Will Government put an hand to interfere the Cryptocurrency and tax us?

[winyau8888]

I have read an article "US Senate Moves to Criminalize Non-Disclosure of Cryptocurrency Ownership which about not only BTC but also cryptocurrencies have finally drawn the attention of both the mainstream and the governments.

So, do you think the day will come soon or never happen?

IMO, the government will surely find some way to interfere with a "proper" excuse and tax us because they are leak of money! Their intention is so obvious to make everything "Legal". However, will they success? Will we fight?
Everyone who hodling crypto is not only want profit and financial freedom but also they do not like how centralization works.

Sorry for my poor English. Hope you will understand.

[WhichIsGood]

As we speak, governments around the world are slowly making their move against cryptocurrency as it is becoming mainstream. I think It will not be long before they will be successful in their endeavor of implementing whatever that is encompassing their so called "legal actions".  But whatever it is, I also think that this whole thing will prove to be quite difficult to achieve by them since most of the people who are indulging in crypto dislikes centralization.

[squatz1]

As I said in a previous post, that bill (if passed) isn't going to end up doing anything, it's just a scare tactic to the entire crypto community telling us that the government does have the ability to screw with us if they'd really like to. Enforcement on that is hard, and won't happen. But the thing to note here is that they can regulate us.

If the government feels like we are hurting them, or hurting the people that pay them the big bucks in political donations (financial instutions ie banks) then they're going to tax us and regulate us into oblivion. They have the power, and they will use it if need be -- and there's nothing we can do about it.

So yes, if need be.

[Nawaytes]

Fight for what? Though we fight against the government, we will lose. Their "soldier" is bigger than us, there is banks, ministry, president, and more, they all act in the name of protection for the people. I'm sure they are planning something, so cryptocurrency can give an advantage to their country and not kick the bank out.
And maybe someday you must pay your taxes or you will go to prison because you have 1 or 2 bitcoins

[uelque]

As I said in a previous post, that bill (if passed) isn't going to end up doing anything, it's just a scare tactic to the entire crypto community telling us that the government does have the ability to screw with us if they'd really like to. Enforcement on that is hard, and won't happen. But the thing to note here is that they can regulate us.

If the government feels like we are hurting them, or hurting the people that pay them the big bucks in political donations (financial instutions ie banks) then they're going to tax us and regulate us into oblivion. They have the power, and they will use it if need be -- and there's nothing we can do about it.

So yes, if need be.

I think we are already hurting them in a way no one really doesn't see. In some countries, bitcoin is being regulated only because "it can be used on illegal doings" is their excuse, but I think it is not actually the reason. But either bitcoin can be a threat on central banks, which government doesn't want to see. That is why bitcoin regulation is being implemented on some countries. And if bitcoin regulation is done, taxation is nearly coming. For me, at this moment, those who implement bitcoin's regulation are now moving to put tax on bitcoin, I knew they had the power but I just don't think it's enough for now. So let's don't worry for now.

[Ilegendph]

I have read an article "US Senate Moves to Criminalize Non-Disclosure of Cryptocurrency Ownership which about not only BTC but also cryptocurrencies have finally drawn the attention of both the mainstream and the governments.

So, do you think the day will come soon or never happen?

IMO, the government will surely find some way to interfere with a "proper" excuse and tax us because they are leak of money! Their intention is so obvious to make everything "Legal". However, will they success? Will we fight?
Everyone who hodling crypto is not only want profit and financial freedom but also they do not like how centralization works.

Sorry for my poor English. Hope you will understand.

If a country exercises democracy then legalization of bitcoin and other cryptocurrency will be a long process. However, I think they have the rights to tax bitcoin earnings since funds of government came from the taxes of people. Government should have services in return for taxing bitcoin to make users agree with the terms they will impose for legalizations.

[Aryanto28]

I think it can happen because the role of government in this country is very important. Whatever decision we can only follow and comply with its rules given. because the decisions and regulations of the government are made only for the benefit of us all the nation that exists in this country.

[jseverson]

Wait what? That's ridiculous. Doesn't the US have a bank secrecy law of some sorts? Doesn't this mean that everything is open to their scrutiny now? That seems like a gross misstep and an abuse of power. Citizens still have the right to privacy.

Also, the article states that they seek to criminalize "intentional concealment." Does this mean you have to declare all your bank accounts and crypto wallets to the government? Or will that be only necessary should they request for your info? People are saying that this is going to be a pain to enforce and I agree, but I'm sure not many people would be willing to take part in criminal activity.

[Mystica101]

I've read an article on a democracy country that the government and local banks is giving a warning to those who make investments in crypto and maybe who knows that they were also planting to interfere by putting taxes on it. But in my opinion they are just doing it for the purpose that some banks might get bankrupt if the poeple continues to invest in crypto and the used of banks will be less in need.

[Amilhussin24]

Maybe they will interfere by putting taxes. but it depends on a situation. In our country, the bitcoin users is not as other countries income on bitcoin, and it should be taxed, but it has no problem because their government support bitcoin, and bitcoin has own network, without government involved. But other countries banned bitcoin, because maybe they feel that bitcoin can cause problem to their economy.

[Feuerbach]

I have read an article "US Senate Moves to Criminalize Non-Disclosure of Cryptocurrency Ownership which about not only BTC but also cryptocurrencies have finally drawn the attention of both the mainstream and the governments.

So, do you think the day will come soon or never happen?

IMO, the government will surely find some way to interfere with a "proper" excuse and tax us because they are leak of money! Their intention is so obvious to make everything "Legal". However, will they success? Will we fight?
Everyone who hodling crypto is not only want profit and financial freedom but also they do not like how centralization works.

Sorry for my poor English. Hope you will understand.

in my country the government is already making attempts to tax work with the cryptocurrency. However, you can still earn and not pay taxes

[loaddebitcard]

That's what russians are afraid of since they've heard that Putin is gonna legalize crypto in Russia.

[stompix]

I have read an article "US Senate Moves to Criminalize Non-Disclosure of Cryptocurrency Ownership which about not only BTC but also cryptocurrencies have finally drawn the attention of both the mainstream and the governments.

So, do you think the day will come soon or never happen?

IMO, the government will surely find some way to interfere with a "proper" excuse and tax us because they are leak of money! Their intention is so obvious to make everything "Legal". However, will they success? Will we fight?
Everyone who hodling crypto is not only want profit and financial freedom but also they do not like how centralization works.

Sorry for my poor English. Hope you will understand.

in my country the government is already making attempts to tax work with the cryptocurrency. However, you can still earn and not pay taxes

This is different, it is not about taxation.
Taxation happens when you sell your coins at a profit (already in place in the us where they are views like commodities stock) or when you make purchases in country that have VAT.

What is proposed with this bill is that you have to declare how many coins you own , and this is actually a bit too serious.
I doubt it can be enforced, as you can hide a privkey for a wallet even in a painting or in a 1cm steel tube in a hole in the garden, but  what happens if you get caught?
Going to jail and doing time for a few years because you haven't declared 100$ in crypto?

Besides, it can get pretty nasty with people holding wallets , somebody can out of pure generosity send you 1000$ and then there is a know at your door.

[jayram]

Most likely, I think the only way the government can regulate bitcoin is by means of taxation, just like when you order a coffee and pay through bitcoin part of it will go to tax. I believe that in order for the government to legalize bitcoin entirely such compromise such as this is neccessary.

[steven.spearman]

To hell with the government, to hell with the bank, do not believe them. Bitcoin is our way to fight them, do not be afraid of what happens later, bitcoin will be a very valuable asset.

[Prem.Soorajpaul]

Surly, investment moving toward bitcoins from lost of big institutions in previous few months, so all govt. have to explore the ways to tax on bitcoin to increase their tax base. Though, it is not  a easy task. Most of country Governments are exploring all the possible ways in silent manner.

[nc50lc]

To hell with the government, to hell with the bank, do not believe them. Bitcoin is our way to fight them, do not be afraid of what happens later, bitcoin will be a very valuable asset.

I'm afraid it's not going to happen with that kind of thinking.
How is this going to be a valuable asset if this stays the way this was forever?

There are too many ways to regulate this like:

• The Government will act as the main wallet holder, the addresses will be issued to the holders (users/consumers/merchants) with licences at the same time.

At this point, us at the moment will either register their wallets for licences or stay under the radar.
Its our choice... at the moment in that point.

• The Government makes their own Digital Currency as an alternative to fiat as the future of banking system. Making Bitcoin still active but with lower number of users.

Either way, they will make an action to whatever that will benefit their county.
 (

[criticoflife]

Yes even the governments that haven't as of yet definitely will do something soon. You think governments are going to let there people trade outside the system and not get a piece of the pie. That's why anonymous currencies will be more valued in the future. Move underground on to the TOR network coins guys and they won't even be able to trace your movements let alone tax you.

[kevoh]

To hell with the government, to hell with the bank, do not believe them. Bitcoin is our way to fight them, do not be afraid of what happens later, bitcoin will be a very valuable asset.

Yes, I agree Bitcoin is a very valuable asset but as long as there's always the need to convert bitcoin into Fiat currency the government will always find a way to interfere. The whole chain from Bitcoin storage down to when it's spent on something need to be as anonymous as possible to avoid any possible government interference.

[Duzenn]

The government has noticed that the money market has a huge profit, so they are all going to set the rules for tax.