Government Furious

[Nitnit13]

The government is only afraid that a crypto currency such as bitcoin will not be in control for the future. So they prefer not to receive bitcoin in the country.

[Saiful Islam777]

I think the government is worried about Bitcoin. It can affect the country's economy at any time. It is not just bad that economic impact can bring good direction to the country. But Bitcoin is not illegal, and it is an online technology that makes people work faster and easier.

[Lehbane]

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.

Today I think they are trying now to study block chain wherein they are monitoring accounts that want to avail the service of the government by creating account on a legal site, and it's the people option as well so, we can choose free from tax with out legal security or with tax and law security.

[Eliyo]

Economies are managed by people via policies. Taxation is one of the policy instrument used by government in raising funds to run its affairs. Player of the crypto world exist in communities made possible by tax revenues, it may therefore be meaningful to thinker on how best the crypto-world could partner with the government for the overall socio-economic development. However utmost care must be taken not to infringe on the characteristical sanctity of the crypto currency technology.

In this wise therefore the idea of brainstorming for a mutually beneficial regulation should be explored.

[pprun]

Let say tax will be implemented throughout the countries that partners of crypto will be great and shows of not being selfish by individuals who have transactions of bitcoin. For me it is a good move for self gain and countries favor.

[Cryptoproff]

If this is to become an issue, this is very broad. Why would a government of any country should tax bitcoin and bitcoin owners/holders? Bitcoin does not belong to any country.

[asabed256]

The taxes governments take from Exchanges, ICOs and token sales should be enough. I don/t know how it would be possible to tax individual crypto owners apart from the government taking sums of money from Exchanges which may consequently affect crypto owners during transactions.

[Sword555]

From one side, it is tottaly people's choice whether to pay taxes or not because they are not working with some centrilized srevices so theyare not being tracked by means of private account so it is almost like they have nothing to be responsible for.

[pencuri hati]

governments are furious, perhaps because they can not be taxed on bitcoin activity and find it difficult to set rules for those who do bitcoin activities.

[Kapee]

The problem that is risen when nowadays concerning bitcoin has been debated upon by bounty hunters in the sense that the government is interested in getting some revenue from each and every transaction we make pertaining to bitcoin. The government is always raising the concern that they do not receive any fund or revenue from the frequent transactions we make that is bitcoin transaction. There has been some rules and regulations the government is about setting up to solicit a little fund from those transactions. I wonder how much I will pay for the transactions.   

[maruf_h20]

Bitcoin is not clear to everyone. so there is a controversial problem with this.the administration wants to get revenues in this case.i think there should be some policies in dealing with Bitcoin transactios.And in this case, the administration should provide adequate revenue.

[pureclckr]

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 is true that governments are not getting any revenues from crypto currency, but should it be taxed? For me, I don't want my hard earned money to be taken away by the government, it is true that we use taxes to better our economy, but it is also true that most politicians are corrupt and we cannot control them, once they realize bitcoin's potential they might take it, it is a good thing that bitcoin still is anonymous. As of now, I am comfortable eith my investments in crypto currency, I think what thr government should just watch out for is for those hackers that would want to infilatrate a nation's security, rather than those who are trying to make a living, for the third question, I think it is much better if those who are in the community will make the regulation, rather than some outsider who thinks they know what they are doing.

They do not care about what we want, they see a new industry and governments cannot stop themselves from wanting to get what they consider to be their share of the pie, but for the first time an industry was designed to avoid exactly that and governments do not know what to do, they never faced an opponent like cryptocurrencies before, they are very good at dealing with centralized enemies but they cannot really understand how to deal with a decentralized enemy.

I somehow agree with you. As of now, the only thing they can do is limit the usage of crypto or worst case scenario would be banning crypto. The regulation of crypto is what most of the people are also waiting, most specially those companies who are also interested about the blockchain technology.

Even if they would limit the usage of cryptos, they can’t stop people from using these crypto because the people are earning huge profits from these cryptos almost every day in their lives and they won’t let anybody, not even the government to stop their profits. If the government would ban crypto exchange in their country, they would find other means of transactions.

[omonuyak]

My government has not done much with the revenue and taxation they tax the innocent citizens of my country, therefore,  I don't think it deserves to get tax from cryptocurrencies.  I like this decentraliziation system because it makes it difficult for governments to tax cryptocurrencies proceed.

[BlueStackz]

Indeed, there is no way for government departments to levy taxes on bitcoins. I do not think this is a good thing. Perhaps moderate regulation and taxation are beneficial to the government's attitude, so that the government will more support encryption.

Many governments are serious about the use of Bitcoin and recently Germany declared the Bitcoin as a legit and genuine currency and is using it for the better future of country.

Some governments are furious due to the use of Bitcoin as their tax getting and banking system has reduced a little. They are worried but they are not watching the better lives of its people as they are doing well with it and making their lives better.

[BitcoinMarketer39]

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?

In my own opinion, taxes are already considered as fees and because of that, there is no need to ask for tax, the only reason why government is asking for tax is that, they want to get more money from people which will directly go to their own pocket.

[MainIbem]

I see the government as greedy. There are several ways to tax citizens. Direct and indirect tax exist in every country. Owners of cryptocurrency may not pay direct tax on their cryptocurrency, but cannot avoid paying indirect tax. Again, it is a small fraction of the population that are into cryptocurrency. So the agitations by government from my standpoint is unwarranted.

[ShadowBits]

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?

Yes, it is true. Without knowing who is transacting then I think they don't know who are they going to take the taxes from. So that they will become furious.

[anhhung409]

I think that is normal. Because Bitcoin outweighs them a lot, it helps investors avoid taxing, not being financially controlled. In addition, it also helps criminals make illegal transactions or money laundering, bribery, etc. Too many disadvantages for the government, so they get angry.

[5ensei]

When they find a way to tax bitcoins and other crypto currencies it will take a huge step towards mainstream adoption. No one likes to pay taxes but it will help in the long run because governments will allow all forms of bitcoin payments and transactions

[ayambawang]

taxes, a matter oftentimes in this forum, I started to ask what the government is so relied on the income from tax btc? what's so powerful? in my opinion there is no problem if the procurement of the tax is mandatory or an absolute requirement for btc can be accepted as something legal but there must be a clear absolute rule of law that does not harm anyone and there are independent institutions that organize and supervise all that so there is a means for complaints and accountability answers when there is fraud happening,