Cryptocurrency usage will boost economy or make it worst ?

[Wysi]

What if all those big corporates and businesses starts using crypto as a mode of payment just to avoid tax which will cause a direct loss to the government which uses tax for the betterment of the country. This might not affect corrupt countries as it doesn't matter because tax money goes to politician's coffers but what about developed nations?

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[Wexnident]

There is actually a statement, specifically the IRS 2014-21 where all virtual currencies are subjected to tax still. Therefore, stating that buying using BTC or any other crypto, is in fact, still liable to tax. As for the specifics, I don't really know but the 2014-21 already states that existing tax principles apply to transactions using virtual currency. The taxable events are Cashing out, Paying using crypto, Exchanging one crypto to another or Receiving mined crypto. These are some I just looked up in google and you can search for more information if you want specifics.

[teosanru]

What if all those bug corporates and businesses starts using crypto as a mode of payment just to avoid tax which will cause a direct loss to the government which uses tax for the betterment of the country. This might not affect corrupt countries as it doesn't matter because tax money goes to politician's coffers but what about developed nations?

Actually it will bring slump in businesses in a longer term. It's because of the simple law of demand and supply. Business will have to sell their goods at lower and lower prices everyday while this would bring discomfort in them as no new money will flow in Economy and business will not be able to do new investment therefore hampering the employment opportunities and business growth opportunities overall. Someone's profit will always be at the stake of someone's loss. It might become a more rational and capitalist approach but there would technically be no outer aid to combat the situation.

[Wysi]

What if all those bug corporates and businesses starts using crypto as a mode of payment just to avoid tax which will cause a direct loss to the government which uses tax for the betterment of the country. This might not affect corrupt countries as it doesn't matter because tax money goes to politician's coffers but what about developed nations?

Actually it will bring slump in businesses in a longer term. It's because of the simple law of demand and supply. Business will have to sell their goods at lower and lower prices everyday while this would bring discomfort in them as no new money will flow in Economy and business will not be able to do new investment therefore hampering the employment opportunities and business growth opportunities overall. Someone's profit will always be at the stake of someone's loss. It might become a more rational and capitalist approach but there would technically be no outer aid to combat the situation.

Yes indeed I think market will will be doomed if every business transactions takes place in crypto due to the reasons which you have mentioned. This is a delicate situation which needs to be dealt accordingly as this seems to be one of the reasons why some countries are scared of crypto usage and trying to ban.

[ufaiz50]

What if all those big corporates and businesses starts using crypto as a mode of payment just to avoid tax which will cause a direct loss to the government which uses tax for the betterment of the country. This might not affect corrupt countries as it doesn't matter because tax money goes to politician's coffers but what about developed nations?

Developed countries certainly already have regulations regarding taxes. there are several ways that allow the government to tax users of crypto. For example working together with local exchangers that are usually used to exchange crypto to fiat.

In my opinion as we know, that it is still not possible to use crypto for living expenses or to buy something. The impact of the use of crypto on the economic sector is not much as long as the government still requires the use of fiat.

[alyssa85]

What if all those big corporates and businesses starts using crypto as a mode of payment just to avoid tax which will cause a direct loss to the government which uses tax for the betterment of the country. This might not affect corrupt countries as it doesn't matter because tax money goes to politician's coffers but what about developed nations?

Developed countries certainly already have regulations regarding taxes. there are several ways that allow the government to tax users of crypto. For example working together with local exchangers that are usually used to exchange crypto to fiat.

In my opinion as we know, that it is still not possible to use crypto for living expenses or to buy something. The impact of the use of crypto on the economic sector is not much as long as the government still requires the use of fiat.

I think in some American states, you can use bitcoin to pay for state taxes, but until this is widespread, crypto won't get traction.

[NathanJB]

What if all those big corporates and businesses starts using crypto as a mode of payment just to avoid tax which will cause a direct loss to the government which uses tax for the betterment of the country. This might not affect corrupt countries as it doesn't matter because tax money goes to politician's coffers but what about developed nations?

Tax is the primary and largest source of income of the government and as such, they are very important for the continuous operation of government services as well as the continuous implementation of various projects. Without tax, the government will surely die. We do not want this for sure. So even if the businesses are already accepting cryptocurrencies, they should still be responsible enough to pay the government their proper due. Crypto is not made to get away from taxes anyway. That should be clear to everyone.

[veleten]

cryptocurrency usage in what role?
if using cryptocurrencies as a substitution to the current fiat system , it is too early
if you see the relative volumes of fiat , derivatives etc. compared to cryptocurrencies it is like 99.9 to 0.01% total
the global market capitalization of all cryptocurrencies is estimated to be under 250 bil USD
for example , the US debt is 100 times that , gold market 10x+ times that etc. , crypto is like a drop in the ocean at the moment
things could change if/when the price grows 10-20 times , this is not sci-fi but a very real perspective
but even then the bankers and the corporations behind the current system won't let go , see how many obstacles Libra is facing , being a centralized shitcoin as it is

[blckhawk]

What if all those big corporates and businesses starts using crypto as a mode of payment just to avoid tax which will cause a direct loss to the government which uses tax for the betterment of the country. This might not affect corrupt countries as it doesn't matter because tax money goes to politician's coffers but what about developed nations?

I don't think the governments would approve companies to use cryptocurrencies in their modes of payment. If however they wish to use it, they government might make an exchange exclusively to companies that will enable them to monitor, and impose taxes per transaction made, or whatever system they implement to claim taxes. Whatever their move is, if the government started seeing tax evasion cases through crypto, they'll surely be doing something about it.

[bitzizzix]

What if all those big corporates and businesses starts using crypto as a mode of payment just to avoid tax which will cause a direct loss to the government which uses tax for the betterment of the country. This might not affect corrupt countries as it doesn't matter because tax money goes to politician's coffers but what about developed nations?

Developed countries certainly already have regulations regarding taxes. there are several ways that allow the government to tax users of crypto. For example working together with local exchangers that are usually used to exchange crypto to fiat.

In my opinion as we know, that it is still not possible to use crypto for living expenses or to buy something. The impact of the use of crypto on the economic sector is not much as long as the government still requires the use of fiat.

I think in some American states, you can use bitcoin to pay for state taxes, but until this is widespread, crypto won't get traction.

All require a gradual process to adjust what has been implemented in certain countries that make bitcoin multi-functional in payments or other transactions.
and in my opinion the tax payment does not have to use crypto and can be exchanged with fiat currency in accordance with the payment with a specified nominal, and most importantly the government accepts tax money and for the benefit of the country and also for the progress of cryptocurrency to be well received by the government and must following their rules one of them pays taxes.

[dimonstration]

Big corporates will not be considered big unless they are registered in the government. Even they accept or operate their expenses thru crypto. They will pay in the government, but might lessen the amount intended to goes in tax. That's why some government bans it or soon the government might use centralised app to create ways to monitor it.

[rdluffy]

It not works this way you're thinking,why and how big companies will use BTC to avoid taxes?
It makes no sense, this companies are regulated and they will not risk their business just to avoid some taxes

[mersal]

What if all those big corporates and businesses starts using crypto as a mode of payment just to avoid tax which will cause a direct loss to the government which uses tax for the betterment of the country. This might not affect corrupt countries as it doesn't matter because tax money goes to politician's coffers but what about developed nations?

Who said crypto currency can be used to avoid taxes,it maybe possible for a small investor but for the big exchanges who accept bitcoin payments will be recorded because they might be asked to use and address which was registered for them if there is regulations on that country so governments will collect the same tax as fiat but I don't think they will accept in near future due to instability on the bitcoin prices.

[Genemind]

Huge businesses adopting cryptocurrency without taxes would really be impossible. Every company could only operate with the approval of the government and that requires taxes as well. We all know how significant taxes are despite having a corrupt government. It will surely affect the economy negatively. However, the usage of crypto alone couldn't ruin the economic situation but it could rather provide us convenient and profitable transaction.

[tambok]

What if all those big corporates and businesses starts using crypto as a mode of payment just to avoid tax which will cause a direct loss to the government which uses tax for the betterment of the country. This might not affect corrupt countries as it doesn't matter because tax money goes to politician's coffers but what about developed nations?

Tax is the primary and largest source of income of the government and as such, they are very important for the continuous operation of government services as well as the continuous implementation of various projects. Without tax, the government will surely die. We do not want this for sure. So even if the businesses are already accepting cryptocurrencies, they should still be responsible enough to pay the government their proper due. Crypto is not made to get away from taxes anyway. That should be clear to everyone.

I don't think that those businesses can operate with illegal activities, we know how strict the government in terms of taxation, everything should be documented, as there's a big penalty when you were caught avoiding tax or worst will lead your business for foreclose, so, businesses especially those big companies will be afraid to do that.

[target]

It may have o depend on how the government will use cryptocurrency to make its economy boost. China at least figured out how to do it since they are also a very developed country.  Developed countries has a system and legal regulation for crypto and just like BTC is being taxed in US. Companies accepting crypto will also be taxed if they started accepting BTC. IRS is going to hunt them down if they are not going to pay.

[jakelyson]

What if all those big corporates and businesses starts using crypto as a mode of payment just to avoid tax which will cause a direct loss to the government which uses tax for the betterment of the country. This might not affect corrupt countries as it doesn't matter because tax money goes to politician's coffers but what about developed nations?

That country will definitely start implementing laws that will tax bitcoin and other cryptocurrencies. Corporates and businesses cannot hide behind cryptocurrency to avoid taxes because they will be audited. Their cashflow will reveal where their money is. It is better for them to just pay taxes than face tax evasion cases and heavily penalized.

This might not affect corrupt countries as it doesn't matter because tax money goes to politician's coffers but what about developed nations?

Developed countries probably already have laws or guidelines in taxing cryptocurrencies.

[dothebeats]

No matter how well the system is or how great the tools are, if the ones who wield and use it are power-hungry and corrupt, there’d be no progression that’ll happen and everything will be the same—or even worse depending on the situation. Most countries are on the verge of coming up with a solid taxation guidelines regarding cryptocurrencies, and I believe it’s only a matter of time before they pass it on as a law. Should it ever make the final reading, the real question is: how would the governments use the tax money from it? Then again, that’s highly dependent on the heads who are placed on the seats of the public office which, much to my dismay always end up being corrupt themselves.

There’s a huge potential for crypto contributing a ton on domestic economies, it’s just that the heads of state are somewhat unsure or not really feeling the vibe of it just yet.

[Pearls Before Swine]

Using crypto for purchases shouldn't affect any country's tax revenue as long as a payment processor is used which converts the crypto to fiat.  The consumer still has to pay the sales tax (if any), while the business will still have to pay the revenue tax as usual.  If businesses were accepting crypto outright, things *might* be different, but I've heard that most tax evasion is done by businesses skimming off the top...and that's without using cryptocurrency at all.

I really don't think it would affect the overall economy either way if people started using bitcoin for things.  It probably would affect bitcoin itself, but the economy?  I doubt it.

Developed countries probably already have laws or guidelines in taxing cryptocurrencies.

I doubt that.  There don't seem to be many laws about crypto in general on the books, which actually kind of surprises me.  It's not some obscure thing anymore.

[Harlot]

Trust me with all the accountants and taxing authorities we have in the government these big corporations you are talking about won't be flying anyone under their radars. If they are still actively hunting down small time tax evasions and money laundering activities what more if they are a big billion dollar corporation doing criminal activities like this one. That big amount of money they earn won't go undetected even if they make it to small variations of amount they will still see a pattern or at least spot the difference on their financial accou

[yoseph]

What if all those big corporates and businesses starts using crypto as a mode of payment just to avoid tax which will cause a direct loss to the government which uses tax for the betterment of the country. This might not affect corrupt countries as it doesn't matter because tax money goes to politician's coffers but what about developed nations?

The country will be able to counter that by legalizing and regulating cryptos so that with every transactions the government will be able to make money with the purchase and sale of every cryptocurrency and with the proceeds from that, it's going to be bring economic boost to the country.

[abeecrypto]

I have thought about this. I think that even with crypto, there will still be usage of the Fiat. And through Fiat, tax can still be applied on Crypto. Probably not directly. Government wouldn’t allow tax to be affected because of the use of crypto. In the end, they will find a way to work with crypto, so that the taxes can keep coming in.

[Ailmand]

Just before big companies can use or accept cryptocurrency government approval or acceptance must take first place. So, I guess b that time crypto will be taxable or it will be treated the same as investment which is taxable.

[7788bitcoin]

Just before big companies can use or accept cryptocurrency government approval or acceptance must take first place. So, I guess b that time crypto will be taxable or it will be treated the same as investment which is taxable.

I am not sure from which country you are from as you are not aware of people giving tax for the profits earned from bitcoin and even if there is no rules and regulation regarding bitcoin in your country you are bound to pay your taxes for the profits you earn and there is no way around it as you will get into trouble if you are earning a good amount of money through crypto trading.

@OP cryptocurrency will give freedom to the people to trade internationally and hence it will boost the economy in that aspect.

[hello_good_sir]

What if all those big corporates and businesses starts using crypto as a mode of payment just to avoid tax which will cause a direct loss to the government which uses tax for the betterment of the country. This might not affect corrupt countries as it doesn't matter because tax money goes to politician's coffers but what about developed nations?

Your thinking way too 1 sided. There is no way where you just avoid tax when you use cryptocurrencies to pay, or sell your goods or services for cryptocurrencies, it's still money and it will be taxed.

A cryptocurrency is still a form of money, it's similar to other investments that hold value, and if you got paid in gold, or bonds for example, those are still able to be taxed - it's impossible to avoid taxes in our world...

Crypto-currencies will be able to boost the income though, we will have a lot more freedom with money and it's an entirely new market sector where people are able to start new businesses and find new jobs - really expanding our markets.

[alyssa85]

Using crypto for purchases shouldn't affect any country's tax revenue as long as a payment processor is used which converts the crypto to fiat.  The consumer still has to pay the sales tax (if any), while the business will still have to pay the revenue tax as usual.  If businesses were accepting crypto outright, things *might* be different, but I've heard that most tax evasion is done by businesses skimming off the top...and that's without using cryptocurrency at all.

I really don't think it would affect the overall economy either way if people started using bitcoin for things.  It probably would affect bitcoin itself, but the economy?  I doubt it.

Most cryptocurrencies have a public ledger, so easy to track income and thus tax liabilities.

Where cryptocurrency might help an economy is in the situation where the banking system is broken. Cryptocurrency at least lets commerce continue unscathed if the banks are in trouble.

[Beparanf]

I think Government is not filled by innocent person.  Before all big corporates do that thing, usually government already know it. Bad thing about it maybe that corporates can considered to breaking the law because of avoid tax and maybe government will say that corporates do money laundry. I think if want to be like that, will be really impossible to happen because government is who held the law.

Government have their ways to detect companies income thru sourcing and doing background checking especially if the companies been too popular but issuing only few bucks in the government. They will soon realize that company is doing something anti law. I doubt if many investors will participate in a company that are not acknowledged by their law and government so thus they are really required to pay taxes.

[binhvo1505]

Yes, that's the point I want to tell people about the harms of using cryptocurrencies as a common currency.
Besides money laundering or tax evasion, people will decide for themselves the value of bitcoin or be manipulated by organizations. The coins in this market are heavily manipulated and using it as a payment method is not good.

[bryant.coleman]

What if all those big corporates and businesses starts using crypto as a mode of payment just to avoid tax which will cause a direct loss to the government which uses tax for the betterment of the country. This might not affect corrupt countries as it doesn't matter because tax money goes to politician's coffers but what about developed nations?

Tax evasion has nothing to do with cryptocurrency adoption and it should be treated as a different subject. And my personal opinion is that tax evasion can be done either with fiat currency or with cryptocurrency. If the latter is being used for such purposes, then the negative effects will be the same as the case when tax evasion is done using fiat.

Now coming to the topic on the effects on economy, I am of the belief that if properly used cryptocurrency can improve the economic and financial situation of the vast majority of people. Some of the groups may get affected, such as the bankers and payment processors. But the government needs to decide whether they want to prioritize the needs of the bankers (who form less than 0.01% of the population) over the general population. 

[Murat]

Nope, When a corporate or business organization start using cryptocurrency for the payment purpose then it will lesses the fees, not a tax because you have to pay tax according to your income from your organisation, every organization should pay tax according to their net profit, every individual must pay the tax following his or her income so there is a lot of scope of paying tax to the government, so I think government should offer to the business organization to pay their payment whatever they choose, I believe if the corporate organization may use crypto then they could reduce their payment fees what they are giving to the local financial organization or bank.

[alexsandria]

What if all those big corporates and businesses starts using crypto as a mode of payment just to avoid tax which will cause a direct loss to the government which uses tax for the betterment of the country. This might not affect corrupt countries as it doesn't matter because tax money goes to politician's coffers but what about developed nations?

This will be all going problematic and chaotic in some unexpected ways. So stuff that taxes provided to keep going those things tax payers are forced to pay would be all going dry and disappeared government programs and services would be all handled by private sectors and so on. Well on the other hand government should be making rules and regulations. We all be living an honest and much more wealthier living though. On the other hand, taxless living will surely affect both developed and under developed countries in a way that how heavy the country depend on taxes people provides.

[Kyraishi]

I actually have a different theory, I reckon it'll actually be bad for the economy. Crypto-currencies are still a relatively new thing and a lot of people aren't ready to adapt, and if you where to just force them to adapt, it would be a shit show to he honest.

Keep in mind that you won't be able to avoid taxation at all with crypto-currencies, unless you plan on hiding transactions and basically scamming the government...

We need to allow crypto-currencies breathing room for them to be adopted on everyone's terms, not forcibly.

[Argoo]

What if all those big corporates and businesses starts using crypto as a mode of payment just to avoid tax which will cause a direct loss to the government which uses tax for the betterment of the country. This might not affect corrupt countries as it doesn't matter because tax money goes to politician's coffers but what about developed nations?

Firstly, large corporations and generally all business structures are unlikely to use cryptocurrencies with a high level of price volatility. A particularly decentralized cryptocurrency is not suitable for those business structures that use transactions that are long in time from the moment of agreement to the completion of the transaction. If during this time the cryptocurrency price changes, one of the parties will suffer losses. Roulette is not a business game.

Secondly, we must pay taxes on activities in cryptocurrency. Only with this approach will states legalize cryptocurrency and create infrastructure for its development.

Also, cryptocurrency should go in parallel with national money and integrate into a single financial system. Only in this case will it benefit the state economy and will contribute to its development.

[EdvinZ]

Money transfers in cryptocurrency are very fast and their cost is often very low. This factor is very important for all partners in any business. In addition, the cryptocurrency excludes intermediaries in money transfers, which can freeze accounts, make money transfers for several days. I think the use of cryptocurrency can greatly improve the efficiency of all business processes.

[sirminesalot]

Just before big companies can use or accept cryptocurrency government approval or acceptance must take first place. So, I guess b that time crypto will be taxable or it will be treated the same as investment which is taxable.

maybe it's a breakthrough for economic development using cryptocurrency and in my opinion the good and bad results of using cryptocurrency depend on the intentions and objectives of the investors themselves because it will also affect the yield of the cryptocurrency itself one of them if the legality of investing in currencies crypto will certainly produce taxes and taxes for the growth of a country's economy

[Eclipse26]

No. Entities can't just accept cryptocurrency as a mode of payment. A corporation needs to follow the regulation and laws given by the government for them to be able to run their businesses. A company can accept crypto as payment if it's legally accepted in their country. And when crypto is legally accepted, the government will regulate it and it includes paying taxes. Crypto is not a way for an entity to avoid tax. They're responsible to pay taxes.

[BitHodler]

Money transfers in cryptocurrency are very fast and their cost is often very low. This factor is very important for all partners in any business. In addition, the cryptocurrency excludes intermediaries in money transfers, which can freeze accounts, make money transfers for several days. I think the use of cryptocurrency can greatly improve the efficiency of all business processes.

Crypto offers much faster value transfers, but the thing is that there is little actual adoption, and just as important, there is little liquidity to allow a multi million transaction to be cashed out swiftly.

I know there is an OTC market, but it's not something people or even businesses are willing to explore because it just doesn't make sense.... they already have a working financial system that does the job well enough.

It's mostly the common man who's going to benefit from crypto because low value transactions can be cashed out without problems basically on any platform as long as you go through KYC verification.

[Obito]

What if all those big corporates and businesses starts using crypto as a mode of payment just to avoid tax which will cause a direct loss to the government which uses tax for the betterment of the country. This might not affect corrupt countries as it doesn't matter because tax money goes to politician's coffers but what about developed nations?

It will just boost self-interest of the company or whoever accepts bitcoin as a payment though it is convenient to live in a taxless society. But taxes do bring improvement in economy such as improvement of infrastructure and so on. So if it will be eradicated it will surely bring big big problem to society, improvement will be slowed.

[andycarrol]

I think this will make the world economic conditions improve because any transaction you want will not be difficult anymore because all transactions will be very easy when all payments can be paid using cryptocurrency which is proven to be more efficient and its use is very easy and transactions become fast.

[clickerz]

Money transfers in cryptocurrency are very fast and their cost is often very low. This factor is very important for all partners in any business. In addition, the cryptocurrency excludes intermediaries in money transfers, which can freeze accounts, make money transfers for several days. I think the use of cryptocurrency can greatly improve the efficiency of all business processes.

Yes it will improve the efficiency of doing business and finally help the economy. Not directly , but its domino effects will do improve businesses. When sending payments  is fasts and reliable, movement of products will follow. It can help a lot of people,and help stimulate economy.Its good to have an additional  option in transacting businesses through blockchain technology.

[carter34]

but what about developed nations?

Two things about developed nations. One is that it will make their lives more comfortable because it will bring them to another choice of payment and financial transaction.
For the second, it will do same thing it will do to underdeveloped nations too despite that they perhaps have stable and growing economy, the people who have more bitcoin will be richer than those who are thriving in fiat. As we know, the value of bitcoin is greater than any single fiat.

[airdnasxela]

Obviously the government won't let that. They're obliged to pay taxes. Also it would be a risk for companies to use it as a main payment option just to avoid tax. They might be able to avoid tax but what if it's a loss from their profit when the price of bitcoin is low? I don't think most company will risk their equity just to avoid taxes. Instead of making it worst for the economy, it might be a worst for the company.

[Wexnident]

I think this will make the world economic conditions improve because any transaction you want will not be difficult anymore because all transactions will be very easy when all payments can be paid using cryptocurrency which is proven to be more efficient and its use is very easy and transactions become fast.

Crypto isn't the first one to do that. They're called virtual currencies and crypto is included in that. And they're already quite widespread. Banks also use this way, by the cooperation of the banks and the shop, clients could freely  link their accounts and banks would automatically reduce their bank allowance through such a system. Crypto is much preferred because of the complete control clients have on them.

[ivakar]

there are different opinions about crypto and how it is affecting economy
one say that this is bad, cause it is burning money or burning electricity for mining farms
other say - it helps to withdrawal from economy bad speculative money, also it helps to generate GDP, cause even those mining farms are buying electricity, and that mean growth of trade.
so which one side you are closer - this is the choice you have to make

[bering]

Crypto utilize should be have advantages for all of elements in this world from the citizen to the government and if big companies use crypto to avoid tax then there is sometimes wrong with mass adoption itself and regarding the questions if most of people avoid tax then most of countries in the world cannot collect tax from their citizen i think even the stronger country also will loss and inflation will happened because they cannot collect tax and eventually economy situations on those countries probably will near to recession

[BChydro]

I think this will make the world economic conditions improve because any transaction you want will not be difficult anymore because all transactions will be very easy when all payments can be paid using cryptocurrency which is proven to be more efficient and its use is very easy and transactions become fast.

For international transaction there is no doubt that bitcoin is the best mode of transaction than the traditional banking system and if merchants and exporters and importers try to understand the ease of doing transaction and the trading freedom it gives then the banking system will have a hard time to get customers and hence we hear all the negative news from the bankers about the negative aspects of bitcoin.

[agentx44]

What if all those big corporates and businesses starts using crypto as a mode of payment just to avoid tax which will cause a direct loss to the government which uses tax for the betterment of the country. This might not affect corrupt countries as it doesn't matter because tax money goes to politician's coffers but what about developed nations?

Let us take a look at those countries that enriches their relationship with crypto specially bitcoin, we can see how beneficial it is for them. Though that's the case, we cannot still completely claim that bitcoin can boost the economy of the whole world because it will be very different considering the larger scale and the system might not be able to cope up on the changes right away. It can also be abused by the government if they will be given the power to manipulate it which may lead to the downfall of the global economy.

[darkangel11]

What if all those big corporates and businesses starts using crypto as a mode of payment just to avoid tax which will cause a direct loss to the government which uses tax for the betterment of the country. This might not affect corrupt countries as it doesn't matter because tax money goes to politician's coffers but what about developed nations?

First what tax? You can't avoid sales tax because you'd have to sell under the counter. You can't avoid sales tax now when people are buying stuff with cash and you won't be able to do it if they pay with Bitcoins.
You run a store, somebody comes and pays in BTC. He can ask for an invoice and you say what? Not giving out these because I'm trying to avoid taxes? You hand it out but destroy your copy and act like the sale never happened? Crypto or not business taxes will still be there.

[Visbay]

Money transfers in cryptocurrency are very fast and their cost is often very low. This factor is very important for all partners in any business. In addition, the cryptocurrency excludes intermediaries in money transfers, which can freeze accounts, make money transfers for several days. I think the use of cryptocurrency can greatly improve the efficiency of all business processes.

Yes it will improve the efficiency of doing business and finally help the economy. Not directly , but its domino effects will do improve businesses. When sending payments  is fasts and reliable, movement of products will follow. It can help a lot of people,and help stimulate economy.Its good to have an additional  option in transacting businesses through blockchain technology.

Yes, that is true that bitcoin made out economy really good as it provides more earning the opportunity and gives people a chance to grow in wealth and make money from different resources. Buying crypto then holding it is the best way to obtain money from it. People for a chance to earn money from more than one resource and be rich faster I hope in few days crypto currency will make out economy even more good.

[audaciousbeing]

What if all those big corporates and businesses starts using crypto as a mode of payment just to avoid tax which will cause a direct loss to the government which uses tax for the betterment of the country. This might not affect corrupt countries as it doesn't matter because tax money goes to politician's coffers but what about developed nations?

The lower part of your statement actually got my attention because countries that politicians spends their taxes for their own purposes even are more stringent with tax compliance than their developed nation counterparts because since that is the only source of ensuring their lifestyle continues, they will do everything reasonable to keep their bottom line and because tax payment is not a function of reciprocity, argument of politicians spending the tax does not fly because that what the law says. Now to the developed economy, majority of companies are run by board of directors that even the managing director or CEO can be booted out just by calling for extraordinary meeting which means the avoidance of tax via crypto use is not the decision of the MD to make and if brought to the board, you are sure to have a snitch among them.

[Serco]

there are different opinions about crypto and how it is affecting economy
one say that this is bad, cause it is burning money or burning electricity for mining farms
other say - it helps to withdrawal from economy bad speculative money, also it helps to generate GDP, cause even those mining farms are buying electricity, and that mean growth of trade.
so which one side you are closer - this is the choice you have to make

every thing will have two side affect , not only in cryptocurrency.even in stock market will have positive and negative affect.so far cryptocurrency has good affect to graphic card industry.many of them could produce more graphic card than before.and also this market create many opportunity  for young people, lot of them joined in bounty campaign and get additional income.

[tsaroz]

What if all those big corporates and businesses starts using crypto as a mode of payment just to avoid tax which will cause a direct loss to the government which uses tax for the betterment of the country. This might not affect corrupt countries as it doesn't matter because tax money goes to politician's coffers but what about developed nations?

Crypto would actually get rid of different middlemen whether that be an agent or a government and in the process make international and national trade more efficient increasing the productivity and decreasing cost. It would certainly take away the income of some people and taxes from government but that would in long term make us more hardworking and our government more capable as taking away the money both from producer and consumer is not a job but a crime.

[Eugenar]

I think this will make the world economic conditions improve because any transaction you want will not be difficult anymore because all transactions will be very easy when all payments can be paid using cryptocurrency which is proven to be more efficient and its use is very easy and transactions become fast.

Mostly, transactions are secured since bitcoin's security structure is providing enough security protocols. But in case that government will no longer have the taxes collected from each transactions, they need to improve the systems on how goods and products should be taxed. Specifically, in associating taxes to the transaction fees. But the main problem is that, we should associate the tax not locally to the blockchain or crypto's protocol, my idea is using an application that will calculate tax amount and to automatically make a separate payment transaction for the tax. The main problem to this is the amount of transaction fee needed to create a single transaction.

[LUCKMCFLY]

~snip~

Governments are not dumb, they will have their Crypto regulation policies, they know very well that they can make such payments, which is why they can take those measures. For some developed countries, what they fear most is the stablecoins, especially the launch of Libra of Facebook.

China is desperate to launch its cryptocurrency, which is why they have talked very well about blockchain, although that does not mean that they will accept Bitcoin at all, I think it can be a strategy to sweeten its people, and the US is looking forward to it, I think that Bitcoin will be a great success whatever they launch the cryptocurrency, because it will give it more adoption.

[BitcoinHunt3r]

I think this will make the world economic conditions improve because any transaction you want will not be difficult anymore because all transactions will be very easy when all payments can be paid using cryptocurrency which is proven to be more efficient and its use is very easy and transactions become fast.

Mostly, transactions are secured since bitcoin's security structure is providing enough security protocols. But incase that government will no longer have the taxes collected from each transactions, they need to imprive the systems on how goods and products should be taxed.

Government will do anything to collect taxes from people. They could be jump into cryptocurrency too, and then try to look or maybe force their people to report their source of income or maybe any kind that related to it. But maybe with that, they will know advantage of cryptocurrency usage and it have possibility to make them support it. As long they still get taxes, they will support it.

[Google+]

I think cryptocurrency can only be used to make payment transactions while cryptocurrency is still driving the demand so that cryptocurrency will not affect the world economy, cryptocurrency is only as an alternative payment to facilitate transactions.

[abhiseshakana]

What if all those big corporates and businesses starts using crypto as a mode of payment just to avoid tax which will cause a direct loss to the government which uses tax for the betterment of the country. This might not affect corrupt countries as it doesn't matter because tax money goes to politician's coffers but what about developed nations?

In several countries, it has been proven that bitcoin is one of the tools to turn the wheels of the economy back in a country such as in Venezuela and several African countries. If you think that transactions with bitcoin are to avoid taxes, I think you have forgotten that tax employees also have intelligence and as part of the government, they are also developing with the times. An example of what happened in Indonesia, many tax officials who follow Indonesian artist accounts to check the assets they have and whether the tax obligations have been implemented.

There are no government institutions that are stagnant in their nature according to the challenges and opportunities they face. If indeed the crypto transaction volume and frequency is high, of course, the tax agency will see this trend as an opportunity to get income for the country.

So in my opinion, the use of cryptocurrency is beneficial for the economy because it provides a simpler, faster and cheaper payment alternative.

[ashmodeus]

What if all those big corporates and businesses starts using crypto as a mode of payment just to avoid tax which will cause a direct loss to the government which uses tax for the betterment of the country. This might not affect corrupt countries as it doesn't matter because tax money goes to politician's coffers but what about developed nations?

my opinion , that businesses will be banned by government.
as developed nation, such as singapore,south korean,USA ,the taxation system has been implemented to the maximum extent possible, and I'm sure doing such a thing will get a banned in that country.
and also ,what kind of company would dare to do such a thing in a developed country.

[shield132]

What if all those big corporates and businesses starts using crypto as a mode of payment just to avoid tax which will cause a direct loss to the government which uses tax for the betterment of the country. This might not affect corrupt countries as it doesn't matter because tax money goes to politician's coffers but what about developed nations?

What if governments don't let them to start even using cryptocurrencies? Facebook decided to add Libra but it caused some conflict between facebook and US government.
On another hand who says it's possible to avoid paying tax by just adding bitcoin or cryptocurrencies? Don't you know that they can pretty easily tax you? Bitcoins are valued by usd, so you'll have to pay some percent of btc/usd. So from the very beginning, it's impossible to discuss about such thing because that will never happen. On another hand bitcoin payment in corrupt countries sounds very funny cause more likely they enjoy cash.

[huu78]

Maybe the same payment will not use the cryptocurrency because their price is not like a stable fiat. May only adopt the Blockchainnya system.
Where transactions are more transparent and can be tracked well. The tax will continue to pass in my opinion, otherwise, the country will suffer losses from the tax itself.
Even if the future of crypto will be a payment in various countries tax will also be the road to the nominal price that has been calculated using the crypto.

[erickastella]

it is very possible to harm the local government but if the local government does or revises the tax law through crypto for the company then it can be avoided, because crypto is no stranger to the government so it could be that even though using crypto is still subject to tax by the government

[Mike Mayor]

I think crypto will boost the economy. Fiat and the government have already failed us. It is time for us to do things for ourselves and for us to be in control of our own finances. Crypto cannot possibly make things worse than they already are so you may as well give it a go.

it is very possible to harm the local government but if the local government does or revises the tax law through crypto for the company then it can be avoided, because crypto is no stranger to the government so it could be that even though using crypto is still subject to tax by the government

Yes doing tax through their own cryptocurrency is the only way. You won't be able to tax people the way they use to. They cannot tax the crypto. You do however pay VAT on all purchases and that cannot be helped.

[Periodik]

What if all those big corporates and businesses starts using crypto as a mode of payment just to avoid tax which will cause a direct loss to the government which uses tax for the betterment of the country. This might not affect corrupt countries as it doesn't matter because tax money goes to politician's coffers but what about developed nations?

Yes, there will be an economic crash if all the big corporations and businessmen will start using cryptocurrencies as a mode of payment for the sake of avoiding paying taxes. The country will not move forward. Instead, it will be crumbling down to the ground. If this occurs, there will be chaos instead of order. The state will be converted into a state of the mob where the strongest rules. This is not something I wish to happen because of crypto.

[barabarian1]

in my opinion if a country applies cryptocurrency and some companies end up unwilling to pay taxes then the country's economy will be chaotic. because most countries use tax as the government's biggest income. it would be better to use cryptocurrency and blockchain but also still receive tax. and can also use cryptocurrency to pay taxes.

[bitgolden]

What if all those big corporates and businesses starts using crypto as a mode of payment just to avoid tax which will cause a direct loss to the government which uses tax for the betterment of the country. This might not affect corrupt countries as it doesn't matter because tax money goes to politician's coffers but what about developed nations?

The thing is, we have government that are every smart in their operation and they would not watch this happen, I don’t think the tax aspect of it has ever been of threat to the government because for any transaction to occur, it must definitely still go through exchanges, and for now, people use more of centralized exchanges which has taken over the cryptocurrency market.

All government just need is to regulate the  crypto exchanges and make sure that they have all the details of the people that are transacting on those exchanges, which is why you can see that the first thing US did as a step to their regulation is to first ensure that they make binance to create an exchange for their citizens and this is going to be for tax purpose.

[bitbunnny]

As long as cryptocurrencies are not officialy part of economy system, so without regulation and formal introduction into economy system, or governments are not collecting taxes from crypto related businesses they can't make any (recorded) impact on economy, bad or good. That is my opinion.
However, cryptocurrencies can influence individuals in terms of their financial situation and similar but that doesn't have any global impact.

[Mike Mayor]

There is actually a statement, specifically the IRS 2014-21 where all virtual currencies are subjected to tax still. Therefore, stating that buying using BTC or any other crypto, is in fact, still liable to tax. As for the specifics, I don't really know but the 2014-21 already states that existing tax principles apply to transactions using virtual currency. The taxable events are Cashing out, Paying using crypto, Exchanging one crypto to another or Receiving mined crypto. These are some I just looked up in google and you can search for more information if you want specifics.

I don't see how they going to tax what you have mined. The situation is controversial at best. They will tax you for the value of the crypto at the time? This is going to be a big mess. The USA IRS is very anal about paying tax. They like a bunch of thugs you pay protection money to.

How exactly will you pay tax on exchanging one crypto to another? If I trade you my football card collection or my comic book collection with yours I do not pay tax. I think the USA is trying to pull stuff out the arse and pull a fast one on the people since the paranoid (as usual) of losing control of losing money of losing the power of all sorts of things. I think the USA needs to go fight another war or something, go "liberate" another country or something. 

[djsugar]

What if all those big corporates and businesses starts using crypto as a mode of payment just to avoid tax which will cause a direct loss to the government which uses tax for the betterment of the country. This might not affect corrupt countries as it doesn't matter because tax money goes to politician's coffers but what about developed nations?

First of all Bitcion isn't scalable enough to facilitate the global transactions. If all the corporates and businessman started using bitcoin as a mode of payment, then the network will get cluttered and tx will take eternity to get verified. This isn't the ideal situation.
But if people started using a decentralized cryptocurrency, then I don't see traditional economy working as efficiently. Taxes won't be the only problem. Unemployment, government spending, private investment and savings will all take a toll.

[toast]

it is very possible to harm the local government but if the local government does or revises the tax law through crypto for the company then it can be avoided, because crypto is no stranger to the government so it could be that even though using crypto is still subject to tax by the government

in my opinion all investments with crypto and government currencies and if properly regulated and not detrimental to one party and in my opinion the results of the good and bad of a system depends on the intentions and objectives of investors or holders of the crypto currency and maybe with the economic tax government and development will become more advanced and developed

[NathanJB]

As long as cryptocurrencies are not officialy part of economy system, so without regulation and formal introduction into economy system, or governments are not collecting taxes from crypto related businesses they can't make any (recorded) impact on economy, bad or good. That is my opinion.
However, cryptocurrencies can influence individuals in terms of their financial situation and similar but that doesn't have any global impact.

It will definitely have an impact if the people and the businessmen using cryptocurrencies will comprise a large percentage of the population already. If cryptocurrency transactions will remain untaxed, and these transactions involve considerable amounts of money, then economy will be affected for sure. What the government should have received as taxes from these transactions will not end where it should be. There is loss to the government.

[Memminger]

It is just a matter of implementing solid rules and regulations. You can’t really evade taxes because when companies would start doing that or it became rampant then expect that the government would not just sit idly. Also companies who are involved in cryptocurrencies in our country needed licenses of course and still need to comply with the governments requirements and pay taxes.

[secretgirl]

What if all those big corporates and businesses starts using crypto as a mode of payment just to avoid tax which will cause a direct loss to the government which uses tax for the betterment of the country. This might not affect corrupt countries as it doesn't matter because tax money goes to politician's coffers but what about developed nations?

if the country has adopted the blockchain and bitcoin I think in the future the country will make a regulation. and on the regulation the government will regulate further about the use of cryptocurrency and will also regulate tax collection on crypto investments. most countries rely on their country's income from taxes. so even though companies already use cryptocurrency they will still be taxed.

[wxxyrqa]

As long as cryptocurrencies are not officialy part of economy system, so without regulation and formal introduction into economy system, or governments are not collecting taxes from crypto related businesses they can't make any (recorded) impact on economy, bad or good. That is my opinion.
However, cryptocurrencies can influence individuals in terms of their financial situation and similar but that doesn't have any global impact.

If you recall 2016 and 2017, then cryptocurrency made a splash among cryptocurrency users, where many people got their financial independence, which they dreamed about for many years.  It was cryptocurrency that gave such opportunities due to its volatility.  But if you take into account the fact that cryptocurrencies can be used for bad purposes, for example, to avoid paying taxes, then you are really right, because in the absence of some control over the cryptocurrency market, the economies of the countries will not have any benefits, but only a negative impact.  But if the cryptocurrency is used legally, then non-cash payments using cryptocurrency will reach a new level, thanks to the speed of transactions and security.

[Sithara007]

There is no clear answer to this. There can be segments of the economy that may receive a boost. At the same time, there can be some sectors that can get negatively impacted. For example, several jobs can be created in the form of cryptocurrency exchanges and other crypto-related ventures. But there is a chance that the rising popularity of cryptocurrency may translate into lessened interest in the other sectors (such as stock market, real estate, banking, bullion exchanges and the bond market). In particular, the banking sector may get affected the most. Bitcoin allows common people to store their wealth themselves and this can be a big blow for the bankers.

[DabsPoorVersion]

What if all those big corporates and businesses starts using crypto as a mode of payment just to avoid tax which will cause a direct loss to the government which uses tax for the betterment of the country. This might not affect corrupt countries as it doesn't matter because tax money goes to politician's coffers but what about developed nations?

if the country has adopted the blockchain and bitcoin I think in the future the country will make a regulation. and on the regulation the government will regulate further about the use of cryptocurrency and will also regulate tax collection on crypto investments. most countries rely on their country's income from taxes. so even though companies already use cryptocurrency they will still be taxed.

It is to be expected once the adoption of bitcoin will happen. Collected taxes are funds used for the development of a certain country, it may increase the economy of a certain country but it is not something to change a life of the whole country. They might implement it right after their adoption and regulation will also come.

[imstillthebest]

What if all those big corporates and businesses starts using crypto as a mode of payment just to avoid tax which will cause a direct loss to the government which uses tax for the betterment of the country. This might not affect corrupt countries as it doesn't matter because tax money goes to politician's coffers but what about developed nations?

if the country has adopted the blockchain and bitcoin I think in the future the country will make a regulation. and on the regulation the government will regulate further about the use of cryptocurrency and will also regulate tax collection on crypto investments. most countries rely on their country's income from taxes. so even though companies already use cryptocurrency they will still be taxed.

It is to be expected once the adoption of bitcoin will happen. Collected taxes are funds used for the development of a certain country, it may increase the economy of a certain country but it is not something to change a life of the whole country. They might implement it right after their adoption and regulation will also come.

thats good . crypto didnt really differ on fiat if treated that way but still we should consider if what type of people are going to collect our taxes ( if they are corrupt or not ) but its better if they arent so that we can asure that our hard works and efforts and the taxes that we pay arent going to waste  . right now crypto on our place is now accetped or seem to be regulated but im still freely using my crypto without paying tax . i think local governments dont declare the law about this yet

[coinfinger]

What if all those big corporates and businesses starts using crypto as a mode of payment just to avoid tax which will cause a direct loss to the government which uses tax for the betterment of the country. This might not affect corrupt countries as it doesn't matter because tax money goes to politician's coffers but what about developed nations?

If companies should start accepting crypto currency to avoid tax, that's going to cause a big problem between them and government. It's even going to make the government to hate cryptocurrency more and they are going to look for a way to terminate it and even make companies that are caught to answer big query for that and even pay fine a guess.

By the way there are already some companies that are accepting Cryptocurrencies (mainly Bitcoin), but some of them I know have taken it down, maybe because there isn't a lot of people that are making use of cryptocurrencies. And I don't think many people will be ready to be copying address and going to their wallet to paste and send and then also wait for verification, when they can just use their card or PayPal for quick payment.

[EdenHazard]

As long as cryptocurrencies are not officialy part of economy system, so without regulation and formal introduction into economy system, or governments are not collecting taxes from crypto related businesses they can't make any (recorded) impact on economy, bad or good. That is my opinion.
However, cryptocurrencies can influence individuals in terms of their financial situation and similar but that doesn't have any global impact.

Hard to say about that now as the mass adoption is something we can not see it really possible in the near future especially after the case of libra that got tortured by every institution, regulators around the world ... you can take that as an example of cryptocurrency mass adoption in a smaller scale.

This might be a pure speculation based on very limited source of data if you guessing what would happened... in an optimistic way the decentralized system provide a freedom of financial which bring awareness about how the current financial system in banks that been run unfairly, everythingwith cryptocurrency used widely making any transactions that used to cost very long time become easy fast and efficient.
In pessimistic way cryptocurrency could bring a chaos especially at the early stage of adoption due lack of regulation that can't protect non tech savvy users.

[tungaqhd]

There is no clear answer to this. There can be segments of the economy that may receive a boost. At the same time, there can be some sectors that can get negatively impacted. For example, several jobs can be created in the form of cryptocurrency exchanges and other crypto-related ventures. But there is a chance that the rising popularity of cryptocurrency may translate into lessened interest in the other sectors (such as stock market, real estate, banking, bullion exchanges and the bond market). In particular, the banking sector may get affected the most. Bitcoin allows common people to store their wealth themselves and this can be a big blow for the bankers.

Agree, we can not say clearly whether the application will bring benefits or negative to the economy because it depends so much on the management and scope of users and the government, first, generally it will be a boost when the profits in crypto are always very high but only for people with a reasonable investment. And as you said, the bank will become nervous at this moment when people only store crypto, no longer putting money in the bank, and in order to benefit the economy, the government needs a lot of planning, very confusing and not easy to judge the outcome for the act of applying crypto

[Aying]

What if all those big corporates and businesses starts using crypto as a mode of payment just to avoid tax which will cause a direct loss to the government which uses tax for the betterment of the country. This might not affect corrupt countries as it doesn't matter because tax money goes to politician's coffers but what about developed nations?

If this happen just in case, it is bad. because corporates and big businesses is going to avoid taxes and make money without getting touch by the government. they can't pay big amount of contribution to government and if government find out what's happening. we will be the one who affected on what they would do. because we benefit and if we lose it we will never be able to make a living or make money in crypto. because the government will do everything to eliminate such activities. so this idea is really hard to determine.

[huige007]

it is very possible to harm the local government but if the local government does or revises the tax law through crypto for the company then it can be avoided, because crypto is no stranger to the government so it could be that even though using crypto is still subject to tax by the government

in my opinion all investments with crypto and government currencies and if properly regulated and not detrimental to one party and in my opinion the results of the good and bad of a system depends on the intentions and objectives of investors or holders of the crypto currency and maybe with the economic tax government and development will become more advanced and developed

The idea of regulation is not supported by me even a bit when it comes to bitcoin or altcoins. I don't consider it as a beneficial act for investors. Bitcoin does not need anyone for its survival and progress. This is certain. It is best for us, the common people, to keep governments away from taking control over bitcoin. Blockchain and bitcoin can really improve economy and country and individual level.

[Serco]

it is very possible to harm the local government but if the local government does or revises the tax law through crypto for the company then it can be avoided, because crypto is no stranger to the government so it could be that even though using crypto is still subject to tax by the government

in my opinion all investments with crypto and government currencies and if properly regulated and not detrimental to one party and in my opinion the results of the good and bad of a system depends on the intentions and objectives of investors or holders of the crypto currency and maybe with the economic tax government and development will become more advanced and developed

The idea of regulation is not supported by me even a bit when it comes to bitcoin or altcoins. I don't consider it as a beneficial act for investors. Bitcoin does not need anyone for its survival and progress. This is certain. It is best for us, the common people, to keep governments away from taking control over bitcoin. Blockchain and bitcoin can really improve economy and country and individual level.

its wrong dude,bitcoin could not survive without any help from its community or even government.standing alone will not make bitcoin developtmen improved,moreover there are much money invested here.and if it left alone ,i am worry we could not reach maximum result.i could be boosted when government contribute in blockchain and bitcoin developtment.all processes could finished faster.

[logicgate]

it is very possible to harm the local government but if the local government does or revises the tax law through crypto for the company then it can be avoided, because crypto is no stranger to the government so it could be that even though using crypto is still subject to tax by the government

in my opinion all investments with crypto and government currencies and if properly regulated and not detrimental to one party and in my opinion the results of the good and bad of a system depends on the intentions and objectives of investors or holders of the crypto currency and maybe with the economic tax government and development will become more advanced and developed

The idea of regulation is not supported by me even a bit when it comes to bitcoin or altcoins. I don't consider it as a beneficial act for investors. Bitcoin does not need anyone for its survival and progress. This is certain. It is best for us, the common people, to keep governments away from taking control over bitcoin. Blockchain and bitcoin can really improve economy and country and individual level.

   Right bitcoin should stay in the hands of common people because if the government gets involved in it then it would take the control from the people on their own money, and I think its worst that the government will control our money, bitcoin is now free and everybody is happy about it, and bitcoin can really improve the economy and can eradicate the poverty.

[abhiseshakana]

thats good . crypto didnt really differ on fiat if treated that way but still we should consider if what type of people are going to collect our taxes ( if they are corrupt or not ) but its better if they arent so that we can asure that our hard works and efforts and the taxes that we pay arent going to waste  . right now crypto on our place is now accetped or seem to be regulated but im still freely using my crypto without paying tax . i think local governments dont declare the law about this yet

Actually the adoption of bitcoin and blockchain can be utilized by the government as momentum to explore the potential of the country's acceptance of bitcoin and another cryptocurrency trading. Taxes that can be charged are:

-VAT
Exchanger companies cannot be classified as financial services when a company has a certain amount of most limit it must be confirmed as a Taxable Entrepreneur. The effect, every sale of cryptocurrency made by this taxable entrepreneur is subject to VAT.

- Income tax
Bitcoin ownership as an asset, from mining, purchasing or trading results has largely not been accompanied by an understanding of the principle of taxation of income. Education to users and exchangers is needed to provide information about the definition of income subject to tax so that it can meet its tax obligations in accordance with the principles of self-assessment. The capital gain that is obtained as a trader or Bitcoin contractor who treats it like a stock is a taxable income. From the point of view of intermediary companies, income derived from the difference between the spread of buying and selling exchange rates and services provided to users such as shipping, storage, and withdrawal of deposits represents income from business activities that are subject to income tax.

Looking at the upward trend in the exchange rate there is the potential for an increase in income tax from income from business activities if there is an increase in supervision over this sector. Because cryptocurrency transactions are currently the belle of the moment, momentum must be captured to increase the coffers of state revenues.

[Tylev]

It should be borne in mind that cryptocurrency alone cannot create material values. It is basically a means of payment and storage of value. Cryptocurrency creates significant convenience for people in the financial sector and this is why it is very valuable.
The practice of using cryptocurrency in Japan shows that it can have a positive effect on the state economy and an increase in gross income, but not very much.
Large business structures will not switch to the use of cryptocurrencies to avoid taxation. This is very risky for them and in any case they will lose more than they win.

[Sithara007]

I really doubt whether cryptocurrency is big enough to influence the economy, at least outside some of the specific niche areas. The user base remains quite big, but so far we have been unable to translate the large number of users and huge trade volumes in to any sort of economic influence. And this is also one of the reasons why the politicians are able to ignore the cryptocurrency users. Perhaps the situation will change, once the mainstream investors show more interest in cryptocurrency. Initiatives such as Bakkt represents a right step in this direction. 

[BitHodler]

The user base remains quite big, but so far we have been unable to translate the large number of users and huge trade volumes in to any sort of economic influence.  

I don't think the user base is quite big at all, because there is not much demand for anything related to crypto other than speculation. If there was any real demand for use we would have seen it pick up, but that's not the case so far.

What we have seen pick up throughout the years is the speculative demand, which is enough for the price to go up.... in order to stimulate use the price has to be somewhat stable, which it definitely isn't right now.

It sucks when you receive like $1k worth of payment for something you sold to then see it drop by 5-10%. Yes, it can also go up by 5-10% but this is use as money, not use as speculation.... you want the certainty that it stays $1k.

[BChydro]

its wrong dude,bitcoin could not survive without any help from its community or even government.standing alone will not make bitcoin developtmen improved,moreover there are much money invested here.and if it left alone ,i am worry we could not reach maximum result.i could be boosted when government contribute in blockchain and bitcoin developtment.all processes could finished faster.

What do you think that the government will do about a decentralized currency, the best they will do is to try their best to stop the evolution and if that cannot be done then they will try to regulate it and if you think you need the government to be widely accepted then it is true as majority might not invest in it because of the regulatory issues.

[desticy]

If the scope of the provision of goods and services, as well as small and medium-sized businesses in the country will switch to payment with cryptocurrency in order to circumvent tax fees and duties, then their businesses will be quickly closed because by law they are required to pay taxes.

This can only work in countries where cryptocurrencies do not have legal status, which means that for some time it will be possible to receive income in cryptocurrencies without taxing them.
But in the future, any state will somehow create legal legislation for cryptocurrencies and tax them, this is inevitable.

The stability of the infrastructure and the power itself depends on this.
The government cannot weaken control over people, otherwise it can lose power. Because cryptocurrency destroys states due to the destruction of familiar monetary institutions.

[Serco]

its wrong dude,bitcoin could not survive without any help from its community or even government.standing alone will not make bitcoin developtmen improved,moreover there are much money invested here.and if it left alone ,i am worry we could not reach maximum result.i could be boosted when government contribute in blockchain and bitcoin developtment.all processes could finished faster.

What do you think that the government will do about a decentralized currency, the best they will do is to try their best to stop the evolution and if that cannot be done then they will try to regulate it and if you think you need the government to be widely accepted then it is true as majority might not invest in it because of the regulatory issues.

if government decided to makw decentralized currency,just think it as positive impact from cryptocurrency.decentralized concept now missing since we involved government and giant finance indusrty in cryptocurrency market.we see BAKKT, SEC Approval is an example how we try to attract regulator roles here.and dont forget ,centralized coin will not make crypto currency evolution stop.it will make developtmen run smoothly or even will make breakthrough in new version.

[Wintersoldier]

I really doubt whether cryptocurrency is big enough to influence the economy, at least outside some of the specific niche areas. The user base remains quite big, but so far we have been unable to translate the large number of users and huge trade volumes in to any sort of economic influence. And this is also one of the reasons why the politicians are able to ignore the cryptocurrency users. Perhaps the situation will change, once the mainstream investors show more interest in cryptocurrency. Initiatives such as Bakkt represents a right step in this direction. 

Cryptocurrency do really is big enough to influence the economy, how come? being widely accepted and providing all the security features and advantages that cryptocurrency is having already provides the chance of changing the economy. Lets think of this. Economy is through each individual that makes up the country. If each individual is well knowledgeable enough to cryptocurrency, it can definitely change their financial status from the opportunities that crypto can give. Each financial status of the people will be the basis of the economy they have in a holistic view.

[NathanJB]

I really doubt whether cryptocurrency is big enough to influence the economy, at least outside some of the specific niche areas. The user base remains quite big, but so far we have been unable to translate the large number of users and huge trade volumes in to any sort of economic influence. And this is also one of the reasons why the politicians are able to ignore the cryptocurrency users. Perhaps the situation will change, once the mainstream investors show more interest in cryptocurrency. Initiatives such as Bakkt represents a right step in this direction. 

Cryptocurrency do really is big enough to influence the economy, how come? being widely accepted and providing all the security features and advantages that cryptocurrency is having already provides the chance of changing the economy. Lets think of this. Economy is through each individual that makes up the country. If each individual is well knowledgeable enough to cryptocurrency, it can definitely change their financial status from the opportunities that crypto can give. Each financial status of the people will be the basis of the economy they have in a holistic view.

We have to clarify when we talk of the economy. Individuals earning good from crypto jobs may not be benefiting the macro economy, or the economy of the national level. It could be considered micro, or the economy of a certain person or family but not the national. The national economy or the macro level of the economy is hard to change simply because of people using cryptocurrency. The macro economy is influenced by the increase and decrease of the national income by way of the nation's products and services.

[clickerz]

I really doubt whether cryptocurrency is big enough to influence the economy, at least outside some of the specific niche areas. The user base remains quite big, but so far we have been unable to translate the large number of users and huge trade volumes in to any sort of economic influence. And this is also one of the reasons why the politicians are able to ignore the cryptocurrency users. Perhaps the situation will change, once the mainstream investors show more interest in cryptocurrency. Initiatives such as Bakkt represents a right step in this direction.  

Cryptocurrency do really is big enough to influence the economy, how come? being widely accepted and providing all the security features and advantages that cryptocurrency is having already provides the chance of changing the economy. Lets think of this. Economy is through each individual that makes up the country. If each individual is well knowledgeable enough to cryptocurrency, it can definitely change their financial status from the opportunities that crypto can give. Each financial status of the people will be the basis of the economy they have in a holistic view.

Yeah and since bitcoin is mostly anonymous in nature it can help not only the formal but also the underground economy in my opinion.As more people adopt to this transaction especially the new generation, it will sure help the economy and I am optimistic of it. We are advancing to he future and we really need this crypto for ease  and secure transaction online which we can control.

[huu78]

It will not be problematic if the payment uses the only crypto to avoid tax.  If the company or business in the country is opening payments via crypto makes payments faster and fees are cheap without any tax deductions. But the country tax usually exists annually and we are obliged to pay.

[ashmodeus]

It will not be problematic if the payment uses the only crypto to avoid tax. 

u must be crazy enough to dare say like that, how you think it will be no problem paying with crypto to avoid tax ?
avoid what we must to pay ? in this cases, its a company/business, and u decided to not paying tax ?
the next thing will happen is that company/business will be closed by goverment.

If the company or business in the country is opening payments via crypto makes payments faster and fees are cheap without any tax deductions.

for sure, the country determines the payment is,not the company.
and until now, still new zealand which using crypto for paying tax,salary.

[karanggatak]

What if all those big corporates and businesses starts using crypto as a mode of payment just to avoid tax which will cause a direct loss to the government which uses tax for the betterment of the country. This might not affect corrupt countries as it doesn't matter because tax money goes to politician's coffers but what about developed nations?

I think it all depends on the conditions of the country. if a country legalizes cryptocurrency and can make laws regarding the use of cryptocurrency I think it can tax the cryptocurrency investment. and I think this is not a bad thing. because taxes are indeed needed by a country to be able to build infrastructure and taxes can make the country more advanced. and by using blockchain we can avoid corruption because the transaction process is more transparent and secure. so I think cryptocurrency can improve the economy of a country if they can manage it well.

[Yatsan]

It will not be problematic if the payment uses the only crypto to avoid tax.  If the company or business in the country is opening payments via crypto makes payments faster and fees are cheap without any tax deductions. But the country tax usually exists annually and we are obliged to pay.

The local exchange will shoulder the majority of the tax, yeah the annual tax calculation will apply for the businesses uses bitcoin. Still, I think it will not be accurate since bitcoin transactions are hard to track. Yet, for the user who uses the bitcoin for canned transaction or trading purposes, their local exchange will be the one that will shoulder their tax, that is what's happening here in the Philippines.

[BennyK]

For many part of Africa where cryptocurrency is used most, the economic status of the individual players involved in crypto has been good starting from the merchants to traders to investors. This is made possible because cryptocurrency can be used to pay some utility bills like TV bills and buy airtime credit as well aside its investment opportunities.

[meliodas]

It will not be problematic if the payment uses the only crypto to avoid tax.  If the company or business in the country is opening payments via crypto makes payments faster and fees are cheap without any tax deductions. But the country tax usually exists annually and we are obliged to pay.

The local exchange will shoulder the majority of the tax, yeah the annual tax calculation will apply for the businesses uses bitcoin. Still, I think it will not be accurate since bitcoin transactions are hard to track. Yet, for the user who uses the bitcoin for canned transaction or trading purposes, their local exchange will be the one that will shoulder their tax, that is what's happening here in the Philippines.

I think even though the traders will pay tax individually, it is still worth it to get into cryptocurrency because the potential of earnings in trading is very high and as long as you know how to follow the trend in the market and you know how to do some research before getting into something then you can make a lot of money. I hope the taxation of cryptocurrency in the Philippines will be the same to other major countries so people will be more interested into cryptocurrency.

[tenakha]

What if all those big corporates and businesses starts using crypto as a mode of payment just to avoid tax which will cause a direct loss to the government which uses tax for the betterment of the country. This might not affect corrupt countries as it doesn't matter because tax money goes to politician's coffers but what about developed nations?

First of all, they can not act as they wish. I mean, using crypto as a payment, tax evasion, and others. There is a framework enacted by the laws of the country, and if big corporates and businesses go outside this framework, the government will punish them. In addition, the opposite company or people should accept crypto as payment. If not, how are you going to pay the company payments or the money you have to pay when you buy raw materials from someone?

[Reatim]

What if all those big corporates and businesses starts using crypto as a mode of payment just to avoid tax which will cause a direct loss to the government which uses tax for the betterment of the country. This might not affect corrupt countries as it doesn't matter because tax money goes to politician's coffers but what about developed nations?

Then the governments will surely make a move that businesses will have an option,pay taxes in fiat or governments will banned cryptocurrency from circulating in each countries .

And if things comes to worst and the whole world is affected?for sure the world will be against crypto(but not us users of course)I mean the government will do actions towards this market and the end of crypto will soon come

[Landak]

the use of cryptocurrency will boost the economy if it is done on an exchange market that is already affiliated with government regulations, so the tax will go to the government.
they won't be able to avoid taxes from the goverment. if the company is caught using crypto as a payment, i am sure there will be consequences.
Even in developed nation, there must be regulations regarding the use of crypto as a payment, if many companies avoid taxes (by using crypto), the country's economic conditions will slowly disintegrate. developed nation still need taxes.
it will make it worse if for avoid tax.

[error08]

What if all those big corporates and businesses starts using crypto as a mode of payment just to avoid tax which will cause a direct loss to the government which uses tax for the betterment of the country. This might not affect corrupt countries as it doesn't matter because tax money goes to politician's coffers but what about developed nations?

This seems to be the opposite of a country's economic development as taxes used for the betterment of the country. If corporates and businesses using crypto to avoid tax, state income will decrease.
It may happening right now, that's why every cryptocurrency convert to fiat currency must through KYC policy. However, it's risky for businesses due to bitcoin price fluctuations.

[youdacapt]

This seems to be the opposite of a country's economic development as taxes used for the betterment of the country. If corporates and businesses using crypto to avoid tax, state income will decrease.
It may happening right now, that's why every cryptocurrency convert to fiat currency must through KYC policy. However, it's risky for businesses due to bitcoin price fluctuations.

it will only be a disaster for the company itself, especially when bitcoin prices fall below expectations. Methods like this are very unhealthy in strengthening corporations unless there is a fairly complex motive. Developed countries are more stringent in legal governance, they will ensure that the financial systems of registered companies must pass the path they provide, even after going through an exchange. High price volatility in crypto will actually make taxes higher than the regular system.

[Viscore]

first of all if companies are given permission to operate and use cryptocurrency as a mode of payment they are fully responsible for each transaction, if they are caught abusing or monopolizing their business, I am sure the government will easily close and take down their networks and businesses. I am sure that if a business is given an operating license for use cryptocurrency, entrepreneurs will take care in managing their business, so it will be mutually beneficial for the government, users and entrepreneurs.

For me, once crypto will be legalized and will be accepted by all merchants, tax is already enclosed in every item that we ought to buy. So even if we are already using crypto, tax is already imposed in there. But on the side of the government officials, corruption will be minimized since crypto is very transparent as a currency. But development in each country will still be happening.

[tinyteapot]

businesses starts using crypto as a mode of payment just to avoid tax

FYI what is the assurance that some big companies does not use bitcoin to transact some of their businesses and evade tax already ?
Government will not loose entirely because there shall be import duties charges on the goods that the company shall bring into the country.
Government are greedy, when they discover such non-taxed business they shall surely find a way to implement taxes on cryptocurrency, my sincere apology to those in government.

[shoreno]

first of all if companies are given permission to operate and use cryptocurrency as a mode of payment they are fully responsible for each transaction, if they are caught abusing or monopolizing their business, I am sure the government will easily close and take down their networks and businesses. I am sure that if a business is given an operating license for use cryptocurrency, entrepreneurs will take care in managing their business, so it will be mutually beneficial for the government, users and entrepreneurs.

For me, once crypto will be legalized and will be accepted by all merchants, tax is already enclosed in every item that we ought to buy. So even if we are already using crypto, tax is already imposed in there. But on the side of the government officials, corruption will be minimized since crypto is very transparent as a currency. But development in each country will still be happening.

i thought taxes are only possible on fiat use ? but on cryptos no i dont think so because cryptos arent came from the public institutions  .

on the other hand corruption will still be possible and cryptos are not the solution to eliminate it because those corrupt people will still be able to use the traditional system and they will still use fiats if possible  . so my overall response is both  ( it can boost and neutral )

[meliodas]

first of all if companies are given permission to operate and use cryptocurrency as a mode of payment they are fully responsible for each transaction, if they are caught abusing or monopolizing their business, I am sure the government will easily close and take down their networks and businesses. I am sure that if a business is given an operating license for use cryptocurrency, entrepreneurs will take care in managing their business, so it will be mutually beneficial for the government, users and entrepreneurs.

For me, once crypto will be legalized and will be accepted by all merchants, tax is already enclosed in every item that we ought to buy. So even if we are already using crypto, tax is already imposed in there. But on the side of the government officials, corruption will be minimized since crypto is very transparent as a currency. But development in each country will still be happening.

i thought taxes are only possible on fiat use ? but on cryptos no i dont think so because cryptos arent came from the public institutions  .

on the other hand corruption will still be possible and cryptos are not the solution to eliminate it because those corrupt people will still be able to use the traditional system and they will still use fiats if possible  . so my overall response is both  ( it can boost and neutral )

It is about where you are located or where do you live in. Cryptocurrency can be tax if the government in your country do regulate the usage of cryptocurrencies. In the US, they are doing this where the user of cryptocurrencies are obliged to file tax from their cryptocurrency holdings and transactions. In my opinion, it is fine to tax cryptocurrencies because it is one of their ways to increase their fund for the government projects.

[Cnut237]

What if all those big corporates and businesses starts using crypto as a mode of payment just to avoid tax

They will still be taxed. Crypto is subject to tax already. If any big companies want to avoid paying tax, they will already be doing so (hello Amazon! hello Google!).

Aside from tax, crypto will boost the economy. It offers phenomenal advantages in terms of speed and security over existing processes. Anything that makes the economy more efficient is a plus.

[beerlover]

Depending on how it is used it could make it better. For example, right now it is traded and people use it to get richer and richer, that will make our economy worse because people are losing money to each other and in the end only the exchanges make money whereas all others slowly lose money if for nothing else just to fees.

However, if people start to use it for spending it on regular stuff like buying your groceries or paying your electric bill etc etc that type of stuff then it would actually boost our economy because we could finally have a world where banks and governments can't intervene with our currency and print more or change stuff up, it would actually improve it a lot and many people would get richer and that would affect the whole country for the better.

[cutesgirl]

first of all if companies are given permission to operate and use cryptocurrency as a mode of payment they are fully responsible for each transaction, if they are caught abusing or monopolizing their business, I am sure the government will easily close and take down their networks and businesses. I am sure that if a business is given an operating license for use cryptocurrency, entrepreneurs will take care in managing their business, so it will be mutually beneficial for the government, users and entrepreneurs.

For me, once crypto will be legalized and will be accepted by all merchants, tax is already enclosed in every item that we ought to buy. So even if we are already using crypto, tax is already imposed in there. But on the side of the government officials, corruption will be minimized since crypto is very transparent as a currency. But development in each country will still be happening.

i thought taxes are only possible on fiat use ? but on cryptos no i dont think so because cryptos arent came from the public institutions  .

on the other hand corruption will still be possible and cryptos are not the solution to eliminate it because those corrupt people will still be able to use the traditional system and they will still use fiats if possible  . so my overall response is both  ( it can boost and neutral )

It is about where you are located or where do you live in. Cryptocurrency can be tax if the government in your country do regulate the usage of cryptocurrencies. In the US, they are doing this where the user of cryptocurrencies are obliged to file tax from their cryptocurrency holdings and transactions. In my opinion, it is fine to tax cryptocurrencies because it is one of their ways to increase their fund for the government projects.

Tax can help economic country by adopting in blockchain, many investor running billion USD every day with their transaction.  If government want to adopt bitcoin as legal currency maybe tax of bitcoin transaction can help every country have allow of bitcoin as legal currency payment. With higher amount transaction every moment tax of bitcoin will help economic crisis.

[Faxmate]

For many part of Africa where cryptocurrency is used most, the economic status of the individual players involved in crypto has been good starting from the merchants to traders to investors. This is made possible because cryptocurrency can be used to pay some utility bills like TV bills and buy airtime credit as well aside its investment opportunities.

We shall quote their examples to those who are afraid of purchasing bitcoin or dealing in crypto currencies. Africa is an emerging state for business and I am sure that soon it will become a great hub of crypto currencies. This is amazing if they are using bitcoin in real life for clearing bills and making such kinds of payments. Such usage increases the worth of crypto or digital currencies in the real world.

[kaya11]

What if all those big corporates and businesses starts using crypto as a mode of payment just to avoid tax which will cause a direct loss to the government which uses tax for the betterment of the country. This might not affect corrupt countries as it doesn't matter because tax money goes to politician's coffers but what about developed nations?

Then another bill will be passed saying all crypto users must submit their personal information including their book of accounts in crypto to keep track of you so that you may not escape the tax payments. The government won't just leave you alone knowing you are earning a lot of money in a certain business and not paying your tax.

[Triffin]

What if all those big corporates and businesses starts using crypto as a mode of payment just to avoid tax which will cause a direct loss to the government which uses tax for the betterment of the country. This might not affect corrupt countries as it doesn't matter because tax money goes to politician's coffers but what about developed nations?

Then another bill will be passed saying all crypto users must submit their personal information including their book of accounts in crypto to keep track of you so that you may not escape the tax payments. The government won't just leave you alone knowing you are earning a lot of money in a certain business and not paying your tax.

I don’t think so this step by government will negatively affect consumers of bitcoin or crypto currencies market instead I strongly believe that this is going to lead to massive increase in users and investors of bitcoin. People demand government support for projects of digital market just to make sure they are not giving money to scammers. Involvement of government is positive for digital currencies.

[Vishnu.Reang]

Then another bill will be passed saying all crypto users must submit their personal information including their book of accounts in crypto to keep track of you so that you may not escape the tax payments. The government won't just leave you alone knowing you are earning a lot of money in a certain business and not paying your tax.

In Brazil, they came up with some law which makes it mandatory to give the details of all the cryptocurrency transactions, including the Blockchain logs. Even some of the US-based cryptocurrency exchanges are also asking for the same. The real intention is not to prevent tax evasion, but to gather data about the cryptocurrency users. This will be useful for the government in case they want to ban the ownership of cryptocurrency at some point in the future.

[plast555]

In my opinion, the spread of cryptocurrencies will allow us to have a more realistic economic model.

Because one of the essential features of cryptocurrencies is eliminating the  "double spending" problem, in this way, people will not be able to spend "non-existing" money.

Besides, the integration of cryptocurrencies into each sector and the fact that we can purchase every product with cryptocurrencies will probably increase consumption. Because every service will be available wherever you are in the world, when high commission fees, bureaucracy, and borders have vanished, people will tend to do more consumption. As a result, the world economy will be boosted.

[jakoylantern]

For me, it depends on the usage of cryptocurrency will be because if it will use to some legal proposes that the government has rules and implementations, especially in pay some taxes, it will be tough to both sides that make it worst. But if the usage is all about in fast and alternative transactions, it will boost the economy because of less queue, less transaction fees, quick, etc. But it will only happen if the establishment and costumer agree to the regulations that the government will implement. In short, it will boost the economy if cryptocurrency becomes legal and accepted by the state.

[romero121]

For the following reasons there is more chance for boosting of economy than going worse

• There will be added circulation of fiat as well cryptocurrency
  through the buying and selling benefitting mutually
• Large volume of funds can be transacted without lot of fee
• Will eliminate the expense of printing and double spending
• If the transactions were channeled governments can benefit
  out of taxation
• Business transactions happens within minutes which takes
  hours through other banking systems

[oktana]

For me, it depends on the usage of cryptocurrency will be because if it will use to some legal proposes that the government has rules and implementations, especially in pay some taxes, it will be tough to both sides that make it worst. But if the usage is all about in fast and alternative transactions, it will boost the economy because of less queue, less transaction fees, quick, etc. But it will only happen if the establishment and costumer agree to the regulations that the government will implement. In short, it will boost the economy if cryptocurrency becomes legal and accepted by the state.

companies will have a nefarious option to avoid taxes because the government cannot fully monitor what they hide for laundry purposes.
if demand increases because of things like adoption to customers, it will increase the transaction period and be followed by an increase in costs. This will damage their clause about urgent needs. Still need to be considered the impact caused by two sides that have different economic chains

[radjie]

every government certainly will not be silent if many large companies in the country use crypto as a means of payment. taxes will still be imposed by every government, but the use of cryptocurrency will not be limited and for people who use cryptocurrency can certainly help improve their economy.

[abhiseshakana]

every government certainly will not be silent if many large companies in the country use crypto as a means of payment. taxes will still be imposed by every government, but the use of cryptocurrency will not be limited and for people who use cryptocurrency can certainly help improve their economy.

It means that the government's concern is not because of the use of its cryptocurrency but its object in the value of its income. In addition, it also depends on the policies that are the focus of a government whether fiscal, monetary or policy policies in terms of supply. Also in some countries, there are no taxes. And for those who are not accustomed to using cryptocurrency as a means of payment, they will find it more complicated than conventional banks. Someone can because of ordinary.

Economic growth is everyone's hope, but in making strategies it is necessary to have the same perception from the government and state apparatus institutions about what kind of economic growth is expected? stimulate the short-term economy or long-term growth. What is needed to accelerate economic growth is productivity. Crypto does not have a significant role in increasing productivity, but as a tool to value productivity and support productivity.

As a cross border export and trading agent, I feel that the use of blockchains and cryptocurrency can only be done by parties who already know the credibility and professionalism of each party.

[White Christmas]

What if all those big corporates and businesses starts using crypto as a mode of payment just to avoid tax which will cause a direct loss to the government which uses tax for the betterment of the country. This might not affect corrupt countries as it doesn't matter because tax money goes to politician's coffers but what about developed nations?

If the big corporations and businesses starts to pay bitcoin or other cryptocurrency to their employees who are working under their company then it would be good because they don't need to pay taxes anymore when they are paying their employees for their hardworks.
It would be more helpful to the company because they can just pay their employees through online wallets and just convert it into fiat or there local currency, and because of they don't need to pay tax then the employee will be also benefit because they don't need to pay taxes also so they can get their whole salary without any negation of taxes.

[agentx44]

What if all those big corporates and businesses starts using crypto as a mode of payment just to avoid tax which will cause a direct loss to the government which uses tax for the betterment of the country. This might not affect corrupt countries as it doesn't matter because tax money goes to politician's coffers but what about developed nations?

We cannot really be certain about this yet considering the fact that there's no living proof yet about maximizing the use of crypto to boost the economy. Taxes are not assured to be avoided when you are using crypto. If ever a country would allow the use of crypto, the government might abuse their power and steal most of their investment. We should take the idea of what could happen if crypto is regulated through those countries who are currently using crypto in different terms.

[wxxyrqa]

every government certainly will not be silent if many large companies in the country use crypto as a means of payment. taxes will still be imposed by every government, but the use of cryptocurrency will not be limited and for people who use cryptocurrency can certainly help improve their economy.

Actually, I don’t see anything wrong with taxes, because taxes are the main source of filling the state budget, thanks to which there are all state structures, including social programs.  When the state comes up with a real process to control cryptocurrency in order to avoid fraud and theft, I am sure that cryptocurrency will not have problems with government agencies.

[Brunus]

"Money" - whether fiat or crypto does not matter - has very little to do with the performance of the economy.
You can use gold, or whale teeth, or bits, but the point is that money is always a "representation" of value.
It is like asking "how much heat a thermometer?"

[Palider]

Taxes are enforced everywhere so even if large companies use tax evasion they can't do it. Because they are legal companies and all their income must be audited because if they do not do so they can be fined by the government and possibly shut down their company or they will be compensated for their fraud.

[jostorres]

every government certainly will not be silent if many large companies in the country use crypto as a means of payment. taxes will still be imposed by every government, but the use of cryptocurrency will not be limited and for people who use cryptocurrency can certainly help improve their economy.

It will be more useful especially in the aspect of helping to control inflation because most of the cryptocurrency to be used all have their limited supply which would not make it to be flowing round anyhow like the way fiat is flowing without control and anyone can just wake up to print it, the use of cryptocurrency will see that is comes to an end, and moreover, there will be more transparency in the world for governments that are using cryptocurrency since it is all built with blockchain technology.

Any government that chooses to use the blockchain technology on their financially system will really have a prospered system, but in this cryptocurrency things, the only problem I have with it is that many countries will want to come up with their own currency rather than agreeing to use one.

[Ronaldcoin2017]

Crypto currency usage has a great impact to the economy  i believe that is can boost the economy because crypto is really amazing and it helps a lot it really gives a great opportunity to everyone to earn a huge amount of profit through investing. So i think it will helps everyone to become independent to the government.

[NathanJB]

Crypto currency usage has a great impact to the economy  i believe that is can boost the economy because crypto is really amazing and it helps a lot it really gives a great opportunity to everyone to earn a huge amount of profit through investing. So i think it will helps everyone to become independent to the government.

That is correct. If the people are earning in their crypto investments, that means they have acquired a certain level of purchasing power which will positively affect the economy. Incomes of merchants would rise if the people can afford to buy their goods and services. But crypto investment is also coming from the people's income or savings. If they don't have enough, they cannot afford to invest in crypto. There are certain existing conditions.

[Mometaskers]

Cryptos are still taxable and I believe once a company declares they'll accept a certain cypto, the government would start tracking it. I don't think a company can simply start accepting a certain currency aside from the country's fiat without first asking permission from the government.

And for developed countries they have the capability to track these transactions or prevent the company from accepting certain currencies.

[qwertyup23]

What if all those big corporates and businesses starts using crypto as a mode of payment just to avoid tax which will cause a direct loss to the government which uses tax for the betterment of the country. This might not affect corrupt countries as it doesn't matter because tax money goes to politician's coffers but what about developed nations?

The effects of cryptocurrency in the economy has its share of positive and negative advantage but the merit outweighs the burdens.

On the positive side, cryptocurrencies can provide an alternative way of earning income to all levels of society. It renders them the opportunity to earn while at the same time focus on their current job. Basically, treat this as another investment alternative present in the market. If the government where to impose tax on cryptocurrencies, this will fund the government on its revenue and potentially create job opportunities for people.

[zeingrind777]

In my opinion, the State and the government have the overall data of large companies. That means the company is under state control. So large companies will find it difficult to embezzle their taxes even though they accept the cryptocurrency as payment. And we also know the transparent nature of cryptocurrencies. So the government can also see how much the company earns even though they receive crypto as payment.

[BigBos]

IMO, legal companies that conduct business development through cryptocurrency still pay their taxes. even like binance, I think they will still pay taxes, because all the revenue they get will still be seen by the local government. so, the development of cryptocurrency will certainly benefit the government, it's just that the challenge is fluctual prices and also a big risk.

[joshy23]

IMO, legal companies that conduct business development through cryptocurrency still pay their taxes. even like binance, I think they will still pay taxes, because all the revenue they get will still be seen by the local government. so, the development of cryptocurrency will certainly benefit the government, it's just that the challenge is fluctual prices and also a big risk.

The government will not be harmed of any fluctuations as they are ensure to receive taxes from legit companies that involve with cryptos.
It's a good help for the economy as they will continue gaining, the very reason that many countries are now seeing the potentials of this industry.
If more adoptions and company that will embrace and adopt the market then more taxes will be provided to the government.

[aardvark15]

What if all those big corporates and businesses starts using crypto as a mode of payment just to avoid tax which will cause a direct loss to the government which uses tax for the betterment of the country. This might not affect corrupt countries as it doesn't matter because tax money goes to politician's coffers but what about developed nations?

Governments are going to be tracking cryptocurrency accounts. They probably already are but are a little behind in the technology. Bitcoin isn’t really anonymous because once you open an account at a store or exchange and provide your identification, all transactions can be traced.

[NathanJB]

What if all those big corporates and businesses starts using crypto as a mode of payment just to avoid tax which will cause a direct loss to the government which uses tax for the betterment of the country. This might not affect corrupt countries as it doesn't matter because tax money goes to politician's coffers but what about developed nations?

Governments are going to be tracking cryptocurrency accounts. They probably already are but are a little behind in the technology. Bitcoin isn’t really anonymous because once you open an account at a store or exchange and provide your identification, all transactions can be traced.

Bitcoin is only partially anonymous, not fully. But it offers basic anonymity that is already enough for the majority of the people. What do you mean by opening an account at a store? When it comes to exchanges, it is best if you can do it all at a decentralized exchange. If not, you should at least limit your deposits and withdrawals up to a certain amount that falls within the limit of an unverified account.

[matchi2011]

In my opinion, the State and the government have the overall data of large companies. That means the company is under state control. So large companies will find it difficult to embezzle their taxes even though they accept the cryptocurrency as payment. And we also know the transparent nature of cryptocurrencies. So the government can also see how much the company earns even though they receive crypto as payment.

Indeed, if the company is legit and do have the accounting they can't hide anything from the government, though dishonest company can still manipulate their accounting books and bring only partial of their actual income but the government still will have the share thru taxes once
the company begins to adopt crypto as part of their payment process. Just like with other payment process crypto also help to boost the economy
when companies embrace the system.

[Zeke_23]

What if all those big corporates and businesses starts using crypto as a mode of payment just to avoid tax which will cause a direct loss to the government which uses tax for the betterment of the country. This might not affect corrupt countries as it doesn't matter because tax money goes to politician's coffers but what about developed nations?

Governments are going to be tracking cryptocurrency accounts. They probably already are but are a little behind in the technology. Bitcoin isn’t really anonymous because once you open an account at a store or exchange and provide your identification, all transactions can be traced.

Bitcoin is only partially anonymous, not fully. But it offers basic anonymity that is already enough for the majority of the people. What do you mean by opening an account at a store? When it comes to exchanges, it is best if you can do it all at a decentralized exchange. If not, you should at least limit your deposits and withdrawals up to a certain amount that falls within the limit of an unverified account.

I can't understand what he said about opening an account in a store, whether it is an online store or what?

Using an exchange that request their users to do KYC verification is safe and will remain you anonymous in the eyes of other people. It is the exchange policy to protect its user's identity. But yes, if doing kyc is against an individual's will, it's better to use an exchange that do not require KYC to its users.

[dimox]

What if all those big corporates and businesses starts using crypto as a mode of payment just to avoid tax which will cause a direct loss to the government which uses tax for the betterment of the country. This might not affect corrupt countries as it doesn't matter because tax money goes to politician's coffers but what about developed nations?

if in some country accept bitcoin, there should be regulation about it and tax will be in there. so every people, business, corp, will pay tax about crypto.

corrupt country will corrupt, wether is fiat or crypto, the edges will be fiat.

[youdacapt]

Indeed, if the company is legit and do have the accounting they can't hide anything from the government, though dishonest company can still manipulate their accounting books and bring only partial of their actual income but the government still will have the share thru taxes once
the company begins to adopt crypto as part of their payment process. Just like with other payment process crypto also help to boost the economy
when companies embrace the system.

crypto has high fluctuations, and if one time they get stuck when the payment arrives because the asset falls, what they do is use other new assets to maintain balance, but it will be very questionable where these funds come from. Accounting data for the government cannot be avoided, but they also need to think about avoiding liquidation so many things will be kept confidential. Until now, crypto is still not strong enough to be the responsibility of public companies.

[supercanada1]

IMO, legal companies that conduct business development through cryptocurrency still pay their taxes. even like binance, I think they will still pay taxes, because all the revenue they get will still be seen by the local government. so, the development of cryptocurrency will certainly benefit the government, it's just that the challenge is fluctual prices and also a big risk.

The government will not be harmed of any fluctuations as they are ensure to receive taxes from legit companies that involve with cryptos.
It's a good help for the economy as they will continue gaining, the very reason that many countries are now seeing the potentials of this industry.
If more adoptions and company that will embrace and adopt the market then more taxes will be provided to the government.

The only threat that governments have from bitcoin and other decentralized currencies is the loss of power and control over money. People who are holding these coins can definitely be not controlled by legal authorities. Their assets cannot be tracked or recorded. This also affects the tax system. The fluctuations have nothing harmful in them. They are required in order to get some profits from digital coins.

[Lagduf]

"Money" - whether fiat or crypto does not matter - has very little to do with the performance of the economy.
You can use gold, or whale teeth, or bits, but the point is that money is always a "representation" of value.
It is like asking "how much heat a thermometer?"

That's true but cryptocurrency doesn't represent as a country's own currency because it is decentralized meanwhile for a country to stabilize their economy they need to have control over the economy itself and the currency. The volatility might also contribute to make the economy unstable because the point of government having a currency is to give the citizens a tool to trade that's stable. Imagine a country that uses crypto for example alts that could drop its value overnight then it will mean a huge crisis for the country. currency definitely matter a lot and have something to do with the performance of the economy.

[meliodas]

IMO, legal companies that conduct business development through cryptocurrency still pay their taxes. even like binance, I think they will still pay taxes, because all the revenue they get will still be seen by the local government. so, the development of cryptocurrency will certainly benefit the government, it's just that the challenge is fluctual prices and also a big risk.

The government will not be harmed of any fluctuations as they are ensure to receive taxes from legit companies that involve with cryptos.
It's a good help for the economy as they will continue gaining, the very reason that many countries are now seeing the potentials of this industry.
If more adoptions and company that will embrace and adopt the market then more taxes will be provided to the government.

The only threat that governments have from bitcoin and other decentralized currencies is the loss of power and control over money. People who are holding these coins can definitely be not controlled by legal authorities. Their assets cannot be tracked or recorded. This also affects the tax system. The fluctuations have nothing harmful in them. They are required in order to get some profits from digital coins.

I don't think that the tax system will change because of the cryptocurrency because even though cryptocurrencies are decentralized, they still need to follow the rules and regulation of a certain country. Some of the countries that I know are already implementing taxation in cryptocurrency so they can also get benefits from this growing market.

[wxa7115]

What if all those big corporates and businesses starts using crypto as a mode of payment just to avoid tax which will cause a direct loss to the government which uses tax for the betterment of the country. This might not affect corrupt countries as it doesn't matter because tax money goes to politician's coffers but what about developed nations?

I really think that if cryptocurrencies become a common way to pay for products and services then tax evasion will become quite common and governments will be unable to stop it, this will most likely lead those countries to try to regulate heavily this market or in some cases to ban cryptocurrencies but all of those attempts to try to control this market are going to fail and at the end governments will have no other choice but to become smaller.

Governments are simply too big, and this is not good for the economy because now the economy has to sustain a government that is trying to do too many things for which it was not elected, politicians are not going to like this one bit but I think that is where we are headed.

[Vishnu.Reang]

The only threat that governments have from bitcoin and other decentralized currencies is the loss of power and control over money. People who are holding these coins can definitely be not controlled by legal authorities. Their assets cannot be tracked or recorded. This also affects the tax system. The fluctuations have nothing harmful in them. They are required in order to get some profits from digital coins.

Ironically, this was one of the reasons why the Libra project (by Facebook) faced a lot of criticism during the recently concluded senate hearings. When the politicians are not comfortable with the freedom offered by a centralized currency such as Libra, just imagine how much scared will they be about Bitcoin. It is decentralized and outside the control of any entity or corporation.

[panganib999]

What if all those big corporates and businesses starts using crypto as a mode of payment just to avoid tax which will cause a direct loss to the government which uses tax for the betterment of the country. This might not affect corrupt countries as it doesn't matter because tax money goes to politician's coffers but what about developed nations?

If this will be the case, There are two sides of speculations. Some says that the global economy will surely boost and Financial stability experts has been telling that cryptocurrencies aren't a threat to the economy but actually has a great potential in boosting it and that potential should not be underestimated. But the European central bank is considering another problem, it is about how the prime monetary system would be affected and economy itself. The economy might be affected because the blockchain is designed to exclude intermediaries transforming the existing financial system. However. blockchain is being seen to still have a potential to be effectively used for banking system.

[TinaK]

If you see the complete economy definitely we would say cryptocurrency will make the economy fall down very much but if you see the individual person growth this cryptocurrency will hello everyone to earn and make their own money without any unwanted fees and taxes used by the government and business peoples.
Since the government is looking from us but finally the complete the world's business strategy obviously they were looking from us.

[henmark]

I don't know for sure, but I have always been interested in knowing how things will turn out to be if companies will do things like this and avoid making use of fiat and switching to cryptocurrency to avoid paying tax. The way I see it, I think that things will turn out pretty bad and that will cause the government to be serious about eliminating cryptocurrency for good when they see that nobody is paying the tax as they should anymore. Or maybe if there is a way, they might be able to subject crypto users to pay their taxes.

But the way I see it, I think that will only be possible if they are making use of centralized exchanges and wallets that collects information about users so that they can be traced. If not that way, I don't see how it can be possible with other wallets that decentralized.

[supercanada1]

"Money" - whether fiat or crypto does not matter - has very little to do with the performance of the economy.
You can use gold, or whale teeth, or bits, but the point is that money is always a "representation" of value.
It is like asking "how much heat a thermometer?"

That's true but cryptocurrency doesn't represent as a country's own currency because it is decentralized meanwhile for a country to stabilize their economy they need to have control over the economy itself and the currency. The volatility might also contribute to make the economy unstable because the point of government having a currency is to give the citizens a tool to trade that's stable. Imagine a country that uses crypto for example alts that could drop its value overnight then it will mean a huge crisis for the country. currency definitely matter a lot and have something to do with the performance of the economy.

If governments will launch their own coins then definitely it will be centralized and represent that country economically. It is just a matter of time before this happens. Indeed, government cannot control the decentralized coin and this is the whole reason why they are afraid of legalizing bitcoin and other such type. But then again, they cant either suppress them. Volatility is the need of present time.

[BonfireBob]

What if all those big corporates and businesses starts using crypto as a mode of payment just to avoid tax which will cause a direct loss to the government which uses tax for the betterment of the country. This might not affect corrupt countries as it doesn't matter because tax money goes to politician's coffers but what about developed nations?

Both, some people gain millions from BTC and other Crypto investments, and some of people lost everything they had on the ICO bubble. So IMO it can make economy better and worse

[Barbut]

Good question, with one logical answer! Crypto is better than fiat! If something is better, faster and more secure it will boost whatever needs to be boosted. If we imagine cryptocurrencies as a tool, that is better then any other tool invented before, it's logical to think that this tool will replace all other tools eventually!

[Shasha80]

What if all those big corporates and businesses starts using crypto as a mode of payment just to avoid tax which will cause a direct loss to the government which uses tax for the betterment of the country. This might not affect corrupt countries as it doesn't matter because tax money goes to politician's coffers but what about developed nations?

I think it is impossible for big corporate and businesses to avoid taxes by using crypto as a means of payment.
Because the government will immediately know this, because to set up a company and run a business needs a permit
government. Thus all company activities are under government supervision, so it is clearly impossible to avoid taxes.
If crypto currency is only used by people to avoid taxes, it will make a country's economic conditions worse, because of how
even the government needs tax revenue from its citizens in order to obtain funds to develop the country's economy.

[Emitdama]

What if all those big corporates and businesses starts using crypto as a mode of payment just to avoid tax which will cause a direct loss to the government which uses tax for the betterment of the country. This might not affect corrupt countries as it doesn't matter because tax money goes to politician's coffers but what about developed nations?

Is that even possible ? If that's possible the government will ban cryptocurrencies for good and anyone caught using crypto assets will serve serious punishments, especially companies that are caught using it will face serious issues. So, I don't think any of them would like to try such a thing. But, I know for sure that if any company is making use of cryptocurrency they are still going to be paying tax while they are making use of it.

Both, some people gain millions from BTC and other Crypto investments, and some of people lost everything they had on the ICO bubble. So IMO it can make economy better and worse

I don't know if it does have any impact on our economy. Maybe when in a particular country and there are lots of investors holding crypto assets and making profits, if they withdraw it to their country bank it might in some way boost the economy. I don't know if this is right or not.

[CarnagexD]

What if all those big corporates and businesses starts using crypto as a mode of payment just to avoid tax which will cause a direct loss to the government which uses tax for the betterment of the country. This might not affect corrupt countries as it doesn't matter because tax money goes to politician's coffers but what about developed nations?

Is that even possible ? If that's possible the government will ban cryptocurrencies for good and anyone caught using crypto assets will serve serious punishments, especially companies that are caught using it will face serious issues. So, I don't think any of them would like to try such a thing. But, I know for sure that if any company is making use of cryptocurrency they are still going to be paying tax while they are making use of it.

I don't think this is possible. First of all, All income generated must be submitted for tax computation and that means any profit generated by such business will have a tax ratio based on the total acquired profit even if it is fiat or crypto or even a property acquisition. Secondly, Government cannot total ban cryptocurrency, what they can do is to prohibit the use of it but it seems like that could've the worst solution to have if ever. Just like exchanges, they are proper businesses under legal papers with the government and they are paying their taxes where they are registered.

Both, some people gain millions from BTC and other Crypto investments, and some of people lost everything they had on the ICO bubble. So IMO it can make economy better and worse

I don't know if it does have any impact on our economy. Maybe when in a particular country and there are lots of investors holding crypto assets and making profits, if they withdraw it to their country bank it might in some way boost the economy. I don't know if this is right or not.

Our world is becoming more and more of technology based society, maybe sooner or later we'll start to use crypto more often. I can say it has impacted the economy since late 2017 as the growth rate of people using digital currency increased and banks are considering blockchain to integrate with their system and by these things cryptocurrency will surely play a vital role in the future.

[Triffin]

What if all those big corporates and businesses starts using crypto as a mode of payment just to avoid tax which will cause a direct loss to the government which uses tax for the betterment of the country. This might not affect corrupt countries as it doesn't matter because tax money goes to politician's coffers but what about developed nations?

Both, some people gain millions from BTC and other Crypto investments, and some of people lost everything they had on the ICO bubble. So IMO it can make economy better and worse

Now ICOs are not exactly crypto currencies and the usage of these assets at a large scale will definitely improve economy. Even at present, anyone who invests in the right coin like bitcoin and then use it in the beneficial way, is able to improve his financial status. It is totally up to us, common people, whether we are willing to help ourselves by investing in bitcoin and altcoins or not.

[sana54210]

What if all those big corporates and businesses starts using crypto as a mode of payment just to avoid tax which will cause a direct loss to the government which uses tax for the betterment of the country. This might not affect corrupt countries as it doesn't matter because tax money goes to politician's coffers but what about developed nations?

Is that even possible ? If that's possible the government will ban cryptocurrencies for good and anyone caught using crypto assets will serve serious punishments, especially companies that are caught using it will face serious issues. So, I don't think any of them would like to try such a thing. But, I know for sure that if any company is making use of cryptocurrency they are still going to be paying tax while they are making use of it.

With the way that they are following these exchange up, it would even be very difficult for any big organization to be able to avoid tax because government will make sure that the exchange submit the detail of those that are using the exchange to them and I think form their history of deposit, they will be able to know the amount that has been transacted through them, so as long as centralized exchange do exist, it will never be possible for the government to miss out of the tax which is why you don't see them bother about scrapping cryptocurrency again.

China was once against cryptocurrency that they even planned on stopping their miner, but you have seen how they have made a U-turn from that and have fully accepted it because they must have found a very big way around the tax that has been of concerned to them.

[wxa7115]

The only threat that governments have from bitcoin and other decentralized currencies is the loss of power and control over money. People who are holding these coins can definitely be not controlled by legal authorities. Their assets cannot be tracked or recorded. This also affects the tax system. The fluctuations have nothing harmful in them. They are required in order to get some profits from digital coins.

Ironically, this was one of the reasons why the Libra project (by Facebook) faced a lot of criticism during the recently concluded senate hearings. When the politicians are not comfortable with the freedom offered by a centralized currency such as Libra, just imagine how much scared will they be about Bitcoin. It is decentralized and outside the control of any entity or corporation.

The Libra project never had any chance of actually becoming a reality, as soon as it was announced governments understood how dangerous it was to allow a private company as strong as Facebook to create their own currency, if they had allowed this I have no doubts that in a few years it would have become the most popular way to pay over the Internet.

But Facebook learned a very hard lesson you cannot try to take away one of the things that makes governments so powerful and do it while you are a centralized institution, so the project was easily shutdown like many others in the past, something which is impossible to do to bitcoin due to its decentralized nature.

[Hippocrypto]

What if all those big corporates and businesses starts using crypto as a mode of payment just to avoid tax which will cause a direct loss to the government which uses tax for the betterment of the country. This might not affect corrupt countries as it doesn't matter because tax money goes to politician's coffers but what about developed nations?

Both, some people gain millions from BTC and other Crypto investments, and some of people lost everything they had on the ICO bubble. So IMO it can make economy better and worse

Now ICOs are not exactly crypto currencies and the usage of these assets at a large scale will definitely improve economy. Even at present, anyone who invests in the right coin like bitcoin and then use it in the beneficial way, is able to improve his financial status. It is totally up to us, common people, whether we are willing to help ourselves by investing in bitcoin and altcoins or not.

Every investment that has potential market value that sustains for long term, can help the economy. Choosing the type of coins which to be included in our sets of holdings, was quite not easy since it involves more risk. The only ways to deal with those pressures, was picking those highly recognized coins which bitcoin is one of the top and others may follow as well.

[Ayiranorea]

When something has got the ability to generate more market circulation automatically the growth will happen positive. In this regard cryptocurrency having its own value causes price moves relative to the market circulation. Though it is manipulative there is a simple fact of demand to supply that too making changes in the market. Economy change in a country won't be much affected positive or negative by bitcoin as it is a very small market when we consider a country's economy altogether.

[Distinctin]

When something has got the ability to generate more market circulation automatically the growth will happen positive. In this regard cryptocurrency having its own value causes price moves relative to the market circulation. Though it is manipulative there is a simple fact of demand to supply that too making changes in the market. Economy change in a country won't be much affected positive or negative by bitcoin as it is a very small market when we consider a country's economy altogether.

But can't leave to the fact that authorities will pursue them for taxes.
Yes, it gonna have a positive impact on the economic capabilities of the company but can't think that the government will let these things happen cause they won't get any from them. Taxes are very important to the government and it is something we need to understand that we also need to help our country and paying taxes is a big help.

[GideonGono]

The question is: will the government allow them to avoid taxes? Of course they won’t. Here’s the thing: these companies would not do that because managing this huge sum of money would be hard as well as hiding it. Questions would arise if the taxes that a certain company pays decreases more so significantly then they would have a hard time answering these and they would face lawsuit along with their reputation that they should value very much since it carries the trust of the people aka the brand name.

[wxa7115]

The question is: will the government allow them to avoid taxes? Of course they won’t. Here’s the thing: these companies would not do that because managing this huge sum of money would be hard as well as hiding it. Questions would arise if the taxes that a certain company pays decreases more so significantly then they would have a hard time answering these and they would face lawsuit along with their reputation that they should value very much since it carries the trust of the people aka the brand name.

Private companies do not really need cryptocurrencies to try to diminish or to completely avoid the taxes that they are supposed to pay, you must remember that those that have the money can make the laws and the laws are structured in such a way that allows them to avoid taxes in a legal way so they do not really need cryptocurrencies for that, what bothers the government more than anything is that cryptocurrencies allow everyone to do the same.

Now a person without too much money that is invested in cryptocurrencies can avoid most taxes and if they cannot get those taxes then governments will have problems remaining at their current size.

[HarmonyA]

What if all those big corporates and businesses starts using crypto as a mode of payment just to avoid tax which will cause a direct loss to the government which uses tax for the betterment of the country. This might not affect corrupt countries as it doesn't matter because tax money goes to politician's coffers but what about developed nations?

This will depend on countries government understanding and approach to crypto.
Some of the big businesses are monitored by government,  therefore, government have first hand information of the organization income. Using cryptocurrency as a means of payment will only cost them sanctions, which may attract higher charges than tax.

[TitanGEL]

The question is: will the government allow them to avoid taxes? Of course they won’t. Here’s the thing: these companies would not do that because managing this huge sum of money would be hard as well as hiding it. Questions would arise if the taxes that a certain company pays decreases more so significantly then they would have a hard time answering these and they would face lawsuit along with their reputation that they should value very much since it carries the trust of the people aka the brand name.

Taxes really? most of the cryptocurrencies have the characteristics of being decentralized so taxes are impossible to implement because the government have no control on most of the cryptocurrencies. The only thing that the government can do is to create regulations and laws about cryptocurrency, right now most of the government are complying in international anti-money laundering in order to prevent fraud and scam projects.

[oleg8791]

I'm not sure that it may boost the economy or destroy it. Cryptocurrency usage is not so popular, its adoption will take some years. And I don't believe that it will make the economy worst, the governments already try to prevent it (digital currencies are subjected to tax).

[Pamadar]

What if all those big corporates and businesses starts using crypto as a mode of payment just to avoid tax which will cause a direct loss to the government which uses tax for the betterment of the country. This might not affect corrupt countries as it doesn't matter because tax money goes to politician's coffers but what about developed nations?

This will depend on countries government understanding and approach to crypto.

That's the point with the post above you, if the county's not concerned with the real usages of this system they won't recognize the helps that this chain can bring while for those who will manage to work well with the chain and knows what they can brings out to benefits with this new system it will be good for the country and it's country men.

[Magkirap]

I'm not sure that it may boost the economy or destroy it. Cryptocurrency usage is not so popular, its adoption will take some years. And I don't believe that it will make the economy worst, the governments already try to prevent it (digital currencies are subjected to tax).

I think it will not destroy it but it will take a somehow bad effect to the economy because the goods that we and other countries purchased will be paid using cryptocurrency which means no taxes that can be used by the government to better our country and also it is not purchased by their local currencies so it will have a quite bad effect i think but of course governments will not let it happens that they get no taxes from us specially if the company or organization is big as the OP says so still lot of things might happen if this happens.

[senne]

Cryptocurrency has the power to make bank available to anyone. P2p will lead to transparent, instant and complete transfer of funds. This will help both the parties as there won't be any intermediary to take fees or make the process cumbersome. Also, anyone can raise funds for their start up easily than what is the process today. This might increase the spam rate but in one way will make people access funds more easily. This is turn will boost the economy.
This is just one way to look at it.

[Sadlife]

Indeed conglomerates can use crypto currency for whatever purpose they want even tax evasion but most crypto wallets are custodial that is government regulated and supports conversion from crypto to local fiat, in some point you will need to convert your crypto's to fiat. I guess they wouldn't notice only if you have small scale business but if it's a big company then they're probably get suspicious, so not paying tax is probably possible on small businesses.

[Wexlike]

Cryptocurrency has the power to make bank available to anyone. P2p will lead to transparent, instant and complete transfer of funds. This will help both the parties as there won't be any intermediary to take fees or make the process cumbersome. Also, anyone can raise funds for their start up easily than what is the process today. This might increase the spam rate but in one way will make people access funds more easily. This is turn will boost the economy.
This is just one way to look at it.

That is very true, everyone can have a swiss bank account in their pocket. But don't forget that this is not always admirable for the regular consumer/human who just wants to live month by month. Thus the custody will be accomplished mostly by the old school banks who will hold your keys for the crypt in your bank online account while selling you some derivative or promise for a specific amount of crypto. Bitcoin will be amongst the many others national crypto currencies who will definitely arrive in this decade.

[avatar_kiyoshi]

The question is: will the government allow them to avoid taxes? Of course they won’t. Here’s the thing: these companies would not do that because managing this huge sum of money would be hard as well as hiding it. Questions would arise if the taxes that a certain company pays decreases more so significantly then they would have a hard time answering these and they would face lawsuit along with their reputation that they should value very much since it carries the trust of the people aka the brand name.

Taxes really? most of the cryptocurrencies have the characteristics of being decentralized so taxes are impossible to implement because the government have no control on most of the cryptocurrencies. The only thing that the government can do is to create regulations and laws about cryptocurrency, right now most of the government are complying in international anti-money laundering in order to prevent fraud and scam projects.

No, government cannot control cryptocurrency, but the government can monitoring these companies, registered company certainly have a huge brand name, the larger the company the greater the government oversight. The purpose of @GideonGono is that large companies will not be able to evade taxes because the government is watching it. The companies can avoid the taxes, but it will be fatal for the brand name.

[OrangeII]

When something has got the ability to generate more market circulation automatically the growth will happen positive. In this regard cryptocurrency having its own value causes price moves relative to the market circulation. Though it is manipulative there is a simple fact of demand to supply that too making changes in the market. Economy change in a country won't be much affected positive or negative by bitcoin as it is a very small market when we consider a country's economy altogether.

But can't leave to the fact that authorities will pursue them for taxes.
Yes, it gonna have a positive impact on the economic capabilities of the company but can't think that the government will let these things happen cause they won't get any from them. Taxes are very important to the government and it is something we need to understand that we also need to help our country and paying taxes is a big help.

I think, the problem online is very difficult to pursue tax from it, but in the end, it will return to the real world. the point is, if you have a lot of money in your bank account, you will be taxed, or even when exchanging cryptos for fiat. besides, you can't possibly put all of your assets in crypto because it has huge fluctuations. so, crypto will only be a business for a moment, and will eventually be taxed again when you exchange it for something else.

[bettercrypto]

I'm not sure that it may boost the economy or destroy it. Cryptocurrency usage is not so popular, its adoption will take some years. And I don't believe that it will make the economy worst, the governments already try to prevent it (digital currencies are subjected to tax).

I think it will not destroy it but it will take a somehow bad effect to the economy because the goods that we and other countries purchased will be paid using cryptocurrency which means no taxes that can be used by the government to better our country and also it is not purchased by their local currencies so it will have a quite bad effect i think but of course governments will not let it happens that they get no taxes from us specially if the company or organization is big as the OP says so still lot of things might happen if this happens.

You have a good point. But I think it will be possible to impose taxes through the use of blockchain. I think there will become also innovation regarding with imposing taxes or even tariffs since we know that in this world there can't be a good economy without tax. So definitely, we need to pau for it so that our economy will continue to progress.

[RealMalatesta]

If we could get to the level where bitcoin is used in the world normally like it is debit cards or something then it will help the economy and not hurt it. Maybe it will hurt the big banks and financial institutions because people move to bitcoin but it will also help regular people to spend what they have and not make any debts, because in bitcoin you can't spent what you don't have and that is one of the biggest problems of the economy we have right now.

Everyone has a debt, it could be a small credit card debt you pay at the start of the month, it could be mortgage or even larger but everyone does (very few people don't) so in the end moving to bitcoin would level and balance everyone's paychecks which would eventually help out middle class and low income instead of wealthy like the current system does.

[SquallLeonhart]

What if all those big corporates and businesses starts using crypto as a mode of payment just to avoid tax which will cause a direct loss to the government which uses tax for the betterment of the country. This might not affect corrupt countries as it doesn't matter because tax money goes to politician's coffers but what about developed nations?

To know how it’s going to affect the country we should first of all take a look on how the government spends those taxes that we pay to them. The number one on the list of where your tax money goes to is the healthcare, and the next are security-related programs and national defense, social security, food and agricultural benefits, paying interest on national debts (and of course a lot of countries owe debts), education and veteran benefits.

So, these are the areas that will be affected if people should stop paying their taxes. If you check developing countries where people don’t pay their tax you will notice areas like these are not in good standard .

[awik p]

I'm not sure that it may boost the economy or destroy it. Cryptocurrency usage is not so popular, its adoption will take some years. And I don't believe that it will make the economy worst, the governments already try to prevent it (digital currencies are subjected to tax).

I think it will not destroy it but it will take a somehow bad effect to the economy because the goods that we and other countries purchased will be paid using cryptocurrency which means no taxes that can be used by the government to better our country and also it is not purchased by their local currencies so it will have a quite bad effect i think but of course governments will not let it happens that they get no taxes from us specially if the company or organization is big as the OP says so still lot of things might happen if this happens.

You have a good point. But I think it will be possible to impose taxes through the use of blockchain. I think there will become also innovation regarding with imposing taxes or even tariffs since we know that in this world there can't be a good economy without tax. So definitely, we need to pau for it so that our economy will continue to progress.

surely the government has a way to impose taxes. productive tax objects such as blockchain, of course, will provide a large tax income. and I think the country will not advance without taxes, therefore taxes have an important role in developing the country

[hendra147]

What if all those big corporates and businesses starts using crypto as a mode of payment just to avoid tax which will cause a direct loss to the government which uses tax for the betterment of the country. This might not affect corrupt countries as it doesn't matter because tax money goes to politician's coffers but what about developed nations?

microsoft already support bitcoin payment in last 3-4 years, and now still avaible too
check here :
https://support.microsoft.com/en-us/help/13942/microsoft-account-how-to-use-bitcoin-to-add-money-to-your-account
and vultr still avaible to use crypto in payment too.

using bitcoin in largest company like microsoft is not to avoid tax, its just to simplify in payment processor, just like paypal,
we have bitcoin payment gateway such as bitpay, coingate, coinpayment etc. to simplify tax in crypto payment, the payment gateway service will paye the tax to goverment so they are not avoid tax in transaction.

[Cacingkemi]

I'm not sure that it may boost the economy or destroy it. Cryptocurrency usage is not so popular, its adoption will take some years. And I don't believe that it will make the economy worst, the governments already try to prevent it (digital currencies are subjected to tax).

I think it will not destroy it but it will take a somehow bad effect to the economy because the goods that we and other countries purchased will be paid using cryptocurrency which means no taxes that can be used by the government to better our country and also it is not purchased by their local currencies so it will have a quite bad effect i think but of course governments will not let it happens that they get no taxes from us specially if the company or organization is big as the OP says so still lot of things might happen if this happens.

You have a good point. But I think it will be possible to impose taxes through the use of blockchain. I think there will become also innovation regarding with imposing taxes or even tariffs since we know that in this world there can't be a good economy without tax. So definitely, we need to pau for it so that our economy will continue to progress.

the government will certainly intervene to be able to improve its economy, cryptocurrency will get support from the government if indeed there will be a large adoption of the large number of large companies that are able to use crypto for their business needs and taxes from the government will certainly be applied specifically regarding related matters.

[kapalmabur]

I'm not sure that it may boost the economy or destroy it. Cryptocurrency usage is not so popular, its adoption will take some years. And I don't believe that it will make the economy worst, the governments already try to prevent it (digital currencies are subjected to tax).

I think it will not destroy it but it will take a somehow bad effect to the economy because the goods that we and other countries purchased will be paid using cryptocurrency which means no taxes that can be used by the government to better our country and also it is not purchased by their local currencies so it will have a quite bad effect i think but of course governments will not let it happens that they get no taxes from us specially if the company or organization is big as the OP says so still lot of things might happen if this happens.

You have a good point. But I think it will be possible to impose taxes through the use of blockchain. I think there will become also innovation regarding with imposing taxes or even tariffs since we know that in this world there can't be a good economy without tax. So definitely, we need to pau for it so that our economy will continue to progress.

surely the government has a way to impose taxes. productive tax objects such as blockchain, of course, will provide a large tax income. and I think the country will not advance without taxes, therefore taxes have an important role in developing the country

especially if the tax is applied to crypto currency assets holders, this will benefit both parties, because if the tax is applied to crypto currencies, it means the government is giving way to crypto currencies to continue to grow, this is good  

[Silberman]

If we could get to the level where bitcoin is used in the world normally like it is debit cards or something then it will help the economy and not hurt it. Maybe it will hurt the big banks and financial institutions because people move to bitcoin but it will also help regular people to spend what they have and not make any debts, because in bitcoin you can't spent what you don't have and that is one of the biggest problems of the economy we have right now.

Everyone has a debt, it could be a small credit card debt you pay at the start of the month, it could be mortgage or even larger but everyone does (very few people don't) so in the end moving to bitcoin would level and balance everyone's paychecks which would eventually help out middle class and low income instead of wealthy like the current system does.

For bitcoin to become mainstream we will have to change the way people think about being indebted to the banks, there was a time in which it was very rare that the average person was indebted to any bank, also banks were a lot more responsible when giving credit and they only did so for activities that could produce money in the long term, but all of this has changed and now people are accustomed to be indebted and that philosophy will have to change if we are to use bitcoin in our everyday lives.

[HarmonyA]

What if all those big corporates and businesses starts using crypto as a mode of payment just to avoid tax which will cause a direct loss to the government which uses tax for the betterment of the country. This might not affect corrupt countries as it doesn't matter because tax money goes to politician's coffers but what about developed nations?

At the focal point of blockchain innovation is decentralized trust, and this is the manner by which cryptographic forms of money can assist the worldwide economy with being gathered in the hands of the larger part.
Therefore, Cryptocurrency usage will boost economy.

[criza]

Crypto is not made to get away from taxes anyway. That should be clear to everyone.

Yes, crypto currency is made for people to have certain opportunities that make their living easier and the chance to grow their money either by investing, trading and many more. For me, Organizations and other business firms know the importance of tax on the country they are involving with; knowing their limitations and the requirement to abide in the law.

[crossabdd]

the government will not be silent. they will still set taxes for the company. for every shipment of goods to go abroad, the government always makes rules and checks ... at the port of the ship, airport, or others. it will be tracked and documents will be detected for a tax. I think, the use of crypto is only for fast ways of payment. but delivery of items still passes the customs inspection agency.

[mamahdedeh]

Crypto is not made to get away from taxes anyway. That should be clear to everyone.

Yes, crypto currency is made for people to have certain opportunities that make their living easier and the chance to grow their money either by investing, trading and many more. For me, Organizations and other business firms know the importance of tax on the country they are involving with; knowing their limitations and the requirement to abide in the law.

cryptocurrency was created to change a centralized system that is fully controlled with a decentralized system, which has advantages. but the nature of decentralization is apparently not favored by various countries, even though it has a faster delivery system. anonymous nature that makes a lot of abuse

[Paycoinzzz]

What if all those big corporates and businesses starts using crypto as a mode of payment just to avoid tax which will cause a direct loss to the government which uses tax for the betterment of the country. This might not affect corrupt countries as it doesn't matter because tax money goes to politician's coffers but what about developed nations?

In my opinion, it will have a rather bad effect on the economy in general, not in particular with corrupt countries. Because humans are not controlled by the law, we will turn into a more evil and more ambitious person. then people will no longer use fiat money, they will directly use crypto to manipulate like the whales did and will make the decentralized market spark. That is also the consequence that governments around the world do not want, so they have to make quite a lot of laws for crypto.

[iv4n]

What if all those big corporates and businesses starts using crypto as a mode of payment just to avoid tax which will cause a direct loss to the government which uses tax for the betterment of the country. This might not affect corrupt countries as it doesn't matter because tax money goes to politician's coffers but what about developed nations?

In my opinion, it will have a rather bad effect on the economy in general, not in particular with corrupt countries. Because humans are not controlled by the law, we will turn into a more evil and more ambitious person. then people will no longer use fiat money, they will directly use crypto to manipulate like the whales did and will make the decentralized market spark. That is also the consequence that governments around the world do not want, so they have to make quite a lot of laws for crypto.

They will try to make laws for crypto, and that laws will work for some time. Crypto is safer and faster, with one word crypto is better, and of course that in long run crypto will boost not just economy, blockchain offer solutions for many other fields.
Transparency is what I like most about decentralized blockchain projects, it's what this world needs. It's the near end of playing hide & seek with our governments who make wars in our name, build guns and benefit the rich class.

[fullhdpixel]

The government is not going to let people avoid paying their taxes by making use cryptocurrency. Imagine that people starts making use of cryptocurrency and no one is paying their taxes, the government will label crypto as illegal and will do everything in their power to stop their citizens from making use of it, although this is not going to be a problem in developing countries because their government literally don’t care if they are paying taxes and if they’re making use of cryptocurrency, it’s only in developed countries that it’s going to be a problem.

If they see that people are now interested in cryptocurrency, after they have stopped them from using the ones that are decentralized, they would go ahead to create a cryptocurrency of their own that would be centralized and regulated.

[Webetcoins]

What if all those big corporates and businesses starts using crypto as a mode of payment just to avoid tax which will cause a direct loss to the government which uses tax for the betterment of the country. This might not affect corrupt countries as it doesn't matter because tax money goes to politician's coffers but what about developed nations?

In my opinion, it will have a rather bad effect on the economy in general, not in particular with corrupt countries. Because humans are not controlled by the law, we will turn into a more evil and more ambitious person. then people will no longer use fiat money, they will directly use crypto to manipulate like the whales did and will make the decentralized market spark. That is also the consequence that governments around the world do not want, so they have to make quite a lot of laws for crypto.

They will try to make laws for crypto, and that laws will work for some time. Crypto is safer and faster, with one word crypto is better, and of course that in long run crypto will boost not just economy, blockchain offer solutions for many other fields.
Transparency is what I like most about decentralized blockchain projects, it's what this world needs. It's the near end of playing hide & seek with our governments who make wars in our name, build guns and benefit the rich class.

It offer same opportunities for people from all the class. There is no class discrimination in this trade. Basically it was invented to provide a safer and better platform for earning opportunities to those who are not financially good. You can make yourself stable by engaging in this as it provides you best and safe way of earning. No doubt crypto is the safest, best leading market.

[huige007]

What if all those big corporates and businesses starts using crypto as a mode of payment just to avoid tax which will cause a direct loss to the government which uses tax for the betterment of the country. This might not affect corrupt countries as it doesn't matter because tax money goes to politician's coffers but what about developed nations?

In my opinion, it will have a rather bad effect on the economy in general, not in particular with corrupt countries. Because humans are not controlled by the law, we will turn into a more evil and more ambitious person. then people will no longer use fiat money, they will directly use crypto to manipulate like the whales did and will make the decentralized market spark. That is also the consequence that governments around the world do not want, so they have to make quite a lot of laws for crypto.

They will try to make laws for crypto, and that laws will work for some time. Crypto is safer and faster, with one word crypto is better, and of course that in long run crypto will boost not just economy, blockchain offer solutions for many other fields.
Transparency is what I like most about decentralized blockchain projects, it's what this world needs. It's the near end of playing hide & seek with our governments who make wars in our name, build guns and benefit the rich class.

It offer same opportunities for people from all the class. There is no class discrimination in this trade. Basically it was invented to provide a safer and better platform for earning opportunities to those who are not financially good. You can make yourself stable by engaging in this as it provides you best and safe way of earning. No doubt crypto is the safest, best leading market.

It is of decentralized nature that do not allow any authorities to control it, in the same way changes made in the regulations will not affect the crypto in any way. The transactions are, made secure by the unique keys. The data of the users is safe and offers very low transaction fee. These all benefits attract people from every class, society, nation and department. It is an opportunity for people of every field as everyone can adopt trading as a part time job.

[angrynerd88]

As my concern cryptocurrency is good indicator for stable economy,I read many articles against the cryptocurremcy and some in favor of cryptocurrency.When i personally make a comparision i found that cryptocurrency is helpful boosting the economy.Government still in misconception that cryptocurrency will encourage the illegal activities but government dont think positive about the cryptocurreny.If government legalize the cryptocurrency and sign contract with vendors will generate more revenue than fiat and generated money will be used for the betterment of economy.

[Maslate]

As my concern cryptocurrency is good indicator for stable economy,I read many articles against the cryptocurremcy and some in favor of cryptocurrency.When i personally make a comparision i found that cryptocurrency is helpful boosting the economy.Government still in misconception that cryptocurrency will encourage the illegal activities but government dont think positive about the cryptocurreny.If government legalize the cryptocurrency and sign contract with vendors will generate more revenue than fiat and generated money will be used for the betterment of economy.

Crytocurrency won't bring a fully boost economy if this will not be totally accepted by the government and still a substitute for fiat. I know how potential crypto is and this is the reason why some big companies prefer to accept crypto even if the government still in doubt with crypto usage.

[secone]

What if all those big corporates and businesses starts using crypto as a mode of payment just to avoid tax which will cause a direct loss to the government which uses tax for the betterment of the country. This might not affect corrupt countries as it doesn't matter because tax money goes to politician's coffers but what about developed nations?

in fact bitcoin its self " Beats Netflix And Microsoft "
https://www.forbes.com/sites/billybambrough/2019/12/11/bitcoin-beats-netflix-and-microsoft/#386c5f7114c5

if company start using bitcoin as payment is a good option to get more customer especially from cryptolover, but for his self, better to save the money in "stable currency" , company need "real planing" to get paying their employer. salary, monthly payment, monthly service, monthly fee and Tax, all of them must be paying too.

[Janation]

As my concern cryptocurrency is good indicator for stable economy,I read many articles against the cryptocurremcy and some in favor of cryptocurrency.When i personally make a comparision i found that cryptocurrency is helpful boosting the economy.Government still in misconception that cryptocurrency will encourage the illegal activities but government dont think positive about the cryptocurreny.If government legalize the cryptocurrency and sign contract with vendors will generate more revenue than fiat and generated money will be used for the betterment of economy.

Crytocurrency won't bring a fully boost economy if this will not be totally accepted by the government and still a substitute for fiat. I know how potential crypto is and this is the reason why some big companies prefer to accept crypto even if the government still in doubt with crypto usage.

I think it would in a way.

Not just in a way of big companies but as for the people. They might not accept Bitcoin but still, people can trade online. They can't stop it. For the people, they could use it to trade and earn some money for themselves.

[LUCKMCFLY]

~snip~

Without a doubt, at some point they will have to accept Crypto's technology and economy, Bitcoin represents a lot of power, not only in technology but also in money, they must accept that many are already using Bitcoin for payments, what they should do is implement Payment methods using blockchain.

Those countries that do not agree with Bitcoin or crypto, at some point they will have to be, since they will lose many businesses, it is also an excellent way to obtain liquidity because they benefit from a deflationary economy, which they cannot try to corrupt because it is simply impossible. Those who disagree cannot cover the sun with one finger, they will simply be out of play. It can be said that China is a Pro-Blockchain country and NOT Bitcoin, even if they do a lot of FUD, they cannot make people prefer to use a stable currency established by a government than Bitcoin.

[stabledev]

It's still important to pay taxes, but there's no way to make a decentralized crypto accountable to government without know your customer compliance by exchanges.

Big business hides their money from taxation by buying up assets in credit and spending their cashflow on more assets, so a person can have a net worth of millions with zero taxable wealth. This happens all the time, it's how the 1% safeguards their wealth.

[julius caesar]

What if all those big corporates and businesses starts using crypto as a mode of payment just to avoid tax which will cause a direct loss to the government which uses tax for the betterment of the country. This might not affect corrupt countries as it doesn't matter because tax money goes to politician's coffers but what about developed nations?

It will probably gonna boost the economy of a specific country because we all know that cryptocurrency provides a faster transaction. The faster the transaction the faster the movement of the economy that is why if they accept crypto as a part of their transaction, it will for surely gonna have a huge impact to the economy.

[Gheka]

What if all those big corporates and businesses starts using crypto as a mode of payment just to avoid tax which will cause a direct loss to the government which uses tax for the betterment of the country. This might not affect corrupt countries as it doesn't matter because tax money goes to politician's coffers but what about developed nations?

It will probably gonna boost the economy of a specific country because we all know that cryptocurrency provides a faster transaction. The faster the transaction the faster the movement of the economy that is why if they accept crypto as a part of their transaction, it will for surely gonna have a huge impact to the economy.

Well, I don't think so, except for crypto, the services of banks in money transfer and deposit are still very fast but obviously, the economy can only grow to a certain extent, crypto as an alternative in this position, it cannot have a strong boost. Especially when crypto still has too many weaknesses in transactions, the banks are not directly managed, every problem that happens will have no resolution and sometimes need waiting, if crypto is truly impacting the economy, it will certainly be a negative direction

[Twentyonepaylots]

What if all those big corporates and businesses starts using crypto as a mode of payment just to avoid tax which will cause a direct loss to the government which uses tax for the betterment of the country. This might not affect corrupt countries as it doesn't matter because tax money goes to politician's coffers but what about developed nations?

It will probably gonna boost the economy of a specific country because we all know that cryptocurrency provides a faster transaction. The faster the transaction the faster the movement of the economy that is why if they accept crypto as a part of their transaction, it will for surely gonna have a huge impact to the economy.

Well, I don't think so, except for crypto, the services of banks in money transfer and deposit are still very fast but obviously, the economy can only grow to a certain extent, crypto as an alternative in this position, it cannot have a strong boost. Especially when crypto still has too many weaknesses in transactions, the banks are not directly managed, every problem that happens will have no resolution and sometimes need waiting, if crypto is truly impacting the economy, it will certainly be a negative direction

Yeah, the current situation disallows bitcoin to become widely used for monetary transactions sad to say. But with enough development and support from everyone, it should have the chance to be widely accepted just like how debit cards or credit cards work. bitcoin is already there, we just need to play the waiting game.

[bitbunnny]

As long as Bitcoin and other cryptocurrencies are not regulated and formaly introduced into financial and economy system they can't help economies in any way. And until that happen s businesses will not use crypto on a massive scale.
So, cryptocurrencies can only help individuals and all othe crypto involvment in economy at any way in unregistered and unrecorded and it's actually underground economy.

[huige007]

As long as Bitcoin and other cryptocurrencies are not regulated and formaly introduced into financial and economy system they can't help economies in any way. And until that happen s businesses will not use crypto on a massive scale.
So, cryptocurrencies can only help individuals and all othe crypto involvment in economy at any way in unregistered and unrecorded and it's actually underground economy.

It can affect the economy in unregulated way also, it provides opportunities for stabilizing your financial status. If more people will adopt this and would become financially secure, that would reduce the rate of inflation that is one of the leading problem of the world. Reduction in inflation would result into the stability of economy, I think people should adopt it to boost their economy.

[agentx44]

What if all those big corporates and businesses starts using crypto as a mode of payment just to avoid tax which will cause a direct loss to the government which uses tax for the betterment of the country. This might not affect corrupt countries as it doesn't matter because tax money goes to politician's coffers but what about developed nations?

Just by having the fact that no country has ever regulated cryptocurrency massively yet, we can already say that all our assumptions are just theory coming from what we see and most of it are biased. We would usually say that it will give great advantage and a boost to the economy of a certain nation but things may turn out badly soon after the implementation of its regulation. Crypto is a decentralized currency which avoids any form of corruption but if the government would have a hold on it, things may go the way we don't want it to be.

[FLoving]

What if all those big corporates and businesses starts using crypto as a mode of payment just to avoid tax which will cause a direct loss to the government which uses tax for the betterment of the country. This might not affect corrupt countries as it doesn't matter because tax money goes to politician's coffers but what about developed nations?

Just by having the fact that no country has ever regulated cryptocurrency massively yet, we can already say that all our assumptions are just theory coming from what we see and most of it are biased. We would usually say that it will give great advantage and a boost to the economy of a certain nation but things may turn out badly soon after the implementation of its regulation. Crypto is a decentralized currency which avoids any form of corruption but if the government would have a hold on it, things may go the way we don't want it to be.

If all of the countries and businesses will adopt crypto currencies and will be happy with it then keep in mind that the government will not want to pass any act which will disturb the businesses as if something affect the businesses of any country then it put a bad condition on that country and a disturbance is created for the law makers. They will regulate the crypto but will be in the favor of crypto.

[hahay]

As long as Bitcoin and other cryptocurrencies are not regulated and formaly introduced into financial and economy system they can't help economies in any way. And until that happen s businesses will not use crypto on a massive scale.
So, cryptocurrencies can only help individuals and all othe crypto involvment in economy at any way in unregistered and unrecorded and it's actually underground economy.

It can affect the economy in unregulated way also, it provides opportunities for stabilizing your financial status. If more people will adopt this and would become financially secure, that would reduce the rate of inflation that is one of the leading problem of the world. Reduction in inflation would result into the stability of economy, I think people should adopt it to boost their economy.

Agree, although the use of crypto is used individually and with the adoption carried out by business developers so far, and even though it is not recorded but still, the use of crypto will help stabilize the economy and ultimately the use of crypto on a large scale will have an impact on the inflation rate more lower. With us only using cryptocurrency, that is also enough to make the economy good and we should realize that.

[meliodas]

As long as Bitcoin and other cryptocurrencies are not regulated and formaly introduced into financial and economy system they can't help economies in any way. And until that happen s businesses will not use crypto on a massive scale.
So, cryptocurrencies can only help individuals and all othe crypto involvment in economy at any way in unregistered and unrecorded and it's actually underground economy.

It can affect the economy in unregulated way also, it provides opportunities for stabilizing your financial status. If more people will adopt this and would become financially secure, that would reduce the rate of inflation that is one of the leading problem of the world. Reduction in inflation would result into the stability of economy, I think people should adopt it to boost their economy.

Agree, although the use of crypto is used individually and with the adoption carried out by business developers so far, and even though it is not recorded but still, the use of crypto will help stabilize the economy and ultimately the use of crypto on a large scale will have an impact on the inflation rate more lower. With us only using cryptocurrency, that is also enough to make the economy good and we should realize that.

The use of cryptocurrency will not make the economy stable because the cryptocurrency itself is not even stable so there will be fluctuations in the revenue of a country that will in fact reflect on the economy's performance. The use of cryptocurrency will boost the economy in terms of establishing different systems through blockchain technology.

[Negotiation]

The government of our country always wants tax The government does not receive any tax from using crypto If the government is regularly taxed using cryptocurrency it will boost the economy of our country. Virtual currency usage and transactions will be very dynamic Big companies will control this and the government will pay for the improvement.

[fiulpro]

Economy is a very complex thing , which is made even more complicated by the politicians and government officials .
Economy is more or so always welcomes new forms of trade / transactions / e-cash anything .
Because if economy is not flexible and meeting the demand of the new world and being upto date with everything, unfortunately that economy won't survive for too long .
It will ofc boost the economy , convince me otherwise.

[stabledev]

A cryptocurrency that flexed its new coin supply in tandem with adoption, and reduced new coin supply in correlation with Moore's law, would absorb volatility a lot better than something like Bitcoin. Like, if adoption increased 1%, the supply would increase 1%, so tangible good prices denoted in that crypto would remain stable, even if the fiat prices fluctuated.

[Kevondo]

What if all those big corporates and businesses starts using crypto as a mode of payment just to avoid tax which will cause a direct loss to the government which uses tax for the betterment of the country. This might not affect corrupt countries as it doesn't matter because tax money goes to politician's coffers but what about developed nations?

It will probably gonna boost the economy of a specific country because we all know that cryptocurrency provides a faster transaction. The faster the transaction the faster the movement of the economy that is why if they accept crypto as a part of their transaction, it will for surely gonna have a huge impact to the economy.

Transaction is just one aspect through which economy can boost via usage off crypto currencies. Apart from moving money faster, crypto currencies are capable of boosting the economy of country because their values keep on increasing and with a little investment, one is able to make great profits. The adoption of crypto currencies will also create new business which is going to help government in reducing unemployment rate.

[Silberman]

What if all those big corporates and businesses starts using crypto as a mode of payment just to avoid tax which will cause a direct loss to the government which uses tax for the betterment of the country. This might not affect corrupt countries as it doesn't matter because tax money goes to politician's coffers but what about developed nations?

In my opinion, it will have a rather bad effect on the economy in general, not in particular with corrupt countries. Because humans are not controlled by the law, we will turn into a more evil and more ambitious person. then people will no longer use fiat money, they will directly use crypto to manipulate like the whales did and will make the decentralized market spark. That is also the consequence that governments around the world do not want, so they have to make quite a lot of laws for crypto.

I do not agree with this statement, people are worried about governments and their inability to get enough funding if cryptocurrencies take off, but we are living in a strange age, governments are bigger than ever and they want to be even bigger, but during most of history governments were small and cryptocurrencies will allow us to get back to those days, the economy will become more efficient as we need to pay less taxes to a smaller government, a big government is a hindrance to the economy and not a boost.

[Pinkris128]

What if all those big corporates and businesses starts using crypto as a mode of payment just to avoid tax which will cause a direct loss to the government which uses tax for the betterment of the country. This might not affect corrupt countries as it doesn't matter because tax money goes to politician's coffers but what about developed nations?

Earning and using cryptocurrency will definitely avoid businesses and big corporates from paying taxes that it will have a bad effect to the economy because a country will lose a lot of funds. But i don't think that the government will let big businesses and corporates from not paying taxes because they will still find a way for them to pay taxes.

[monineklutak]

depending on where the crypto currency is used, the crypto currency is decentralized, of course there is nothing to regulate, unlike a country currency like USD, if Bitcoin will replace the spread of the USD then we will see changes in the world economy without the United States

[klava1983]

I can't imagine that cryptocurrency usage may have such a big influence on the world economy. I consider it as a result of the developed economy. 

[Findingnemo]

I can't imagine that cryptocurrency usage may have such a big influence on the world economy. I consider it as a result of the developed economy. 

Cryptos are in the way of being a part of world's economy that is why we are facing regulatory issues on decentralized currencies. But sure cryptos have the potential to reach a place that influences the world's economy if everyone tends to know about cryptos.

[worldofcoins]

The government of our country always wants tax The government does not receive any tax from using crypto If the government is regularly taxed using cryptocurrency it will boost the economy of our country. Virtual currency usage and transactions will be very dynamic Big companies will control this and the government will pay for the improvement.

Indeed the government is not going to support the use of cryptos unless they're getting some sort of tax out of it.
Until and unless there are people ready to accept crypto as their paycheck i doubt there will be any issues.
If there's a regulated Cryptocurrency that can be taxed and their addresses are linked to SSN then there's another payment method for an economy which is a plus point and for sure it's going to boost it.

[STT]

I could be trading people marbles and still be liable to taxes, crypto doesnt exclude the idea of paying tax.   The only connection is the idea to hide the open accounts every business must report, people already do this with FIAT.   Its called cooking the books where they keep a fake book to hand to IRS and a real book where cash deals are used to avoid any paperwork trail.

Not really a crypto problem, like alot of negatives left at the door of crypto it already exists and may even be easier to do in Dollar note form due to the endless liquidity running into trillions.   Crypto records every transaction forever, its actually worse then plain paper to keep secrets fairly sure.

[Zicadis]

The government of our country always wants tax The government does not receive any tax from using crypto If the government is regularly taxed using cryptocurrency it will boost the economy of our country. Virtual currency usage and transactions will be very dynamic Big companies will control this and the government will pay for the improvement.

Indeed the government is not going to support the use of cryptos unless they're getting some sort of tax out of it.
Until and unless there are people ready to accept crypto as their paycheck i doubt there will be any issues.
If there's a regulated Cryptocurrency that can be taxed and their addresses are linked to SSN then there's another payment method for an economy which is a plus point and for sure it's going to boost it.

That's pretty much what the Chinese are looking to implement with the Digital Yuan I believe.

So long as it can be tracked just like regular currency, and linked to an individual just like regular current, I doubt governments will care.

But in the end, it does revolve around tax. If a cryptocurrency enables people to easily dodge tax, you can bet the government wont back it.

If it makes taxation easier, I can't see many governments complaining.

[CaVO32]

I can't imagine that cryptocurrency usage may have such a big influence on the world economy. I consider it as a result of the developed economy. 

Cryptos are in the way of being a part of world's economy that is why we are facing regulatory issues on decentralized currencies. But sure cryptos have the potential to reach a place that influences the world's economy if everyone tends to know about cryptos.

transparency is one thing that blockchain technology is addressing. if there will be transparency in the government, i think there will be less corruption and will boost the economy. aside from the fact that blockchain technology will save huge amount of money in terms of operations. the use of crypto within the operations of any business will smoothen the transactions at a very low cost. so i believe the usage of crypto will help the economy and not make it worst. if only people will know how to truly utilize crypto, they will reap the benefits of using it.

[lixer]

We all hope it will boost the economy, we want anything that can boost the economy to boost it because to be fair right now we are in the very weird times of rich being super rich and poor being very poor again. It is not like roman times when public had hard time finding decent food to eat while elites are having excess food and let others fight each other to death .

Things are not that bad, we are certainly doing better compared to 300+ years ago however when there is a chance to have people live so so much better thanks to developments, it is sad to see the gap yet again, things were a lot better in wealth gap 50-90 years ago, it is once again worse even if not THAT worse. Yet I think if anything will fix the economy, that will be policies and laws, not crypto.

[Wipeout2097]

I am in favor of cryptocurrency will boost the economy,Both ways directly and indirectly crypotcurrency can be good indicator of the economy.But unfortunately government and central banks consider crypto is bad indicator for the economy.

Cryptocurrency open many opportunities for individuals,investor and traders.Jobless youth can independently earn from the crypto.If government legalize crypto can reduce the unemployment ratio and generate revenue from the crypto transactions.

[travwill]

The use of cryptocurrency by large corporations at first will lead to an exponential increase in the growth of cryptocurrencies, because this will be a signal that you need to buy it right now, a signal that the whole world is switching to cryptocurrency, everyone will want to catch the departing train. However, then the price will fall, because the entire cryptocurrency market is extremely speculative.

I do not think that the use of bitcoin will somehow affect the economy, because it is just a currency. The economy is primarily affected by investments and commodity circulation.
If you start using bitcoins and investing them in the country's infrastructure, then this can lead to very positive consequences.

All financial transactions should also be carried out in bitcoin, so you can switch to cryptocurrency and untie it from pricing in the context of fiat.

[Silberman]

I do not think that the use of bitcoin will somehow affect the economy, because it is just a currency. The economy is primarily affected by investments and commodity circulation.
If you start using bitcoins and investing them in the country's infrastructure, then this can lead to very positive consequences.

All financial transactions should also be carried out in bitcoin, so you can switch to cryptocurrency and untie it from pricing in the context of fiat.

A currency is a medium of exchange and the way to try to answer the question about the value of each thing, so it is obvious cryptocurrencies are going to have a huge effect on the economy especially if fiat currencies begin to show their flaws and people lose their faith in them, I really think that cryptocurrencies are going to have a positive effect on the economy at large but we will need decades to see that effect on full force.

[Spaffin]

I do not think that the use of bitcoin will somehow affect the economy, because it is just a currency. The economy is primarily affected by investments and commodity circulation.
If you start using bitcoins and investing them in the country's infrastructure, then this can lead to very positive consequences.

All financial transactions should also be carried out in bitcoin, so you can switch to cryptocurrency and untie it from pricing in the context of fiat.

A currency is a medium of exchange and the way to try to answer the question about the value of each thing, so it is obvious cryptocurrencies are going to have a huge effect on the economy especially if fiat currencies begin to show their flaws and people lose their faith in them, I really think that cryptocurrencies are going to have a positive effect on the economy at large but we will need decades to see that effect on full force.

In many countries, leadership and governments very often harm the economy and development of their state.  One of the facts of such a mediocre leadership of the country is frequent inflation due to an increase in the amount of paper money.  The government is printing new money, but does not care about the gold reserve, which should support this money.  If the cryptocurrency is used as cash, then this problem should disappear by itself, since for example Bitcoin has a limited amount.

[Eduarop]

I think that because the issuance of cryptocurrency is limited, the credit economy will not be able to get money "out of thin air". This means that the economy will develop at times slower and deflationary, which will stop people from buying goods every day

[Sanugarid]

I do not think that the use of bitcoin will somehow affect the economy, because it is just a currency. The economy is primarily affected by investments and commodity circulation.
If you start using bitcoins and investing them in the country's infrastructure, then this can lead to very positive consequences.

All financial transactions should also be carried out in bitcoin, so you can switch to cryptocurrency and untie it from pricing in the context of fiat.

A currency is a medium of exchange and the way to try to answer the question about the value of each thing, so it is obvious cryptocurrencies are going to have a huge effect on the economy especially if fiat currencies begin to show their flaws and people lose their faith in them, I really think that cryptocurrencies are going to have a positive effect on the economy at large but we will need decades to see that effect on full force.

In many countries, leadership and governments very often harm the economy and development of their state.  One of the facts of such a mediocre leadership of the country is frequent inflation due to an increase in the amount of paper money.  The government is printing new money, but does not care about the gold reserve, which should support this money.  If the cryptocurrency is used as cash, then this problem should disappear by itself, since for example Bitcoin has a limited amount.

I totally agree with this one because come to think of it if everyone is using cryptocurrency on their every transaction. It has a big effect not only on the economy but on the community also because the more we use it the more people will know about cryptocurrency and if that is continuously happening, there is a big possibility that we can gain investors to support every project on the community. There are lots of benefits when you use cryptocurrency the primary one is that it will make your transaction easier and faster than making a transaction with fiat. It is also less hassle because you can transact anywhere in the world as long as you have an internet connection.

I think that because the issuance of cryptocurrency is limited, the credit economy will not be able to get money "out of thin air". This means that the economy will develop at times slower and deflationary, which will stop people from buying goods every day

When there's lot of people already earning with an investment involving cryptocurrency. Just think that they will have a money to spend, more spending more taxes the government can get, and my opinion is that it can really help the economy. The taxes I'm saying is not on the bank but to their financial expenses already.

[whyrqa]

In my opinion, the use of cryptocurrency as a digital asset, as well as a means of payment and means of investment, cannot violate the current use of fiat national currencies, especially if everything happens legally.  In addition, in any case, this can bring a certain investment in the state, as well as improve the economy of the state.  But, if we talk about the large-scale replacement of fiat money with cryptocurrency, then in this regard, the state economy will undergo certain changes that will not always be positive, at least until then, until everything is stabilized.  But I believe that until this time it will take a very long time to wait, because in my opinion Not only the current, but also future governments in the coming years of different countries will not be ready to transfer the entire state economy and financial system to cryptocurrency.

[ekans45]

There is actually a statement, specifically the IRS 2014-21 where all virtual currencies are subjected to tax still. Therefore, stating that buying using BTC or any other crypto, is in fact, still liable to tax. As for the specifics, I don't really know but the 2014-21 already states that existing tax principles apply to transactions using virtual currency. The taxable events are Cashing out, Paying using crypto, Exchanging one crypto to another or Receiving mined crypto. These are some I just looked up in google and you can search for more information if you want specifics.

I believe that this was reasonable. It is needed that every transaction using crypto should be liable for taxation because if not it becomes an oppurtunity for many people to purchase an item using crypto. Honestly, if we dont pay tax it is somehow favorable for us but in the case of government it is not because we all know what was the real purpose of tax right?

[onrise]

For me this is a big time revolution beacuse it can solve many problems like fast and easy payment anywhere in the world with minimal fees. It can create self employment as youth can start investing or trading with minimum capital and no need to depend on somebody else to provide them a job . We have seen in past how people have a become self millionaire in bitcoin era and it can continue to be same if government allows or make it legal and support this crypto currency.

[Janation]

I can't imagine that cryptocurrency usage may have such a big influence on the world economy. I consider it as a result of the developed economy. 

Earning them though is a different question.

In a way, cryptocurrencies people have in their wallet that they got from projects and bounties can help the economy. It will not boost the economy but it can be of a help in a way. These days, usage of cryptocurrencies are not that helpful since these exchange are just accepting Bitcoin and they just convert that to fiat to pay that certain platform.

[Subbir]

Unless crypto is controlled by a government  it's unlikely that the govt will receive any tax from now on I feel the utilization of cryptocurrency won't stimulate the economy because what percentage of countries will support the crypto economy if many countries don't support crypto. performing on crypto can help boost the country's economy.

[hahay]

Nobody can avoid taxes even though they have used cryptocurrency does not mean they will avoid taxes, if that's the case then of course the use of crypto will make it worse. If cryptocurrency is used by them then it will not happen easily, at least there will be a regulation that will be applied and back again, the use of cryptocurrency is not something that you can use to avoid taxes because after all, payment of tax is important for the country's development and issues regarding corrupt country or not, that is a problem in every country.

[xen1oph]

I think in this case, the government will do everything to avoid this.
I don’t understand why everyone reasons like this? Aren't we all human? Aren't we all the same? Indeed, there are an ordinary people work in big corporations, why should they do bad things that will badly affect their own families and people around them?

[Assface16678]

Nobody can avoid taxes even though they have used cryptocurrency does not mean they will avoid taxes, if that's the case then of course the use of crypto will make it worse. If cryptocurrency is used by them then it will not happen easily, at least there will be a regulation that will be applied and back again, the use of cryptocurrency is not something that you can use to avoid taxes because after all, payment of tax is important for the country's development and issues regarding corrupt country or not, that is a problem in every country.

Cryptocurrency is the one of the popular transaction today and with the use of different coins. Crypto are consist of different coin like bitcoin, bitcoin cash, ripple and ethereum. But of the most popular coin, today is the bitcoin because it gives a good market profit to the community of crypto. Now many people would like to use now the cryptocurrency as their payment to the transaction because it is more easier to transfer funds and also it has a less transaction fee why do they want to apply this to the community but still it must need to have a lot of paper transactions to be legalized the use of crypto because a country must need the security of the users but still there is a chance it will use as payment method because it already applied by the other country.

[Ozero]

Unless crypto is controlled by a government  it's unlikely that the govt will receive any tax from now on I feel the utilization of cryptocurrency won't stimulate the economy because what percentage of countries will support the crypto economy if many countries don't support crypto. performing on crypto can help boost the country's economy.

In Japan, within a year after the cryptocurrency was legalized in this state, the economy due to cryptocurrency grew by several percent, I don’t remember how much. This was due not only to revenues in the form of taxes, but also from an increase in the general level of wealth of the population. Therefore, the unambiguous circulation of cryptocurrency in the state should positively affect its economy.

[conected]

Unless crypto is controlled by a government  it's unlikely that the govt will receive any tax from now on I feel the utilization of cryptocurrency won't stimulate the economy because what percentage of countries will support the crypto economy if many countries don't support crypto. performing on crypto can help boost the country's economy.

In Japan, within a year after the cryptocurrency was legalized in this state, the economy due to cryptocurrency grew by several percent, I don’t remember how much. This was due not only to revenues in the form of taxes, but also from an increase in the general level of wealth of the population. Therefore, the unambiguous circulation of cryptocurrency in the state should positively affect its economy.

- I know Japan is a country with a lot of interest and legalization of crypto but the information I read just stops there, I do not see statistics about the percentage of growth in the economy when they use crypto, so no matter where you read the development news, I still doubt the reliability of this source. In my mind, applying crypto only gives the country a neutral state when the population density for use is only relatively small, combined with the market capitalization that is moving in this market, it is too small to strengthen a country's economy, it can only stabilize an individual's economy

[thesmallgod]

It might affect developed nations like the UK where heavy taxes paid by the citizens are being used to develop the country through the provision of social amenities. It might further destroy corrupt countries as it will be very easy for them to still from the public and go unnoticed by completely transacting anonymously. I think this is actually part of the reason why so many countries are frowning about the use of cryptocurrencies by individuals 

[TrevorS]

If you consider your scenario, then a push in the economy can really happen, provided that the market is stable for a long time.
However, in the event of any dynamic changes in the market, there are huge risks that a large amount of money invested in cryptocurrencies
on the part of states will simply depreciate in view of the fall in cryptocurrency prices.

Other states can seize the moment to buy these cryptocurrencies or continue to speculate on falling prices.

[kooboat]

Cryptocurrencies can easily help any economic system There are many issues with fiat currency system that governments are already struggling to deal with. Some of these issues include, inflation, high cost involved in printing new notes to replace defaced currencies. Central government in many  nations are also trying  to consider ways that can help improve the economy by promoting a cashless system. I believe cryptocurrencies are one of the easiest way to promote a cashless system.

[FanatMonet]

If you consider your scenario, then a push in the economy can really happen, provided that the market is stable for a long time.
However, in the event of any dynamic changes in the market, there are huge risks that a large amount of money invested in cryptocurrencies
on the part of states will simply depreciate in view of the fall in cryptocurrency prices.

Other states can seize the moment to buy these cryptocurrencies or continue to speculate on falling prices.

And this is generally one of the biggest threats. If some country invests in some currency, then one of the strongest countries, with the help of dropping the exchange rate, can put this country on the verge of default and the collapse of all obligations to citizens.

[verita1]

I don't think there is a possibility of large corporations adopting cryptography for their payments with the intention of evading taxes. The Governs would look for ways to tax cryptocurrencies some tax. I think that developed nations would not stop using fiat for cryptocurrencies. What I have seen is nations with economic problems and inflation with the interest of using cryptocurrencies.

[iamsheikhadil]

You are true to say in developing countries it will benefit us more as tax money is looted by the politicians and they loot us of our rights. In developed countries, companies can be forced or sanctioned if they don't show their earnings.

[Blackdeath]

I think cryptocurrency usage will definitely boost the economy of a country because it can reduce unemployed people that rhey could have jobs to provide the things that they need and pay their bills, so it could also solve poverty in a country. Other countries will definitely assume that crypto will be bad for the economy because it is being used for illegal activities but they didn't know that it can also help people for their financial issues.

[arrmia11]

What if all those big corporates and businesses starts using crypto as a mode of payment just to avoid tax which will cause a direct loss to the government which uses tax for the betterment of the country. This might not affect corrupt countries as it doesn't matter because tax money goes to politician's coffers but what about developed nations?

Yeah you're right actually your idea was good why they don't try to use crypto or btc as a payment method to avoid paying higher tax, because just like you said tax will go to the government and what if the government is corrupt then most of tge taxes has been corrupted by tge government. Then the tax that you pay for was useless.

[Pamadar]

I don't think there is a possibility of large corporations adopting cryptography for their payments with the intention of evading taxes. The Governs would look for ways to tax cryptocurrencies some tax. I think that developed nations would not stop using fiat for cryptocurrencies. What I have seen is nations with economic problems and inflation with the interest of using cryptocurrencies.

Strong nations will continue supporting the ways of their financial system, while those who are struggling they will look for other things that can help them up building their financial sectors. Everything will depends with how capable the government to govern and regulates crypto system, if the intentions is to use it for supporting their system to create quicker transactions it will boost the economy as its really being use the right way.

[conected]

I think cryptocurrency usage will definitely boost the economy of a country because it can reduce unemployed people that rhey could have jobs to provide the things that they need and pay their bills, so it could also solve poverty in a country. Other countries will definitely assume that crypto will be bad for the economy because it is being used for illegal activities but they didn't know that it can also help people for their financial issues.

- The unemployment rate will not be easy to reduce with crypto when you can see the difficulty level of the jobs here, often require relatively good skills and very strong competition, a country can only have a small number of people succeed in crypto, and I have not calculated the number of people who can know about crypto in a country, so the economic development of a country cannot change based on crypto. However, cryptos have good economic support for those who know how to invest and spend their time on it, we are here probably an example that is very standard in terms of financial improvement