ECB Official Calls for Tax on Bitcoin Transactions

[Goozzi]

Bitcoin should be regulated and even taxed, according to a European Central Bank (ECB) governing council member.

Ewald Nowotny, head of the Oesterreichische Nationalbank, Austria's central bank, said in an interview with German paper Sueddeutsche Zeitung that anyone who participates in a financial transaction should be clearly identified, on top of paying value-added tax (VAT).

Source: https://www.coindesk.com/ecb-official-calls-for-tax-on-bitcoin-transactions/

[Harlot]

And they are right about it. Buying and selling transactions in Stock Exchanges are taxed what made you think that Crypto Exchanges should be exempted from it in the first place? Also a government has the right to regulate something foreign entering their market as it can affect their economy. Simply letting cryptocurrency move freely on a country without enforcing any laws is like inviting and encouraging criminals to make business their. When seeing news like this I see that a government is showing its support on moving forward with the cryptocurrencies, I see it as a good news in the whole market and for its investors as well.

[botany]

Bitcoin should be regulated and even taxed, according to a European Central Bank (ECB) governing council member.

Ewald Nowotny, head of the Oesterreichische Nationalbank, Austria's central bank, said in an interview with German paper Sueddeutsche Zeitung that anyone who participates in a financial transaction should be clearly identified, on top of paying value-added tax (VAT).

Source: https://www.coindesk.com/ecb-official-calls-for-tax-on-bitcoin-transactions/

It does seem that the establishment is finally waking up to decentralized currencies. The calls to identify 'clearly' all participants in a financial transaction is more worrying than the tax that he is proposing. If that realize that this cannot be done, what would be their next steps?

[QuynhVu2302]

Why is it taxing bitcoin, when its price is not stable?
I do not think this is a smart proposition

[avikz]

Bitcoin should be regulated and even taxed, according to a European Central Bank (ECB) governing council member.

Ewald Nowotny, head of the Oesterreichische Nationalbank, Austria's central bank, said in an interview with German paper Sueddeutsche Zeitung that anyone who participates in a financial transaction should be clearly identified, on top of paying value-added tax (VAT).

Source: https://www.coindesk.com/ecb-official-calls-for-tax-on-bitcoin-transactions/

I completely support taxation on bitcoin and other crypto assets. If we are looking for mass adoption by the governments, this taxation is the only way to achieve it. Once the governments start taxing on bitcoin and provide a regulatory framework, cryptocurrency will actually be able to reach to the common people. If the governments don't provide a framework for taxation and regulation, that's when the uncertainty starts engulfing the market.

[Proton2233]

And they are right about it. Buying and selling transactions in Stock Exchanges are taxed what made you think that Crypto Exchanges should be exempted from it in the first place? Also a government has the right to regulate something foreign entering their market as it can affect their economy. Simply letting cryptocurrency move freely on a country without enforcing any laws is like inviting and encouraging criminals to make business their. When seeing news like this I see that a government is showing its support on moving forward with the cryptocurrencies, I see it as a good news in the whole market and for its investors as well.

I don't see anything positive in this news. If the government obliges people to pay VAT + tax on profits from the turnover of cryptocurrencies, this can significantly reduce the interest in this asset. The government has Fiat. With it, they take everything from people. Why give them the opportunity to turn cryptocurrency into Fiat?

[gentlemand]

If I buy something with it it already has VAT on it. There aren't magic Bitcoin merchants who'll knock off the sales tax everyone else pays. If I buy enough then I'm obligated to pay capital gains.

Is this penis an actual member of an official organisation or a sad nutter who knows nothing of the real world?

[bittraffic]

And they are right about it. Buying and selling transactions in Stock Exchanges are taxed what made you think that Crypto Exchanges should be exempted from it in the first place? Also a government has the right to regulate something foreign entering their market as it can affect their economy. Simply letting cryptocurrency move freely on a country without enforcing any laws is like inviting and encouraging criminals to make business their. When seeing news like this I see that a government is showing its support on moving forward with the cryptocurrencies, I see it as a good news in the whole market and for its investors as well.

I don't see anything positive in this news. If the government obliges people to pay VAT + tax on profits from the turnover of cryptocurrencies, this can significantly reduce the interest in this asset. The government has Fiat. With it, they take everything from people. Why give them the opportunity to turn cryptocurrency into Fiat?

Why would there be less interest to crypto instead when these regulations and tax are going to make the industry legal to the government. Tax are always required in any business, whats not fair though is if the government takes btc as tax instead of fiat.

The government has to turn it into fiat. Fiat belongs to the government which is what is imprinted in those papers. They can't take btc to keep it for themselves or they will soon have the control of it all.

[Don Pedro Dinero]

It is very naive to believe that bitcoin is going to go mainstream without being as taxed as fiat. Mass adoptions comes with taxes, whether we like it or not.

Even if Monero became the only worldwide currency and couldn’t be taxed on people, VAT and similar taxes would go high up to compensate.

[gentlemand]

It is very naive to believe that bitcoin is going to go mainstream without being as taxed as fiat. Mass adoptions comes with taxes, whether we like it or not.

Even if Monero became the only worldwide currency and couldn’t be taxed on people, VAT and similar taxes would go high up to compensate.

It already is taxed in most places even if people don't realise this to their great cost in the future. It's time the wee brats here figured out they were living in the real world and it's not just an internet free for all.

[leonair]

How ironic that the government wants to get tax from a Digital money into a Fiat money, ECB officials knows that a big amount of money will be generated in this move but obviously it's too greedy to take money on almost everything if they will pursue this because most of the goods and services that's available online that can be buy by Bitcoin has already been taxed so good luck to them in making a technology that can monitor each of every Bitcoin transaction in the network that they would want to be tax.

[audaciousbeing]

Bitcoin should be regulated and even taxed, according to a European Central Bank (ECB) governing council member.

Ewald Nowotny, head of the Oesterreichische Nationalbank, Austria's central bank, said in an interview with German paper Sueddeutsche Zeitung that anyone who participates in a financial transaction should be clearly identified, on top of paying value-added tax (VAT).

Source: https://www.coindesk.com/ecb-official-calls-for-tax-on-bitcoin-transactions/

There is absolutely nothing wrong about this and it should be supported by everyone who wants a better society with good infrastructure and amenities. For people on the street sweeping, to the guy in the shop selling down to the person clearing snow from the walkway to be charge tax, there is nothing wrong for someone who sits behind the computer or his smart phone to make money not to pay tax and if higher than normal, its all good.

However, such tax should be fair to all parties involved because only that would force voluntary compliance and not the ones we seen around where the tax applied is a form of "punishment in disguise" for holding crypto currency that is something that would invalidate every form of regulation that they are hoping to implement.

[countryfree]

VAT? What's that nonsense?
If you buy stocks, there's no VAT. I'm not familiar with the Austrian tax system, but I doubt there's a VAT on financial products.
I do understand capital gains tax on BTC, though.
Regarding money laundering, I don't think that ECB official is familiar with exchanges or cryptos trading. If you want to buy or sell several BTC, it's next to impossible to do it anonymously.