Cryptocurrency usage will boost economy or make it worst ?

[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?