Government Furious

[daarul50]

The capitalization of bitcoin transactions reaches billions of dollars but governments of any country can not get revenues or income from these transactions and this makes governments in many countries complain of the existence of bitcoin because it is considered a threat to the economy of a country. Should tax apply to users who do bitcoin transactions? When are users comfortable with this situation? what is the right regulation to address these issues to help each country improve its economy?

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[rowel21]

 until now  government won't to penetrate the system o crypto if they going to legalize the btc they do it to gain something 
but its better to collect tax in a bitcoi earner than to provoke the government  and make them realized that btc is no benefits in the economic if they do they just banned it in a whole country making the btc price fall

[BartS]

The capitalization of bitcoin transactions reaches billions of dollars but governments of any country can not get revenues or income from these transactions and this makes governments in many countries complain of the existence of bitcoin because it is considered a threat to the economy of a country. Should tax apply to users who do bitcoin transactions? When are users comfortable with this situation? what is the right regulation to address these issues to help each country improve its economy?

Tell me and who is going to force those laws, how they are going to make people pay for each transaction, how they can even proof if a transaction took place, people could always argue that they are sending money from one of address to another address that belongs to them, this is no really different than taking money from your left pocket and moving your money  to your right pocket there was no transaction, this happens all the time on the blockchain when people move funds from one  address to another so unless you are able to link the identities of people to their addresses this is going to be impossible.

[darkangel11]

The capitalization of bitcoin transactions reaches billions of dollars but governments of any country can not get revenues or income from these transactions and this makes governments in many countries complain of the existence of bitcoin because it is considered a threat to the economy of a country.

No, if we divide this capitalization between the countries it will be like a grain of sand. Big private companies are bringing much more revenue than a fully regulated crypto economy would. At least at this stage. Also, governments are getting their share from BTC to fiat transactions. Do you think it's not enough?

Should tax apply to users who do bitcoin transactions? When are users comfortable with this situation? what is the right regulation to address these issues to help each country improve its economy?

No, it shouldn't. Are you supposed to pay taxes when you're exchanging pokemon cards with your friends. Do you have to pay tax when you're trading gold in world of warcraft? Why should you have to pay for changing one cryptocurrency into another, especially when both of them aren't recognized by the government as a currency and a means of payment.

[Haterstestbtc]

Do the government can not make a regulation to impose the collection of tax to cryptocurrency as billions of dollars passes everday to the users and investors who transact that huge money then it should apply to the users who do bitcoin transaction. This can make possible to the government if they pursuit a laws that addresses the cryptocurrency users to be taxed.

[richardsNY]

In no shape or form should users be obliged to pay tax over their transactions, except from a few cases and situations. I don't even understand why you make an issue out of the fact that currently the majority of the transactions aren't getting taxed. Governments understand that they can't just tax anything and everything just because value is being moved from one place to another. On top of that, it also depends per country what Bitcoin is classified as, and based on that you may end up having to pay tax in certain situations. From there it's up to the people to pay their taxes out of free will, because if you aren't using centralized services, you basically have no usable trail/profile anywhere, and thus can't be held responsible for whatever actions.

[Dutchyyy]

The capitalization of bitcoin transactions reaches billions of dollars but governments of any country can not get revenues or income from these transactions and this makes governments in many countries complain of the existence of bitcoin because it is considered a threat to the economy of a country. Should tax apply to users who do bitcoin transactions? When are users comfortable with this situation? what is the right regulation to address these issues to help each country improve its economy?

Actually the Governments are taking their fair cut on every crypto->fiat transaction. In most cases you are obligated to pay 10%-39% Capital Gain taxes. It's inevitable if you receive the money in a bank account.

But they wants more... greedy a**holes.

[JoshMart]

In my opinion, taxes should not apply to crypto transactions. One of the reasons why people trade or transact using crypto's would be due to it being untraceable and anonymous. Second, it's digital. The only problem will come around if we're not careful and smart about cashing out. Then again, there are some exchanges that can do that for us. Also, I don't think that a lot of people (if not all) will probably be not that comfortable in having crypto's be centralized or regulated.

[ylnar123]

The capitalization of bitcoin transactions reaches billions of dollars but governments of any country can not get revenues or income from these transactions and this makes governments in many countries complain of the existence of bitcoin because it is considered a threat to the economy of a country. Should tax apply to users who do bitcoin transactions? When are users comfortable with this situation? what is the right regulation to address these issues to help each country improve its economy?

There some countries tried to regulate the flow of Bitcoin in their country which the central bank made a centralized wallet to gain fees from internal exchanges. Though transaction fees are much lesser than the external exchanges, they assure that money in your wallet is secured. That is how other countries do to have taxation on our Bitcoin transactions. Instead of banning, they made regulations to have income from Bitcoin.

[Indrawan77]

The government is furious about btc because it can't do anything to stop.people from doing transaction using btc, that is why now the government coming with an idea to regulate bitcoin, actually we don't comfortable to be watched by the government, but its better to be watched rather than btc being banned, my guess the government going to need us to report our crypto wwalth and provide the documents to verify our identity

[ganlianshifu1]

Some countries have already started to levy taxes on BTC transactions!

Define them as assets and collect VAT and property income tax in BTC transactions!

To some extent, BTC is legal!

[randythered]

The capitalization of bitcoin transactions reaches billions of dollars but governments of any country can not get revenues or income from these transactions and this makes governments in many countries complain of the existence of bitcoin because it is considered a threat to the economy of a country. Should tax apply to users who do bitcoin transactions? When are users comfortable with this situation? what is the right regulation to address these issues to help each country improve its economy?

Right now tax should apply, bitcoin is not a local currency and until that time tax should be levied. Governments have a real difficult time levying that tax and the easier route is to penalize all those dealing in cryptocurrencies to spite the few who do not pay their taxed and avoid the millions in dollars of tax revenue,

[alroys]

I think that is necessary, the government imposed a tax on every Bitcoin transaction. whether a government does not have the power to make that rule, because I think if we are already in taxes that means Bitcoin has Legal in that country, and we are Bitcoin players, Can be calm in playing Bitcoin.

[Bonsaiav]

Government furious is a stupid and selfish government behavior, they aren't able to take advantage of the existing situation or is happening.
Actually, there are ideas which can be used by the government to earn the benefit of crypto, among others:

1. The government should legalize crypto, then there will be many transactions that occur in the exchange account (online wallet).

2. The government must create an online wallet managed by state-owned banks. Then the bank/government will earn revenue from transaction fees incurred.

Perhaps, that way the government can fix its regulation which I think was unclear and certainly unwarranted

[boboking]

I do not agree that we need to pay taxes on transactions whatever coin it is. If government decided to put taxes on transaction i think that will be a death blow to crypto currency.

For taxing in trading or capital gains Yes i can deal with that as it is also done in stocks and other market.

[Hannana01]

Successfully regulating cryptocurrencies is a difficult and long process for countries, as we've seen over the last few months. That's especially true when there are numerous regulatory bodies in a country that all want to take a different approach. And, even as some countries like China clamp down on cryptocurrencies, companies are finding ways to bypass the bans. Regulating cryptocurrencies instead of banning them is likely going to be a good approach. It seems that governments have now woken up to both the opportunities and the threats of cryptocurrencies, and are now looking to regulate them in a way that affords them both benefits from the taxes, while also preventing illegal activity such as money laundering. However, Russia especially has been very indecisive when it comes to its stance on cryptocurrencies, and it remains to be seen whether this will be its final approach.

[frowsiter]

The capitalization of bitcoin transactions reaches billions of dollars but governments of any country can not get revenues or income from these transactions and this makes governments in many countries complain of the existence of bitcoin because it is considered a threat to the economy of a country. Should tax apply to users who do bitcoin transactions? When are users comfortable with this situation? what is the right regulation to address these issues to help each country improve its economy?

Tax is not the thing which government should always impose on you. It is something that you should be paying at your will. I have paid my all taxes which were from the bitcoin conversion to fiat currency into my bank account. I am keeping it very simple by paying taxes, the simplicity in terms of clean cheat. Neither government can blame on me that from where the big money is coming and nor I will be in stress all the time waiting the income tax department to hit my doors. LOL.

So to help each country to improve themselves then it is the responsibility of the individual to pay the taxes whether or not their government has any rules and regulations.

[marcbitcoins]

The capitalization of bitcoin transactions reaches billions of dollars but governments of any country can not get revenues or income from these transactions and this makes governments in many countries complain of the existence of bitcoin because it is considered a threat to the economy of a country. Should tax apply to users who do bitcoin transactions? When are users comfortable with this situation? what is the right regulation to address these issues to help each country improve its economy?

Every country that will adapt or legalize Bitcoin should benefit thru Bitcoin tax in order to help their economy to become strong in which one of the benefits that every country must enjoy. If the country will not get any benefit by adapting Bitcoin then we should expect total banning of it and most of the country will not support Bitcoin anymore. So therefore it is right for every country to collect Bitcoin tax thru regulation in order for the people will continue to enjoy Bitcoin income legally.

[timerland]

The capitalization of bitcoin transactions reaches billions of dollars but governments of any country can not get revenues or income from these transactions and this makes governments in many countries complain of the existence of bitcoin because it is considered a threat to the economy of a country. Should tax apply to users who do bitcoin transactions? When are users comfortable with this situation? what is the right regulation to address these issues to help each country improve its economy?

I honestly just would like to see bitcoin treated the same way as foreign currencies are, or even gold/silver.

Simply doing bitcoin transactions should not incur any taxes. Makes no sense to do so, it's like saying you're going to be taxed every single time you give someone else money regardless of the reason.

What I see with a some countries though is that VAT is added to bitcoin purchases, and CGT is applied when you cash out your bitcoin. Make up your mind, governments. You can't say that bitcoin is both a consumer good and an investment asset. This kind of double taxing shouldn't be happening. Also, apparently in Australia they are also planning on adding a tax for crypto to crypto trades. I get that there may be a tax for crypto to fiat trades, but crypto to crypto, you serious? That's like saying swapping collectibles with someone will incur a tax. Makes no sense to me.

[jcarlo]

The capitalization of bitcoin transactions reaches billions of dollars but governments of any country can not get revenues or income from these transactions and this makes governments in many countries complain of the existence of bitcoin because it is considered a threat to the economy of a country. Should tax apply to users who do bitcoin transactions? When are users comfortable with this situation? what is the right regulation to address these issues to help each country improve its economy?

Government dont get taxes because they do not want to regulate bitcoin trade. If bitcoin trade regulated, I am believe bitcoin investor fine with taxes and feel more confidence to investing more money