.

[Dudeperfect]

Well what do you expect? Nothing can escape the government's hand in taxing anything. To be honest with everyone, I do not want bitcoin to become mainstream. Experimentation and pushing the technology forward should be the top priority, not making money. So a bitcoin that is not defined by any government entity and free to become what it is meant to be is more valuable to me than BTC going "to the moon".

That’s exactly what I want to happen with bitcoin. Yes, I get profits out of it but more than that I am influenced by this amazing revolutionary technology and I want it to be used by everyone and having monetary value is part of it but we shouldn’t treat it like a money machine. Sadly most of the users focus on money part rather than technology aspect.

If someone asked me what will I choose from ‘1 billion bitcoin users with $1,000 bitcoin price’ or ’$10,000 bitcoin price with 1 million bitcoin users’ then I would choose first option without a second thought.

[Kakmakr]

Did you even think that any government will miss out on the opportunity to cash in on a multi Billion dollar technology, where they can leech some extra tax income? Bitcoin represents a new source of income for them, and they will zone in to it's potential.

This is not entirely bad for Bitcoin users, because merchants and businesses rendering services needs to operate within clear legal frameworks. If Bitcoin was not clearly defined as a currency, nobody would want to touch it. The only way they will touch it, is when they work through payment processors, where Bitcoin gets converted to fiat currencies.

Now, these companies can deal directly with consumers and third party payment processors can be bypassed. This eliminate extra fees, which makes Bitcoin transactions cheaper. ^smile^

[btccashacc]

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.

They will taxed exchanger or people in that site, most exchanger right now use kyc for verification purpose so it's really simple for government to trace who are behind that address, according to the article for the individual user, they will not taxable when the total stock of all the foreign currency deposited in their accounts is less than 51.645,69 euro for at least 7 days but if greater than that they become taxable.

[Xester]

Just look on the bright side of it.  If they will legalize it then many will benefit from it.  Taxing means it is acknowledge by the government.  And would you not be proud that bitcoin will help your country through tax?  Anyways, even if they will tax it, hope that it would be little.  I think if it happens then bitcoin price will boost and many will demand it.  Many will use it so other part of the world may adopt also the concept of treating bitcoin as currency.

[entrepmind23]

Since bitcoin is becoming popular and they can see that many are benefiting from it having minuscule charges so the government will really find a way to benefit also from it. It's advantageous for bitcoin users having no tax yet to its transactions and if this would push through then many may want to shift back to fiat if the government will implement it. But it may be hard for the government to trace every transaction of the users because it has many addresses and its hard to track also the user because of its anonymity.

[Fredomago]

Just look on the bright side of it.  If they will legalize it then many will benefit from it.  Taxing means it is acknowledge by the government.  And would you not be proud that bitcoin will help your country through tax?  Anyways, even if they will tax it, hope that it would be little.  I think if it happens then bitcoin price will boost and many will demand it.  Many will use it so other part of the world may adopt also the concept of treating bitcoin as currency.

yes i shared with your opinion putting it to a taxation might help our country to benefits from it and it will be more popular to many possible investors too, the only thing that scared me regarding to this is also the possibilities for the government to try to control it from our country i know bitcoin can't be centralized but government always wants control, lets see if what will happen after most of the countries will do the same thing.

[kryptqnick]

Well, on one hand, it is good for bitcoin, because it is actually considered as a currency by the government. However, what about its anonymity? Government may take control under it. And I thought it was a good thing that there were no taxes when we used bitcoin (except this 20 000 satoshi fee to send money)... Is it going to influence the price?

[Denker]

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.

There are alwas ways to circumvent that.
For instance you can buy bitcoins via localbitcoins, mycelium or any other local marketplace as you have already stated.
Furthermore the first types of decentralized exchanges are out there and it will be more in the future.
So avoid buying via banks, Coinbase, Circle and all other AML/KYC services are you should be fine.

[Denker]

Well, on one hand, it is good for bitcoin, because it is actually considered as a currency by the government. However, what about its anonymity? Government may take control under it. And I thought it was a good thing that there were no taxes when we used bitcoin (except this 20 000 satoshi fee to send money)... Is it going to influence the price?

Ok explain to me how they wanna take control of a decentralized network?
They can't!!!
Avoid services where AML/KYC is required.Simple is that.
Furthermore Italy is not the first country taking taxes from Bitcoin users. Look at Australia for instance.

[Bitcoinpro]

Well what do you expect? Nothing can escape the government's hand in taxing anything. To be honest with everyone, I do not want bitcoin to become mainstream. Experimentation and pushing the technology forward should be the top priority, not making money. So a bitcoin that is not defined by any government entity and free to become what it is meant to be is more valuable to me than BTC going "to the moon".

So u work for the US government and dont want any other government to control it now like the CIA does, nice work

[Red-Apple]

Well, on one hand, it is good for bitcoin, because it is actually considered as a currency by the government. However, what about its anonymity? Government may take control under it. And I thought it was a good thing that there were no taxes when we used bitcoin (except this 20 000 satoshi fee to send money)... Is it going to influence the price?

whether government takes any taxes or not, you are not anonymous when doing a purchase with bitcoin. you are not exactly anonymous when using bitcoin either read more about it here: www.bitcoinisnotanonymous.com

[Schuyler]

If bitcoin is going to be taxed, how are people going to keep their anonymity? Isn't it going against what bitcoin was made for? The governments are going to do what they can to get a slice of whatever we own. That's how "creative" they are in finding ways to generate income. SMH.

[warwar]

If bitcoin is going to be taxed, how are people going to keep their anonymity? Isn't it going against what bitcoin was made for? The governments are going to do what they can to get a slice of whatever we own. That's how "creative" they are in finding ways to generate income. SMH.

Im not into anonymity of bitcoin but i agree with you something sender would not have a personal thing! But the problem is with the tax . ! Im using bitcoin because it has no tax at all and now thhey gonna put tax on it it is very disappointing to government and the bitcoin user will be sad if they withdraw

[mk4]

"Italy Wants to Treat Bitcoin as Currency" Cool! Way to go Italy!

"and tax it" OH HELL NO

[Hazir]

Ok explain to me how they wanna take control of a decentralized network?
They can't!!!
Avoid services where AML/KYC is required.Simple is that.
Furthermore Italy is not the first country taking taxes from Bitcoin users. Look at Australia for instance.

The won't have to take over bitcoin network, they will tax every bitcoin purchase done. Legally registered companies, shops, services have to keep their logs.
So taxing them or buyers won't be hard.

Staying away from AML/KYC services is not as simple in current situation. It is basically question: to use my BTC or be scared of KYC and don't use it.