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costanos02
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May 31, 2018, 10:01:46 AM
 #1

We all know that the development of a certain country comes from the taxes of its citizens, and we all know people who engage bitcoin don't pay taxes to the government, what will happen to a country where 80% of its citizens engage in cryptocurrency?

There is a big possibility that this things might happen In the future because bitcoin is growing faster and very known today.

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BrewMaster
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May 31, 2018, 01:12:00 PM
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We all know that the development of a certain country comes from the taxes of its citizens,
wrong. revenues come from different resources specially in countries with natural resources such as oil rich countries, those with precious metals, ...

Quote
and we all know people who engage bitcoin don't pay taxes to the government,
wrong again. in the countries that bitcoin is regulated people are mostly paying their taxes. of course there are always who evade them. but that has nothing to do with bitcoin.

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what will happen to a country where 80% of its citizens engage in cryptocurrency?
There is a big possibility that this things might happen In the future because bitcoin is growing faster and very known today.
nothing really. the same way you have to pay taxes for different things now that you are using fiat, by then you will have to pay taxes when using bitcoin in place of that fiat.
if you are paying your taxes now you will be paying your taxed then too. and if you aren't paying taxes now you won't do it then either!

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May 31, 2018, 01:15:14 PM
 #3

I think there will be more people using bitcoin in the future, so the government will have some measures, perhaps first to tax the exchange, and then tax your encrypted money purse. Appropriate tax is an important part of community development, only more countries support bitcoin to make the community rapid development.
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May 31, 2018, 01:35:36 PM
 #4

It depends, as long as bitcoin or other cryptocurrencies is not legalized by the local government then there is no tax on them before you redeem the fiat money or other taxable goods.
And if 80% of the population of a country already uses cryptocurrencies then 80% is also likely the local government will legalize and will impose the tax.

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May 31, 2018, 01:40:38 PM
 #5

Talking about tax involve  very wide discussion. there are two type of tax, direct tax and indirect tax, so eve if bitcoin users don't pay tax directly, they will pay it indirectly. More over government can accept bitcoin fully and impose tax on the users even if bitcoin is a decentralized.
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May 31, 2018, 01:59:52 PM
 #6

Talking about tax involve  very wide discussion. there are two type of tax, direct tax and indirect tax, so eve if bitcoin users don't pay tax directly, they will pay it indirectly. More over government can accept bitcoin fully and impose tax on the users even if bitcoin is a decentralized.
I'm just wondering if bitcoin has also a tax! Who will be the incharge person to pay the tax of bitcoin if it is decentralized.? And I think if it happens earning bitcoin will be harder its just because there is a certain percent of it that can government have but on the other side it will be a big help to increase the economy of the country

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May 31, 2018, 02:08:40 PM
 #7

 If 80% of citizens are using crypto's, this might be a huge increase on the sales of every business and it can help boost the economy. Always remember that everything we purchase has tax, so we are unintentionally paying it regardless on where our money is coming from. Same thing goes for crypto currency earners. Also if 80% are using crypto, I think the best way of applying taxes will be on exchanges.

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mu_enrico
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May 31, 2018, 02:13:21 PM
 #8

<...>
we all know people who engage bitcoin don't pay taxes to the government.
<...>

I paid taxes to the government. Ever heard of "self-assessment" in taxation?

<...>
what will happen to a country where 80% of its citizens engage in cryptocurrency?
<...>

Still related to my first statement, I think more and more government will move to self assessment method. So instead of the government sniffing our capital gain, they can just get our tax report without hassle.  This system however, will rely on goodwill of both parties. But, if the government manage the country well, they don't have to worry about this "false report" thing..

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May 31, 2018, 02:18:58 PM
 #9

We all know that the development of a certain country comes from the taxes of its citizens, and we all know people who engage bitcoin don't pay taxes to the government, what will happen to a country where 80% of its citizens engage in cryptocurrency?

There is a big possibility that this things might happen In the future because bitcoin is growing faster and very known today.


Not today, because bitcoin now is getting lower every single day. Maybe before, when bitcoin is really in the uptrend last year then some people might get interested with bitcoin and now, bitcoin suddenly breaking our heart because of its price,  Cry it is getting low even more. Yes, we can still earn in some other coins, and there is still no tax at all. I don't think that 80% of citizens will go to cryptocurrencies because we don't even know if we're going to have a future here. Unlike in other companies and earning fiat, it is more likely into the reality than in cryptocurrencies. I think most people would think of that, especially to those who work outside for years and years now.
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May 31, 2018, 02:36:24 PM
 #10

Governments will find a way. There will be government related wallets that can be converted into fiat, and than government will take tax from that conversion.
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May 31, 2018, 02:39:14 PM
 #11

We all know that the development of a certain country comes from the taxes of its citizens, and we all know people who engage bitcoin don't pay taxes to the government, what will happen to a country where 80% of its citizens engage in cryptocurrency?

There is a big possibility that this things might happen In the future because bitcoin is growing faster and very known today.


With a 80% of a country`s people engage to bitcoin or cryptocurrency it causes big decrease in economy because crypto does not pay tax at all and a country needs tax for it`s development. Also decreases job opportunity.

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May 31, 2018, 02:43:27 PM
 #12

this is a good question. However, we also need to understand that Bitcoin is just another way of earning Money. I believe that this 80 % of the population will not be sticking to Bitcoin only. They will still have their Jobs, Business and some other source of Money which tax is included. But if the Government will see it as a future Problem, then we can assume that they will make some law and regulations which they can be used to put a tax in any bitcoin-related Business or transactions.
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May 31, 2018, 03:51:36 PM
 #13

I think it all depends on the government of a country itself, my opinion of the government, to be more open to its citizens, and given the opportunity to further develop and the government is also more uptodate with the development of crypto world if no country will lose, or reverse if crypto is legalized by the government of a country, the state must also be required to safeguard and protect it every transaction and its security because one of the uses and functions of paying taxes should be like that,
but in my view the other country will not experience any loss when its citizens know and use crypto as a tool of transactions, because different from the character and system work.
I think his name taxes only deal with goods or material wealth or assets, while government and cypto is not affordable by it.
thank you it is only my opinion may be useful
Ridwan Fauzi
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May 31, 2018, 04:05:58 PM
 #14

If bitcoin is used as a payment system as such it is not feasible for the government to require taxes for everyone who uses cryptocurrency/bitcoin. But the users use bitcoin as a trading and investment place I agree if the government to require tax on bitcoin users. Before cryptos users grow up to 80% the government will make a regulation, such as compulsory to pay taxes.

reda
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May 31, 2018, 04:22:08 PM
 #15

Bitcoin is future digital currency. So it any where to use. It reach the all country. It help to people growth and country growth. Bitcoin is connect the other country people so easy to gather other country important.

Economy is important of the country growth and it connect the all country business. But economy is not currency. If need for the other country growth information. Economy is help to gather other country growth. So if economy will be growth country will be growth and business also improve. 














 

 

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dothebeats
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May 31, 2018, 04:23:17 PM
 #16

We all know that the development of a certain country comes from the taxes of its citizens

You also need to consider the business that are established within a certain country's soil are obliged to pay taxes to the government and isn't exclusive to the working individuals/citizens of the society. The taxes of the citizens contribute to a large portion of a country's budget but it isn't the only source wherein the government get its funds from.

and we all know people who engage bitcoin don't pay taxes to the government, what will happen to a country where 80% of its citizens engage in cryptocurrency?

Wrong. Places like the US tax their citizens who engage in crypto-related activities, so as some countries in the EU. If ever a country has 80% of its citizens engaging in crypto trades, I know for a fact that before it goes widespread, the government would already have imposed tax rules regarding that so no one would ever use crypto as a safe haven to launder money and a means to evade tax.

There is a big possibility that this things might happen In the future because bitcoin is growing faster and very known today.

I hope so, but on the way things are right now, it seems quite improbable for the said scenario to happen even in the coming 10 years to happen. People only use bitcoin to amass more fiat whether we like it or not. They just use bitcoin as a stepping stone for fiat riches and nothing else, so with it, they'd probably ditch bitcoin after they've milked it well enough.

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May 31, 2018, 04:31:27 PM
Last edit: June 03, 2018, 09:35:36 AM by vintages
 #17

Who says that some citizens of some countries don't pay tax for the bitcoin they own? You need to check up your information properly. Countries like Japan, USA, Singapore, India, South Korea, Australia, United Kingdom, United Kingdom, Canada and the others have been placed in taxation on traders and investors so its not a new thing.

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May 31, 2018, 04:37:04 PM
 #18

Yes, when income is not taxed, the income of the country will suffer a serious decline. But countries already receive all kinds of mandatory taxes from citizens. They even cut it from a bread you buy. In addition, the vast majority of tax returns in the form of public spending. The deterioration of the economy depends on the politics that are followed more than taxes.
In addition, the state can monitor bitcoin investments. This is a different issue for every state. Exactly, investing outside the country reduces the country's hot money cycle. And it affects the economy badly.
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May 31, 2018, 04:40:13 PM
 #19

We all know that the development of a certain country comes from the taxes of its citizens, and we all know people who engage bitcoin don't pay taxes to the government, what will happen to a country where 80% of its citizens engage in cryptocurrency?

There is a big possibility that this things might happen In the future because bitcoin is growing faster and very known today.



I do not really think that the development of a country comes from a resident tax. because many resources can generate for the development of the country itself. and if bitcoin users can get away from taxation, of course the government will start doing ways to set the bitcoin.
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May 31, 2018, 05:24:52 PM
 #20

We all know that the development of a certain country comes from the taxes of its citizens, and we all know people who engage bitcoin don't pay taxes to the government, what will happen to a country where 80% of its citizens engage in cryptocurrency?

There is a big possibility that this things might happen In the future because bitcoin is growing faster and very known today.





I think bitcoin and economy is a strong bond in its transaction turnover
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