Cryptocurrency usage will boost economy or make it worst ?

[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.

[1714961680]

1714961680

[1714961680]

1714961680

[1714961680]

1714961680

[1714961680]

1714961680

[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.