Bitcoin to be Taxed......

[CryptoDream2049]

This is interesting could be a mass following with this. South Korea is preparing to Tax bitcoin use after the cryptocurrency's trading volume sky-rocked. This could spark a new trend s everyone battels to see how to control the life of cryptocurrency's

[bundo]

Hopefully this info is completely valid and signifies that crypto is recognized there. the future of another country will follow in his footsteps
Taxes can also help the state treasury,

The application of taxes to bitcoin can monitor the circulation of coins and avoid abuse so organized

[sylance]

<snip> ...Taxes can also help the state treasury... <snip>

Yea, because governments are so starved of income and spend every penny like it's precious they need to more tax income.  /sarcasm

In 2016, federal and local governments in the United States collected an estimated 6 trillion dollars.  That number is so large our brains can't comprehend it so it subconsciously skips it.  If you earned $40,000 a year, it'd take 150 million years to accumulated that same 6 trillion.  If you stacked $100 bills they'd stack 3,780 miles high.  A 6-trillion second time travel would put us at roughly 180,000 BC.  

Just think, governments in the United Stated collected that in one year... AND they're still running a deficit.

https://www.usgovernmentrevenue.com/total
https://ihtd.org/festivalguide/resources/how-much-is-a-trillion-dollars/

[Ayiranorea]

Not only South Korea, even before that Israel made bitcoin to be an taxable asset making it fall under the commodities similar to the gold and other materials. Here the taxation was done based on the transactions that happens with relation to bitcoin and other related services opted with bitcoin. But this doesn't look that effective on functioning.

[VackFromOhm]

Makes sense for governments to finally tax bitcoin. Not only is it going to help with the illegal ways that bitcoin is being used, but it's going to legitimize the currency, stabilize it, and help mainstream it. I'm sure that Satoshi is going to be pissed, BUT for the purpose of making this a more accepted cryptocurrency, I think it's about time.

For truly anonymous crypto, that's where the altcoins will come in. No one is going to be able to track where these altcoins go and it will be the anonymous side of crypto.

[jtipt]

This is interesting could be a mass following with this. South Korea is preparing to Tax bitcoin use after the cryptocurrency's trading volume sky-rocked. This could spark a new trend s everyone battels to see how to control the life of cryptocurrency's

Even if they somehow try to enforce this, it isn't going to be easy to tax bitcoin. But enough precautions I can easily send btc to anyone without anyone else know that I have seen it. This isn't very practical idea.

[baradfo]

The only way that governments can tax it's citizens on bitcoin/altcoin is if they deem crypto's to be currencies or a store of value. That coupled with the exchange into the fiat is where they will get you on tax. If you find a way to interact and utilize the crypto's as they were inteneded, as currency, and not exchange for fiat then governments would have to expend too much energy finding out who is actually using them. AML/KYC is there to find out who has what and to be able to tax accordingly.

[linkybit]

Taxing BTC by GOVTs is good for btc as it'll become legal for people to trade btc.

[Seansky]

This is interesting could be a mass following with this. South Korea is preparing to Tax bitcoin use after the cryptocurrency's trading volume sky-rocked. This could spark a new trend s everyone battels to see how to control the life of cryptocurrency's

That would be problematic for those living there but it is healthy for bitcoin market and crypto itself. After this event, there is a probability that another country will set their eyes on bitcoin and crypto too, they will also seek to tax cryptocurrency transactions. Besides taxation, some countries also will seek to regulate bitcoin exchanges since it is a good tool for others to use for money laundering. The turn out of events right now is really interesting. South Korea taxing btc is a good proof of the growing mass adoption of crypto.

[Argoo]

On taxation of the crypto currency, most likely, it is a question of charging the so-called profit tax when it is transferred to the money fiat. To recognize the crypto currency as a means of payment, such a tax, in principle, is necessary. Here the question is that the states establish a proportional amount of such a tax so that it does not drive the circulation of the crypto currency into the shade and that the state does not establish unnecessary and unjustified restrictions for the crypto currency.

[speedy963]

As far as i can see the governments from each resoective countries are already starting to move towards bitcoin, because of its increasing popularity and prices, even though they know bitcoin back then they doesn't seemed to care because it was not that popular and super valued though, but now that they have been hearing it again and again they will probably make a move just to earn from it, and imposing taxes to each transaction is not too far to happen in the future, so as expected it will be imposed.

[Manchumichael]

Taxing BTC by GOVTs is good for btc as it'll become legal for people to trade btc.

To trade BTC why Govt makes this legal I am not understanding. In my country it is illegal, but i am trading BTC.

[Slipknot79]

The truth of the matter is Bitcoin is already taxed by law in all countries.

Its not a matter about taxing it - its a matter on how they can control and audit it.

Russia, with cryptorubels is smart - there attitude is "if you cant beat them, join them"

His plan is to create the cryptoruble so his government can control it.

If they can control it.... they can tax it.

[jezus]

I am waiting for more news.

[AiloveYouks21]

This is interesting could be a mass following with this. South Korea is preparing to Tax bitcoin use after the cryptocurrency's trading volume sky-rocked. This could spark a new trend s everyone battels to see how to control the life of cryptocurrency's

Shit, it means there will be the two type fees.
fee for each bitcoin transaction and fee for using bitcoin.

[deadsilent]

Actually charging taxes to bitcoin and other cryptocurrencies is a good thing. Means, there's no hindrance on cryptocurrecy adoption. It will fuel the market to the higher level. This is a part of regulating cryptocurrency. Lets admit it. We cannot get away from our responsibilty. Tax is our resposibility. We are obliged to pay tax as a citizen. Some people are skeptical about taxation on cryptocurrency. I don't know why. Losing money? I don't think so. If this could solve the problem of cryptocurrency, why not? It is also to avoid problems in the future. It's better than this. Than ban it by tye government. That's sucks.

[leea-1334]

This is interesting could be a mass following with this. South Korea is preparing to Tax bitcoin use after the cryptocurrency's trading volume sky-rocked. This could spark a new trend s everyone battels to see how to control the life of cryptocurrency's

Sounds like good news to me, to be honest. My government is still not very clear on Bitcoin, so there is no tax on it. But if a government like South Korea taxes Bitcoin, this means they recognize it and therefore it is legal and proper currency. Is that not a good thing? As a responsible citizen, you should always pay income tax anyway. South Korea let people have Internet and knowledge and services to use Bitcoin. You owe it tax to help keep things running well.

[usorin]

If this will happen that the South Korean Government admits cryptocurrency as a tradable coin in banks including. That will lift a little bit bitcoin. Interesting perspectives, can't wait for it.

[Gozie51]

This should be one of the good news for bitcoin growth. Meaning, the government can not be dealing with bitcoin with a long spoon while intending to din with it - dinning with it in this sense I mean collection of taxes.

Where the South Korean government or any government for that matter intends to levy taxes on bitcoin means they are looking at control or regulations and regulation itself is approval - this is good  .

Yeah, naturally income are taxed and thats called income tax. We waiting for more adoption via income tax.

[Taki]

That's not interesting at all. That is going to be our obligation.
The only thing is interesting that no one payed so much attention at bitcoin thill the price crossed 1000$ point.