Government Furious

[Activitycoin]

The government will definately try to regulate somehow bitcoin and other cryptocurrencies, becouse people of power doesnt like, when something is not under their control

It is not that they do not like something that is outside of their control, it is because they fear it, they feel threatened, when they cannot control every single thing around their world, you need to understand that people in power are very insecure people despite the appearances and what they say that is the truth, they have climb up to those positions and the thing that they fear the most is to lose those positions and something like bitcoin and cryptocurrencies have the potential to diminish the power they wield and that is something they are not going to accept without a fight.

Yes you are right that bitcoin is good and people are they real power in crypto currency, the more people will support bitcoin they more it will increase in price and in demand, it is good to buy it at this time, bitcoin is not under control today as government is now having that much strength to see the currency as legal currency down ward, bitcoin is above legal currency, but our government is fear that soon bitcoin will be legal and their own currency will be down and gradually it will get vanish, so for me they should trust and support bitcoin instead of having any kind of fear.

[1714892843]

1714892843

[1714892843]

1714892843

[1714892843]

1714892843

[1714892843]

1714892843

[1714892843]

1714892843

[green_fish]

Many countries have recognized BTC's legal status and revenue tax!

This is conducive to the development of digital cryptographic currency, because the government can participate in the market of digital encryption money, guide the development of the market reasonably, and avoid criminal behavior!

[Ctn]

The government will definately try to regulate somehow bitcoin and other cryptocurrencies, becouse people of power doesnt like, when something is not under their control

It is not that they do not like something that is outside of their control, it is because they fear it, they feel threatened, when they cannot control every single thing around their world, you need to understand that people in power are very insecure people despite the appearances and what they say that is the truth, they have climb up to those positions and the thing that they fear the most is to lose those positions and something like bitcoin and cryptocurrencies have the potential to diminish the power they wield and that is something they are not going to accept without a fight.

To be honest its not like that they cant control it, off course it is they have all the rights to amend things if they are not good for the nation. This is what they are capable of doing, no matter what how helpful, blessingful it is for the people but if it is gonna eat the nation as whole then they, the government can rip the thing off.

The only thing that is keeping them away from this doing is they dont want to creat outrageous impression out of it. They know very well that this tech is new and can be helpful in many things. So I am pretty sure that they are looking for middle ways to come out.

[carlisle1]

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 im in 100% agreed on this,that government must have what they deserve..tax is every peoples obligation and its not even higher cost from what they earning.

For me regulation for cryptocurrency is a must,not only the miners but every individuals who makes money in cryptoworld..from gambling,trading,signature campaigns and bounty..even ico investors and holders must be obliged buy taxes

[piter66]

Bitcoin is created polar to the concepts of banking to which the government is somehow clinged at and traditionalized upon because it is a vital part on the movement of the economy.
It would be very difficult for the government to track who use bitcoin to earn for tax collection.  But if people do not want to bitcoin to be banned on their countries.

[Chusnul]

Governments do not like technologies that undermine their ability to regulate and monitor financial activity for money laundering and especially tax evasion. But moreover, governments prefer to have a monopoly on currency creation, because the government derives seigniorage value from banknotes in circulation.

[BartS]

To be honest its not like that they cant control it, off course it is they have all the rights to amend things if they are not good for the nation. This is what they are capable of doing, no matter what how helpful, blessingful it is for the people but if it is gonna eat the nation as whole then they, the government can rip the thing off.

The only thing that is keeping them away from this doing is they dont want to creat outrageous impression out of it. They know very well that this tech is new and can be helpful in many things. So I am pretty sure that they are looking for middle ways to come out.

You are right when you say that they can regulate cryptocurrencies to a certain point but I do not think they can control it, let's suppose that they forbid holding cryptocurrencies, there will be many people that are going to avoid cryptocurrencies from that point on but there is also going to be a significant amount of people that are not going to comply, what are they going to do at that point? Are they going to put people into jail, even if they do that how are they going to find them? How are they going to block to transference of bitcoin in a network they cannot control?

[iv4n]

To be honest its not like that they cant control it, off course it is they have all the rights to amend things if they are not good for the nation. This is what they are capable of doing, no matter what how helpful, blessingful it is for the people but if it is gonna eat the nation as whole then they, the government can rip the thing off.

The only thing that is keeping them away from this doing is they dont want to creat outrageous impression out of it. They know very well that this tech is new and can be helpful in many things. So I am pretty sure that they are looking for middle ways to come out.

You are right when you say that they can regulate cryptocurrencies to a certain point but I do not think they can control it, let's suppose that they forbid holding cryptocurrencies, there will be many people that are going to avoid cryptocurrencies from that point on but there is also going to be a significant amount of people that are not going to comply, what are they going to do at that point? Are they going to put people into jail, even if they do that how are they going to find them? How are they going to block to transference of bitcoin in a network they cannot control?

Governments don't do things that are good for the nation, maybe there are couple governments in whole world that do that, but most of them are working just for their own interest. They are corrupted, to much, only way to escape from this corruption is to change entire system.
Believe it or not, they will put people in jail (if that didn't happen already), they will go even further, some governments are capable for big evil. You can see that from the past.
Only thing that gives me hope are ordinary people across the world, blockchain give us a glance of what is better, people are awaking from some dream with crypto. We are more opened for better things, not what governments tell us its better, what really is better. Just decentralized system can help us to have fair world, and we must have go in that direction.

[Notcalculator]

They could still collect tax from it by taxing establishments under their jurisdiction. Establishments could also be required to issue official receipts for taxing purposes. The only way btc could reach mass adoption is through fair regulations. I would think that taxing to some extent is fair because obviously if you dont tax transactions everyone would just use BTC and the government would be bankrupt. The transaction im talking about here is between customer and business.

[Virtual miner]

What actually makes governments furious is their inability to control the bitcoin transactions because of its decentralized nature. And as far as the topic of taxation on bitcoin is concerned, this is being resented by most of the people. Only because people feel that why do they have to pay any amount to government in which government has nothing to contribute and no role to play.

But if we go by the taxation laws of the country then we will find tax has to be imposed on the bitcoin transactions because they attract tax on capital gain.

[edenchainio]

Despite how some governments are trying to ban cryptocurrencies, there will still be a few governments, mainly the smaller countries like Malta and Singapore that embraces cryptocurrencies.

Cryptocurrencies will continue to thrive as long as there are at least a few countries that adopt it. Technology is frequently a winner takes all game, and the larger countries will very quickly realise that they are losing out on the game and will FOMO back in.

[vaughn125]

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?

To become completely legal or to reach the point where we are experiencing mass adoption, we really have to go for regulation and have to accept all the disadvantages of this which includes regulators taking advantage of this and taking so much more than what is needed as tax from us crypto users because they know that they have the authority. But I think, after a few months or years in the regulation, things will go smoother and smoother as more people fight for a fairer regulation terms.

[krishnaverma]

You know the funny thing is in most countries the taxes are being applied and at the same time the government is all that on Banning Bitcoins this is the funniest thing ever because if you are taking taxes then why the hell you need to ban them.
Also the banks are trying to stop the transactions regarding Bitcoins this is something that I don't think anyone would think is fair.
There is no problem in giving taxes but at the same time they should know that they should play a fair game not a suit of dictatorship.

You know what is more funny a government saying that crypto is bad for the economy, then banning it. Now the government is coming up up with its own crypto.

If you want to eliminate the competition, at least give a better excuse that can be digested by people.

[gambitcoin53]

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.

Actually they can, backed up by laws on tax on revenues. When a transaction on exchange sites commence, there are fees, those fees are subject to tax already, but it will be on the part of the exchange sites and not on the part of the individual bitcoin users. Fees being deducted to the account users, tax deducted from the site. Too bad, tax are passed on the consumers thru high fees.

[Mastsetad]

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?

How did you know that all the world governments are curious about Bitcoin? I don’t think that’s true, I’m very sure that there are some governments that are participating in Bitcoin either by mining or investing into it. Just like Russia, I have heard several times that they are into Bitcoin Mining, though I don’t know if that is true. There are some government that are against Bitcoin and other cryptocurrencies, same as there are governments that are in support of it.

[Hell-raiser]

Despite how some governments are trying to ban cryptocurrencies, there will still be a few governments, mainly the smaller countries like Malta and Singapore that embraces cryptocurrencies.

Cryptocurrencies will continue to thrive as long as there are at least a few countries that adopt it. Technology is frequently a winner takes all game, and the larger countries will very quickly realise that they are losing out on the game and will FOMO back in.

Japan is not a small country by any means. And they seem to be quite loyal toward Bitcoin and other cryptocurrencies. It looks like many people are seeing everything in black and white colors only, and whenever some country like South Korea tries to regulate cryptomarket, people are quick to jump at the conclusion like they are trying to ban cryptocurrencies. SK is not a small country either, though China which seems to be really negative toward Bitcoin is definitely bigger in every aspect.

[Aikidoka]

I am not for imposing taxes on transactions. However, if they are to ban bitcoin thoroughly, I will move along with the taxes because whether you like it or not, the government is more powerful than you and you can do nothing to it. On the other hand, taxes should not be high, otherwise users will get bored and they will stop transacting. And to be honest, taxes are better than getting bitcoin banned.

[Beparanf]

I am not for imposing taxes on transactions. However, if they are to ban bitcoin thoroughly, I will move along with the taxes because whether you like it or not, the government is more powerful than you and you can do nothing to it. On the other hand, taxes should not be high, otherwise users will get bored and they will stop transacting. And to be honest, taxes are better than getting bitcoin banned.

Taxing anyway may not be fully implemented since bitcoin is decentralized and anonymous ,once we convert it that's the only time we need to pay our taxes and we can't run from it, so be wise on spending and converting crypto, its ok to pay taxes as long as we see the projects of the government.

[btc-facebook]

My government forbid bitcoin usage because of security reason and cause inflation so although applying tax will generate revenue / income but they still too afraid of negative impact for bitcoin usage.
I'm understand their reason since they want protect civilian from harm

[rafaelyarulin]

Russian legislation does not yet define cryptocurrency. Accordingly, and its legal status in our country is not clear. Although in many countries Bitcoin as other types of crypto currency received the status of legal tender, some tax authorities have already recognized its importance and have proposed specific tax rules.