Government on legalising bitcoins

[Zabrielle]

So if the Government legalizing bitcoin that means bitcoin is legally tax then. I heard in Canada bitcoin tax is 40% then the Government can trace bitcoin transactions there. 40% is way almost half of your bitcoin earning.

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[88jewel]

I strongly think that government should legalise bitcoin, because it may become a great revenue source for the goverment by imposing taxes of more than 30% and it can develop our country in so many ways.

The governments are aware that they can come up with great potential of resource with bitcoin.

But you know what makes them worry? The use of bitcoin can be abused by people who are dealt with illegal activities, that's the only thing they know with bitcoin.

They are only aware that its only used for illegal activities but once they understand that bitcoin isn't only for that thing, they will adopt it soon.

Spread of good news is quick, when big countries or state start accepting bitcoin on their jurisdiction, others will simply follow.

i perfectly agree on your last statement! when first world countries start accepting bitcoin many will surely follow. i am happy reading positive thoughts about bitcoin

[kimochidesh]

Bitcoin being anonymous by nature can't be Fully regulated or taxed. If someone keeps their BTC in some private key wallet and does not declare it while Income declaration then How can Govt. get Tax on that. This is the biggest concern why Govt. is not making BTC legal. Its utility in dealing Illegal activities, Money laundering, Tax evasion are some reason Govt not considering it the legal payment mode.

[marcbitcoins]

I strongly think that government should legalise bitcoin, because it may become a great revenue source for the goverment by imposing taxes of more than 30% and it can develop our country in so many ways.

Not only that government will so much benefits from the earnings but it will also ensure the safety of the nation by regulating it so that it will not be used in illegal activities by the bad people like to use it in money laundering, smuggling guns, drugs and also to use it to scam people by using the Bitcoin platform. By legalizing it, the future of Bitcoin will be in good hands.

[gogrowglow]

Government would eventually fight to legalize crytocurrency in each country  firstly because  they want to extract revenues and  control their financial status.  There is also good in legalizing cryptocurrency, the mere fact that it is legal, we would not be hiding or affraid.

[mann1983]

yes many government is on the process of doing bitcoin legal.

[maria0202]

sooner all government will legal bitcoin but with rules and regulations.

[warrior333]

Bitcoin being anonymous by nature can't be Fully regulated or taxed. If someone keeps their BTC in some private key wallet and does not declare it while Income declaration then How can Govt. get Tax on that. This is the biggest concern why Govt. is not making BTC legal. Its utility in dealing Illegal activities, Money laundering, Tax evasion are some reason Govt not considering it the legal payment mode.

Governments do not want to legalize cryptocurrencies. On a national scale, this is very little money for the government to be interested in receiving taxes. Governments do not want to create conditions under which the popularity of the cryptocurrency will grow. Under the pretext of legalization, governments will collect information about cryptocurrency users in order to make this impossible.

[Eleven86]

I strongly think that government should legalise bitcoin, because it may become a great revenue source for the goverment by imposing taxes of more than 30% and it can develop our country in so many ways.

I agree with you. Yes they should accept in order to increase their revenue as well as the employment in the respective country. Though they get revenue out of local fiats, crypto currencies would certainly yield a large turn out. We as an individual being in the forum and earning, can feel the benefits out of the money we earn. Lot of us has changed our lifestyle with the crypto income. Likewise crypto will certainly make the nation wealthy.

[jonland22]

So if the Government legalizing bitcoin that means bitcoin is legally tax then. I heard in Canada bitcoin tax is 40% then the Government can trace bitcoin transactions there. 40% is way almost half of your bitcoin earning.

Legalizing bitcoin doesn't mean it has to be taxed, if a government is silent on it hence the bitcoin could still be a legal due to the fact that there is no sanction on trading of it.

[WorldBiz project]

Representatives of 35 countries and the European Commission appealed to the Federal Financial Monitoring Service that the organization revise its standards that relate to the crypto currency. A meeting of the Financial Action Task Force on Money Laundering (FATF) was held in Paris from 18 to 23 February, attended by representatives of 35 major countries and two organizations that "called on the global authority to improve the understanding of the money laundering risks associated with crypto-currencies" reports Bitcoin.com with reference to the South Korean edition of Yonhup. The FATF was founded in 1989 and is an intergovernmental body that sets standards for the effective fight against money laundering, terrorist financing and other threats.

Among the members of the Financial Action Development Group are 35 States and two regional organizations. Among the countries are Russia, China, India, South Korea, the United States, Great Britain, Germany and others. Organizations - the European Commission and the Cooperation Council of the Persian Gulf. During the meeting, representatives of various states and organizations reported fears that because of the anonymity of transactions with digital money, it became much more difficult to monitor and suppress illegal activities. The results of the meeting will be announced at the meeting of the "Big Twenty", which will be held in Argentina in the summer of 2018.

[richardsNY]

Governments do not want to legalize cryptocurrencies. On a national scale, this is very little money for the government to be interested in receiving taxes. Governments do not want to create conditions under which the popularity of the cryptocurrency will grow. Under the pretext of legalization, governments will collect information about cryptocurrency users in order to make this impossible.

Governments benefit in various ways. Taxation is one aspect, and controlling the centralized ecosystem is another aspect. I may agree that the controlling aspect has more direct value to the government, but as crypto grows larger and larger, the tax income flowing into the pocket of the government grows larger too. Crypto has the potential to become a multi trillion dollar asset class, and this will happen whether governments fairly regulate the market or not. It's up to them. First option is to obtain full control over anything that's centralized and earn massive amounts of income through tax. Second option is to slow down or even prohibit crypto, which will result in the government to not only miss out on massive potential tax income, but most importantly, they lose all the control they could have had. Most governments aren't stupid, and will go with the first option.

[DeadCoin]

Governments do not want to legalize cryptocurrencies. On a national scale, this is very little money for the government to be interested in receiving taxes. Governments do not want to create conditions under which the popularity of the cryptocurrency will grow. Under the pretext of legalization, governments will collect information about cryptocurrency users in order to make this impossible.

Governments benefit in various ways. Taxation is one aspect, and controlling the centralized ecosystem is another aspect. I may agree that the controlling aspect has more direct value to the government, but as crypto grows larger and larger, the tax income flowing into the pocket of the government grows larger too. Crypto has the potential to become a multi trillion dollar asset class, and this will happen whether governments fairly regulate the market or not. It's up to them. First option is to obtain full control over anything that's centralized and earn massive amounts of income through tax. Second option is to slow down or even prohibit crypto, which will result in the government to not only miss out on massive potential tax income, but most importantly, they lose all the control they could have had. Most governments aren't stupid, and will go with the first option.

Another main benefit would be the employment. When the government revenue is increased lot more can be done the citizens freely after taxing of course. The country's economic condition would seriously improve. But as they worry about local fiats and banks revenue, they are not allowing Bitcoin or any other currencies to get into it .

[tambok]

Governments do not want to legalize cryptocurrencies. On a national scale, this is very little money for the government to be interested in receiving taxes. Governments do not want to create conditions under which the popularity of the cryptocurrency will grow. Under the pretext of legalization, governments will collect information about cryptocurrency users in order to make this impossible.

Governments benefit in various ways. Taxation is one aspect, and controlling the centralized ecosystem is another aspect. I may agree that the controlling aspect has more direct value to the government, but as crypto grows larger and larger, the tax income flowing into the pocket of the government grows larger too. Crypto has the potential to become a multi trillion dollar asset class, and this will happen whether governments fairly regulate the market or not. It's up to them. First option is to obtain full control over anything that's centralized and earn massive amounts of income through tax. Second option is to slow down or even prohibit crypto, which will result in the government to not only miss out on massive potential tax income, but most importantly, they lose all the control they could have had. Most governments aren't stupid, and will go with the first option.

Another main benefit would be the employment. When the government revenue is increased lot more can be done the citizens freely after taxing of course. The country's economic condition would seriously improve. But as they worry about local fiats and banks revenue, they are not allowing Bitcoin or any other currencies to get into it .

You are right, as well as those businesses had also benefited in cryptocurrency, because of this a lot of people had increased their purchasing power to buy goods and services for their own so we are all benefiting on it including the growth of our economy.

[semobo]

I strongly think that government should legalise bitcoin, because it may become a great revenue source for the goverment by imposing taxes of more than 30% and it can develop our country in so many ways.

LOL,it might not suit for all the corrupted countries becaue politicians will take all their country's revenue and make them richer not spend them for the people welfare.So I don't want to pay any taxes for my country because it will keep my country's politicians richer not the people.

[Proton2233]

I strongly think that government should legalise bitcoin, because it may become a great revenue source for the goverment by imposing taxes of more than 30% and it can develop our country in so many ways.

LOL,it might not suit for all the corrupted countries becaue politicians will take all their country's revenue and make them richer not spend them for the people welfare.So I don't want to pay any taxes for my country because it will keep my country's politicians richer not the people.

What choice do you have? Lol. In order to use your bitcoins you have to exchange them for Fiat. All such transactions are monitored by banks. How can you not pay taxes on them? You will be fined and you will pay more. You may not want to do this but your opinion is of no interest to anyone. All friends and enemies of the law.

[semobo]

I strongly think that government should legalise bitcoin, because it may become a great revenue source for the goverment by imposing taxes of more than 30% and it can develop our country in so many ways.

LOL,it might not suit for all the corrupted countries becaue politicians will take all their country's revenue and make them richer not spend them for the people welfare.So I don't want to pay any taxes for my country because it will keep my country's politicians richer not the people.

What choice do you have? Lol. In order to use your bitcoins you have to exchange them for Fiat. All such transactions are monitored by banks. How can you not pay taxes on them? You will be fined and you will pay more. You may not want to do this but your opinion is of no interest to anyone. All friends and enemies of the law.

My country don't have any specific specific tax yet for cryotocurrency so for me it is not a problem to buy bitcoins with fiat through banking system.I am not talking about the normal 10% of taxes,many countries like USA asking upto 40% taxes so I don't think that tax might not help me in anyways.
But the problem is only if we convert our bitcoins to fiat but I am not thinking about this,I will jold bitcoin as long as it can be used as direct form of payment.

[Requim]

I strongly think that government should legalise bitcoin, because it may become a great revenue source for the goverment by imposing taxes of more than 30% and it can develop our country in so many ways.

People would not like if bitcoin will be taxed, and I doubt if the government could do it since people are anonymous when doing their transactions. Maybe, that is one of the reasons why some government are threatened and started banning cryptocurrency. People can earn a lot, and yet the government cannot get anything from them.

[leonora galvan]

I strongly think that government should legalise bitcoin, because it may become a great revenue source for the goverment by imposing taxes of more than 30% and it can develop our country in so many ways.

i really love that if our government will legalize bitcoins.if we will support bitcoin from the others then we have to do it.so that if the government will see our support then they will do legalize in our country.and that was a big help to the other bitcoin lover.

[Hannahanto]

I strongly think that government should legalise bitcoin, because it may become a great revenue source for the goverment by imposing taxes of more than 30% and it can develop our country in so many ways.

I wish this should happen soon. Lots of good things would happen when adapted. An authority seriously has to look at its benefits. Country's economic system would grow, citizen's lifestyle would get changed when they each work with crypto currency and employment would increase in the respected country. Wish and hope every government would legalize bitcoins and other crypto currencies.