Government Furious

[PatronRH]

Goverments can profit so much with cryptocurrency they can just regulate like make some taxes on the transactions and thus making money from cryptocurrency. In addition to that they can even use the technologie of blockchain and use it to improve their monetary system.

[komatovo]

Goverments can profit so much with cryptocurrency they can just regulate like make some taxes on the transactions and thus making money from cryptocurrency. In addition to that they can even use the technologie of blockchain and use it to improve their monetary system.

Xen Baynham-Herd, head of strategy and lead economist at one of the leading digital wallets, Blockchain, believes that Bitcoin could become a type of digital gold. He thinks that Bitcoin and another crypto will coexist with government-issued cryptocurrencies, because they offer fundamentally different things.

[Sword555]

Billions of dollars transmitted every day to the users and investors who in return transact a large sum of money, which should apply to the users who actually do the transaction, so I can't believe that the government really can't make a regulation of imposing the collection of tax to cryptocurrency.

[hashshashin]

As we see in practice, not all countries negatively regard bitcoin. Some countries still took it as a means of payment and actively use blockchain technology. I believe that with the correct and reasonable use of bitcoin and its technology, you can achieve great success in the development of the country.

[hermae]

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?

If that's the solution to legalize BiTcoin and other cryptocurrency  in pur country why not...  If it is the best way to easily recognized by government the uses and existence of bitcoin why not pursuing it...  Tax is needed in our country...  And some crypto user earn a lots here even billion of money is not possible... I think if the government really saw that the user should gave a right tax why not...  But before it happens the cryptocurrency also should need to be centralized....

I definitely agree with you. I think most of us want our governments to accept bitcoin, and I think when bitcoin is regulated, we are protected against scams and bad people who want to steal our coins. So if it happens, I think there is no problem if the government wants our bitcoin transactions to be taxed.

[laravuemaster]

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 was very obvious that some of the governments are afraid for their people to get rich and no one will be interested to work on the corporate world and most of them will just focus on trading in the market.

[zhanghoqi5]

The government will not be angry at bitcoin, and they will regulate large exchanges for tax revenue.

The government will be more supportive of bitcoin's development by managing its profits.

[el kaka22]

This is one of the reasons why other countries are pushed to regulate and even ban bitcoin and the rest of digital currencies because they can't get any single cents from these cryptographic transactions. This is also what makes it hard for bitcoin to realize its purpose.

Apparently, one of the reasons why we cannot have any other way than just to accept regulation for a win. However, regulation still have a lot of limit since it is going to be restricted to exchanges and most individuals who may still be running their P2P transactions without a third party like exchanges which was the main idea of satoshi anyway will still find it pretty hard for the government to tag down for taxes.

Nevertheless, as it is, I am sure one way or the other, virtually most investors will still end up making use of an exchange at one point or the other, and with KYC, no one can escape it.

[South Park]

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?

If you were part of the government would you not be mad that there is all this money moving all around the world and that you cannot touch it and that you cannot tax it? Even if we do not like the tight control that governments have of the economy and society in general it is very natural for them to be mad at something that is defying their control to such an extent.

[joebrook]

I bet some countries are already charging taxes when people convert their bitcoins into FIAT, so i don't think they should be charging tax when people use cryptos to make purchases online.Maybe that's why they are calling for more regulations in the crypto community.

[PIR]

This is indeed the biggest threat for the government in a first place they have no control over it, and they seems to be losing more client and investor because they rather choose bitcoin than in banks and another thing they lose income as well so I guess there should be a way or a win-win situation over these thing...if they cannot put tax over bitcoin then the user himself will be the one who will pay tax?..

[Bitcoincole]

Although it was a biggest threat to the economic stability in a country the existence of digital or cryptocurrency. It is not cryptocurrency will adopt into governance but rather it is the government to make a rules to regulate and fine taxes for every personwho is involve on the cryptocurrency today.

[Sword555]

 It's actually possible to the government if they pursuit to tax the cryptocurrency users.

[kisscoin]

The government is sitting snickering faces, and they will never raise the economy of their country and their people! Their main task - not to allow improvement of prosperity of people! Do not let them tax, they will be small. Neither the country nor the population of this will not become richer! It's time to push these rats! 

[cryptojac17]

Although it was a biggest threat to the economic stability in a country the existence of digital or cryptocurrency. It is not cryptocurrency will adopt into governance but rather it is the government to make a rules to regulate and fine taxes for every personwho is involve on the cryptocurrency today.

Because of Blockchain technology in which the transaction is P2P in which the process is just like transferring your money from your left pocket to your right pocket in which there is no third-party involved during remittances unlike regular currency there is payment including taxes during transfer by the service provider, that's make bitcoin and blockchain technology makes  differences, the government can only implement taxation during exchange from BTC to local currency provide there is a law that would regulate on tax collection policy.

[cutikanzilong]

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 can not interfere with bitcoin transactions, because bitcoins are hard to trace. Perhaps because of this comfortable situation bitcoin users continue to benefit without any hindrance. Taxes are one way governments gain profit for bitcoin users

[Epimetheus]

The main reason behind government furious against bitcoin like cryptocurrency is their decentralised nature. Because of this no one can control this and no government never want something in their country which they cannot control. Bitcoin also affect their economy growth by affects the tax. Due to its digital nature Bitcoin user doesn't pay tax. Bitcoin also affect an country currency value in the international market and this could happen to be a reason. 

[xsaints128]

Most of the Government will just legalize cryptocurrencies to get their share of the pie because they know that everyday billions are traded in the crypto market and they just can't ignore it anymore so we are going to see most of the Government legalize crypto in the coming times.

[South Park]

I bet some countries are already charging taxes when people convert their bitcoins into FIAT, so i don't think they should be charging tax when people use cryptos to make purchases online.Maybe that's why they are calling for more regulations in the crypto community.

Unless you live in a country which does not charge you taxes, in theory every single country around the world should be charging you taxes when you convert your bitcoin to fiat, the only reason why they would do not this is if you got losses instead of profits, but if you get profits then you're probably subject to capital gain taxes and if you want to be out of trouble you need to pay them.

[5ensei]

I bet some countries are already charging taxes when people convert their bitcoins into FIAT, so i don't think they should be charging tax when people use cryptos to make purchases online.Maybe that's why they are calling for more regulations in the crypto community.

Unless you live in a country which does not charge you taxes, in theory every single country around the world should be charging you taxes when you convert your bitcoin to fiat, the only reason why they would do not this is if you got losses instead of profits, but if you get profits then you're probably subject to capital gain taxes and if you want to be out of trouble you need to pay them.

Dubai doesn't charge tax so it would ok over there. Other governments that don't have billion in oil revenue are certainly getting annoyed and very worried at just how they will collect tax via bitcoin transactions. Also, if they get too involved then people will switch to privacy coins like deeponion or xspec.