Tax on the crypto currency! What do you think?

[sepeda karat]

The public interest to invest in bitcoin increases as the price of the digital currency increases. Director of Counseling, Services and Public Relations Directorate General of Taxation Hestu Yoga Saksama also asserted the benefits of the sale and purchase or investment bitcoin is taxable income.

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[iamike]

Tax is very important in the development of every nation and every citizen of a country ought to pay tax. There is no doubt about this but the issue is, has the government provided any help to cryptocurrency. You know most governments fight against the idea of cryptocurrency. I really dont see the essence of me paying tax on the income I have made on cryptocurrency when my government if kicking against cryptocurrency. If the support is there, as a responsible citizen I will surely pay.

[krauzzer02]

I don't think you tax crypto. But you can definitely make use of a transaction fee. And where will the tax go if there would be one?

It can if the Government wish to tax local exchanges and some major when you are cashing out to fiat that is a possibility and I heard some of the countries are starting to regulate cryptocurrency and the one step for this is to tax it and that would depend on their policy as to whatever they want to max out, I hope they don't abuse the regulation imposed to cryptocurrency.

[kwusu]

I think there is always a tax deduction when we are changing from cryptocurrency to fiat. Any financial transactions come with taxation.

[timerland]

I'm perfectly fine with bitcoin being taxed as a currency or an CGT asset.

However, some countries previously or still are currently classifying bitcoin as a good, and charging VAT on purchases of bitcoin. This I don't think is anything logical by any means. Firstly, bitcoin is not a good or a service. By having this VAT on bitcoin, it also means that people have to pay extra on their bitcoin purchases over the market rate, which is obviously bad.

I think that a combination of these tax rules will make sense. For example, income received through BTC can still be taxed as income tax. I think that as adoption grows, these tax rules will mature as well with specific guidelines which is not the case yet.

[CHENIEN]

Cryptocurrency actually is a tax free business, and there is no such implementation of government that cryptocurrency business is directly paying a taxes, however when every people that earns cryptocurrency like bitcoin and planning for changing into real paper bill, that's the time that every transactions will involves a taxes, so difinitely even cryptocurrency is a tax free but when converted into real money it involves big taxes.

[Lupulei]

It will be interesting to see how it's going to be in terms of taxation of Bitcoin.
You can do it through the exchanges, but not all the way.

[South Park]

It is hard or impossible to put tax in cryptocurrency as transactions by certain individuals are hard to trace therefore it is hard to put a tax into it. Also if individuals are not declaring what they earn in cryptocurrency then they cannot be taxed as there are no traces of it this is why governments are afraid of cryptocurrency and some countries are banning it.

Tracing transactions is not the problem after all it is very easy to see where each coin goes thanks to the fact everything is in clear view thanks to the blockchain, a real problem is how the government is going to know that you are not sending that bitcoin to yourself because you want to change your wallet and an even bigger problem is how they are going to charge you taxes when they do not have control over the network.

[BitcoinMarketer39]

I think that if it would be operating and functioning properly, it is really a good thing to solve the problem with government, that if they would have some money taxed from earnings of the cryptocurrencies.

In my own opinion, governments who are planning to place taxes on cryptocurrency are just planning to milk those holders for money, government is already wealthy enough to sustain the economy.

[deppil]

I'm perfectly fine with bitcoin being taxed as a currency or an CGT asset.

However, some countries previously or still are currently classifying bitcoin as a good, and charging VAT on purchases of bitcoin. This I don't think is anything logical by any means. Firstly, bitcoin is not a good or a service. By having this VAT on bitcoin, it also means that people have to pay extra on their bitcoin purchases over the market rate, which is obviously bad.

I think that a combination of these tax rules will make sense. For example, income received through BTC can still be taxed as income tax. I think that as adoption grows, these tax rules will mature as well with specific guidelines which is not the case yet.

Although it sounds weird. because after all decentralization and anonymity will not be suitable for taxes. because many people may
be cheating. but I myself agree with the taxes imposed by the government. it will bring bitcoin on legalization and higher position

[Ritaaa]

Cryptocurrency to Cryptocurrency should not result in an immediate capital gain, that's literally how they tax the fuck out of you. Then you have to sell back to said currency then to USD just to realize profits on these extremely volatile assets.

[Crypto Girl]

I think that if it would be operating and functioning properly, it is really a good thing to solve the problem with government, that if they would have some money taxed from earnings of the cryptocurrencies.

In my own opinion, governments who are planning to place taxes on cryptocurrency are just planning to milk those holders for money, government is already wealthy enough to sustain the economy.

That will definitely happen like once they smell money to something they'll make sure no one can't be exempted to this. However, government haven't acknowledge cryptos as another currency so there's no way for now to be tax by government. Besides, I don't want to make the rich more richer so please spare the cryptos for everyone's sake.

[marcbitcoins]

For me paying crypto currency tax is good because its mean that the investment is legal in which the government will oblige to protect us from scam projects, wallet stealing and other crypto currency related issues that will need protection from the government. Also our crypto tax will help our government economy to become stable that is why we are encouraging all nations to support crypto currency investments.

[Roboabhishek]

I think that if it would be operating and functioning properly, it is really a good thing to solve the problem with government, that if they would have some money taxed from earnings of the cryptocurrencies.

In my own opinion, governments who are planning to place taxes on cryptocurrency are just planning to milk those holders for money, government is already wealthy enough to sustain the economy.

All I know is not the only bitcoin all cryptocurrencies are anonymous, not trackable, not traceable, not under control, and not a fixed price.

Even they apply tax on your transactions they can't say for sure that the bitcoins sent from the wallet were yours without a very good proof.

[Rath_]

All I know is not the only bitcoin all cryptocurrencies are anonymous, Not trackable, Not traceable, Not under control, and not fix price.

Wrong. That's a common understatement. Bitcoin is pseduo-anonymous. It is still possible to track coins, that's why Bitcoin mixing services are so popular. Everyone can use a block explorer to check the amount sent and the destination address. Fortunately, there are some cryptocurrencies which solve this problem, for example, Monero.

-The question is why would we pay tax to them there's no supporting from the government no one take interest in all they want just applied tax ?

That's how most of the governments work. They don't care about their citizens, they only want to earn as much money as possible through taxes. There are some countries such as Japan, South Korea, Malta which treat cryptocurrencies seriously. You'd better not ignore the tax you have to pay or you will have some problems with the tax office in your country.

[JerryJam]

Recently, several countries are considering the taxation of cryptocurrency . Some have already introduced certain rules. Some countries do not have clear policies.If the cryptocurrency is not registered in the legislation then it does not need to be included in the Declaration and it is not taxed.If the law is adopted, bitcoin should be declared as another property. This is necessary in order to complicate the withdrawal of funds received by corruption.

[iv4n]

All I know is not the only bitcoin all cryptocurrencies are anonymous, Not trackable, Not traceable, Not under control, and not fix price.

Wrong. That's a common understatement. Bitcoin is pseduo-anonymous. It is still possible to track coins, that's why Bitcoin mixing services are so popular. Everyone can use a block explorer to check the amount sent and the destination address. Fortunately, there are some cryptocurrencies which solve this problem, for example, Monero.

-The question is why would we pay tax to them there's no supporting from the government no one take interest in all they want just applied tax ?

That's how most of the governments work. They don't care about their citizens, they only want to earn as much money as possible through taxes. There are some countries such as Japan, South Korea, Malta which treat cryptocurrencies seriously. You'd better not ignore the tax you have to pay or you will have some problems with the tax office in your country.

Nice discussion you have here. Monero is just one of anonymous coins, there are zcash, spectrum, and many others. You said it yourself bitcoin mixers are popular, who wish to stay anonymous can achieve that with bitcoins and some other coins. Problem can just be in using them in your country, to cash them out trough bank system, but all problems have solutions, you can always use decentralized exchange sites, markets like bazarz or local bitcoins, if you always use p2p services government can't do nothing with you.
I agree that most governments don't care about their citizens, that's why people don't like to pay taxes anymore and have nothing in return. There are countries that will be open for this new technology, they will invest tax money back in crypto. On other hand some will be very strict and people who live in problematic countries will have to hide their involvement in crypto if they wish to keep their money safe from thiefs.

[papasunkoh88]

Well..maybe it depend upon to you  nation if this kind of law tax on crypto well aslo regulate under the law of your nation ,,but I think if this case are regulated on my county maybe we have a long proscess before implement this case.

[Rath_]

Problem can just be in using them in your country, to cash them out trough bank system, but all problems have solutions, you can always use decentralized exchange sites, markets like bazarz or local bitcoins, if you always use p2p services government can't do nothing with you.

Unfortunately, localbitcoins might not be a good choice since they started to force some of their users to go through KYC verification. Decentralized fiat exchanges won't exist, we have already discussed it here. Trading with acquaintances and using Bitcoin ATMs seems to be the best choice for now.

There are countries that will be open for this new technology, they will invest tax money back in crypto. On other hand some will be very strict and people who live in problematic countries will have to hide their involvement in crypto if they wish to keep their money safe from thiefs.

The only thing I demand from my government is to give a clear statement of how they are going to regulate cryptocurrencies in the near future. They are changing their mind all the time. Even BitBay, the largest cryptocurrency exchange in Poland, decided to move to Malta because of lack of regulations.

[Dudeperfect]

A couple of days ago, I have attended the networking event regarding my business and I met a person involved in taxation activities as a part of his profession and he said that taxation is going to play a crucial part when it comes to the future of blockchain based currencies and he is interested to see government's next move in terms of decision making through legal point of view.