Bitcoin to be Taxed......

[Kevin77]

taxation will never work

dex will eliminate that idea

these regulators are fools

Yes, taxation will surely not work on bitcoins but this idea is not a bad idea. Just think about the economy of the country for a minute and forget about your profits and losses. If bitcoins are been taxed a huge amount of tax will be collected by the government as we have a good number of transactions each day in bitcoins.

It can surely help to increase the economy of our country and that is a good act against improving the financial condition of individual country. At least the third party countries should apply this method for developing their country.

[Altero]

I think it's perfectly natural if bitcoin is taxed

I guess so because the government will be depending to bitcoin by that time and it's going to be a very good help to the country, to other bitcoin users that are happy with this and it will be disappointing to the bitcoin users that really don't stand with this type of idea.

Actually, there is nothing to worry if having taxes imposed for those who are holding bitcoin unless it is not being abuse by the authorities. Paying taxes is just a big contribution  to our economy, at least we can contribute even in a little amount. All generated taxes are for their projects that the community can benefit on this.

[zidanw]

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

We wait how they put taxes on bitcoins, this may also be the reason to legalize bitcoin because the government has benefits from bitcoin taxes, let alone the price of bitcoin is at its peak today.

[mega_carnation]

I think it's perfectly natural if bitcoin is taxed

I guess so because the government will be depending to bitcoin by that time and it's going to be a very good help to the country, to other bitcoin users that are happy with this and it will be disappointing to the bitcoin users that really don't stand with this type of idea.

Actually, there is nothing to worry if having taxes imposed for those who are holding bitcoin unless it is not being abuse by the authorities. Paying taxes is just a big contribution  to our economy, at least we can contribute even in a little amount. All generated taxes are for their projects that the community can benefit on this.

There's nothing to worry because we all love that the government will support bitcoin and this is just the return of their support. When bitcoin will be taxed, other alt coins should be imposed with tax too because we are mostly focus with bitcoin, the government rather. As the taxation will start, others can possibly jump to alt coins that doesn't have tax so it's fair that all crypto's will be taxed.

[hadang]

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

It is difficult to tax Bitcoin because of unknown transactions, we can not the transactional manager.The government can not control Bitcoin, Bitcoin goes beyond a country. 
However, if the state actually levies Bitcoin, then they have fully accepted its existence and legitimacy.

[panju1]

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

In the world of crpytocurrency, people usually misunderstand the context of the term TAX. They think that when we say bitcoin is taxed, the government are going to get a part of your owned BTC as a tax monthly, which is not true (and I think will not and should not happen). Bitcoin is taxable in the sense that miners are being paid in processing the transactions done by people who use bitcoin. Another way how bitcoin is taxed is that these businesses and establishments accepting bitcoin as payment are actually paying transaction fees especially when the buyer and user are using two different btc wallets.

No, the OP is not talking about mining fees. The OP is talking about taxes collected by the Government. The government has the right to tax anything... income (income tax), gains (capital gains tax), consumption (value added tax) or even death (inheritance tax). Transaction fees are something bitcoin users live with.

[Gears]

Russia is looking into ways to legalise and more than likely tax Bitcoin. Poland already taxed 18% when you try to cash out your hard earned coins. It's up to government in each country, some don't have time now, some already did to get more revenue and some will do it in the future. Remember where is a lot money involved tax man is always there.
 

[leexhin]

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

Thats not good if all countries implrmeted to tax bitcoin everytime you use it, i cant imagine that to bitcoin but its happening.
I thought bitcoin cannot be taxed, they will need another fork to do that.

[Casdinyard]

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

In the world of crpytocurrency, people usually misunderstand the context of the term TAX. They think that when we say bitcoin is taxed, the government are going to get a part of your owned BTC as a tax monthly, which is not true (and I think will not and should not happen). Bitcoin is taxable in the sense that miners are being paid in processing the transactions done by people who use bitcoin. Another way how bitcoin is taxed is that these businesses and establishments accepting bitcoin as payment are actually paying transaction fees especially when the buyer and user are using two different btc wallets.

No, the OP is not talking about mining fees. The OP is talking about taxes collected by the Government. The government has the right to tax anything... income (income tax), gains (capital gains tax), consumption (value added tax) or even death (inheritance tax). Transaction fees are something bitcoin users live with.

Well this is a thing when a country legalize bitcoin, in exchange of adoption is the tax that every users needed to be paid every time they have a transaction.
Which I think it's unjust to do, bitcoin is decentralized and should government never touch any thing of it. Government always run after this as they see bitcoin as a source of fund to be used in whatever their prerequisite.

[Sadlife]

How can they taxed something that is anonymous are they going to inspect each block of transaction in order to charge them with the right fees ?
Maybe this is only possible through a third party site that is controlled by government like for example trading or exchange sites but they will surely be out of business as bitcoin users prefer decentralized exchanges than the one's controlled by government. In any case it will be highly diffucult how tracking and bitcoin users total earning because of it's blockchain technology.

[Fireblade]

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

We wait how they put taxes on bitcoins, this may also be the reason to legalize bitcoin because the government has benefits from bitcoin taxes, let alone the price of bitcoin is at its peak today.

Bit coin is exempted from all taxes till the legalization process in any country although after conversion of bit coin in to other legal currencies then definitely all the taxes will be administered by the concerned government it will also be an issue for all the investors if taxes are put on bit coin because the value of tax will be high due to a very high rate of bit coin.

[yinyangwinwang]

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

What did you expect with a market and asset class does a 10x in one year and is worth almost 200b? It was surely expected that countries would start taxing gains and it is not only South Korea looking to do this. Canada is

going to tax bitcoin but is in the works of finalizing some laws. Look for all other major countries to follow suit or at the minimum have laws in place describing what happens with bitcoin gains if that is not taxation.

[darkangel11]

I think it's perfectly natural if bitcoin is taxed

And I think it isn't. Bitcoin is money and money is not taxed in the way that they are trying to tax it.
When you earn fiat, you are being taxed on your income, but if you buy fiat from someone you aren't. So, if you had bought a car and then decided to sell it for fiat, you aren't taxed. You had the wealth and turned it from one thing into the other without profit.
Now, how would you attempt to take taxes from someone who had bought BTC for fiat in 2010 and is holding until this day? Would you try to make him sell to get e.g. 100k USD he owes in taxes? It's not going to happen.

[alaeddine1azer]

How can bitcoin be taxed  

[Edrian]

This is not new or startling... when bitcoin (or crypto currencies in general) are popular enough to be recognised by countries governments - without a doubt there will be some sort of tax on them. Even if it’s a standard tax that’s imposed on local currencies.
The issue with this is that we preferably want them to tax it and classify it correctly (and not destroy any profits on capital gains etc).

I think there are already alot of country who have already add a tax on bitcoin. I have read that germany already does? How was it possible?

[Fundalini]

If it would be taxed accordingly and reasonably then I'm fine with it. It would be the right choice as the flow of money into the country isn't regulated much and can cause unusual economic instability. The country would benefit from it too on the long run and will probably attract more attention globally.

[xFGND]

Great. It's countries finally recognizing bitcoin, and is one of the first steps for BTC to be widely used throughout their respective country.

[bakunawaaa]

I think it is possible but really difficult. When that happens though I think it would somehow eliminate some of the benefits of cryptocurrency, one being cryptocurrencies should be out of scope in terms of government radar.

When you say taxing, it usually means the government can trace your cash flows. Though with fiat money there are still people getting away with illegal and money laundering activities, probably what will get taxed are businesses that accept or sell bitcoins. For individuals though that make profit from bitcoins such as mining, it would be difficult to tax them. Venezuela was able to crack down on bitcoin miners because of the surge in power consumption abd they were able to get away with the reason that because the electricity is subsidized in venezuela they had to shut down mine operations because they are apparently technically stealing electricity from the state. So probably mining would also get taxed because it is easy to track miners through high power consumptions.

Miners getting taxed and businesses operating with bitcoin would most likely get taxed in the future.

This is just my opinion.

[cryptoalfs76]

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

this is  great news! if this thing"s happen it means that the bitcoin also in our country will be regulated.maybe in korea now  they acknowledge the presence of bitcoin and the important  of  crypto currency into their economy.how  i wonder in this  last few months i've heard a news that  bitcoin ICO campaign  is banned in korea but now they plan or preparing of tax in bitcoin its means the impact of digital currency is severe and its will continue its legacy to the whole world.

[Clavulanic]

Great. It's countries finally recognizing bitcoin, and is one of the first steps for BTC to be widely used throughout their respective country.

I guess if it's recognized by most of the countries, the usage and adoption might become larger in demand. About the taxation of bitcoin, I think Government might collect bigger taxes on bitcoin if ever the possibility of implementation took over and dominate the digital currency system. We might be affected with the new order of bitcoin system due to law makers regulation will initiate power to control over transactions of each person who earn bitcoin specially traders who had been doing it for so many years, and now the freedom might be taken away because of that changes. This must be reviewed very well before taxations and legalization happens in a certain country.