Cryptocurrency usage will boost economy or make it worst ?

[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

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[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.