Law To Declare Bitcoin Ownership

[iamTom123]

I am not sure if your country is having a law requiring all citizens to declare Bitcoin ownership...maybe there is still no such a law yet but what if there is...would you follow that law and be open about your engagement with cryptocurrency or would you choose to just ignore thinking that anyway the government can have a hard time detecting your involvement with it?

In the next few years and as Bitcoin (and cryptocurrency in general) would be more and more popular, there would be more clashes on many pivotal issues regarding laws and regulations focused on Bitcoin. What we are witnessing this year is just an introductory phase on many things to come...so brace yourself and be prepared for the ride of your life.

Welcome to the Bitcoin generation...where all sides are on edges!

[pitham1]

I am not sure if your country is having a law requiring all citizens to declare Bitcoin ownership...maybe there is still no such a law yet but what if there is...would you follow that law and be open about your engagement with cryptocurrency or would you choose to just ignore thinking that anyway the government can have a hard time detecting your involvement with it?

In the next few years and as Bitcoin (and cryptocurrency in general) would be more and more popular, there would be more clashes on many pivotal issues regarding laws and regulations focused on Bitcoin. What we are witnessing this year is just an introductory phase on many things to come...so brace yourself and be prepared for the ride of your life.

Welcome to the Bitcoin generation...where all sides are on edges!

This is a tricky question. There are countries where declaration of assets is mandatory and hiding your assets is a crime. So in case the government discovers unaccounted for assets, they can infer that you got the assets through illegal means. At the least, they will nail you for making a false declaration of your assets. So if it does become necessary to declare your crypto assets, the best option would be to come clean.

[botany]

I am not sure if your country is having a law requiring all citizens to declare Bitcoin ownership...maybe there is still no such a law yet but what if there is...would you follow that law and be open about your engagement with cryptocurrency or would you choose to just ignore thinking that anyway the government can have a hard time detecting your involvement with it?

In the next few years and as Bitcoin (and cryptocurrency in general) would be more and more popular, there would be more clashes on many pivotal issues regarding laws and regulations focused on Bitcoin. What we are witnessing this year is just an introductory phase on many things to come...so brace yourself and be prepared for the ride of your life.

Welcome to the Bitcoin generation...where all sides are on edges!

Another question would be whether they ask you to declare all cryptocurrency ownership? That could be pretty cumbersome for the government as well. They might be familiar with bitcoins, but what about coins which are not even in the top 100?

[SushGo]

I think it will be a very difficult for the governments to roll out and implement such law successfully; they cannot trace whether someone owns any coins or not due to the anonymity of the wallet holder.

[gentlemand]

Where I'm at you have to declare Bitcoin when you receive welfare benefit but that's because they're giving you free money so they shouldn't have to if you're otherwise loaded.

There's no obligation to declare ownership of anything where I'm at so I don't see why crypto would be any different. If there was then I wouldn't bother and I'd probably leave the country as it was the start of a slippery slope.

[pearlmen]

I am not sure if your country is having a law requiring all citizens to declare Bitcoin ownership...maybe there is still no such a law yet but what if there is...would you follow that law and be open about your engagement with cryptocurrency or would you choose to just ignore thinking that anyway the government can have a hard time detecting your involvement with it?

In the next few years and as Bitcoin (and cryptocurrency in general) would be more and more popular, there would be more clashes on many pivotal issues regarding laws and regulations focused on Bitcoin. What we are witnessing this year is just an introductory phase on many things to come...so brace yourself and be prepared for the ride of your life.

Welcome to the Bitcoin generation...where all sides are on edges!

Sincerely, I would go for the second option which is waiting for how government intends to effect such pollicy a mere look at the costs of effecting the law and go after just small holders like myself would not turn out well for my government in which I am sure they are not open to commit such amount of resources needed for such at this time.

[audaciousbeing]

I am not sure if your country is having a law requiring all citizens to declare Bitcoin ownership...maybe there is still no such a law yet but what if there is...would you follow that law and be open about your engagement with cryptocurrency or would you choose to just ignore thinking that anyway the government can have a hard time detecting your involvement with it?

In the next few years and as Bitcoin (and cryptocurrency in general) would be more and more popular, there would be more clashes on many pivotal issues regarding laws and regulations focused on Bitcoin. What we are witnessing this year is just an introductory phase on many things to come...so brace yourself and be prepared for the ride of your life.

Welcome to the Bitcoin generation...where all sides are on edges!

If I happen to be in a country like the United States at the time when this law might come into effect, where from news emanating from the web and movies that everything is tracked to from finances up to the point of your private lives then I would willingly submit to such law.

However, if its going to happen in this country I am now, I would probably call the law bluff because laws only works here for the first few days its being enacted other than that, its not potent any longer and I am sure the law would be implemented only to make a statement without the forces to eventually effect the provisions of such law.

[gurrudfiss]

Well, usually the fiscal authorities want you to declare gains from bitcoin but not the ownership of the bitcoin itself.

[BitHodler]

I will never come to a point where I as an empty headed chicken declare my holdings to the government. It's not for nothing that I am in Bitcoin ~ I like how Bitcoin allows me to cut all ties with governments and banks.

If exchanges at some point need to abide by certain regulations that makes them report all user funds to their respective governments, I would immediately stop using that exchange, and focus on P2P trading.

I am definitely afraid that this day is coming closer and closer. Governments thrive on control, and this is somewhat of a logical step to take for them considering that people themselves won't likely declare their holdings.

[Last of the V8s]

http://trilema.com/2014/guidance-there-is-no-such-thing-as-bitcoin-taint/
there is no taint or title in bitcoin

[gregall]

Nothing really going on in the US tbh. Well, unless you cash out. But even then it would be weird to put a title on Bitcoin as if it were a car or house...

[apex944]

I hope the day never comes where I have to declare everything....

[pitham1]

http://trilema.com/2014/guidance-there-is-no-such-thing-as-bitcoin-taint/
there is no taint or title in bitcoin

The question of whether Bitcoin is tainted is different from whether Bitcoin is unaccounted for. The government may be hard pressed to prove that you got your money through illegal means, but they may still be able to nail you for tax evasion. One famous example is the drug lord Al Capone. The Feds couldn't nail him on drug trafficking charges, but they were able to show that he didn't pay taxes.

[Last of the V8s]

Didn't read the part about title?

[carlfebz2]

I am not sure if your country is having a law requiring all citizens to declare Bitcoin ownership...maybe there is still no such a law yet but what if there is...would you follow that law and be open about your engagement with cryptocurrency or would you choose to just ignore thinking that anyway the government can have a hard time detecting your involvement with it?

In the next few years and as Bitcoin (and cryptocurrency in general) would be more and more popular, there would be more clashes on many pivotal issues regarding laws and regulations focused on Bitcoin. What we are witnessing this year is just an introductory phase on many things to come...so brace yourself and be prepared for the ride of your life.

Welcome to the Bitcoin generation...where all sides are on edges!

If this thing would happen declaring would depend on the person if his willing or not because anytime we can really hide ourselves on those regulations.Without the need on declaring your holdings but on some people if the law imposing a high punishment on this thing then most people will really be afraid and might really declare on what would they hold but for those who are confident enough that no one can trace them would really remain in the shadows without being detected.

[darkangel11]

There's no such law in the EU, but if there was I'd outright ignore it. What's the difference between them wanting me to declare my BTC and them wanting to read my emails, know what i'm eating for lunch and what arouses me in bed?
I was asked once by a friend what I'd do if I had any superpowers and my answer was: hide. If you share anything with the government they'll find a way to fuck you in the ass. If you had any powers and let them know the next day you'd find yourself locked up, or worse, on an operating table.

[bryant.coleman]

I am not sure if your country is having a law requiring all citizens to declare Bitcoin ownership...maybe there is still no such a law yet but what if there is...would you follow that law and be open about your engagement with cryptocurrency or would you choose to just ignore thinking that anyway the government can have a hard time detecting your involvement with it?

In the next few years and as Bitcoin (and cryptocurrency in general) would be more and more popular, there would be more clashes on many pivotal issues regarding laws and regulations focused on Bitcoin. What we are witnessing this year is just an introductory phase on many things to come...so brace yourself and be prepared for the ride of your life.

Welcome to the Bitcoin generation...where all sides are on edges!

I don't think that such a law will ever come in to existence. It can be a breach of individual privacy and citizens can challenge it in the courts. There are multiple risk factors associated with such a law. For example, if the hackers identify the big holders, they can launch spear-phishing and other tactics to steal the coins. Also, the organized crime syndicates and mafia groups can target these top holders, through kidnapping for ransom or other criminal activities.

[GreenBits]

I am not sure if your country is having a law requiring all citizens to declare Bitcoin ownership...maybe there is still no such a law yet but what if there is...would you follow that law and be open about your engagement with cryptocurrency or would you choose to just ignore thinking that anyway the government can have a hard time detecting your involvement with it?

In the next few years and as Bitcoin (and cryptocurrency in general) would be more and more popular, there would be more clashes on many pivotal issues regarding laws and regulations focused on Bitcoin. What we are witnessing this year is just an introductory phase on many things to come...so brace yourself and be prepared for the ride of your life.

Welcome to the Bitcoin generation...where all sides are on edges!

I don't think that such a law will ever come in to existence. It can be a breach of individual privacy and citizens can challenge it in the courts. There are multiple risk factors associated with such a law. For example, if the hackers identify the big holders, they can launch spear-phishing and other tactics to steal the coins. Also, the organized crime syndicates and mafia groups can target these top holders, through kidnapping for ransom or other criminal activities.

on the other hand, it is common for a government to have citizens report large stores of wealth, for the sake of national security. this is the essence of AML/KYc law; individual privacy (as it often does) loses out to the selective security. we cant have terrorists funding massive terror campaigns right under our noses just because we turned a willing blind eye; and the same hand, not scrutinizing in this way could facilitate pornographers and criminals, undermining the rule of law. im all for personal freedoms and protections, but when it comes to money, it always gets much better with transparency.

[bubblebit]

Is it necessary?, a question that is debatable and needs more clarification before any move on doing this move. If it happens and I have huge amount of bitcoin in me, I will declare it to government but in a contract/law that this property once being stolen will be refunded by government. I don't think most of bictoin users will follow this kind of policy. We all know that government official will only care for profits than service. It will be hard for us to get those papers on holding bitcoin.

[Baofeng]

Is it necessary?, a question that is debatable and needs more clarification before any move on doing this move. If it happens and I have huge amount of bitcoin in me, I will declare it to government but in a contract/law that this property once being stolen will be refunded by government. I don't think most of bictoin users will follow this kind of policy. We all know that government official will only care for profits than service. It will be hard for us to get those papers on holding bitcoin.

Its very tricky and debatable indeed. If government will try to go and have us declare our bitcoin then we lost everything that what has been started, decentralized and pseudo- anonymous. I'm not saying its a hidden wealth or something that is dirty that's why we are all hiding it from the prying eyes of the government agencies, but bitcoin has something to do with us being our banks, without the reach of the banking system. I don't know, maybe I haven't look at it really so maybe when the time comes we can all debate about it in depth.