Korea To Tax Bitcoin Use

[DoublerHunter]

In my opinion, this is a good step for the government to just tax the bitcoin use because it will help them to make money from bitcoin by taxing people who uses bitcoin. Bitcoin is legal in korea and the government will tax bitcoin because they want to get benefit from both side and i hope that the other countries will make bitcoin legal and tax it instead of banning it so they will both get benefit.

[darklus123]

Sad to say but yeah this is really happening to a certain countries that wanted to legalized digital currency  like bitcoin. Even if i am not a fan of it no choice but to accept it. Tho good thing about bitcoin being legalized is that we will be having a lot of option in terms of its uses.

[pooya87]

South Korea is preparing to tax bitcoin use after the cryptocurrency’s trading volume skyrocketed past that of Kosdaq.
Death and taxes ... it seems that even bitcoins can't escape that

this title is a little misleading.
there is no bitcoin "usage" in Korea that government wants to ban. what they want to tax is the trading volume. although you can call it "usage" but it technically isn't.
with that said, it is about time they did that. other countries (like IRS in US) already has laws about taxes and bitcoin. they call it a commodity from back in 2014 (IIRC) and they take taxes based on that.

[btc-facebook]

It's reasonable if they want to apply a tax for bitcoin because it can generate additional revenue
In other side, bitcoin may have lose their paradigm as decentralized currency because the government able to control bitcoin based on their policy as long as people are not experience any major loss

[FoxTheHuman]

South Korea is preparing to tax bitcoin use after the cryptocurrency’s trading volume skyrocketed past that of Kosdaq.
Death and taxes ... it seems that even bitcoins can't escape that

Many countries have started accepting it as a currency and taxing it because many investors in the country they are interested in it. But this is good news,
as more and more countries accept it, the value of it will increasingly rise in the crypto market.

[tengek37]

Toward the legality of the local government, if it is already legend and start in taxes, what will happen to market movements and bitcoin prices? whether it will affect or not? whether to make the price rise or vice versa?

[Theb]

It will be a standard thing because if you earn from your trades in the cryptocurrency market it falls under capital gains which means it is taxable. The good thing about this is usually capital gains tax are more lower compared to the income tax. I wouldn't be surprised if they do this because their own economy will be affected if the market shifts its attention to the cryptocurrency market, they have took advantage of it in which they adapted, I see no abuse of power here.

[Opquar]

This is fine. This at least tells us they're not planning on restricting its use in the near future. No government that accepts the presence of Bitcoin will let it go untaxed anyway.

[rytyr]

Russia is planning to tax its own crypto with 13% so it would be cool to see how they go about it, as a model for other governments. Although a national crypto would surely be highly centralized and control and much easier to tax.

[krauzzer02]

As long as they will not regulate the bitcoin and it's uses that's a thumbs up for that, because taxing means they need to legalize and support it completely and make coinbase or any other exchanges implement taxes by the government and help their own countries progress the thing I don't like to this system is that they can impose much more tax than your transaction fee.

[AmXProX]

I wonder if they can tax bitcoin's if it is part of a final will and testament. will it be subject for an estate tax?

[ajmapalo22]

Bitcoin is considered income so I think it is just fair and just if government will tax it provided that fair assessment should be given to all people because it is so unfair if other countries will not imposed tax to bitcoin. I understand sooner when bitcoin become the main currency of the world it cannot escape being tax but it must be fair.

[salihno71]

You can bet that sooner or later most of the governments will follow suit. In the way, it makes sense and it is expected. I'm curious to see how they will handle OTC transactions.

[Svelto]

I feel that it is fair for the government to tax its residents on the capital gains or profit from trading cryptocurrencies. And I will be happy to pay in this case, since my government somehow make Bitcoin and Cryptocurrencies legal.

[cng-]

HOW will they do that? Mandate by vendors when purchases are made in BTC?

[joseafonso123az]

I think taxing BTC is what it makes legalized in the country. If you pay your taxes towards your BTC, well, they know how much you might have, so then if you are having huges transactions happening they dont get locked or frozen because, you have already paid the taxes for what you have! This is a move towards legalization, and it will help BTC become more strong  also.

[gajebo]

South Korea is preparing to tax bitcoin use after the cryptocurrency’s trading volume skyrocketed past that of Kosdaq.
Death and taxes ... it seems that even bitcoins can't escape that

I think korea has banned the use of bitcoin in their country. what am I wrong info about that. and if what you say is true please accompany evidence or link that states it.

[saif.shaikha]

If government start taxing bitcoin, the whole purpose of having bitcoin will be defeated as than it will be brought into the fold of government control and regulation like it is for trading in fiat currencies.

In my opinion tracking the ownership of bitcoin will not be an easy task for governments but they can easily impose taxes on exchanges and service provides that deal with bitcoins. The world of crypto currencies is no longer out of government control as before as several countries are looking at ways to restrict the usage of crypto currencies.

[Ucy]

No problem taxing Cryptocurrency as long as they're not deliberately over taxed.

Secondly, they can actually find ways to tax Bitcoin without regulating it.

Finally, Could Taxing Bitcoin  eventually lead to Centralization (I hope not). There is likely hood of tax-hungry authorities demonizing securely kept Bitcoin that are impossible to tax.

[makishart]

They're taxing the "use" of bitcoin there and not practically taxing bitcoin so your saying "even bitcoin can't escape tax" is just not a real thing.
But what I'm confused, how the government could track their citizens whose transaction is using bitcoin or even earning with bitcoin, it kinda complicated things to do and the ones who's going to be taxed need to report to the government first.