Korea To Tax Bitcoin Use

[Cindy1983]

If Bitcoin want to be legalized in anywhere I think this case is necessary cause if noboday has to pay tax for Bitcoin income I think a lot of people will take advantage of it to evade taxes. But I think to collect tax from Bitcoin income of every Bitcoin owner I think it's not easy cause it's really hard to find out all Bitcoin owner in a country

[michellee]

i think if we have to pay tax, then it will no problem at all for us because if we compare the profit with the tax, I am sure that our profit is still bigger than the tax. unless the government apply bigger tax for every people which sending the money from bitcoin to the bank account then it would be a problem. but I think the government will be fair with this and they will thinking win win solution for their people especially korea is a develop country and they are receive new technology which could bring a good innovation for their country.

[Firefox07]

That is the decision of korea. As long as the tax is low it is ok. And they will not ban bitcoin. And it means bitcoin will be legalized in korea.

[nelmari]

I think that's okay because it is their governments decision to tax bitcoin and other cryptocurrencies for as long as they are not banning bitcoin and the exchanges.

[nkarm1]

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

Death? No I don't think so, for me as long as internet is there Bitcoin won't die. And about the tax thing, don't be disappointed about it. Because everything must be fair among all their citizens, and if they refused to accept taxation they might be punished by law or worst jailed. Also this is a good step for bitcoin in South Korea, because addition of taxes means bitcoin is being legalized and accepted on their country. Sooner or later other countries will follow Korea actions, meaning total legalization and adoption of bitcoin in this world is not that far.

[phr0stbyt3]

It's fine as long as bitcoin is being legitimized by tax or regulations it is better for us we don't have to worry about it getting banned in future otherwise if it isn't regulated we have a good amount of bitcoin and when we need it for any emergency the it get's banned being regulated takes our profit but we don't have to be scared anymore

[Nameless27]

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 don’t see deaths is co-related with taxation. In other words bitcoin and government can work it out for the betterment of one country, the security of bitcoin users and tracing illegally acquired bitcoin such from drugs and many more.

Taxation for the South Korean citizen is advantageous than harm, as it will be legalized in due time and they’re investors be protected. We know how Koreans love to support theyre country and it is one way to be.

[pikebu]

I think that's okay because it is their governments decision to tax bitcoin and other cryptocurrencies for as long as they are not banning bitcoin and the exchanges.

Yes, unfortunately the bitcoin's users can not see the management money of taxes from bitcoin because they don't use system of decentralize to manage it, there is not transparancy where the money from bitcoin's taxes goes.
I think the government must addopt technology behind of blockchain to manage the money from bitcoin's taxes
 it will be good than taking taxes from bitcoin's users.

[CryptosapienZA]

I am always fascinated when government attempt this. I'm interested in finding out how they will police this. The only way it is possible is if the only way to buy bitcoin is through a Bitcoin exchange then yes, it certainly is possible to police it. But smart people will start using things like local Bitcoins, then the government will be screwed.

[alfstep]

I think it will only apply to trading by adding another percentage in the buy/sell fee
Or perhaps it will only be taxed when it is cashed out into fiat

[mmmmyah]

But if they tax crypto, does this mean that crypto becomes legit there just like in Japan or USA

[Vendetta666]

If this happens they should be happy. Because it is one of the steps to legalize bitcoins in the korean country. The tax is also appropriate because if they do not do it how their country where they will get the funds to make everything ready for repair and maintenance. So we must support it because it is also for the good of the people.

[Vatimins]

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

Well, it is good on one side for the people who loves bitcoins as a currency. But for the ones who loves it because of the profit it can provide, I don't think so. This is a huge step for bitcoin and all the other cryoto currencies out there because this just means that they are doing ways to make bitcoins legal and be accepted. Although the word "taxing" is quite scarry, i think they mean taxing bitcoins when you turn them into fiat. I mean, if they don't, there would be no way that people will be telling the truth to wether they possess any crypto currencies or not.

[gabmen]

Well hopefully they find a way to make compromises so that bitcoin use won't become that much different to how it's being used today. Though it's going to be hard due to bitcoin's anonymous nature, and i'd prefer it to be the way it is today, it probably would be for the betterment between btc and governments this way

[Mandoy]

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

If there will be taxes on bitcoin then it is a good sign and development to bitcoin. If taxes were placed to bitcoin this means that the certain state who placed such rules have already accepted bitcoin as a currency. This will provide bitcoin a greater market since the state has recognized it, this will also promote bitcoin usage and increased its users.

[Opquar]

If paying taxes is the price to pay for Bitcoin to be legal, then I would be more than happy to oblige. You really should pay taxes anyway. Just cross your fingers that they would be used properly lol.

[eaLiTy]

If there will be taxes on bitcoin then it is a good sign and development to bitcoin. If taxes were placed to bitcoin this means that the certain state who placed such rules have already accepted bitcoin as a currency. This will provide bitcoin a greater market since the state has recognized it, this will also promote bitcoin usage and increased its users.

As a crypto currency trader and a bitcoin enthusiast i am not a fan of the government imposing rules and regulation and these sort of taxation being imposed on the crypto currency market is just absurd ,we are here for the free market away from the corrupted government and the banking system and now they wanted to exploit this market too.

[soham]

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 don't know about what others are thinking, but imposing tax on bitcoin transactions or revenue looks like a positive change to me. If bitcoin is taxed by some government, that means, bitcoin become legalized in that country. I am sure bitcoin users won't mind paying a certain percentage of tax from their trading revenue to the government and get a legal status. While majority of the governments have not taken a step to legalized bitcoin, Korea's case can work as an example to them and they might follow the same route by providing a tax framework to their citizens as well. That will be a positive move and acceptability will grow higher for bitcoin. That means price of bitcoin will also grow higher. I am sure if it happens, it will leave a positive impact on bitcoin and crypto world as a whole.

[Indrawan77]

I don't surprise this thing happened, in the next few years there will be a lot of country follow this step, the transaction volume of Bitcoin is too high, it makes the government worry, because if all people used Bitcoin it can caused the decreasing income tax, but this situation can make Bitcoin into a legal currency

[Hexah]

That's pretty normal for them since bitcoin implementation on their country is highly legal and so far that is a good sign that they really embrace bitcoin as their currency they can be used. And hence, if the government really eant to implement that rule then citizens of South Korea I supposed should acxept that fact to tax transactions between bitcoins and hope it will be also distributed to the welfare of the society just like improvement of their country.