Government on legalising bitcoins

[sheenshane]

It's nice to hear that bitcoin will become legalized in all countries, no banning of bitcoin will lead to a successful country because it lessens to the unemployed people that having an extra income through this.
Well, I am still lucky with my country they are not imposing everything law against bitcoin, so, I can enjoy much more using bitcoin in my country. Besides, they have recognized bitcoin as a mode of payment here.

[NavishaKhairin]

very nice information to hear that bitcoin will be legalized, even though my country has not yet been officially registered, but it is already a signal that biitcoint is legal.

[bbjay]

Already bitcoin owners are now established and thereby contributing to national economy individually, in the area of job creations and so on whether government legalizing it or not. Legalizing bitcoin by governments all over the world would be a very good development and this will make local transaction easy and so on.

[jjjackorton]

very nice information to hear that bitcoin will be legalized, even though my country has not yet been officially registered, but it is already a signal that biitcoint is legal.

Seems like it will. Because cryptocurrency really get changed our lives

https://blockspoint.com/bitcoin-banknotes-appear-in-singapore

[doodle07]

Simply because they knew that they can get taxes from it, if they can control the peer to peer transactions. They can never centralised it I guess. Legalising bitcoins by government is good in the ears but in mind its definitely a hard and complicated thing. They just want to get from each one of us our responsibility to pay tax so they are trying to make it legal.

[Eleven86]

In future the bitcoin will be legalized in all countries. Now itself some countries accepted bitcoin in their countrie. This will make some changes in other countries also. No one can stop the growth of bitcoin so defenitely one day all countries will accept cryptocurrency. But not immediately it will take some time. In my country neither bitcoin legalized nor banned. It would give life to many people to earn extra income through this. If government legalize bitcoin it would lead that country in a developing way.

[enaj825]

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.

Please do more research mate. There are 195 countries in the world today, and according to wikipedia there are around 70 countires/territories where the usage of Bitcoin is legal...

The legal status of bitcoin varies substantially from country to country and is still undefined or changing in many of them. Whereas the majority of countries do not make the usage of bitcoin itself illegal, its status as money (or a commodity) varies, with differing regulatory implications. While some countries have explicitly allowed its use and trade, others have banned or restricted it. Likewise, various government agencies, departments, and courts have classified bitcoins differently. While this article provides the legal status of bitcoin, regulations and bans that apply to this cryptocurrency likely extend to similar systems as well.

[reda]

Bitcoin is future digital currency and it any where to use. So most of the people know the bitcoin process and information gather. Today more than different cryptocurrencies in the market place. So choose the best coin for the future invest.  But Bitcoin still people belie. While tax authorities enforcement agencies and regulators are still exploring the phenomenon one pertinent question is bitcoin legal or illegal. The answer is it depends on the location and activity of the user. Now some  government will legal bitcoin but with rules and regulations. It good opportunity for the people growth and country growth. So most of the people use the bitcoin long time.  But coming future bitcoin will be accept all country. It help to connect the country people.

[sujonhossan54]

I believe that the government should be made legal on Bitcoin because it can be a huge revenue gauge of the government and it can develop many improvements in our country.

[NavishaKhairin]

I believe that the government should be made legal on Bitcoin because it can be a huge revenue gauge of the government and it can develop many improvements in our country.

I agree with your opinion, but in my country even in 2018 this state finance authority we provide an ultimatum to be careful with bitcoint

[maarx]

I believe that the government should be made legal on Bitcoin because it can be a huge revenue gauge of the government and it can develop many improvements in our country.

I agree with your opinion, but in my country even in 2018 this state finance authority we provide an ultimatum to be careful with bitcoint

As long as authorities adapt bitcoin and legalize,  they are going to benefit themselves more. The economy standard would certainly experience a new face.  The wealth of the nation's would certainly boom up. What else the citizens  required. Citizens have an number of options here to earn and change their lifestyles. 

[ahmad21]

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 would have strongly agreed to your argument but there are two things here. First is that who will be taxed when it comes to bitcoin? I mean most of the people who have the largest stock of bitcoin hold it in their private keys which are untraceable as to who own them and who controls them and from where they are controlled. So taxing a private key is obviously not possible. Taxation will only be possible if I approve myself that yes I earned this much from bitcoin and honestly speaking why would I? Here comes the second thing that bitcoin was created may be not directly for tax evasion but surely tax evasion would have been a very strong motive in here.

[richardsNY]

Taxation will only be possible if I approve myself that yes I earned this much from bitcoin and honestly speaking why would I? Here comes the second thing that bitcoin was created may be not directly for tax evasion but surely tax evasion would have been a very strong motive in here.

This form of tax evasion isn't just related to crypto. I barely trade any stocks, but when I see certain dividend stocks on the lower side, it might be an interesting option to go for when it comes to diversifying my portfolio. In the same way, it's me that decides to declare these holdings and the profits made. If I don't declare any of them, and honestly speaking I have done so years ago, no one comes after me. This directly also applies to your gold coins and other metals that you own and trade. You are obliged to pay tax legally, but people just aren't doing it in some cases, which is pretty understandable. In all cases it comes down to how willing you are to declare your profits, so crypto isn't anything special.

[baundul]

Many countries are arranging to make Bitcoin by making their own crypt-currency. The country has got a lot of taxes for having its own crypt. Bitcoin is taxing more than 30%, this is the highest taxed tax. https://en.wikipedia.org/wiki/List_of_countries_by_tax_rates
It should be legal in all countries so the every government can get huge amounts tax.

[BitHodler]

In all cases it comes down to how willing you are to declare your profits, so crypto isn't anything special.

I have always wondered how the tax department will react in case you suddenly start reporting your gains. Is it even smart to report your gains after not having done it for years? I have been thinking about it for a while.

Can you just claim that you found back an old wallet file? At some point large holders will become multi millionaires and it will somehow require them to come up with a solid plan of action to buy properties and such.

There are several ways to approach it from an illegal perspective, but doing it legally will definitely be a challenge and could end up causing more bad than good for you. Tax evasion has always been a serious offense.

It's your own money, but you are a criminal for not handing it over to the government.

[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.

Some countries are already declared Bitcoin is legal as they believed that adapting Bitcoin is an advantage to make their economy strong and stable. In fact some of these countries imposed less Bitcoin tax like Japan and France, then declared it no tax in Germany so i think with these huge development many countries were going to be attracted to support, to adapt and will legalize Bitcoin.

[imsotiredofmoviereboots]

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.

30% is too much while there are other countries that don't charge taxes at all. Those government that will impose that are surely against btc. They should also put the tax on withdrawal and not on profits.

[1Referee]

I have always wondered how the tax department will react in case you suddenly start reporting your gains. Is it even smart to report your gains after not having done it for years? I have been thinking about it for a while.

Can you just claim that you found back an old wallet file? At some point large holders will become multi millionaires and it will somehow require them to come up with a solid plan of action to buy properties and such.

That's actually a good question, but it depends on what country you are from firstly. I have done some research on this last year, and the explanation was pretty simple and straightforward.

If I can prove that my coins haven't been into circulation in the previous years, which can be proven easily with how open the blockchain is, it's like I instantly obtained that wealth, and only have to start paying due taxes from the moment I claim that I gained back access. That's from a wallet backup, which I assume is the easiest part because it clearly shows that your coins haven't been moving. I don't know how things are in case you can't prove that your funds haven't been into circulation.

In case of the latter you are better off just not declaring anything, or you have to contact an attorney specialized in crypto tax cases to see what your options are.

[Rooster101]

I believe that the government should be made legal on Bitcoin because it can be a huge revenue gauge of the government and it can develop many improvements in our country.

Bitcoin legalization may take time in some countries with strict laws and unaccomodating leaders. They are the one who are used to a centralized government and everything in their country is almost under their control. Bitcoin, a decentralized virtual currency will be having a hard time to enter in such country unless they can control it. Other countries are planning to create a regulation to control the flow of bitcoin in their area before allowing it to use by their citizens.

[bitcoinFPT]

If Government on legalising bitcoins is the best news for people in this forum but this may be a historical process it will take place slowly,
From acceptance to acceptance, from one country to two countries ... to all legalization
If the legalization takes place, more people will have more work, more opportunities to contribute to poverty reduction