Government Furious

[ilovefeetsmell]

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

They can't regulate the taxes with the bitcoin. Bitcoin has broad transaction and all people were using it especially me. In my country, it is not totally illegal but legal. I think bitcoin is still under observation and government ignore its benefits. Government will become rich if bitcoin has taxes.

[mobiljonson]

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?

of course the government does not want to take silence in this increasingly bitcoin transaction. Just wait for them to make a new policy about bitcoin or they put taxes into each user who has bitcoin

[MiXxe]

Well, Government can be furious, when it comes to the issue of collecting Taxes from Bitcoin earners due to lack of knowledge about how much exactly is generated in the Bitcoin earners Wallet due to its peer to peer nature. But let's come to think of it, Bitcoin is highly volatile in nature and its not that easy to calculate the actual amount to be taxed even if such Wallets amount is disclosed. I feel the Government other than their revenue earns through Exchanges during cash out to Fiats, could establish a low key tax payment to Bitcoin earners and enforce payment through their registration as such. We should also be obedient enough to remit taxes to our Authorities to assist our Economies where we belong.

And I won't let them add tax to bitcoin unless we get their full support to this and shall make projects to increase the value of bitcoin. And I doubt that they will do it because they think that each country's currency will be thrown out when bitcoin happens to rule other currencies. Besides, I think it is possible to ignite a war of countries vs countries because they will wan to take ownership of bitcoin if it will not going to be a universal currency.

[cheeseandcrackers]

Taxes should apply to bitcoins sold after money is made on the market.  It should be just like the stock market taxes.  If you aren't paying taxes on your gains, you're really just asking for trouble.  Society needs taxes to run, if everyone stopped paying taxes we wouldn't even have roads or hospitals or schools. 

[apilpirman.bisnis]

Many country have billion transaction of bitcoin every day, I am still think of the government rule, why they are not trying to legal of bitcoin as payment transaction ? we could not imagination how much revenue will get by government if they are trying to legal bitcoin transaction in their country. I am still confused about government rule of bitcoin, they could take revenue and comisson fee from bitcoin transaction where reached million transaction in one day.

[setialovers]

Government should be not afraid with bitcoin. If government issuing bitcoin regulation, government will get benefits from bitcoin trading with taxes. Cryptocurrency market is potential growing market, and if government regulate the market, I am believe government earn much money from taxes

[jayyen]

If I may ask ,who is the government? We are the government and the government is us not greedy men in suit.Now if we the citizens have discovered a technology that will put an end to the greedy nature of a small group of people in official positions then why should anyone be angry.We do not Care about their anger.More grace to block chain.change is inevitable.

[Athenakim.22]

If the tax that will be collected will be used for goods then why not!.it's just that some government is corrupt that's why other's will not agree to it. That's my opinion only.

[Magiklair]

I think that the process of legalization of the bitcoin will become a grandiose thing, which will result in the furious reaction from many governments if this happen. But I am sure that this will happen sooner or later

[Aristus]

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?

Bitcoin is really a threat to the economy of a country, bank and government become united to oppose it nut the more they oppose bitcoin the more it becomes a threat. Opposing bitcoin does not really helps, and doing this because of thinking that it creates crisis to the economy the more the economy falls. Until the government realized the advantage of bitcoin that can be helpful to the country it will remain a threat.

[Lagrood]

Surely crypto market will be regulated soon and imposed taxes and it is not so bad because market should be more clear and safeguard without scam (firstly I mean ICO, of course)

[virasog]

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 is nothing much government can do about digital currency. Since they are decentralized and no one is the controller or owner of these currencies, hence government cant make anyone accountable for it and ban it.
The best thing for the government is to accept it and regulate it. In this way it will be more beneficial for the Users and government also.

[Cynooza]

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 is nothing much government can do about digital currency. Since they are decentralized and no one is the controller or owner of these currencies, hence government cant make anyone accountable for it and ban it.
The best thing for the government is to accept it and regulate it. In this way it will be more beneficial for the Users and government also.

That's true. In order to ban crypto completely you basically need to ban the Internet. However, banning the Internet will nearly be a political suicide for most governments.

[coinplus]

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.

Well, it is a headache they are trying to find a drug to cure otherwise Japan would not be issuing a statement to all the exchanges to delist every complete anonymous digital currency by June which obviously will be affecting the likes of Dash, Monero and so on.

Good thing that bitcoin is pseudo anonymous, so every activity on the exchanges can still be tracked anyway. It is normal for government to do this when they know there would just be some who would want to use currencies like this to want to stay clear of the government tax radar.

[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?

There is nothing much government can do about digital currency. Since they are decentralized and no one is the controller or owner of these currencies, hence government cant make anyone accountable for it and ban it.
The best thing for the government is to accept it and regulate it. In this way it will be more beneficial for the Users and government also.

I tend to disagree with this point, at least to a degree. In fact, governments can deliver a lot of damage to crypto and its users. It is just a question of effort and coordination between them as well as apprehension and concern. In a nutshell, governments are too slow to react in time, but that doesn't mean that when they react at the end of the day, it won't be detrimental, especially if they manage to come to the lowest common denominator between themselves, so to speak, and that would mean a universal ban on crypto. That's unlikely to happen but if we assume such a development, if purely hypothetically, the effect would be devastating.

Indeed, they can't ban crypto technically as that would mean outlawing the entire Internet, as others have already mentioned, but to hurt it badly banning crypto de juro and actually going after both cryptocurrency users and businesses alike would suffice, for most practical intents and purposes.

[Glorypaasa]

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 think the government need to appoint one agency where all the users need to declare that he/she a bitcoin users and government need to appoint only one bank where all the users can convert their bitcoin into cash by that they can put a proper tax for every bitcoin users.

[Elkafi]

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 think, The government should accepts bitcoin. The government can 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. so, it will be income for the country.

[dado7]

I don't know. In my country, they tax the income from those transactions.

[Pinoyfan]

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

we are lucky cause here in the philippines bitcoin and other cryptocurrencies are legal our government file a case where all of cryptocurrency are welcome in our country cause they know that it is a good opportunity for their citizens. theres a lot of benefits in a single country when they accept bitcoin.cause bitcoin can lift the whole economy. imagine bitcoin will circulating all over those country we should think about it we can raise bitcoin all over are self so government will legal it.

[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.

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.

I did not knew that Dubai did not charge you capital gains tax, I learn something new everyday, but I did knew that there were countries like that but those countries are a minority compared to the rest of the countries which charge you very high taxes for every form of income that you get, this is why they fear bitcoin because if bitcoin becomes popular governments will need to get smaller.