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mysacrifice
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October 03, 2017, 01:01:43 PM |
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as crypto currency philosophy is based on anonymity I don'T think that any law or regulation work easily.
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Remember that Bitcoin is still beta software. Don't put all of your money into BTC!
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Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
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Spaffin
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October 03, 2017, 03:00:28 PM |
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I do not think governments will oblige citizens to declare absolutely all assets in digital currency. Perhaps this will be mandatory beyond any fixed amount. However, the state can not clearly control the fulfillment of this obligation by citizens, and therefore it will depend on the citizens themselves to indicate the digital currency in their declarations or not.
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Harlot
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October 03, 2017, 03:03:44 PM |
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I don't know what will be the debate about this but by definition Bitcoin can be classified as a movable property or a personal property. Yes even though it exist virtually it still has a value which is actually bigger than any kind of fiat currency. Under being a movable property it can be classified as an "intangible" property where like what I said earlier cannot be touch but is still has value. From stocks to mutual funds all of them cannot be seen physically but all of them has value.
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MidKnight
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October 15, 2017, 07:07:14 AM |
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I'll declare just a small portion of my own because declaring it all could be a risk for my life and my family. I know that even politicians hide their total wealth and assets to their citizens so I will apply it to myself as well.
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marcbitcoins
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October 15, 2017, 08:13:08 AM |
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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!
For me, if that will be a law and policy of the government i will abide by the rules and regulations specially if the purpose is for the welfare benefits of the people because this is the same policy for fiat in which we are obliged to declare our daily and monthly income as basis for the tax. I think this declaring bitcoin ownership will be included in the regulations set by the nations who plans to adopt bitcoin after a series of regulating. I support this moved because it is hard to face the consequences if you will not comply with the law. |
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Theb
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October 15, 2017, 08:15:16 AM |
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If you are in a country where Bitcoin is declared illegal than you are in a tight situation because you cannot attach yourself as the owner of an illegal currency, by doing so you are identifying yourself as a lawbreaker. But for a country where there are no laws regarding Bitcoin you can protect your Bitcoin by declaring it as one of your intangible assets because it is one, anyone who try to steal Bitcoin will be penalized by your country's law.
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savushkinTA
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October 16, 2017, 04:37:00 PM |
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The Bitcoin revolution is fast reaching the nooks and crannies of many countries all over the world, what with the use of the modern gadgets and the internet. Sooner or later, financial authorities have to come up with the necessary framework with which cryptocurrency can work with.
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leonair
Sr. Member
 Offline
Activity: 1232
Merit: 390
★Bitvest.io★ Play Plinko or Invest!
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October 16, 2017, 04:42:36 PM |
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If you are in a country where Bitcoin is declared illegal than you are in a tight situation because you cannot attach yourself as the owner of an illegal currency, by doing so you are identifying yourself as a lawbreaker. But for a country where there are no laws regarding Bitcoin you can protect your Bitcoin by declaring it as one of your intangible assets because it is one, anyone who try to steal Bitcoin will be penalized by your country's law.
I think no country has declared possession of bitcoin as illegal and if there is it will be hard for that country to identify their citizen who owns a coin, especially crypto currency has an anonymity. And once a country had a law that requires their citizen to declare their coins it will remove the characteristic of bitcoin being decentralized. |
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Gotottack
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October 17, 2017, 03:07:13 AM |
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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 epic. Well yes, since Bitcoins are decentralized, and various jurisdictions have not yet made a completely new law to regulate it in terms of proliferation and taxing, people who deal with Bitcoins will be subjected to a piece-meal regulation. It means that when they see something wrong with it, they will regulate that wrong then go on again. And when they see another that is wrong, they will regulate that wrong then go on again. I think they have to provide specific measures as soon as possible so that the people who invest in Bitcoins will not be subject to their whims and caprices at any given time. |
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AmXProX
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October 17, 2017, 05:42:24 AM |
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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 epic. Well yes, since Bitcoins are decentralized, and various jurisdictions have not yet made a completely new law to regulate it in terms of proliferation and taxing, people who deal with Bitcoins will be subjected to a piece-meal regulation. It means that when they see something wrong with it, they will regulate that wrong then go on again. And when they see another that is wrong, they will regulate that wrong then go on again. I think they have to provide specific measures as soon as possible so that the people who invest in Bitcoins will not be subject to their whims and caprices at any given time. Yes it is really in contrast of bitcoin being decentralized, but since we are living on a world where governments handles the nation then laws and regulations will soon be implemented fir bitcoin. I just wonder if what will happen by that time when most of the countries passed a law on regulating crypto currency it may be a postive or negative effect when it comes to bitcoin prices. |
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Snaic
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October 22, 2017, 07:14:30 AM |
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The state must detail all the duties of citizens and bring them to the attention of the public. Without this responsibility does not exist. This refers to the declaration of the availability of assets in the crypto currency. Usually, your profit from financial transactions with the crypto currency is taxable, and not the assets that lie without movement
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Scytic
Member
Offline
Activity: 79
Merit: 10
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October 22, 2017, 10:32:25 AM |
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some countrys dont even recognize bitcoin as an real currency therefore it is only taxable when exchanged into FIAT currencies
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veleten
Legendary
Offline
Activity: 2016
Merit: 1106
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October 22, 2017, 11:40:50 AM |
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can't declare bitcoin ownership due to the decentralised nature of it
you cannot "own" bitcoins
you can "own" the rights to use it,which is,technically,different
I can give an example of Webmoney system they use in CIS countries,Russia,Ukraine,Belorussia etc.
the money you have are debt IOUs,payable on demand,backed by an insurer
so one doesn't operate with notes or money there,which allows Webmoney to avoid many a legal suit and troubles
maybe there is something of sorts that can be introduced to garantee you can transfer rights for your coins to a third party legally
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cryptojac17
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October 22, 2017, 01:27:01 PM |
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can't declare bitcoin ownership due to the decentralised nature of it
you cannot "own" bitcoins
you can "own" the rights to use it,which is,technically,different
I can give an example of Webmoney system they use in CIS countries,Russia,Ukraine,Belorussia etc.
the money you have are debt IOUs,payable on demand,backed by an insurer
so one doesn't operate with notes or money there,which allows Webmoney to avoid many a legal suit and troubles
maybe there is something of sorts that can be introduced to garantee you can transfer rights for your coins to a third party legally
Yeah it’s just like fiat money you just using the banknote that guaranteed by the government,BTC also when you use BTC your just given the rights that guaranteed by BTC. in terms of law that declares ownership I think it should be and international law because we all know that this currency is decentralized in nature and has no boundary and anonymous the only proof of ownership rights is the unique code that you possess, maybe this one of the security features that must be under study for further development. |
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savushkinTA
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October 22, 2017, 01:38:56 PM |
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I advise you to do everething according to the law and you there will be no problems
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Basmic
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October 23, 2017, 11:40:36 AM |
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can't declare bitcoin ownership due to the decentralised nature of it
you cannot "own" bitcoins
you can "own" the rights to use it,which is,technically,different
I can give an example of Webmoney system they use in CIS countries,Russia,Ukraine,Belorussia etc.
the money you have are debt IOUs,payable on demand,backed by an insurer
so one doesn't operate with notes or money there,which allows Webmoney to avoid many a legal suit and troubles
maybe there is something of sorts that can be introduced to garantee you can transfer rights for your coins to a third party legally
WebMoney is fully controlled by the state. In order to use this system you must provide your passport details. If you sent money by mistake to another person then you no one will return. Exchange rate and wire transfer is very low. These funds would be sufficient to pay the tax. But from the point of view of convenience this system is very good. |
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Immakillya
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October 23, 2017, 02:22:02 PM |
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Well, there's no such law that requires people to declare their bitcoin ownership. But by regulating exchanges. You need to comply to government wants. And that's the giving your identity. In that way, I think you already declared your bitcoin ownership. But still that depends in your country's law. There are countries that are required to declare their assets to the government. That is to prevent corruption in their nation. But i think this is applicable only to those people who are working in the government. Anyway, the possibility still exist. We have no power to oppose government's will If they require us to declare our bitcoin ownership..
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Proton2233
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October 23, 2017, 03:50:31 PM |
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Why do you think so? You forget that the power always belongs to the people. The government is only the interim Manager. If we don't want to pay taxes then we are not going to do. Perhaps it will have to change bitcoin to Fiat in another country and then withdraw, you may have to withdraw to Bank account in small portions. Who seeks will always find a way.
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veleten
Legendary
Offline
Activity: 2016
Merit: 1106
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October 23, 2017, 05:18:32 PM |
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can't declare bitcoin ownership due to the decentralised nature of it
you cannot "own" bitcoins
you can "own" the rights to use it,which is,technically,different
I can give an example of Webmoney system they use in CIS countries,Russia,Ukraine,Belorussia etc.
the money you have are debt IOUs,payable on demand,backed by an insurer
so one doesn't operate with notes or money there,which allows Webmoney to avoid many a legal suit and troubles
maybe there is something of sorts that can be introduced to garantee you can transfer rights for your coins to a third party legally
WebMoney is fully controlled by the state. In order to use this system you must provide your passport details. If you sent money by mistake to another person then you no one will return. Exchange rate and wire transfer is very low. These funds would be sufficient to pay the tax. But from the point of view of convenience this system is very good. no,Webmoney has zero to none connection to the state,especially since it is operating internationally which state you think it is connected with? yes they do require your passport photocopy along with a phone number and some other things but doesn't almost any exchange require KYC if you want to withdraw to fiat? but you can use WM system without providing papers,you will not be able to withdraw money to your card but can pay online and send money no problem in any case,if there is a company that is able to organise something similar in regards to bitcoins (for example in Japan,where bitcoin is a legal tender) would be great |
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migolmigol
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October 24, 2017, 01:33:16 PM |
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Well this is quite alarming given that Bitcoin has been made or invented in order to have free transactions. And by free transactions I mean transactions that are not traceable and not attached to any personal information. If Bitcoin ownership will exist and no longer through addresses, than the whole Bitcoin idea in the first place was already gone. Next thing we know it may be regulated by a government too.
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