Taxes and regulations

[sempak bulong]

Today I was on a conference in Vilnius and went on a lecture about cryptocurrencies. I would like to share some aspects which I did't see so clear before. As we know, among those states which want to regulate cryptos, there are those which consider them as property and others as means of payment. The first approach is usually seen when there are tax companies around, because money is not taxed, but possession is. So when a state days they consider cryptos as property, it means they are getting taxed, while this is not the case with means of payment.
What do you think of this?

How can bitcoin be considered a property, in my opinion it's wrong, bitcoin is possession, so there is no need to be taxed.

[BartS]

Today I was on a conference in Vilnius and went on a lecture about cryptocurrencies. I would like to share some aspects which I did't see so clear before. As we know, among those states which want to regulate cryptos, there are those which consider them as property and others as means of payment. The first approach is usually seen when there are tax companies around, because money is not taxed, but possession is. So when a state days they consider cryptos as property, it means they are getting taxed, while this is not the case with means of payment.
What do you think of this?

Governments will do anything to try to make people think that bitcoin is not a currency and if they can obtain more money out of it then even better but what they are not understanding is that many people are not going to be as cooperative as they think, the people that have invested currently in this market are not your average person, we are not sheep that they can lead wherever they want, many people are going to actually resist any movement made by governments to try to regulate the market.

[Profesor_kodok]

In my opinion. cryptocurrency is not an asset because if it is referred to as an asset the value for the asset should not change rapidly and fluctuate. I prefer if cryptocurrency is considered a currency.

[Pab]

Today I was on a conference in Vilnius and went on a lecture about cryptocurrencies. I would like to share some aspects which I did't see so clear before. As we know, among those states which want to regulate cryptos, there are those which consider them as property and others as means of payment. The first approach is usually seen when there are tax companies around, because money is not taxed, but possession is. So when a state days they consider cryptos as property, it means they are getting taxed, while this is not the case with means of payment.
What do you think of this?

In my country taxes on btc trading was the same like property trading .Like a effect people had to pay more taxes than they  have earned .But our bitcoin group is very good they have found it is against our constitution and now we have no tax on crypto currencies trading
Gov greedy was punished

[everythingforsale]

My biggest hope is that one my country will, and I'm pretty sure that they will eventually, put cryptocurrency under taxation, they will not make a taxes really hard to afford for us, so we will be able to earn from a character currency.

[MadisonWood1212]

In my country, taxes are regulated
Exported products are processed from natural resources and minerals which are directly exploited and treated by business establishments or other establishments which prepare and then transform them into other products. For export products (closed process or establishment of workshops or processing plants for each stage), such export products shall be subject to the value-added tax rate of 0%
Exported products processed from raw materials other than natural resources or minerals (processed into other products) purchased or processed by business establishments or other establishments For export products, such export products shall be subject to the VAT rate of 0%
Exported products are exploited natural resources and minerals not yet processed into other products or processed into other products, but the total value of natural resources and minerals plus energy costs account for 51% of the production cost. More products are prepared from natural resources and minerals; Export products are goods processed from natural resources and minerals with the total value of natural resources and minerals plus energy costs accounting for 51% of the cost of production of products or more not subject to price tax. Increased amount.

[nl247]

I think any transaction involving payment of cryptocurrencies should be taxed but it should be lesser than using money. The purpose of taxation is to put some regulation and monitoring on the governent side. This will give more security on cryptocurrecies.

Actually, the purpose of regulation is for the government to have the ability to monitor the space and taxation is just one other added benefit to them to get back from capital gain. Taxation is not a problem as long as it is being used for something tangible and for the development of the country at large, but at the same time, it needs to come with some level of leniency so as not to sprout rebellious actions in the mind of the users of the space in the long run which leads to evasion of taxes apparently, be it as a currency or as an asset.

[elpiji]

in my opinion they will not be able to regulate crypto completely, my country actually prohibits the use of crypto for transaction tools because they fear illegal transactions will occur, but until now there has been no firm action from them, if they want taxes then I don't mind paying them as long as they accept crypto.

[MeganJenkins1212]

When the state was born, to have money to spend on its existence and its activities, the state set a tax regime for residents to contribute to the formation of their monetary funds. All government activities should have the financial resources to spend (first the state apparatus); The first source is tax revenues. A taxation is an essential tool for the government to intervene in the functioning of the economy, including internal and external trade. The government provides public goods to citizens, so citizens should support the government finances (so in Vietnam and many new countries the term "tax obligation"). There is a difference in income between the groups of citizens and thus the difference in living standards, so the government levies a portion of the income of the richer and shares it with the poorer (through the supply of goods). Public). Governments may want to restrict some of their activities (for example limiting traffic laws or restrict smoking, limiting alcohol intake), taxing these activities. The government needs expenditures for social welfare and economic development.

[wendiar19]

yes you are right cryptocurrency should never be able to be used for taxation, taxes can only be used when sending bitcoin only and it is not tax but shipping costs and transaction fees.

[BartS]

In my country taxes on btc trading was the same like property trading .Like a effect people had to pay more taxes than they  have earned .But our bitcoin group is very good they have found it is against our constitution and now we have no tax on crypto currencies trading
Gov greedy was punished

There are some governments that understand very well what it is at stake here, their own survival in their current form, but there are other governments that are not seeing this and they are just trying to charge huge taxes in cryptocurrencies because they see it as just another market from which they can extract resource,s but now they are realizing that it is not going to be as easy as they think because after all they do not have a way to force the bitcoin holders to pay their taxes.

[brukva]

Why do they even want to collect taxes.  It is not right.

[lupeto]

Yes, I've heard that, sometimes regulators will regard bitcoin as an asset so bitcoin can be taxed.

I wonder, is that the right step, or even this will cause a misunderstanding about the main purpose of creating bitcoin as a currency.

[henmark]

Honestly as what my opinion all about that in terms of online income which is bitcoin the taxes is not necessary because it can minimize the people to joined.Unlike regulation that it is important that many people followed the rules to make the system stronger.

I think we should start making it stronger slowly and gradually. There are people who favors bitcoin and its regulations and there are some other groups too who opposes this with much aggression. So better is we would let this matter to be solved by governments. Although we couldn’t just hope better from our politicians to think positive about us but still, let’s hope.

[Naida_BR]

For me right now it is a property. However I want to see cryptos mass adopted in the future and be a way of payment method.
I believe both will exist in the future with a new fork separating these two categories or a new technology that will bring the diversification of those two.

[Getcoinsite]

To be honest I use crypto as an asset,  most of the times at least. But my opinion is that crypto should be used for paying and not holding. After all bitcoin is made to be currency and not asset. But governments will not accept crypto without taxes, so I guess taxes are maybe inevitable. At the end, opinion of common people matters little.

From the moment that I've learn cryptocurrency community and read some thread about taxation issues and from this i believe that every profiteering requires tax since this is a every people's obligation to their country

Whats the problem here is how would this be implemented and how much it cost or percentage from every earnings.so let us be open about this guys for our own benefits because we cant win over governments

[Hasbro27]

in each country have different policies about tax, in the country money and property are taxed but bitcoin is still not legal so bitcoin is still not taxed, I don't mind the government imposes a bitcoin tax if it's used for the development of the country, because in my country has a lot of corruption

[coinfinger]

Why do they even want to collect taxes.  It is not right.

Why this isn't right thing? We are asking for legalization of bitcoin but we aren’t really ready for paying tax. When you get safe thing from government then why not to pay for such safe thing. We should move this thinking out. Government is giving you best facilities so you should embrace it with much welcoming way. Taxes are okay if obtained results are good at the end of day.

[jhonvir666]

talking about the problems that are happening right now and it is always talked to every government. and in most countries with regulation or some of them, in our country a bitcoin is not yet accepted but as far as I know someday the bitcoin is open to all its regulations even though it has been gradually beginning for a transaction with them, and only begins for an investment or a good asset, and also for those performing other tests to begin as a payment obligation.

[gambitcoin53]

Today I was on a conference in Vilnius and went on a lecture about cryptocurrencies. I would like to share some aspects which I did't see so clear before. As we know, among those states which want to regulate cryptos, there are those which consider them as property and others as means of payment. The first approach is usually seen when there are tax companies around, because money is not taxed, but possession is. So when a state days they consider cryptos as property, it means they are getting taxed, while this is not the case with means of payment.
What do you think of this?

actually it is bitcoin spent that are being taxed and considered taxable, but possessing bitcoin is otherwise, i think that is simply what they are trying to say, it is like having money in your wallet, every penny gained from service is taxed and shouldered by the people who paid you, same as salary though, salaries and wages are subject for tax depending on the country you belong, but possessing money that was passed on to you virtually is a different thing since there are no existing law that deals with virtual currencies yet.