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

[Singwala]

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.

Yes, of course. Because while the price of bitcoins is rising at the same time its popularity. So the government will definitely know it and make it a way for it to be taxed. But do not be afraid of it because we can make our withdrawals easier and we will not be afraid to get arrested by the government because we are paying a tax.

[katarin2030]

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

Observing the rise of bitcoin usage certainly government can think of it to bring an interface and also can levie tax on the users. Bitcoin is a lucrative job so government may think to collect taxes,  so that they will get sufficient money  from it. Bitcoin is a decentralized money as of now no government is collecting tax from users, so in future may be chances are there.

[audaciousbeing]

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.

This is a huge line of action for government which they would want to tap into because imagine charging a capital gain tax of just 10% on sale of bitcoin. Let's also imagine someone who bought at $1000 price is now $14000 which means government will get a tax of $1300 which is even more than the initial amount investment.

With the above room to increase the tax revenue, there is a dilemma because of the beclouded judgement of using bitcoin to finance criminal activities and until they are able to get that in check through various policies and rules, they would definitely interfere in the near future.

[Kakmakr]

You know what they say about Death & Taxes - They are unavoidable.  

Some people seem to think that Bitcoin is some magic technology that can be used to avoid paying taxes and they are very wrong about that. Even if Bitcoin is pseudo anonymous, you still have to explain your financial situation when you get audited by the tax authorities. < If you buy that new Tesla on a $1000 income, the authorities will ask the uncomfortable question : Where did you get the money to pay for that car? >

[expertofexperts]

I feel like we are already running a parallel economy. Non govt in world will entertain this. Without giving tax to any country's govt, we are dealing and without taxes every country is getting into worst situation. Many countries who are promoting digital transactions, are getting worst hit with crypto currencies. Very soon we can expect huge countries shaking hands to curb investing into these coins.

[nagatraju]

You know what they say about Death & Taxes - They are unavoidable. 

Some people seem to think that Bitcoin is some magic technology that can be used to avoid paying taxes and they are very wrong about that. Even if Bitcoin is pseudo anonymous, you still have to explain your financial situation when you get audited by the tax authorities. < If you buy that new Tesla on a $1000 income, the authorities will ask the uncomfortable question : Where did you get the money to pay for that car? >

I'm glad to hear that not everyone has been loaded into this illusion...indeed, we really can't hide and live apart...our situaton will somehow be explained...in that case I feel like a criminal

[qwertyup23]

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.

It is definitely possible considering that the price of bitcoins currently are no doubt, not a joke. The government may interfere by imposing tax regulations and prohibitions especially when prices are beginning to skyrocket. Though this may be relative to the country, the government are slowly approaching the cryptocurrency world and are making there move by influencing a lot of big companies. Expect soon that the government will interfere and might hinder us from earning more bitcoins due to obligations and other tax implications.

[clumsychoc]

Bitcoin acts in a way where transactions can be done privately and the security system is high. The government cannot just pry into and in their view, it is just a scheme to intimidate people.

[seoincorporation]

Well thats certainly a good question, because as some governments are forbidding the use of BTC in their territory, others are increasing that. In the other hand, last december the potential list of financial system threats was launched by the US Government where, to our surprise, Bitcoin was barely mentioned, evenwhen a lot of big people in the world of economy has manifest, the same year, their concern about the cryptocurrencies, as Jamie Dimon, who last November was expressing how he thought cryptocurrencies where going to collapse.

The US Government just spoke few of crypto, based on low impact: there are not many people using the Btc and the global impact in the economy system is lower than 1 billion, so, for now, they think they don’t need to be concern at all. But will the new report be the same? I don’t think

so: everyday thousands of people begin using crypto. Next year, probably, the impact in global economy will be very, very different, and within it,
maybe they will make some different choices.

[cryptodevs]

Yes some countries started to regulate cryptocurrencies,soon they will give us another problem to be faced.

[cryptoprophecy]

This is very alarming it will start in the u.s then many countries will follow its like we are going to back to the fiat system.

[elizavetausova0112]

I do not think that everyone will be able to! yes they are in my opinion and will not bother. why do they need it?

[SeniorRalap]

I think it will, and now Japan and South Korea are ready to tax bitcoin. That could be a good thing for bitcoin. They acknowledge the legitimacy of bitcoin and will help the development of bitcoin.

[J Gambler]

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.

Well, I think that the government is not up to something that would put a stop to bitcoin directly as I believe that they can also see the effectiveness and how it can change and add to the economic sector of a country. But for it to be legitimized it needs to be regulated and one part of regulating it is to tax it and have the government be involved in its implementation

[JuniAiko]

Trump’s tax cuts for the big corporations and the super rich have caused dept to shoot up to the moon. Taxing crypto trading maybe a way to offset the mounting debts, especially with many of the wall street donors to the establishment government on both sides (the GOP, and also DEM “swamps”) being opposed to cryptos.

Trump was also talking about solving the debt crisis by printing more money.. saying that it is easy.

Looking at the mounting debt, I personally have no confidence in the health of the USD and other Fiat currencies that are strongly tied to it now.

Hopefully, the taxing of crypto trading would reduce the volitality and pump and dump tactics? Hopefully.