Law To Declare Bitcoin Ownership

[massimo.crypto]

Well, this is against the essentials of bitcoin. Bitcoin is built on decentralized freedom architecture. So declaring what you have as crypto currency would be so absurd to its own manifesto and it wouldn't work.

[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.

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.

Those "Corrupt officials" is the problem, they were manipulated by greedy banking officials who only want to monopolize the entire financial system that a country could have. I don't think this is a hidden wealth when they don't even recognizing it. It is absurb to just trust the government except for the clean one Japan example. But in other government are full of fake public servants.

[suppersz]

law to declare bitcoin ownership? oh hey, sorry gov't, i lost it all in a boating accident, all gone now

[SUDARMONO]

in my country there is no regulation at all about the law that regulates bitcoin but my country does not forbid to use bitcoin, even in my country there is a bitcoin law rule I will obey the rules in my country because I live in a country that has a law laws and regulations.

[ethereumhunter]

why we need law to declare bitcoin ownership? do you want to reveal to other people how much bitcoin you have in your wallet? i don't think that is a good idea because the essence of bitcoin is freedom for every people as far i know. but if it for just controlling bitcoin which on the market, then its should not be a good idea too. i think it is up to them will decide they want to declare or not, because i think it is our privacy,  for us and only us that will know how much our bitcoin.

[countryfree]

I'm sure this will happen someday in several countries.
In many countries already, citizens must declare foreign bank accounts, so you may see BTC wallets as something quite similar.

[Lancusters]

In order to force citizens to declare their stocks of the bitcoin government needs to accept its currency. Then the question will be a formal exchange and turnover. Governments are afraid of it as fire so do not hurry with the recognition. They are fully willing to endure the losses from the shortfall in taxes, but would not accept bitcoins.

[Nameless27]

If in my country the government will passed a law about cryptocurrency and declarations of income, earnings or holding bitcoin. I will abide by it, for we must be a law abiding citizen and I think that is for our own good and for our countries economic development. But i hope it will only covered members who having huge amount of bitcoin in they're wallet. Example: 5 btc and up. And should have fair tax value for the users to breath from high transactions fees.

[1NV3ST0NM3]

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 think at the end of the day you will just have to go for declaring ownership. Reason is that as of now the use of bitcoin is limited so if you want to use it properly in your daily transactions you have no way than declaring it.

[rausvi15]

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.

I think its very easy for any government to make a law in order to declare the ownership of the bitcoins. But question remains regarding the success of such law, as why people will declare the ownership when people can hold the coins anonymously

[olushakes]

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!

Declaring bitcoin income will largely dependent on how they want it. In my country, we are far from reaching that point and I am not sure we will get there soon but if we get there, the modalities of how to go about it will be set out and personally I won't have any problem with it because it then will mean they are giving recognition to bitcoin which will then makes it more popular for everyone to use. I am a law abiding citizen and would want it to stay that way.

[orions.belt19]

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.

If this were the case, then I would opt to just declare my assets. After all, this kind of law would be imposed for national security and AML purposes. As of now, most jurisdictions do not specify on particular cases such as this but surely after some diversification, there would be some rulings and regulations imposed. In such an event, I'd rather go through the hassle of declaring all my assets than having to hide it in the fear of getting your BTC taken away from you or having it declared as illegal.

It may be likely for a law like this to be created, especially with the increasing use and popularity of Bitcoin.

[Coin-Keeper]

This is no different than two questions that have already been asked of "our" people.  To declare all guns that are owned and to declare all Gold that is owned.  Legal to own, but it easily allows the Gov to come and take them whenever they decide to.  BTC would be no different.  They know about half of my guns and nothing about Gold.  They do not and likely never will know about my BTC unless I cashout over some legal amount (probably 5K - 10K) that would become law.  I would try for multiple smaller transactions over one transaction if possible.

[Lieldoryn]

This is no different than two questions that have already been asked of "our" people.  To declare all guns that are owned and to declare all Gold that is owned.  Legal to own, but it easily allows the Gov to come and take them whenever they decide to.  BTC would be no different.  They know about half of my guns and nothing about Gold.  They do not and likely never will know about my BTC unless I cashout over some legal amount (probably 5K - 10K) that would become law.  I would try for multiple smaller transactions over one transaction if possible.

You are mistaken. Everyone who uses their Bank card to exchange bitcoins can be easily tracked. Unfortunately, most users are forced to use such operations in order to buy something with bitcoin. At the moment, the anonymity of bitcoin is only a dream.

[MAbtc]

This is no different than two questions that have already been asked of "our" people.  To declare all guns that are owned and to declare all Gold that is owned.  Legal to own, but it easily allows the Gov to come and take them whenever they decide to.  BTC would be no different.  They know about half of my guns and nothing about Gold.  They do not and likely never will know about my BTC unless I cashout over some legal amount (probably 5K - 10K) that would become law.  I would try for multiple smaller transactions over one transaction if possible.

You are mistaken. Everyone who uses their Bank card to exchange bitcoins can be easily tracked. Unfortunately, most users are forced to use such operations in order to buy something with bitcoin. At the moment, the anonymity of bitcoin is only a dream.

You raise a good point, but this is not entirely true. One method is to use Bitcoin ATMs -- most require no KYC information, and one can cover their face and identifying features while in front of the ATM.

Another method is LocalBitcoins. This is getting harder and harder, as authorities are increasingly pressuring larger traders to enforce KYC procedures. But smaller/casual traders generally don't, so it's possible to acquire BTC in those cases without giving up any personal identifying information.

[jdarren]

This is such an odd question because the purpose and beauty of decentralized currency is meant to be exactly that. Don't know why people would want bitcoin ownership.

[Zackgeno96]

I think it will be really difficult for the government to implement such law in reality. It will be difficult to trace the transactions and to identify the defaulters, as the identity of the user will be anonymous until they reveal it by their self.

[Don Pedro Dinero]

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.

You are talking as if the EU had the same laws in all countries and one tax agency to enforce those laws. Nothing further from the truth. There are different tax laws for each country, but what’s more: in my one there are differences as to if you need to declare them in different regions.

So, if my total net worth (wealth) was higher than 600.000 euros, I would be legally obliged to declare bitcoin. What I would do in such a case, I don’t know.

[kimochidesh]

I think Govt. can impose such law as central authorities are quite insecure with the incremental use of bitcoin as a payment mode. People are adopting BITCOIN in order to secure their privacy, saving taxes and transaction charges etc, so imposing such law is contradictory with the concept of bitcoin. I think we should prepare ourselves and plan according to face such situation in near future.

[jaocoincrypto18]

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!

Bitcoin is not legal or ban in our country but if this law will impose by our government then i will abide the law because it just applying a business permit of a certain business. If we will not obey the law we may face the consequences and the government may forbid us of using the bitcoin in which is the most difficult situation because we will miss the chance of earning both bitcoin and altcoin.