Tax on the crypto currency! What do you think?

[Vs225655]

  As for me, no model is suitable. The first was bitcoin and his idea was quick payments and no deposit transfers. It has already begun to intervene in the country and offer as usual its interest. In my opinion, there should be no commissions.
  Then everything will be cool)

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[1715042371]

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[magneto]

Bitcoin is merely a form of payment. If someone receives income in the form of bitcoin, obviously that would still constitute as some sort of income tax. Most countries should just take the bitcoin income amount, and translate that figure to fiat and tax it at the same rates.

CGT in my opinion should only be charged if you're actively trading on the markets and using bitcoin as a speculative tool.

GST is just completely illogical. Australia actually did this back in the days, and essentially it meant that bitcoin were sold as goods and were sold at a markup, meaning that Australian exchanges had absolutely no appeal. These tax rules are still in the making for a lot of countries and we should see further clarification for them as adoption grows.

[ofelia25]

It would be fine for me to pay tax for as long as the rate would be fair enough, if we are not paying tax as of the moment it does not mean that we will never pay tax since the government will never let that happen so let us just accept it.

[weeklyeth]

if governments want to regulate cryptocurrencies then they should tax of cryptocurrencies which is inevitable and paying tax is the only way crypto currencies are allowed to trade in any country

[The_Dark_Knight]

I think it is not realistic to be deaf in the country for every citizen, how much he owns crypto-currencies. Yes, and still recover the tax from it. To be able to collect taxes, the state should control the system itself, where the crypto currency is actually used - and this is not realistic for a single country. Scales are too huge.

It's obviously not possible to control cryptocurrency flows and therefore tax them accordingly, but they can easily track every single dollar/fiat/whatever currency that's collaborating with an exchange, then see how much fiat you spent in a single currency.

When you want to cash out to buy real state or something, you will need records of all of your trades and crypto accounting, so try to keep track of that. I have lost some of my history in trading due dead exchanges and now im worried about that. This has happened to a lot of people and I wonder what they did about it.

Since I'm not a trader I do not have those problems but I have never stopped to think about that, those that traded in exchanges that have disappeared already are going to have a lot of problems proving exactly what kind of movements they did in there so it is likely you are going to have huge hurdles in the future when you have to prove where your money came from when you want to pay your taxes.

[mornabo]

  As for me, no model is suitable. The first was bitcoin and his idea was quick payments and no deposit transfers. It has already begun to intervene in the country and offer as usual its interest. In my opinion, there should be no commissions.
  Then everything will be cool)

I know everyone wants easy and free transactions dude, but we live in a different era now, all have to pay as well as payment
transactions, there will always be any a fee transaction you have to pay, and we should be reasonable with it

[bkrobottc1]

Why Satoshi Nakamoto create bitcoin? I think he want us do not to pay tax and get a small transaction fee. If we must pay tax, it mean we still be manage by centralized power. It my opinion

[bhordz357]

I don't think about taxes. I have an opportunity not to pay them and I won't do it. The government should make the tax but not to extort him. Do you see government support for all participants in the cryptocurrency market? What to pay tax for? I hope that someday I will have the opportunity not to use Fiat and I will not interfere with the government at all.

I think its not advisable to tax crypto  currency because for now crypto  still not stable that yet. Then investors and users always come and go at anytime. So its difficult for the government to monitor the income of every member.

[Argoo]

Why Satoshi Nakamoto create bitcoin? I think he want us do not to pay tax and get a small transaction fee. If we must pay tax, it mean we still be manage by centralized power. It my opinion

The state is not interested in the introduction of bitcoin and other decentralized crypto currency. It creates many additional problems for the state. If we do not pay taxes on profits in the crypto currency, taking advantage of the fact that the crypto currency is poorly tracked, the state will simply forbid its use at all, and then there will be practically no arguments against such a ban. Therefore, if we do not want the use of decentralized crypto currency to be banned, we will have to put up with the established tax and pay it. There is simply no other way out.

[maydna]

I am fine if I've been asked to pay a tax because I think profit that I can get from the cryptocurrency is like an income for me so whenever I convert my coins fiat and then send it to my bank account, it still an income. and perhaps, the government will take a look for every people account bank and will ask them from where they get that money. but I don't want to pay a big tax since there are richer people in my country that should pay a big tax but they don't pay that tax.

[spongegar]

I think the best is capital gains since i treat is as an investment. Then again, i don't pay it since I'm not selling anything in my portfolio. But if we're talking about tax, i eould definitely oay taxes for my holdings. I mean if they do then that means my government will protect me from frauds and stuff. Then again, that is the ideal.

[thecoder2017]

Its the responsibility of people to pay their taxes to the government once they have a job and earn a big income but it depends on how much is your salary every month theycan compute it through percentage tax and when the government obliged us to pay i think they will make first a law regarding cryptocurrency on hiw to implement tax on them.

[Saiful Islam777]

I think imposing a tax on the crypto currency is not immoral. Since VAT is being levied on every product of a country, text can be imposed on crypto currency.

[South Park]

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.

I disagree taxation is not going to play a big role at all, what we need is the development of the technology that is what we need and we need adoption, the issue of the taxes is going to be incidental, after all if governments find a way to tax bitcoin users I do not mind since I'm willing to pay my taxes but if they do not find it that is their problem.

[Comino]

If we do have to pay taxes then:
1. We should think of cryptocurrencies same as stocks - pay taxes anytime we sell a cryptocurrency and make a profit, not when crypto is bought.
2. Same as with property tax in some countries -  taxes should be much lower if you own cryptocurrencies for more than one year and then sell them
3. you should be able to gift or donate your cryptocurrency and not pay taxes, if you have not sold it with a purpose to earn

[solarisexodus]

I don`t disagree, somehow the realistic view as what we thought could be viewed in an apparent reality. it is not exaggerated however, it has not been simplified... If the government will set to tax every transaction on bitcoin. Then, it could. To tax, the government should not look on the bitcoin because they cannot control it; hence, they can control the person using it. Government is silent as of now, but i don`t disagree with the facts.

[goldcoinminer]

I don`t disagree, somehow the realistic view as what we thought could be viewed in an apparent reality. it is not exaggerated however, it has not been simplified... If the government will set to tax every transaction on bitcoin. Then, it could. To tax, the government should not look on the bitcoin because they cannot control it; hence, they can control the person using it. Government is silent as of now, but i don`t disagree with the facts.

I think having to pay taxes in crypto will be only realized once the government starts to legalize and adopt bitcoin as a payment system just like fiat currency.And if it happens,then there's nothing we can do but to be responsible in paying taxes or else we will face its consequences in the latter part.

[Gameroid]

if governments want to regulate cryptocurrencies then they should tax of cryptocurrencies which is inevitable and paying tax is the only way crypto currencies are allowed to trade in any country

Tax is always there on every legal income, so if we are going to give a legal status to bitcoin in our country, then we have to pay income tax on bitcoin. Some countries have already turn bitcoin a legal currency like Japan and i think that they may already be collecting taxes on income that people are making from bitcoin. I think that it will surely increase the revenue of a country.

[Btcaivah1]

Well I think taxation in cryptocurrency could be a long long process since its population has already can sum up to a very huge amount. Judging the situation right now the i must say that taxation is really impossible.

[NewRanger]

Well I think taxation in cryptocurrency could be a long long process since its population has already can sum up to a very huge amount. Judging the situation right now the i must say that taxation is really impossible.

before goverment withdraw taxes from crypto market, they must prepare about its legal standing.if that already clear about legal standing, they can take taxes from cryptomarket.