Government Furious

[Ilegendph]

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?

The problem with the government is they are too hasty to get their payment in the form of taxes. It is clearly stated that you only be taxed if you used resources  from that state or country and since bitcoin is not owned by anyone, therefore, the government cant do such actions. The regulations done in some government system regarding cryptocurrency helps a lot in determining weather that digital asset is taxable or not.

[Kingofbitcoin12345]

The government officials are voted upon by the citizen of one country that is mandated to uphold the law and take regulation to improve the life and countries financial reserves.. In short,, we can’t blame them on taking such action,, for it is also our responsibility to help for the development of our nation.. I’m not anti regulation or anti cryptocurrency as stated obvious,, I’m on fairness and equality on both side..

[trecore4]

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?

Once they start regulating the bitcoin then they will start tracking the bitcoin transaction and will be able to fine tune the process of taxation for the bitcoin transaction. For now it is really impossible to track the transaction exactly as people dont really do it straight. They will blend all the transaction and may trick the government to avoid the taxes and thus the whole thing creates problems. Also tell you what, because of such behaviour government is also tired of crypto currency and who knows they might ban the crypto completely. However I am saying that with very low confidence. So, the only thing they can do is, get the regulations done -> start tracking BTC transactions -> ask for proof of transaction -> ask for filing of the taxes.

[kier010]

taxes goes to government to help the country. we can't blame government for what they are doing because they do it for their people and their country to progress. users have their point but on the other side government have also their point.

[usekevin]

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?

The government of some countries like South Korea is start to regulate the bitcoin. They are lot of transcation undergoing in South Korea as compared to other Asian countries. After some months, the people of South Korea, have to pay a tax.Luckily I was not from South Korea.

[cah ndablek]

If the government feels angry in the presence of bitcoin would be better if made new rules about taxation issues.In addition to create a sense of comfort the traders actually taxation is also able to make an income for the country in the future and can be more developed again.

[hataman]

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?

that's right sir. it is the thing that makes the government do not like the existence of bitcoin. if there is a tax they may be silent and suddenly like bitcoin because the result of bitcoin is much more and this makes the government get more taxes than the transaction tax of paper money.

[Olrac]

Government will always be furious with crypto, why?? because bitcoin has captured people's trust. More people are investing in it which means more profits and more money. Yes, there's huge income in bitcoin and that's what the government is chasing. They're just after the money and nothing else.

[Hazaki]

Governments are furious because they aren't gaining anything back from the cryptocurrencies industries , moreover they are giving electricity in cheap cost for people to make their mining farms work with it and make fortunes and the government gets nada ..
Regulations must be made for miners i think , but simple holders shouldn't be concerned in any government decision .

[Harlot]

If the government will apply taxes to Bitcoin transactions what will it be called then? Because I don't think you can even count transactions as an excise tax as the sender of the BTC is the one shouldering the transaction. Taxing it would only make things worst for any BTC users. If the government has something to worry about its not the transactions itself but people who will try to evade or falsify their true Bitcoin earnings which can be really bad for their economy. The quickest fix to that is of course regulation which majority of the governments who are supporting BTC are doing.

[NoNetwork]

They don't really need to tax you.

In my country, what they did was, they regulated every cryptocurrency here. So whenever you wanted to convert let say Bitcoin into fiat (money), it will surely have fixed fees depending on the amount of what you wanted to convert. Also, here you can Bitcoin into specific Banks and will automatically be converted into fiat, though there may be no fee but at least they regulates it.

Since it was implemented here pretty quickly, personally I think its still convenient, and I think the fees are not that very high, so I'm used to it.

[Sorento]

I don't see any problem with the government taxing exchanges to help in boosting the economy of the country... My humble submission.

[CHENIEN]

Governments has already a benifits from the people who gain from bitcoin business transactions. Like for instance, a certain person who become financially stable because of bitcoin, and they build a big business establishments which is legally paying taxes into government so difinitely bitcoin has already contributes big impact of economic development even bitcoin is not directly paying taxes.

[stompix]

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?

Oh but they do get them.

I've bought last week a cpu from a store that accepts bitcoins.
Guess what I also did pay. VAT!!!
As long as you buy something with BTC from a store you will always pay VAT and the government will get it.

You send BTC to a friend? Of course you don't pay taxes.
But you wouldn't have paid taxes if you would have sent him fiat either.

Tell me where is the government losing money?

[jaysabi]

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 already applies to anyone dealing in bitcoin. Revenue is revenue regardless of what form it comes in. No company is exempt from paying income tax just because they accepted bitcoin payments, just like to company is exempt from paying income taxes just because they took cash payments. People ascribe a lot of government hostility to bitcoin that either doesn't exist or exists for reasons that aren't at all reflective of reality, like this post trying to say that nobody pays taxes related to bitcoin transactions.

[papashark]

Thats why the government is fear of crypto currency because people can transact now without using their fiat but by using only crypto. The people can by pass the tax thats why the government sending FUD to make people leave the crypto.
But as for me and my friends. I'll stay holding my cryptos. Thanks theres trezor and nano ledger.

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?

[IMAR]

I'm sure time will come that governments of all counties will regulate cryptocurrency in general in their countries. I think South korea already implementing the tax for crypto asset revenue.  For sure many countries will follow later on.

[Ch01ce0N3]

In my opinion, the government may impose taxes on every transaction that uses bitcoin. That is good. Very good. Moreover, the tax becomes state income. However, noteworthy, the government must recognize the existence of bitcoin as a means of transactions in the country. That way, no one feels disadvantaged, both government and bitcoin service users themselves.
I

[Breackup]

I think so too. The government is a bit jealous of Bitcoin. The government does not get any tax for Bitcoin. When the government manages a country, the government has to pay taxes for everything. So the government can not get anything from Bitcoin. The fact that Bitcoin is providing huge amount of money to all the countries, the users are getting the bitcoin. But the government can not accept it. So Bitcoin is banned in many countries with illegal declaration.This kind of behavior is furious manifestation.

[Hell-raiser]

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?

It seems you should first understand that billions of dollars in Bitcoin market cap are not real, these dolars are non-existent and used only for the purpose of reference. So there is basically nothing to complain about on the government part. Apart from that, I don't know why anyone would think that crypto transactions should be taxed. I don't know if fiat transactions are taxed somewhere in the world, though I would be curious to find out. Taxing transactions destroys the very idea of money, which is to facilitate trade, not obstruct it.