Tax on the crypto currency! What do you think?

[Baokali92]

In my opinion it is the responsibility of every citizen to pay their taxes when they are employed because it will be used by the government to improve the economy of the country but if they will impose tax on Bitcoin i think it's not appropriate.

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[PIMPdev]

For now in my country it is not a case but if it would be I think I would be not very happy with that, because my country is loving to put huge taxes on anything to have money from people.

[Impulseboy]

I hope that the government will ever tax cryptocurrency because when they do, they will most definitely put higher taxes on it than anything else. The government will probably try to control it, maybe abuse the taxes that will be getting from it. Besides, where will the tax go if it has one?

[heroson]

Obviously its bad for the bitcoin holders that they need to pay tax for a digital currency, which they even cant use for all purposes like other currencies (fiat). But its hood for the country we live in and its indirectly or directly hood for us and mostly those people who is dependent on government for surviving. Thus, in my opinion if we are paying tax for bitcoins, its for a good purpose.

[suzanne5223]

I'm confused on how they expect you to pay tax in fiat if you never received fiat to begin with.  Say i made a million on Bitcoin and changed it to Ethereum.  How would I pay a 200k fiat bill.  The tax situation on this is crazy. 

Agreed with what you said because they only keep track of every crypto currency transactions in other for them to collect the tax and by doing that they have automatically change the decentralized in nature crypto currency in centralized and that is not acceptable.

[taeewo]

It wont be  a good idea because cryptocurrency should be decentralized and should not be controlled or tax by any body, they only have power to regulate.

[Morgann]

In my opinion if this the way to legalize bitcoin in one country I think i will agree of given tax in cryptocurrency, taxes from cryptocurrency can help many people in the country to build  more infrastructure and can give benefits to poor people.

Cryptocurrency is very profitable because it was tax free , another thing is that, taxes should not be implemented because people are already paying transaction fees.

[Chrisjay29]

For me its okay to have some taxe in crypto. Because taxes help your country and if you help your country you help your family. Because all taxes you paid will be return to us. But it should be on the right price

[pocketfullofpoke]

It's a bittersweet symphony for all crypto enthusiast talking about government implementing tax on crypto earnings. But if we look at it in the better side, it's really okay to pay taxes from your crypto earnings as long as you are 100% sure that your money invested in crypto will not go in vain.

[loyoung]

I think, the most suitable model is the capital gain tax model, where taxes can be applied to individual income obtained as a result of a crypto investment.

[Gila uang]

supporting tax from crypto means supporting its development to go to the legal tender stage, if a lot of taxes are absorbed eventually the government will also open itself to crypto, don't always think about the negative effects afterwards, but how we contribute actively in development. so far my country has only applied transaction taxes, I am not too troubled whether they have finally applied income tax this year.

I think the Government must make taxes but not extort it. Do you see government support for all participants in the cryptocurrency market? Why pay taxes? I hope one day I will have the opportunity not to use Fiat and I will not disturb the government at all.
I don't think about taxes. I have the opportunity not to pay them and I will not do it.

[maydna]

tax on the cryptocurrency can be applied by the government to take more income to the economy of the country and I guess this will happen when they are ready to integrate their system with the blockchain technology. but as I don't know much about the economy, I think it will be good for us because this will help cryptocurrency reach more people to come to the cryptocurrency and the effect for the cryptocurrency itself will become more popular in the future. the government needs to adjust the tax so it will not make any problem for the cryptocurrency user.

[lixer]

In my opinion if this the way to legalize bitcoin in one country I think i will agree of given tax in cryptocurrency, taxes from cryptocurrency can help many people in the country to build  more infrastructure and can give benefits to poor people.

You are absolutely right about it to help and build country and its development is very important but we have to look at our conditions as well. We pay taxes on lots of things and products and our whole assets and now implementation of tax on decentralized cryptocurrencies is totally out of mind and hard for us. It is burden on people and the traditional of government has entered here in our country while most of the countries are tax free of cryptocurrencies.

[fishball]

There are several tax options today, and all of them can be applied to crypto-currencies, depending on how the latter are defined in the state. Most often, the following taxes are introduced:

• Value Added Tax (VAT). It can be levied by trade operations made with the help of crypto currency as a means of payment, as well as currency exchange. Basically - the exchange of crypto currency for fiat money, but in theory VAT can be levied on the exchange of crypto currency between each other. It operates mainly in those countries where crypto-currencies are recognized as a payment instrument, for example, in Japan. When buying goods and services for cryptocurrensies, VAT will also have to be paid to the residents of the UK, but they can exchange the crypto-currencies for fiat without paying VAT.
• Tax on goods and services. A kind of analogue of VAT for those countries that have recognized crypto-currencies are not a means of payment, but a commodity. Acts on the same principle as VAT. Only in the case of VAT, the taxpayer is in fact a buyer, and in the case of a tax on goods and services, a supplier of goods and services, in this case a holder of a crypto currency. He has been working in Singapore for several years. At the beginning of this year, a similar system was adopted by Israel with respect to the mining, which was equated with the production of goods.
• Personal income tax. Personal incomes in crypto-currencies are taxed, for example, the salary paid by the employer in bitcoins. Implemented, for example, in the US.
• Profits tax. They are subject to any companies that make a profit. Also, they are subject to profits earned as a result of trading on the exchange and the performance of other currency transactions. In the cryptosphere, this system is used specifically to tax the crypto traders and various crypto-currency organizations (from the exchange of crypto-currencies to the pools for mining). Mining may also be subject to profit tax. In the US, for example, take into account the profit from crypto-activity in the tax declaration will have to be traders and miners, and all people who somehow earn on crypto-currencies as a result of speculation. The same tax is levied on all crypto-currency transactions made by legal entities in Australia and Japan.
• Capital gains tax. They are subject to income of individuals and legal entities obtained as a result of investing in shares, bonds, securities, valuable assets and so on. In the cryptosphere, it starts acting as soon as the crypto-currencies are equated to valuable assets. Not only investors fall in, but all holders are also crypto currency. This system is implemented in the US, where it matters how long the holders of crypto currency keep them and in what quantity. He also works in Australia, Brazil, Canada and in many EU countries - Bulgaria, Finland, Germany, Spain and others.
• Property tax. For the cryptosphere, it becomes important when the crypto-currencies are recognized as property, a valuable asset that is owned. As soon as such an amendment is made, the holder of the crypto currency is required to notify the tax service of all transactions concluded with this asset. Such an amendment was introduced in the US tax legislation, where the crypto-currencies in this case are presented as a valuable asset, and in Australia, where they are recognized as property.

What do you think about the taxation of cryptocurrencies? Which model fits best?

Everyone would absolutely in rage since bitcoin is a business which government can not put their hands on which is really good for us so we can earn much more without any bit of cut. I think it is really impossible to put tax since bitcoin is really hard to regulate.

[cleverboy_engineer]

In these conditions, it is less likely to happen.

Maybe one day a bitcoin will be about 20.000$ or higher, tax on the crypto currency can be discussed.

[Baimovic]

I think the moment when the cryptocurrency will begin to be taxed in large countries, can be considered the day of legalization. while I do not see

if it only applies VAT, then it cannot be used as a strong reference for legalization, it is still a pure tax transaction for all things in public business, but if the government also applies mandatory income tax, this is converted as government accountability to its users through positive legalization, but unfortunately this has not been implemented by anyone.

[2@abcdeeply]

That is a good fight, but I think many people are trying to evade taxes in many sophisticated ways

[tinystone26]

I don't think having tax in this moment is a good Idea because we know all this time bitcoin is not yet legalized in all country that we can put a tax in any earnings that we received that's why there must have a good development to make things better in making that kind of things. And adding some more progress in any currency.

[stephanirain]

I don't think having tax in this moment is a good Idea because we know all this time bitcoin is not yet legalized in all country that we can put a tax in any earnings that we received that's why there must have a good development to make things better in making that kind of things. And adding some more progress in any currency.

I also think putting tax on cryptocurrency is not a good idea at all because the government do not have any access with cryptocurrency and many people will disagree on it. Crypto is also not yet legalized or approved by the government all over the world, so it will be also impossible.

[chomli]

heck no, it being a volatile industry, it shouldn't be taxed