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Author Topic: tax for a safer crypto environment  (Read 255 times)
lushlife
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May 05, 2018, 03:21:13 PM
 #1

What if our government add tax whenever we transact fiat-crypto and vice versa, and the fund will be used for our protection(ICO,Scams,Phishings), for example the government will make a group or sector that focuses on crypto environtment. what do you think?
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May 05, 2018, 03:54:13 PM
 #2

What if our government add tax whenever we transact fiat-crypto and vice versa, and the fund will be used for our protection(ICO,Scams,Phishings), for example the government will make a group or sector that focuses on crypto environtment. what do you think?
Depending on the regulations in your country you should already be paying those taxes, there is no need for the government to create a special tax because you are already due your taxes to begin with, second while what you are suggesting is not a terrible idea you will need to governments to accept cryptocurrencies completely for that to happen, but do you think that they want more people to use cryptocurrencies? Because I don't think so, that makes very unlikely that they're going to create something like that.



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May 05, 2018, 04:07:40 PM
 #3

that's a pretty brilliant idea. but to do that the government needs expert cryptocurrency. especially now there is still no rule for cryptocurrency.

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May 05, 2018, 04:56:20 PM
 #4

Well, the tax that you are talking about is something that is more or less already implied. When you get your bitcoins or for that matter cryptocurrency exchanged for your local money, the gains are take  as capital gains which comes under the lens of taxation.

In most countries the profit that you make by trading or holding bitcoins are also seen as a capital gain, which again comes under taxation process. So your profit is anyways taxed, now whether the taxed amount is used in you protection and security or not is what the government knows.
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May 05, 2018, 05:02:42 PM
 #5

I think it's a great idea. Already transactions from Visa are not tax free and charges are included.
Moreover crypto transactions require special care and vigilance and if government of any country doesn't want to spend extra prices for it, they can charge people for every transactions ensuring safety and security for their money. Smiley
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May 05, 2018, 05:32:51 PM
 #6

What if our government add tax whenever we transact fiat-crypto and vice versa, and the fund will be used for our protection(ICO,Scams,Phishings), for example the government will make a group or sector that focuses on crypto environtment. what do you think?

It will need a non-corrupted-government to be a reality. I'm afraid this is going to be very difficult to achieve in so many countries, despite it is a great idea, for the current situation in too many places is corruption as a daily reality.
Anyway, taxes are already being applied in some countries, as long as the crypto convert into fiat and depending on the amount you get in the transaction. For instance, in Spain, you will need to pay taxes if your crypto selling activity is more than 1000 euros, as far as I know. But, of course, the taxes are not invested in any activity related to crypto security.

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May 05, 2018, 05:51:37 PM
 #7

What if our government add tax whenever we transact fiat-crypto and vice versa, and the fund will be used for our protection(ICO,Scams,Phishings), for example the government will make a group or sector that focuses on crypto environtment. what do you think?

That's a bad idea, society should always aim to have as few taxes as possible. The first reason is corruption and bureaucratic inefficiency - often times when governments try to solve some problems, they fail and waste money in the process. The second reason is that it's just unfair for those who are willing to take risks and confident in their own judgement in crypto sphere - they would be paying a tax for a service that they don't need.

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May 05, 2018, 06:21:29 PM
 #8

Tax isn't doing anything in our favor, people should accept it for once. If we did everything ourselves, we wouldn't even need 50% of the tax income governments currently gain to do the exact same thing, or even more. In other words, our tax money isn't being used the way most people here think it's used for. On top of that, the only thing we need governments to do is to come up with a proper regulatory framework, where if that's in place, we could figure out things ourselves without depending on the government. We made the government the big mighty entity, so let's give them not more power than they already have.
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May 05, 2018, 06:36:00 PM
 #9

What if our government add tax whenever we transact fiat-crypto and vice versa, and the fund will be used for our protection(ICO,Scams,Phishings), for example the government will make a group or sector that focuses on crypto environtment. what do you think?

I see it more that the tax is applied to exchange services, not intended for people who redeem. It is too much for taxes to be applied to people who transact because they, too, if they want to exchange fiat-crypto or crypto-fiat are charged by an exchange service. It's possible that bitcoin users are better taxed on the user-generated benefits of bitcoin investments and the taxes are also only a few percent of the profits earned.



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May 05, 2018, 06:51:41 PM
 #10

If it happens the possibility for a scam project does not happen, but I think the idea is impossible. The problem is that some countries do not fully support the crypto world that will cause the country's economy to deteriorate. If they make a policy to provide a crypto transaction tax, I seem to agree as long as the tax return is clear and real. Because until now it is difficult to find a good ICO, and also difficult to monitor, the project is large and many so still need a process to set it.


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May 05, 2018, 07:12:13 PM
 #11

It is great idea indeed. Now govt authorities are talking about crypto market in tax issue and want to make so many rules. If tax are set at a point for all the cryptos, traders will be glad enough and feel free to engage in this industry.
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May 06, 2018, 03:21:31 AM
 #12

What if our government add tax whenever we transact fiat-crypto and vice versa, and the fund will be used for our protection(ICO,Scams,Phishings), for example the government will make a group or sector that focuses on crypto environtment. what do you think?

It is a good idea. but to do that the government needs expert cryptocurrency. especially now there is still no rule for cryptocurrency. So, The government should legalize bitcoin and tak taxes.
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May 06, 2018, 04:00:06 AM
 #13

What if our government add tax whenever we transact fiat-crypto and vice versa, and the fund will be used for our protection(ICO,Scams,Phishings), for example the government will make a group or sector that focuses on crypto environtment. what do you think?
This is what our community needs,the security and protection because were investing our money here and sad to say,we become a target of those f*cking scammers to victimized and took our money anjust run away,why not seek for help from the government since we cant get justice here(no offense but its the reality)

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May 06, 2018, 04:24:41 AM
 #14

What if our government add tax whenever we transact fiat-crypto and vice versa, and the fund will be used for our protection(ICO,Scams,Phishings), for example the government will make a group or sector that focuses on crypto environtment. what do you think?

They shouldn't be taxing our transactions. They should tax ICOs and the now more popular "Token Generation Events."

The average joe has already been taxed to death. Bitcoin and crypto was developed to decentralize everything and keep middlemen and governments from taking our money. I would not support any form of taxation for crypto transactions.

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May 06, 2018, 04:34:18 AM
 #15

What if our government add tax whenever we transact fiat-crypto and vice versa, and the fund will be used for our protection(ICO,Scams,Phishings), for example the government will make a group or sector that focuses on crypto environtment. what do you think?

That's a great idea for us because it can be one of the way to avoid scam ICO, but corruption are always in the government side , if government add tax in crypto I hope it's not too much price.

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May 06, 2018, 05:17:31 AM
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Well if its for a safer environment im willing to pay tax rather than suffering to scammers or any illegal transactions in crypto.
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May 06, 2018, 07:23:11 AM
 #17

The US government has laws such as these taxes but has not reduced scams much.
It's a terrible idea. Cryptocurrencies will lose one of its most important features "decentralization," where the government can control the price of a particular currency by imposing high fees on it, and thus all currencies become central.
The scam cannot end, but the smarter traders, the fewer scammers.


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May 06, 2018, 07:40:13 AM
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I don't think paying taxes will help in the fight against scams, hacking etc. I am not against the government since I do pay taxes. The only problem I saw is the system don't provide for a verification to transact via other methods like a two way verification process. When ones private key is hacked everything is done. How about a two way verification process where one should use mobile phones to access codes to finalize the transmission of coins aside from the private keys? For scams, I think it would be nice to add some regulations to them just like how a business is established.

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May 06, 2018, 08:05:46 AM
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It's not bad but I'm sure it will be hard to do. I have not seen if the government can become a third party when we do transactions, that's like a bank and I do not like it. Personally I do not need the government to live in cryptocurrency, I can do all my own security about my income and I can choose to find the best of every project to make money. And we can remind all users of cryptocurrency to avoid fraud, web phishing and anything else that harms the users of cryptocurrency. I guess that's the best way of working with the government.

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May 06, 2018, 08:44:42 AM
 #20

What if our government add tax whenever we transact fiat-crypto and vice versa, and the fund will be used for our protection(ICO,Scams,Phishings), for example the government will make a group or sector that focuses on crypto environtment. what do you think?
Doable but I think for now it is now possible. The module that you are stating can result to benefits for both the investor and the company itself. But on the other hand, if we think about it, the crypto world is full of anonymous people. We really can't tell what kind of people we are protecting ourselves from.
If taxing transactions involvng cryptocurrencies will be implemented, then I am for it. The government must make sure that everything and the by-laws will protect investors and promote the use of these ICO in a good way.
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