Okay. Charge tax on bitcoin. Is this fair policy?

[gentlemand]

They are charging tax means they are making bitcoin legal.

Hmm. Not sure.

There are many things that are not illegal but aren't worth bothering declaring legal either, or it's so obvious there's no need to make a declaration about it, or so obscure they can't be bothered.

There are many countries where Bitcoin is taxable but they've never made any announcement about whether it's legal or not so I guess we're expected to treat it as legal unless told otherwise. In their eyes it's just another vehicle for making profit in the currency they tax you in and all profit is taxable.

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[squatter]

They are charging tax means they are making bitcoin legal.

Hmm. Not sure.

There are many things that are not illegal but aren't worth bothering declaring legal either, or it's so obvious there's no need to make a declaration about it, or so obscure they can't be bothered.

This reminds me of the case of Al Capone. He amassed a fortune from bootlegging and racketeering, but what he actually went down for was neglecting to pay taxes on his illegal income.

Tax authorities don't care where your money comes from. They just want their cut.

[kemoglo]

There are 3 elements here.
1. Bitcoin used as a currency for purchases.
2. Bitcoin as an non-interest earning savings mechanism
3. Speculation on the price of Bitcoin, and the receipt of interest on lans.

1. Should not be taxed, even if people make a bit of profit from it.
2. If you tax this, then you need to tax fiat as well.
3. These are trading profits, and should be taxed like any other profit source. You should be able to offset losses as well.

My main use of BTC is as 1. I do however pay taxes whenever I convert to FIAT, not a huge amount but still, it does feel unfair sometimes.