Crypto Taxation

[Text]

I agree with all that you have said, you are really encouraging me with all the votes cast in your discussion. Indeed, crypto users actually prefer that they enjoy centralized exchange sites rather than decentralized maybe for a more legitimate and more reliable reason to look and use them. The government does not really choose what they want to do especially when it comes to money because they know people are earning money and they know they will always obey because they have the power.

[abhiseshakana]

I think if crypto is centered then nobody can act as its own independent Everything are getting to be under the control of the govt and thus the govt will got to pay the tax fully many folks will enjoy it but will face many problems later. therein case crypto decentralization is nice.

Returning to its original destination whether Satoshi was intentional or not, the move to publish bitcoin was a revolution that challenged the hegemony of the country, previously only the country had the right and could print money. It needs to be separated between a decentralized system with taxes, it is a different scope.

The use of cryptocurrency in our lives is a choice while taxes are our obligation to the country. Sometimes we need believing first and then seeing. During this time many taxpayers often assume seeing first and then believing. We must believe that actively obeying and obediently paying our taxes will help our country to develop and advance and there is equitable development.

Concerns that there are accusations that the government is corrupt so that tax funds do not run into development include our mistakes as taxpayers who are not active in controlling the use of tax money by the state and also wrongly electing people's representatives in elections or even so far we are ignorant of the importance of elections.

[btc78]

I personally support taxation if i am to decide because Governments wants to have part in this profiteering community.
they Knew how much money circulating here but they don't even get a penny that's why i thing there is a problem about government adopting this crypto.

But if in the end of the day that this one is resolved? i believe we will start to be on top against Fiat and all the Online payment method like PayPal and others.

[Arkann]

I personally support taxation if i am to decide because Governments wants to have part in this profiteering community.
they Knew how much money circulating here but they don't even get a penny that's why i thing there is a problem about government adopting this crypto.

But if in the end of the day that this one is resolved? i believe we will start to be on top against Fiat and all the Online payment method like PayPal and others.

Of course, many officials use cryptocurrency for their fraudulent and corrupt actions, because today in the world there is a struggle with offshore companies and it is necessary to launder and save stolen or criminally earned funds in new, not old ways.  Regarding taxes, there are quite a few issues that need to be resolved before they are applied to all cryptocurrency users, but providing passport data may be a priority.

[Spaffin]

I personally support taxation if i am to decide because Governments wants to have part in this profiteering community.
they Knew how much money circulating here but they don't even get a penny that's why i thing there is a problem about government adopting this crypto.

But if in the end of the day that this one is resolved? i believe we will start to be on top against Fiat and all the Online payment method like PayPal and others.

Of course, many officials use cryptocurrency for their fraudulent and corrupt actions, because today in the world there is a struggle with offshore companies and it is necessary to launder and save stolen or criminally earned funds in new, not old ways.  Regarding taxes, there are quite a few issues that need to be resolved before they are applied to all cryptocurrency users, but providing passport data may be a priority.

Perhaps many cryptocurrency users have a negative attitude towards KYC, because they are afraid of inadequate taxation by states.  As always, states are very eager to rob their citizens, taxing people with very high taxes.  Of course, I have a positive attitude to taxes, because thanks to taxes, the state budget is filled, due to which there are all public services, social guarantees and the law enforcement system, including the army and themis.  But today, the states are strangling me with taxes only for business, but also for a simple person too.

[Twentyonepaylots]

Perhaps many cryptocurrency users have a negative attitude towards KYC, because they are afraid of inadequate taxation by states.  As always, states are very eager to rob their citizens, taxing people with very high taxes.  Of course, I have a positive attitude to taxes, because thanks to taxes, the state budget is filled, due to which there are all public services, social guarantees and the law enforcement system, including the army and themis.  But today, the states are strangling me with taxes only for business, but also for a simple person too.

Yeah, I must say that we should be afraid of KYC policies because it might be the dead end for us, or a big rock to carry by us when dealing with cryptocurrencies. "states are very eager to rob their citizens" I find it very accusing, firstly tax is what we use for public service like police, fireman, and other government employees so we can't just say that they are robbers. Secondly, government would not be that in control without taxes, there are private companies that might take advantage of what they have got, I mean the concessionaires that holds necessity of us like water and food, and if taxes were not imposed it would be very chaotic.

[Averim]

Crypto was invented to avoid such things like taxes, to be a transparent process between two or more person. Government will try to put taxes where ever money or any high value is involved.

[Subbir]

Crypto was invented to avoid such things like taxes, to be a transparent process between two or more person. Government will try to put taxes where ever money or any high value is involved.

The government won't get any tax from crypto  Crypto isn't under anyone's control and therefore the government cannot control it. Will never support it Many countries don't support crypto they're going to use crypto for his or her own benefit.

[Averim]

On one side taxing crypto coins means the legality of it so all the scammers and thief will get legal punishments but on the other side probably there will be taxes with no benefits, like sustaining this kind of financial products or creating a more secure cyber space.

[tvplus006]

We can't deny that sooner or later government will really interfere in crypto as many see it's importance as Investment and payment option. We should be ready and not expect too much that when we're crypto we're free not to pay tax. The only way crypto will not be ban or fully have adoption without worry of objecting the law is too put taxes like Japan since the government needs to find ways to earn in any means.

Everyone should pay taxes, including those who work in the cryptocurrency market. If there is income, tax must be paid. And the easiest solution to this issue may be to buy a special patent for those who trade cryptocurrency. This should be a fixed amount, because it is very difficult to calculate and check the trader's income.

[Abiky]

Crypto was invented to avoid such things like taxes, to be a transparent process between two or more person. Government will try to put taxes where ever money or any high value is involved.

That's certainly true, mate. Crypto was meant to bring financial freedom to world. But the fact that most people rely on centralized services for crypto transactions, greatly defeats the purpose. As long as centralized exchanges keep track of people's identity, taxation will be highly possible to perform by governments worldwide.

Now, imagine if everyone used decentralized wallets and exchanges on top of centralized ones? It would be a "nightmare" for governments as they try to link Blockchain addresses to a person in the mainstream world. Even worse, truly private coins like Monero and Grin makes it impossible to browse on-chain transactions for crypto taxation. Governments might ban crypto in the end, if they're unable to tax people's crypto funds on the Blockchain. But that doesn't matter as long as people continue to support crypto in the mainstream world. Regulations either good or bad won't have an effect over crypto's longevity whatsoever. With a full government crackdown, it'll still be possible to use crypto for daily payments. The only issue would be exchanging it to Fiat or vice versa, since it'll be declared illegal by the government. But I believe that people will trade crypto to Fiat in-person to remediate the issue.

All in all, I hope that crypto and governments work together for the foreseeable future. I don't mind paying taxes just to comply with the law and avoid facing jail time. I'm sure most people will do this since they don't have a choice. Cooperation with the government is key to avoid many undesired situations. If there's a friendly crypto stance from governments worldwide, nothing should go wrong.

[gentlemand]

Crypto was invented to avoid such things like taxes, to be a transparent process between two or more person. Government will try to put taxes where ever money or any high value is involved.

Says who? I don't remember that in the Bitcoin white paper anywhere. 'A peer to peer tax evasion system' wouldn't quite scan the same way. There are tons of transactions that take place that governments would never know about. It's on you to report it.

The tax thing at the moment I'm most intrigued by is whether there's going to be some sort of wealth tax imposed to pay for economic ruin. Taxing work further isn't going to be a winner compared to taxing wealth sitting there doing nothing.

[Text]

@Abiky is right, the government and crypto should work together to benefit. Even I am willing to pay tax as long as I follow the law. However, the taxpayers are supposed to be just for entrepreneurs like those who operate the exchangers and not for the small individuals. It is nice to see and know when the government and crypto agree to take steps for the good of everyone.

[Janation]

Crypto was invented to avoid such things like taxes, to be a transparent process between two or more person. Government will try to put taxes where ever money or any high value is involved.

One way or another, this will be inevitable.

If a lot of people would use it in a country, they will find a way for them to get taxes out of it, which would result in two effects. Either people would accept the taxes and pay for their cryptocurrencies or Bitcoin or don't use it at all. Still, governments would be having a hard time taxing Bitcoin and cryptocurrencies as a whole because of its anonymity.

[camito]

Ever since Bitcoin and other cryptocurrencies became a hit within the mainstream world, governments have been quite skeptical about them. Despite the promise of crypto to bring trustless payments to the world in a frictionless manner, governments have taken every effort to try to prevent its growth worldwide. As of now, centralized exchanges dominate the space where they're subject to KYC/AML laws. There's literally no way to prevent government surveillance except for P2P trading (like Local Bitcoins, etc).

Considering that centralized exchanges serve as gateways from crypto to Fiat (or vice-versa), they've been the targets of governments worldwide. The main concern of governments is tax evasion and money laundering. Sometimes I wonder why governments want to tax our cryptocurrency funds if they're not considered as money by most people worldwide? After all, crypto's nature is a highly unpredictable and volatile one. It seems to me that governments want to profit from this venture more than anything else. Any other cryptocurrency which prevents them from "taxing" people, would be considered illegal to them in the future (like Monero, and other privacy coins).

Which is why, I believe that crypto taxation is more of a problem than anything else. Do you agree with me? What are your thoughts?

Many countries have banned, illegalize, or even prevent the use of crypto by their people. Despite the potential of crypto, governments are not allowing crypto to be recognized by the authorities probably because they won't have any control over it. People can take it as an advantage and maybe, the officials are afraid to compete with crypto despite it having its own characteristics. As you have mentioned, crypto taxation can be used by the government. Maybe because they still want to profit if ever crypto would be in action. Be it the coin's price increased or decreased, at the end of the day, they can profit something. But that's just unethical. They know better before doing that unreasonable action.

[Abiky]

One way or another, this will be inevitable.

If a lot of people would use it in a country, they will find a way for them to get taxes out of it, which would result in two effects. Either people would accept the taxes and pay for their cryptocurrencies or Bitcoin or don't use it at all. Still, governments would be having a hard time taxing Bitcoin and cryptocurrencies as a whole because of its anonymity.

Agree. This can only go both ways. I'm guessing that most people will prefer to pay taxes on their crypto funds, just to avoid any undesired situations from the government. They can also choose to avoid crypto altogether, if taxes are ridiculously high. But this looks very unlikely to happen because of the benefits crypto and Blockchain technology provide on top of existing Fiat.

The only thing that's pushing crypto back from being widely adopted in the mainstream world, is its price volatility. I wonder how governments will be able to tax crypto from citizens if prices are in a constant flux across the market? It'll be quite challenging to tax crypto this way. Privacy-oriented cryptocurrencies on the other hand, might see constant opposition from governments worldwide. I wouldn't be surprised to see many de-listings from centralized exchanges due to government pressure. Bitcoin has seen the approval of most governments worldwide, mostly because of its transparent blockchain ledger. Any cryptocurrency that obfuscates transactions from the general public will be considered as a threat from these entities.

Nonetheless, people will ultimately decide what to do with their crypto balances. As long as there are people who cooperate with the government, we'll continue to see a friendly stance towards crypto and Blockchain tech in general. Otherwise, you'd expect a massive crackdown into every single centralized crypto exchange until they fade into oblivion. Only then, people will trade crypto in decentralized exchanges or in-person. Blockchains will continue to be alive after this, but most people will avoid crypto altogether if it's declared illegal by governments worldwide. Let's hope that doesn't happen for the sake of crypto's adoption in the mainstream world. Just my thoughts

[Naida_BR]

Ever since Bitcoin and other cryptocurrencies became a hit within the mainstream world, governments have been quite skeptical about them. Despite the promise of crypto to bring trustless payments to the world in a frictionless manner, governments have taken every effort to try to prevent its growth worldwide. As of now, centralized exchanges dominate the space where they're subject to KYC/AML laws. There's literally no way to prevent government surveillance except for P2P trading (like Local Bitcoins, etc).

Considering that centralized exchanges serve as gateways from crypto to Fiat (or vice-versa), they've been the targets of governments worldwide. The main concern of governments is tax evasion and money laundering. Sometimes I wonder why governments want to tax our cryptocurrency funds if they're not considered as money by most people worldwide? After all, crypto's nature is a highly unpredictable and volatile one. It seems to me that governments want to profit from this venture more than anything else. Any other cryptocurrency which prevents them from "taxing" people, would be considered illegal to them in the future (like Monero, and other privacy coins).

Which is why, I believe that crypto taxation is more of a problem than anything else. Do you agree with me? What are your thoughts?

There is not any taxation in the cryptocurrencies that you hold.
Apparently, the taxation comes in the amount of the Fiat money you want to keep in your bank so the income is taxable in fiat not in crypto.
If you want not to be taxed then you can keep your money in crypto and none is going to ask you to pay taxes for that.

[BD Money365]

I feel stretch is awfully notable if you manage direction stuff. if not you don't neediness to recompense anything. The unsurpassed approach to keep away from governments kit is to manipulation disposition or spirit natural. The merely income tax we fee the initiator or proprietor of our humanity & sort is help behavior. upright activities includes attractive forethought of HIS creations.



 

[Sadlife]

This shows how the Governments can control our lives and finances, we can't really disobey because that's the system but in truth the system only benefits those in power that wants to exploit us and make profits and use that for their own benefit.
But with Bitcoin and Blockchain Technology, governments couldn't stop it because it has no centralize authority or company that they can issue a law to shut it down.

[Smitty Werben Man Jensen]

it is very good if crypto currencies are given government tax, but if they do it in a situation like this, I think they are wrong,
taxes will make life difficult for people who only work with little capital in crypto currencies. maybe after the COVID19 pandemic ends, taxes may be imposed