Dealing with tax and crypto ban

[Dunamisx]

In recent times, the Russian governments go against the proposition made by it Central Bank to place a ban on Bitcoin mining while the financial institution calls for regulation rather than placing ban restriction on it, also you could recall that Russia is ranked third in line of the world bitcoin mining as United States come first and Kazakhstan the second according to the University of Cambridge’s Center of Alternative Finance.

Russians government understand that halting any mining activities of cryptocurrency could place a hold on it technological advancement in the country while before the introduction of cryptocurrency, theft and other social vises have been in existence and that is not a yardstic to place a ban on crypto and president Vladimir Putin want the discrepancy between it Central bank andfinance ministry to be in concession toward Bitcoin mining.
From this stance, i strongly believe that the president himself is in support of mining crypto with the mindset to boost the economy and technological development of his country, else the dispute between his parastatals be settled.

From the other side of the story in Africa, Zimbabwe Signs Agreement Enabling the Collection of Taxes From Crypto and E-Commerce Entities

With this recent developments in Zimbabwe i think it a step closer to adopting and legalizing cryptocurrency in the country, but one thing keeps a bone of contention in this regards which makes governments not to "give in" (Support) a massive adoption of cryptocurrency although to me its a new development with a step up since crypto firms were identified and paying of tax is what government can enforce as to regulation, In such regards Zimbabwe now uses a third party tax receiving agent (Daedalus World Limited).

The Zimbabwean government recently said it had entered into an agreement with the British Virgin Islands-based Daedalus World Limited wherein the latter is expected to collect taxes from companies that offer “betting, gaming and cryptocurrency services to persons and organisations within the territory of the Republic of Zimbabwe.”
https://news.bitcoin.com/zimbabwe-signs-agreement-enabling-collection-of-taxes-from-crypto-and-e-commerce-entities/?utm_source=thecryptoapp

Going by this i want to believe that tax payment goes along way to regulating restrictions and ban challenges by many countries, just as Russia sees mining crypto is a cognitive advantage to technological development of it country and Zimbabwe accepting tax payment in crypto by digital currency firms.

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[hugeblack]

I don’t know what the relationship is between the different topics.

Bitcoin mining in Russia is related to electricity and political relations. There was news about Russia’s intention to ban currency trading, including the ban on mining, but the policies change dramatically. However, when China banned Bitcoin mining, the currency continued to grow.

Regulating taxes is subject to the fact that they are assets and not currencies, and therefore governments try to benefit from them and make some profits from them.

[fiulpro]

Well the correlation between the topics is that both countries have fluctuating currencies.
Zimbabwe has notorious up and downs with their currency. At one point even having a 1 trillion dollar note being worth 40 US cents. So obviously they need to get ahead and what is the future of our world economics? Crypto.
Russia on the other hand has many Bitcoin mining facilities that produce a lot of pollution, so if Putin wants more influence on the world stage he will need to address the concerns of other world leaders. But if Russia aim to be a global leader again then I only see the regulations and tax benefits going to Moscow

[paxmao]

Crypto is on the end an economic activity. Most nations that are adequately informed - more or less anyway - and have given it some though have come to the conclusion that their economies and citizens may profit from such activity and generate growth. There is a clear upside on allowing crypto, including levying taxes on whatever concepts they decide (activity, profit, transfer,... you name it, they tax it).

Now, why would a country ban crypto? Most likely reasons are to exert a tight control on the population (China) or avoid people bypassing the monetary policies (Nigeria, Iran, Turkey,...)

That is the balance that most economies are now weighting. The more open and strong, the less intimidated they are by crypto.

[doomloop]

I do not understand the need for countries to send crypto miners away, China did it, and that was a big mistake. Imagine a whole lot of business, where people pay you tons of electricity, maybe hire some staff, and then earn a lot of money all within your nation. Is it possible for them to take that money out of the nation and into some other nation? Of course, but that is up to you to convince them to spend it there.

All in all, they are a business and you should be happy to have as many business' as possible all around the nation. That's how you make money as a nation, you get taxes and the more you get taxes the richer your nation will become and sending these companies away only drops the taxes you can collect, makes no sense.

[Quidat]

I do not understand the need for countries to send crypto miners away, China did it, and that was a big mistake. Imagine a whole lot of business, where people pay you tons of electricity, maybe hire some staff, and then earn a lot of money all within your nation. Is it possible for them to take that money out of the nation and into some other nation? Of course, but that is up to you to convince them to spend it there.

All in all, they are a business and you should be happy to have as many business' as possible all around the nation. That's how you make money as a nation, you get taxes and the more you get taxes the richer your nation will become and sending these companies away only drops the taxes you can collect, makes no sense.

They do mind off about that so-called environmental issues thats why they do came up into that decision and i dont know on whats the basis on that and speaking with taxation
then they could really impose such thing but i dont know on why they dont have that kind of consideration but instead they do ban it right away and having those
unclear reasons and just doing it for their personal point of view specially into its government and theres nothing we can do about it.

[CaptainCrapper]

In recent times, the Russian governments go against the proposition made by it Central Bank to place a ban on Bitcoin mining while the financial institution calls for regulation rather than placing ban restriction on it, also you could recall that Russia is ranked third in line of the world bitcoin mining as United States come first and Kazakhstan the second according to the University of Cambridge’s Center of Alternative Finance.

Russians government understand that halting any mining activities of cryptocurrency could place a hold on it technological advancement in the country while before the introduction of cryptocurrency, theft and other social vises have been in existence and that is not a yardstic to place a ban on crypto and president Vladimir Putin want the discrepancy between it Central bank andfinance ministry to be in concession toward Bitcoin mining.
From this stance, i strongly believe that the president himself is in support of mining crypto with the mindset to boost the economy and technological development of his country, else the dispute between his parastatals be settled.

From the other side of the story in Africa, Zimbabwe Signs Agreement Enabling the Collection of Taxes From Crypto and E-Commerce Entities

With this recent developments in Zimbabwe i think it a step closer to adopting and legalizing cryptocurrency in the country, but one thing keeps a bone of contention in this regards which makes governments not to "give in" (Support) a massive adoption of cryptocurrency although to me its a new development with a step up since crypto firms were identified and paying of tax is what government can enforce as to regulation, In such regards Zimbabwe now uses a third party tax receiving agent (Daedalus World Limited).

The Zimbabwean government recently said it had entered into an agreement with the British Virgin Islands-based Daedalus World Limited wherein the latter is expected to collect taxes from companies that offer “betting, gaming and cryptocurrency services to persons and organisations within the territory of the Republic of Zimbabwe.”
https://news.bitcoin.com/zimbabwe-signs-agreement-enabling-collection-of-taxes-from-crypto-and-e-commerce-entities/?utm_source=thecryptoapp

Going by this i want to believe that tax payment goes along way to regulating restrictions and ban challenges by many countries, just as Russia sees mining crypto is a cognitive advantage to technological development of it country and Zimbabwe accepting tax payment in crypto by digital currency firms.

They just trying to make a new rules not its not possible to ban from any country case lots of people invested hare and lots of country already invested hare so I think it will recover everything as soon as possible.

[Kakmakr]

Let's not beat around the bush here...

Mr. Putin only shy away from a total ban on Crypto currencies because he knows that Russia is becoming a mining stronghold and a possible monopoly over Bitcoin mining, will put him in a position of strength. We know western countries are threatening with extreme sanctions if he invades the Ukraine, so he needs some tool to evade restrictions on money transfers...and Crypto currencies will provide that to him.

The tax income from Crypto currency trades and mining is also a very good boost and something that will fund his war efforts.   

[Leviathan.007]

These two cases, banning cryptocurrencies and taking take from people who use cryptocurrencies is maybe not related together for many people if they look deep inside, but in my own idea soon many countries will have generally two options to take tax from people who invest and use bitcoin and make them somehow pay tax for the money they invest or they have to ban bitcoin because if the government doesn't choose one of these two options, many people can easily use cryptocurrencies to do tax evasion and don't pay even one cent as tax to the government.

[crwth]

It's the country's decision towards what they will do with the different aspects of their tax and what to do in cryptocurrencies in general. Suppose they don't want to collect taxes in the form of crypto. In that case, it's still up to them, Still, as part of the cryptocurrency enthusiast, I would like to have more applications to it, and if that is for tax dealings of countries and collection of it, it's going to be great and good for the community.

[jrrsparkles]

One who says they are banning Bitcoin, they aren't actually stopping anything they just stop the revenue for the government and how many times China banned cryptocurrency and mining operations but still its operating their right even if they are monitoring everything completely the miners will move to the country where they favor the cryptocurrency related activities and collect optimal taxes for that.

[wxa7115]

Let's not beat around the bush here...

Mr. Putin only shy away from a total ban on Crypto currencies because he knows that Russia is becoming a mining stronghold and a possible monopoly over Bitcoin mining, will put him in a position of strength. We know western countries are threatening with extreme sanctions if he invades the Ukraine, so he needs some tool to evade restrictions on money transfers...and Crypto currencies will provide that to him.

The tax income from Crypto currency trades and mining is also a very good boost and something that will fund his war efforts.   

I think along the same lines, Russia is going to need a way to evade the sanctions that are coming and bitcoin seems like the perfect way to do so, so while I think that Putin as a politician may be against them he will accept them as a necessary evil, however I think that he will try to limit the average person from using it while allowing the government the ability to use it as much as they need.

So I would think that miners will have a few years where they will be able to mine in Russia legally, but after that it is difficult to see what could happen and they may need to move out of the country and look for yet another location with cheap electricity.

[whyrqa]

In any case, the government will not be able to ban cryptocurrency and will have to adopt appropriate laws so that I can only regulate the circulation of cryptocurrency, but also protect companies that will work with the blockchain in their country.  In addition, society is moving towards cashless payments using platforms such as Crat d2c, which is an e-commerce platform with its first digital utility token.  thus, cryptocurrencies only legalize this issue.

[Fatunad]

In any case, the government will not be able to ban cryptocurrency and will have to adopt appropriate laws so that I can only regulate the circulation of cryptocurrency, but also protect companies that will work with the blockchain in their country.  In addition, society is moving towards cashless payments using platforms such as Crat d2c, which is an e-commerce platform with its first digital utility token.  thus, cryptocurrencies only legalize this issue.

Government could able to ban crypto? How you would take about China crypto ban? Of course they would really have the capability in doing so if they wanted to even if you do talk about being dumb
on not to consider taxation with those businesses attached to it but its their choice to make.Its true that we are going cashless society but to think off sensibly on where fiat had already
been existed for a while when it comes to this manner.Lets just accept that adoption couldnt really be possible on every corner but somewhat at least we do still have
few countries does have these kind of jurisdictions.

[Natalim]

One who says they are banning Bitcoin, they aren't actually stopping anything they just stop the revenue for the government and how many times China banned cryptocurrency and mining operations but still its operating their right even if they are monitoring everything completely the miners will move to the country where they favor the cryptocurrency related activities and collect optimal taxes for that.

They can stop people to join crypto as they will find a way to make it happen as it was their well. yeah, the people from China had flown away from their country for that sake. I'm not sure this will connect to taxes but probably this was because some governments had made their own digital currency and they just want to protect it. But I think this is not enough to stop the freedom of the people, it is supposed they just let it go, they'll somehow find their living unless that is illegal.

[Darker45]

Although dealing with crypto and Bitcoin and their related industries such as exchanges, mining farms, and so on is not just purely about a question of tax or ban, the fact that the government would not only be embracing what's latest in financial technology but also profits from it in more ways than one, makes it more inclined to accept it than not.

However, there are countries which are focusing more on the possible negative effects of Bitcoin rather than the positive ones, and they give more weight to this than the revenue that they could potentially gain.

[palle11]

However, there are countries which are focusing more on the possible negative effects of Bitcoin rather than the positive ones, and they give more weight to this than the revenue that they could potentially gain.

I think that is selfish acts by some few in government that feels because there huge financial benefit by hodling bitcoin and they want to destroy it. They want the usual root to wealth where you only work 8 - 5 job and still tax payers money, convert what belongs to generality of people into personal  own but bitcoin is proving that you can be rich by being wise to invest wisely.

[The Sceptical Chymist]

Mr. Putin only shy away from a total ban on Crypto currencies because he knows that Russia is becoming a mining stronghold and a possible monopoly over Bitcoin mining, will put him in a position of strength.

That's what I can't understand about this whole thing with Russia moving toward a crypto ban, unless all those Russian miners are somehow putting a burden on the nation's electrical grid--or if there's a whole lot of tax evasion going on.  But even if there was tax evasion, my guess is that having a lot of people engaged in mining and other crypto activities is helping the economy in an indirect way.  People are paying for that electricity to mine, and they're either buying things with crypto or converting it to rubles and then spending it.  Either way, I don't see how a total ban on crypto would be a good thing for Russia.

Maybe it has something to do with the political situation, i.e., the impending invasion of Ukraine (or at least the tensions resulting from the anticipation of the same)?  I'm not a politician and I could never figure out the way they think, so I'm at a loss.

[KingsDen]

Zimbabwe has notorious up and downs with their currency. At one point even having a 1 trillion dollar note being worth 40 US cents. So obviously they need to get ahead and what is the future of our world economics? Crypto.

Is bitcoin exclusively for the poor? There is something eluding my understanding.
When El Salvador made bitcoin a legal tender, it was said that they need to get ahead because of their financial situation. Perhaps, they have no currency of theirs but depending on US dollars.
Now that Zimbabwe want to make provisions for paying taxes with crypto, it is said again that need to get ahead.

...But even if there was tax evasion, my guess is that having a lot of people engaged in mining and other crypto activities is helping the economy in an indirect way.

I was actually of the opinion that people having alot of mining activities in China was helping the country. Not until when they banned bitcoin mining and there was no effect in their economy.
I would rather pray that every country adopt bitcoin averagely than for a particular country to politically monopolise it.

[Ozero]

Crypto is on the end an economic activity. Most nations that are adequately informed - more or less anyway - and have given it some though have come to the conclusion that their economies and citizens may profit from such activity and generate growth. There is a clear upside on allowing crypto, including levying taxes on whatever concepts they decide (activity, profit, transfer,... you name it, they tax it).

Now, why would a country ban crypto? Most likely reasons are to exert a tight control on the population (China) or avoid people bypassing the monetary policies (Nigeria, Iran, Turkey,...)

That is the balance that most economies are now weighting. The more open and strong, the less intimidated they are by crypto.

It can be seen that the cryptocurrency is legalized and almost freely circulates in a society where the rights of citizens are respected, where the economy develops freely, without pressure from the state and its government. Therefore, they do not worry that with the help of cryptocurrency, capital will leave such a state, because the conditions for doing business there are very good and capital, on the contrary, tends to such states. Problems with the circulation of cryptocurrency are observed in states with an authoritarian form of government. Judging by the fact that Russia has adopted one of the worst laws regarding cryptocurrency, not everything is in order with the rights of citizens there. Everything else is derivative and contrived. When they treat their citizens with respect there, then the legislation in relation to cryptocurrency will change for the better.

[tippytoes]

Zimbabwe has notorious up and downs with their currency. At one point even having a 1 trillion dollar note being worth 40 US cents. So obviously they need to get ahead and what is the future of our world economics? Crypto.

Is bitcoin exclusively for the poor? There is something eluding my understanding.
When El Salvador made bitcoin a legal tender, it was said that they need to get ahead because of their financial situation. Perhaps, they have no currency of theirs but depending on US dollars.
Now that Zimbabwe what to make provisions for paying taxes with crypto, it is said again that need to get ahead.

...But even if there was tax evasion, my guess is that having a lot of people engaged in mining and other crypto activities is helping the economy in an indirect way.

I was actually of the opinion that people having alot of mining activities in China was helping the country. Not until when they banned bitcoin mining and there was no effect in their economy.
I would rather pray that every country adopt bitcoin averagely than for a particular country to politically monopolise it.

In time, the government will see the benefits to its citizens. For those who can earn money via this industry, they will not be a burden of their government and I hope, someday these countries banning the use of crypto will be enlightened that somehow this market is helping their citizens to uplift their standards of living. Because most people are not receiving any benefits from their government so they need to find ways to survive.

[mia_houston]

Mr. Putin only shy away from a total ban on Crypto currencies because he knows that Russia is becoming a mining stronghold and a possible monopoly over Bitcoin mining, will put him in a position of strength.

That's what I can't understand about this whole thing with Russia moving toward a crypto ban, unless all those Russian miners are somehow putting a burden on the nation's electrical grid--or if there's a whole lot of tax evasion going on.  But even if there was tax evasion, my guess is that having a lot of people engaged in mining and other crypto activities is helping the economy in an indirect way.  People are paying for that electricity to mine, and they're either buying things with crypto or converting it to rubles and then spending it.  Either way, I don't see how a total ban on crypto would be a good thing for Russia.

Maybe it has something to do with the political situation, i.e., the impending invasion of Ukraine (or at least the tensions resulting from the anticipation of the same)?  I'm not a politician and I could never figure out the way they think, so I'm at a loss.

Recently, the Russian bank has issued a call for the Russian government to completely ban both mining and the use of crypto in Russia, for reasons that are quite classic as in other countries, namely as money laundering, consuming energy resources and also damaging the stability of the use of fiat money later.
However, it is reported that Vladimir Putin does not fully agree with the central bank ban on crypto, and he invites the central bank and the government to take a consensus to make the right decision regarding cryptocurrencies in russia, I think if a consensus is held later, maybe at least the russian central bank will get enlightenment related to the benefits that can be obtained from cryptocurrencies for the people economy and also the Russian state.
I think not only in Russia, but almost all over the world, indeed we will find it very difficult to understand the words that have been issued by politicians so far, they ​play in the name of the people  interests, many of them continue to say that all decisions are only for the interests and benefits of the people, but instead they make decisions by pressuring the people and taking personal advantage .

[andriarto]

Zimbabwe has notorious up and downs with their currency. At one point even having a 1 trillion dollar note being worth 40 US cents. So obviously they need to get ahead and what is the future of our world economics? Crypto.

Is bitcoin exclusively for the poor? There is something eluding my understanding.
When El Salvador made bitcoin a legal tender, it was said that they need to get ahead because of their financial situation. Perhaps, they have no currency of theirs but depending on US dollars.
Now that Zimbabwe what to make provisions for paying taxes with crypto, it is said again that need to get ahead.

...But even if there was tax evasion, my guess is that having a lot of people engaged in mining and other crypto activities is helping the economy in an indirect way.

I was actually of the opinion that people having alot of mining activities in China was helping the country. Not until when they banned bitcoin mining and there was no effect in their economy.
I would rather pray that every country adopt bitcoin averagely than for a particular country to politically monopolise it.

In time, the government will see the benefits to its citizens. For those who can earn money via this industry, they will not be a burden of their government and I hope, someday these countries banning the use of crypto will be enlightened that somehow this market is helping their citizens to uplift their standards of living. Because most people are not receiving any benefits from their government so they need to find ways to survive.

from the government's point of view I think they will just look for a new source of income from this business. besides that if a trader goes bankrupt, it is as if the trader himself bears it. Of course the government wants state income and in this new business, the government is starting to look for opportunities, although not directly of course the exchange has an official permit that must be recorded in the government bureaucracy

[Similificator]

Seems to me that all this fuss is something that the president of Russia want to happen in an attempt to cover ulterior motives. Currently, he has a lot on his plate which is why he does not want to been seen as entirely pro or against crypto so that he doesn't get too deep in any hole and take advantage of any good side of the coin. I reckon that he already is rooted on crypto and has plans for it in the future. Banning it is completely impossible at the moment unless the world leaders unute to ban it entirely.

[bitgolden]

Recently, the Russian bank has issued a call for the Russian government to completely ban both mining and the use of crypto in Russia, for reasons that are quite classic as in other countries, namely as money laundering, consuming energy resources and also damaging the stability of the use of fiat money later.
However, it is reported that Vladimir Putin does not fully agree with the central bank ban on crypto, and he invites the central bank and the government to take a consensus to make the right decision regarding cryptocurrencies in russia, I think if a consensus is held later, maybe at least the russian central bank will get enlightenment related to the benefits that can be obtained from cryptocurrencies for the people economy and also the Russian state.

The thing about money laundering and illegal activity is that, the criminals acted like that before the invention of crypto as well. Pablo Escobar became one of the richest people in the world way before crypto, which shows you that there is no need for crypto for them to continue their operations.

So, if you are banning crypto because of this reason, you are looking for the bad people in the wrong places. What should happen instead is the method that people should be KYC'd very well and you could predict who is doing what and you could keep their names off it. Obviously they will find puppets but they can't keep using puppets forever, and not for that much money. They would be caught if it was too obvious.

[TribalBob]

Although dealing with crypto and Bitcoin and their related industries such as exchanges, mining farms, and so on is not just purely about a question of tax or ban, the fact that the government would not only be embracing what's latest in financial technology but also profits from it in more ways than one, makes it more inclined to accept it than not.

However, there are countries which are focusing more on the possible negative effects of Bitcoin rather than the positive ones, and they give more weight to this than the revenue that they could potentially gain.

until this moment I still don't know what the negative impact of bitcoin itself is, hasn't bitcoin so far provided many advantages for its owners, especially financial freedom,
but if one country bans bitcoin why is there still a tax? what is the tax for?

[Darker45]

Although dealing with crypto and Bitcoin and their related industries such as exchanges, mining farms, and so on is not just purely about a question of tax or ban, the fact that the government would not only be embracing what's latest in financial technology but also profits from it in more ways than one, makes it more inclined to accept it than not.

However, there are countries which are focusing more on the possible negative effects of Bitcoin rather than the positive ones, and they give more weight to this than the revenue that they could potentially gain.

until this moment I still don't know what the negative impact of bitcoin itself is, hasn't bitcoin so far provided many advantages for its owners, especially financial freedom,
but if one country bans bitcoin why is there still a tax? what is the tax for?

The impacts of Bitcoin are not just limited to its owners. Bitcoin has an impact to the government and its agencies, to the banking industry, to the business sector, and so on. It has its impact to law enforcement agencies, to monetary and financial agencies, to regulatory agencies, and so on. So what may be good to Bitcoin holders may not be the same to the police, for example, or to the central bank or to Western Union. A decentralized currency has a negative impact to a highly centralized government system.  

Anyway, is there a country that bans and taxes Bitcoin at the same time?

[AicecreaME]

I do not understand the need for countries to send crypto miners away, China did it, and that was a big mistake. Imagine a whole lot of business, where people pay you tons of electricity, maybe hire some staff, and then earn a lot of money all within your nation. Is it possible for them to take that money out of the nation and into some other nation? Of course, but that is up to you to convince them to spend it there.

All in all, they are a business and you should be happy to have as many business' as possible all around the nation. That's how you make money as a nation, you get taxes and the more you get taxes the richer your nation will become and sending these companies away only drops the taxes you can collect, makes no sense.

China has to stop crypto mining for environmental reasons. It could be a mistake from others' perspectives, but I think it is not really a loss to them if they are really after the welfare of the planet. Although economically speaking, crypto mining and all other things related to crypto that has been banned have a really big impact on the economy. The taxation of crypto in the centralized exchangers in China is a great loss for them. Although I bet they already thought of this before implementing the banning, hence, they pushed through with it despite the possible repercussions. After all, it's not all about money every single time. Maybe some of their officials have this set of beliefs and principles that they uphold which weigh more than just the satisfaction and money they will generate from crypto mining. Because knowing mining, it consumes a lot of energy which is known to be non-renewable. With that, a lot of energy are being consumed, therefore, a lot of coals are being used as well, resulting in more pollution. I've read as well that the country China is planning to be carbon neutral by the next 18 years which is 2060. So, maybe they really are taking the small steps right now so that withdrawal by then won't be as hard.

[maydna]

Although dealing with crypto and Bitcoin and their related industries such as exchanges, mining farms, and so on is not just purely about a question of tax or ban, the fact that the government would not only be embracing what's latest in financial technology but also profits from it in more ways than one, makes it more inclined to accept it than not.

However, there are countries which are focusing more on the possible negative effects of Bitcoin rather than the positive ones, and they give more weight to this than the revenue that they could potentially gain.

until this moment I still don't know what the negative impact of bitcoin itself is, hasn't bitcoin so far provided many advantages for its owners, especially financial freedom,
but if one country bans bitcoin why is there still a tax? what is the tax for?

If one country bans bitcoin, the tax comes from the other businesses and not from bitcoin but I am not sure if they apply tax for a crypto user because they ban bitcoin while their people can't use bitcoin freely. I don't think much about the negative impact of bitcoin because I only see the positive impact of bitcoin for me, my friends, and people around me who use bitcoin. We hope that if the government applies taxes for crypto users, they will use normal taxes amount and not too high because not all crypto users are a whale and many of them are still struggling to earn money from crypto.

[wxa7115]

In time, the government will see the benefits to its citizens. For those who can earn money via this industry, they will not be a burden of their government and I hope, someday these countries banning the use of crypto will be enlightened that somehow this market is helping their citizens to uplift their standards of living. Because most people are not receiving any benefits from their government so they need to find ways to survive.

They do not care, politicians pay lip service about caring about their citizens but do they actually care about them? Of course not, they care about the benefits they can get to themselves and nothing more.

So when they see bitcoin, they do not see a tool for their citizens to use and try to improve their lives, they see a tool that reduces their power and their ability to control their population, and when we think of things this way it is understandable that many politicians still have a very negative view about bitcoin and this market in general.

[dunfida]

In time, the government will see the benefits to its citizens. For those who can earn money via this industry, they will not be a burden of their government and I hope, someday these countries banning the use of crypto will be enlightened that somehow this market is helping their citizens to uplift their standards of living. Because most people are not receiving any benefits from their government so they need to find ways to survive.

They do not care, politicians pay lip service about caring about their citizens but do they actually care about them? Of course not, they care about the benefits they can get to themselves and nothing more.

So when they see bitcoin, they do not see a tool for their citizens to use and try to improve their lives, they see a tool that reduces their power and their ability to control their population, and when we think of things this way it is understandable that many politicians still have a very negative view about bitcoin and this market in general.

Fact!

This is why it isnt surprising that government would be always be having that kind of views and perception or impressions towards crypto since they couldnt really see things that would benefit them but instead they would really be losing off total control when it comes to financial matters specially into its citizens.

You would really able to expect on what they would potentially do which if you do go on bigger picture then its not really shocking anymore and how to deal with it?

With having that decentralized market then you could still able to deal with it not minding much about this matter.

[Vaskiy]

Although dealing with crypto and Bitcoin and their related industries such as exchanges, mining farms, and so on is not just purely about a question of tax or ban, the fact that the government would not only be embracing what's latest in financial technology but also profits from it in more ways than one, makes it more inclined to accept it than not.

However, there are countries which are focusing more on the possible negative effects of Bitcoin rather than the positive ones, and they give more weight to this than the revenue that they could potentially gain.

until this moment I still don't know what the negative impact of bitcoin itself is, hasn't bitcoin so far provided many advantages for its owners, especially financial freedom,
but if one country bans bitcoin why is there still a tax? what is the tax for?

The impacts of Bitcoin are not just limited to its owners. Bitcoin has an impact to the government and its agencies, to the banking industry, to the business sector, and so on. It has its impact to law enforcement agencies, to monetary and financial agencies, to regulatory agencies, and so on. So what may be good to Bitcoin holders may not be the same to the police, for example, or to the central bank or to Western Union. A decentralized currency has a negative impact to a highly centralized government system.  

Anyway, is there a country that bans and taxes Bitcoin at the same time?

Taxation, big thing that makes governments think much about the usage of cryptocurrencies. Till date more countries have regulated the usage and has taxed cryptocurrency purchase. But, to what extent this is found to be effective is unknown. From my understanding governments isn't getting any big revenue out of it, which makes way for such bans.

Some governments have added it along with gold. Some have imposed taxes, but there will be always a way to skip it. So crypto ban and taxation of cryptocurrency isn't going to be effective now and forever. Only the cryptocurrency developers need to think of some blockchain to streamline the taxation based on holdings.

[gantez]

Although dealing with crypto and Bitcoin and their related industries such as exchanges, mining farms, and so on is not just purely about a question of tax or ban, the fact that the government would not only be embracing what's latest in financial technology but also profits from it in more ways than one, makes it more inclined to accept it than not.

However, there are countries which are focusing more on the possible negative effects of Bitcoin rather than the positive ones, and they give more weight to this than the revenue that they could potentially gain.

until this moment I still don't know what the negative impact of bitcoin itself is, hasn't bitcoin so far provided many advantages for its owners, especially financial freedom,
but if one country bans bitcoin why is there still a tax? what is the tax for?

I really not seeing the negative side of bitcoin and the countries coming against it are doing that for selfish reasons. Bitcoin is talking of financial freedom for everyone both the people and the government. The government can transact fast and monitor theft through blockchain. The corruption in fiat will not be there in blockchain and this is why they don't look at using bitcoin.

[24Kt]

Although dealing with crypto and Bitcoin and their related industries such as exchanges, mining farms, and so on is not just purely about a question of tax or ban, the fact that the government would not only be embracing what's latest in financial technology but also profits from it in more ways than one, makes it more inclined to accept it than not.

However, there are countries which are focusing more on the possible negative effects of Bitcoin rather than the positive ones, and they give more weight to this than the revenue that they could potentially gain.

until this moment I still don't know what the negative impact of bitcoin itself is, hasn't bitcoin so far provided many advantages for its owners, especially financial freedom,
but if one country bans bitcoin why is there still a tax? what is the tax for?

I really not seeing the negative side of bitcoin and the countries coming against it are doing that for selfish reasons. Bitcoin is talking of financial freedom for everyone both the people and the government. The government can transact fast and monitor theft through blockchain. The corruption in fiat will not be there in blockchain and this is why they don't look at using bitcoin.

Some government are against with it because it is decentralized, meaning, they won't have full control of what's going on in the crypto market. This is why most governments are sticking to their fiat system because it is centralized. But for some governments, they are open to accept the crypto market. They can regulate it by charging taxes on crypto businesses. They may not see the whole picture of the market under their jurisdiction but at least they can get something out of it. But for some, they are totally banning it and not allowing their constituents to deal with crypto. But are they sure that the total ban will make their crypto users not deal with crypto? There are so many ways now how to get around the total ban.

[Anonylz]

I really not seeing the negative side of bitcoin and the countries coming against it are doing that for selfish reasons. Bitcoin is talking of financial freedom for everyone both the people and the government. The government can transact fast and monitor theft through blockchain. The corruption in fiat will not be there in blockchain and this is why they don't look at using bitcoin.

Our government are too selfish and always interested in what they can have control over else that thing is automatically tagged as bad, bitcoin is not the root of the problems we have in this world, even before the advent of btc, there have always been multiple of crimes of different economic and political status, but for some selfish reasons, they want to attribute majorities of these problems as a result of btc existence,
Since crypto gives a certain level of financial freedom and can prevent users from being tied to the apron string of the government, they are not so happy with that and must do everything to prevent it.

[dbc23]

Since Putin sees benefits in cryptocurrency mining and how much development it can bring about I think they would rather come to a consensus of regulating it's process and usage other than an complete ban. I just believe at some point the Russian government is trying to get involved so the actually account on how this new technology is been mined and how much of positive impact it has placed on her citizens

[justdimin]

Going by this i want to believe that tax payment goes along way to regulating restrictions and ban challenges by many countries, just as Russia sees mining crypto is a cognitive advantage to technological development of it country and Zimbabwe accepting tax payment in crypto by digital currency firms.

I do see these two different countries' stand against cryptocurrencies as a case-study to get ready for any kind of regulation even in my country. I am little worried about what kind of final outcome about cryptocurrencies that my government will take. I guess with the help of gift cards and anonymous debit cards, I may manage for some times until all hassles settle down. But, the cost associated for these are a bit higher than what I do get from my local exchange which is the only concern for me when my government goes against cryptocurrencies.

For example, for buying a giftcard from bitrefill I need to pay 8% to 12% higher than my local exchange's bitcoin rate. If my government asks only 10% tax on my bitcoin selling then I will keep using my exchange by paying tax to government if taxes are higher than 15% then I need to lead a life out of gift cards.

[el kaka22]

I do see these two different countries' stand against cryptocurrencies as a case-study to get ready for any kind of regulation even in my country. I am little worried about what kind of final outcome about cryptocurrencies that my government will take. I guess with the help of gift cards and anonymous debit cards, I may manage for some times until all hassles settle down. But, the cost associated for these are a bit higher than what I do get from my local exchange which is the only concern for me when my government goes against cryptocurrencies.

For example, for buying a giftcard from bitrefill I need to pay 8% to 12% higher than my local exchange's bitcoin rate. If my government asks only 10% tax on my bitcoin selling then I will keep using my exchange by paying tax to government if taxes are higher than 15% then I need to lead a life out of gift cards.

I would say that localbitcoins type of hand to hand could be a bit better in that case? I do not know where you live but where I live it is still legal and yet people still use localbitcoins. P2P was used in Nigeria a lot where it was looking like it will get banned and exchanges closed out of fear so people had to use P2P. That is the only way out right now for the people, many wealthy people have bank accounts in other nations as well.

If you could travel to another nation for a while, get a bank account there, get a credit card, then you could use that nations exchanges and you would use that nations credit card and you could go back and live in your nation with that nations banks card. This was done by people in Cyprus back in the day when it was banned for a short term, but it was reopened again I believe, and being done by people in Iran as well, who all travel to other nations get a bank account and then use that nations card in their own nation.

[Mahanton]

Since Putin sees benefits in cryptocurrency mining and how much development it can bring about I think they would rather come to a consensus of regulating it's process and usage other than an complete ban. I just believe at some point the Russian government is trying to get involved so the actually account on how this new technology is been mined and how much of positive impact it has placed on her citizens

They are really not that confident thats why they do have that kind of tug-of-war like kind of decision making towards involvement with crypto whether they do accept or would totally ban it because they dont like it?
I wouldnt be surprised on what are their criterias before accepting something and for the sake of testing out then they could do such thing but hopefully that there would be no total ban on this one
because for sure that would really be making some major impact once again in the market.

[kryptqnick]

Calling for regulation instead of restriction is a simple choice because regulation would mean at least some influx of money for the state, and given that crypto mining isn't anything morally questionable (unless one believes it's very harmful for ecology, but Russia's not the sort of country that takes ecology seriously anyway), it's clearly a win to legalize cryptos and operations with it.
As for Zimbabwe and tax collection, I think if taxes are applicable, it already means that cryptos are legalized in some way there. I only hope taxes will be reasonable because otherwise people will simply look for ways of avoiding paying them.

[paxmao]

Calling for regulation instead of restriction is a simple choice because regulation would mean at least some influx of money for the state, and given that crypto mining isn't anything morally questionable (unless one believes it's very harmful for ecology, but Russia's not the sort of country that takes ecology seriously anyway), it's clearly a win to legalize cryptos and operations with it.
As for Zimbabwe and tax collection, I think if taxes are applicable, it already means that cryptos are legalized in some way there. I only hope taxes will be reasonable because otherwise people will simply look for ways of avoiding paying them.

Regulation has to be there, it is inevitable and up to a certain point it is desirable. As I have mentioned a number of times, the devil is in the details. The fine print of the regulation may mark the distinction between a ban, a regulation that restricts trade and use, a regulation that simply protects the users or one that simply taxes and provides zero value for the investors.

I am interested in regulations that protect users.

[usekevin]

Calling for regulation instead of restriction is a simple choice because regulation would mean at least some influx of money for the state, and given that crypto mining isn't anything morally questionable (unless one believes it's very harmful for ecology, but Russia's not the sort of country that takes ecology seriously anyway), it's clearly a win to legalize cryptos and operations with it.
As for Zimbabwe and tax collection, I think if taxes are applicable, it already means that cryptos are legalized in some way there. I only hope taxes will be reasonable because otherwise people will simply look for ways of avoiding paying them.

Regulation has to be there, it is inevitable and up to a certain point it is desirable. As I have mentioned a number of times, the devil is in the details. The fine print of the regulation may mark the distinction between a ban, a regulation that restricts trade and use, a regulation that simply protects the users or one that simply taxes and provides zero value for the investors.

I am interested in regulations that protect users.

People invest with their knowledge. The profit is shared by the mean of taxes. I had strongly disagreed with the concept of taxation. The crypto earnings is our hard work, how the government had a right to keep a taxes on us. This is not a good enough for the investors. All the indian people who had crypto investment are not happy now. I had read the article about that one. The crypto investors of India have to pay of 30 percentage of their earnings. This was huge drawback to investors of India.

[KingsDen]

<snip>

Regulation has to be there, it is inevitable and up to a certain point it is desirable. As I have mentioned a number of times, the devil is in the details. The fine print of the regulation may mark the distinction between a ban, a regulation that restricts trade and use, a regulation that simply protects the users or one that simply taxes and provides zero value for the investors.

I am interested in regulations that protect users.

I am agreeing with you totally. I am never an advocate of non crypto regulation.
Every government no matter how corrupt has the duty of securing the properties of her citizens. We should not expect any reasonable government to accept in totality what she does not control or regulate as the case may be.
Regulations would be there to protect users;
Regulation would be there to curb excesses;
Regulation is a product of adoption.
You cannot regulate when you do not adopt. We should see regulation as a tool to appease ban.
Then, every country should regulate according to how bitcoin affects or effects her economy.

[Alisha FR]

The Zimbabwean government recently said it had entered into an agreement with the British Virgin Islands-based Daedalus World Limited wherein the latter is expected to collect taxes from companies that offer “betting, gaming and cryptocurrency services to persons and organisations within the territory of the Republic of Zimbabwe.”
https://news.bitcoin.com/zimbabwe-signs-agreement-enabling-collection-of-taxes-from-crypto-and-e-commerce-entities/?utm_source=thecryptoapp

Going by this i want to believe that tax payment goes along way to regulating restrictions and ban challenges by many countries

but in this case zimbabwe looks like chasing the future excessively, and even then because of its financial condition that can't be saved because the exchange of money they have is very bad.
so it's only natural that now some of the income from crypto proceeds is also taxed to improve their financial cycle slowly and regardless of the risk that will be obtained later. even when they talk about regulations, they are still very confused about what to do with cryptocurrencies that are not their currency. for me they are just beneficiary and not wise.

[sana54210]

People invest with their knowledge. The profit is shared by the mean of taxes. I had strongly disagreed with the concept of taxation. The crypto earnings is our hard work, how the government had a right to keep a taxes on us. This is not a good enough for the investors. All the indian people who had crypto investment are not happy now. I had read the article about that one. The crypto investors of India have to pay of 30 percentage of their earnings. This was huge drawback to investors of India.

Without taxation the world would not survive, all the people who need help will be ignored and there will be poverty beyond measure. You may consider that you should be doing whatever you can and if you can't then you should be eliminated by a Darwinian situation.

However, that will be death and misery everywhere around the world and we can't just say "let people die if they can't succeed". Some people will be in terrible position all their lives and yes taxpayers do pay for them to not die and live with bare minimum via welfare. That is just one side of it, from police force to firefighters to teachers and hospitals there are many things that our taxes go to.

The problem is not "taxing is a bad thing", it is "corrupt politicians use our taxes to enrich themselves". They may end up doing the right thing, but they will pay double the amount to their friends to do it.

[DrBeer]

Since Putin sees benefits in cryptocurrency mining and how much development it can bring about I think they would rather come to a consensus of regulating it's process and usage other than an complete ban. I just believe at some point the Russian government is trying to get involved so the actually account on how this new technology is been mined and how much of positive impact it has placed on her citizens

Not everything is clear here. On the one hand, I do not rule out that Putin and his clan have deposits in cryptocurrencies - having huge amounts of free funds. On the other hand, he is hiccups afraid that it will be used:
1. To withdraw funds from Russia, past his hands.
2. "To finance the opposition that wants to overthrow him"
The person is mentally unstable, all nonsense in the head

[wxa7115]

Since Putin sees benefits in cryptocurrency mining and how much development it can bring about I think they would rather come to a consensus of regulating it's process and usage other than an complete ban. I just believe at some point the Russian government is trying to get involved so the actually account on how this new technology is been mined and how much of positive impact it has placed on her citizens

The Russian economy was in problems due to the pandemic, however now that the US is making a point about Ukraine then they are facing even greater problems, Putin probably realizes that he cannot really ban an industry that is bringing economic activity and taxes to the country.

However I do not think we should expect a huge deal of support from Putin towards bitcoin, to him bitcoin is only a tool that he can use for his benefit, and the moment that is not the case then a ban will most likely take place.

[Flexystar]

Accepting the crypto taxes does not necessarily mean that government or central banks are actually accepting them as legit assets. Remember that tax acceptance could be Trojan horse situation where Government is saying that they are in favour of it but deep inside they could be plotting big arena battle. The recent case with India, where budget stated that they will levy 30% taxes on the crypto earnings. Just imagine the situation of those who are in India right now. I mean they may be happy but they may not be really happy!

It’s not full ban at all, but it’s indirect ban because who would pay 30% of their income straight in taxes? That’s sorrowful and they can’t just deal with it.

[dezoel]

I think it is usually best For a country to accept tax for Bitcoin, instead of banning it from their country. That way they are going to benefit from it instead of losing. Whenever the government bans Bitcoin, it’s just like they are losing, because they can’t actually stop people from making use of cryptocurrency. Some people in the country will still continue to make use of cryptocurrency because they know that they would be able to use decentralized platforms and go free with it.

The only platforms that are affected by the government ban of cryptocurrency is just CEX. So people still continue using it, and the government are the ones who are losing. But by embracing cryptocurrency and allowing people to make use of it, they can decide to be collecting a little tax from it, which stands to benefit the country in one way or the other.

[SquallLeonhart]

On the one hand, I do not rule out that Putin and his clan have deposits in cryptocurrencies - having huge amounts of free funds. On the other hand, he is hiccups afraid that it will be used:
1. To withdraw funds from Russia, past his hands.
2. "To finance the opposition that wants to overthrow him"
The person is mentally unstable, all nonsense in the head

He wouldn’t be the first to have such a thought, that is the regular thought that most people in power do have, they always think that somehow that there would be people who are making use of cryptocurrency as a way to fund illicit activities against their government and their country. So, it is nothing new at all and they have been saying it right from time.

But, so far, I have not seen such activities take place, where people are using Bitcoin to fund terrorism or illicit activities or anything at all against the government. Moreover Bitcoin is not that too anonymous to the extent that you wouldn’t be able to know what it is being used for. If such things are going on there is the possibility that it will be uncovered.

[molsewid]

I think it is usually best For a country to accept tax for Bitcoin, instead of banning it from their country. That way they are going to benefit from it instead of losing. Whenever the government bans Bitcoin, it’s just like they are losing, because they can’t actually stop people from making use of cryptocurrency. Some people in the country will still continue to make use of cryptocurrency because they know that they would be able to use decentralized platforms and go free with it.

The only platforms that are affected by the government ban of cryptocurrency is just CEX. So people still continue using it, and the government are the ones who are losing. But by embracing cryptocurrency and allowing people to make use of it, they can decide to be collecting a little tax from it, which stands to benefit the country in one way or the other.

This is probably one of the major taking actions of a government of a certain country if would going to legally adopted bitcoin as a legal tender but so far even liking the idea that they might get a profit from the tax of crypto user still governments of many countries didn't want to give a try to allow the circulation of bitcoin in their economy. Well, with that being said, this is not the losses of bitcoin because bitcoin became more valuable even without this kind of privilege.

[wxa7115]

Accepting the crypto taxes does not necessarily mean that government or central banks are actually accepting them as legit assets. Remember that tax acceptance could be Trojan horse situation where Government is saying that they are in favour of it but deep inside they could be plotting big arena battle. The recent case with India, where budget stated that they will levy 30% taxes on the crypto earnings. Just imagine the situation of those who are in India right now. I mean they may be happy but they may not be really happy!

It’s not full ban at all, but it’s indirect ban because who would pay 30% of their income straight in taxes? That’s sorrowful and they can’t just deal with it.

Even if also I think of the example you are giving as an indirect ban, most people are not going to be that dumb and pay that tax, I remember that after the Great Depression on the US the government made possession of gold illegal and ordered all of their citizens to give their gold to the government, and what happened next? The government devalued the dollar against gold and earned a lot of money because of it since they were the ones now holding way more gold than before.

However it is believed that roughly half of the population did not gave their gold away, and taking into account that thanks to the technology people are more informed than at any moment in the past, I doubt people will pay a tax that high and will simply ignore it.

[n0ne]

Accepting the crypto taxes does not necessarily mean that government or central banks are actually accepting them as legit assets. Remember that tax acceptance could be Trojan horse situation where Government is saying that they are in favour of it but deep inside they could be plotting big arena battle. The recent case with India, where budget stated that they will levy 30% taxes on the crypto earnings. Just imagine the situation of those who are in India right now. I mean they may be happy but they may not be really happy!

It’s not full ban at all, but it’s indirect ban because who would pay 30% of their income straight in taxes? That’s sorrowful and they can’t just deal with it.

What we see with India is different. They should give the governments stand on cryptocurrency usage and further about the tax. What has happened is straight opposite, they've taxed heavily and then said just because cryptocurrency is taxed it doesn't mean it is legalized. So what does this people do, whether they can make use of it or not. For such a situation it is good to have a clear view as China. If I'm not wrong India won't make a conclusion statement, because it looks like more politicians invested into it.

[Westant]

Accepting the crypto taxes does not necessarily mean that government or central banks are actually accepting them as legit assets. Remember that tax acceptance could be Trojan horse situation where Government is saying that they are in favour of it but deep inside they could be plotting big arena battle. The recent case with India, where budget stated that they will levy 30% taxes on the crypto earnings. Just imagine the situation of those who are in India right now. I mean they may be happy but they may not be really happy!

It’s not full ban at all, but it’s indirect ban because who would pay 30% of their income straight in taxes? That’s sorrowful and they can’t just deal with it.

What we see with India is different. They should give the governments stand on cryptocurrency usage and further about the tax. What has happened is straight opposite, they've taxed heavily and then said just because cryptocurrency is taxed it doesn't mean it is legalized. So what does this people do, whether they can make use of it or not. For such a situation it is good to have a clear view as China. If I'm not wrong India won't make a conclusion statement, because it looks like more politicians invested into it.

I think the people of India will not be sad much because I check about their income tax on normal currency and they are also taxing the normal income up to 30%. The income tax starts from 5% and reach to 30% with the ascending of Indian citizens income. The only difference is that the tax on normal income starts from 5% and reach to 30% while the tax on crypto is fixed 30%. Those who already paying normal income tax will find it familiar but those who are new to taxes will find it a little hard. 

[bhooscream]

People invest with their knowledge. The profit is shared by the mean of taxes. I had strongly disagreed with the concept of taxation. The crypto earnings is our hard work, how the government had a right to keep taxes on us. This is not a good enough for the investors.

Actually, it depends on the laws or regulations of the country. In my country, there is a tax for total income or earnings, but there is no specific tax for crypto industry.
If it is about the investment, there are also taxes that are for some property and also including investment that we have, but not for crypto yet.
Even we don't agree with taxation, if the government has decided, we can do nothing.

[Oasisman]

~snip~

~snip~

People invest with their knowledge. The profit is shared by the mean of taxes. I had strongly disagreed with the concept of taxation. The crypto earnings is our hard work, how the government had a right to keep a taxes on us. This is not a good enough for the investors. All the indian people who had crypto investment are not happy now. I had read the article about that one. The crypto investors of India have to pay of 30 percentage of their earnings. This was huge drawback to investors of India.

Well, as much as we don't want our hard earned money to be taxed, but it's the law.
The law maybe harsh but it's the law. Same goes to the big business men, they worked hard for it and you'll be surprised of how much taxes they paid annually to keep their business running. Besides, It is our duty to pay our taxes as a citizen of a country.
Now, don't be too worry about crypto regulations and taxation, especially Bitcoin. They cannot impose a fixed amount of tax when you're earning Bitcoin because they had no control over it and they don't know how much you're earning. They cannot make an audit to your crypto earning.

[Fatunad]

~snip~

~snip~

People invest with their knowledge. The profit is shared by the mean of taxes. I had strongly disagreed with the concept of taxation. The crypto earnings is our hard work, how the government had a right to keep a taxes on us. This is not a good enough for the investors. All the indian people who had crypto investment are not happy now. I had read the article about that one. The crypto investors of India have to pay of 30 percentage of their earnings. This was huge drawback to investors of India.

Well, as much as we don't want our hard earned money to be taxed, but it's the law.
The law maybe harsh but it's the law. Same goes to the big business men, they worked hard for it and you'll be surprised of how much taxes they paid annually to keep their business running. Besides, It is our duty to pay our taxes as a citizen of a country.
Now, don't be too worry about crypto regulations and taxation, especially Bitcoin. They cannot impose a fixed amount of tax when you're earning Bitcoin because they had no control over it and they don't know how much you're earning. They cannot make an audit to your crypto earning.

Unless if you do make yourself been using centralized platform on making directly conversions from crypto to fiat then you are KYC verified then sooner or later you would really be taxed up.
Yeah its true that as a citizen on a particular country that we should pay up tax for the benefit of the economy which i couldnt really blame out some people because some countries does
really have that kind government which is really corrupt which they would really be hesitated on paying up taxes.

[FanEagle]

This government, have they really taken time to study cryptocurrency and how it works? Do they know that even if they should ban crypto currency in the country that there will still be people who are making use of these crypto currencies and be able to trade them despite whatever ban they might have placed on it?

As for cryptocurrency mining, it is quite possible that the government can stop companies from mining cryptocurrency, because it is quite easy to spot the crypto miners wherever they might be. So, it is quite possible for them to stop it, which is one way I think that they can do something that will affect Bitcoin.

And this is because Bitcoin these days is not something that you can just mine from your home with your computer. This time around it requires a big mining farm and all that. I think if it was as it used to be before, then it would be even more difficult for them to stop mining. It is good that Russia didn’t ban it, but rather accepted it.

[doomloop]

Unless if you do make yourself been using centralized platform on making directly conversions from crypto to fiat then you are KYC verified then sooner or later you would really be taxed up.
Yeah its true that as a citizen on a particular country that we should pay up tax for the benefit of the economy which i couldnt really blame out some people because some countries does
really have that kind government which is really corrupt which they would really be hesitated on paying up taxes.

It is through these centralized exchanges that the government would be able to tax crypto currency traders. Centralized exchanges are linked to the government and are being regulated by them, so if they are placing any taxes, it is going to be through these centralized exchanges.

But, I don’t think that the government would be able to charge tax when a user is making use of a decentralized exchange to trade, because these exchanges that are decentralized doesn’t have any link to the government, so they cannot be regulated at all, so meaning that there wouldn’t be a way that the government would know the traders on the platform, because they have no information about them, not to talk of taxing them.

It is up to the individual, because as far as I know there are so many people who prefers making use of decentralized exchanges just because they are trying to keep their privacy, and there also those who doesn’t mind making use of the centralized exchanges and putting up with their KYC and all that.

[Westant]

This government, have they really taken time to study cryptocurrency and how it works? Do they know that even if they should ban crypto currency in the country that there will still be people who are making use of these crypto currencies and be able to trade them despite whatever ban they might have placed on it?

As for cryptocurrency mining, it is quite possible that the government can stop companies from mining cryptocurrency, because it is quite easy to spot the crypto miners wherever they might be. So, it is quite possible for them to stop it, which is one way I think that they can do something that will affect Bitcoin.

And this is because Bitcoin these days is not something that you can just mine from your home with your computer. This time around it requires a big mining farm and all that. I think if it was as it used to be before, then it would be even more difficult for them to stop mining. It is good that Russia didn’t ban it, but rather accepted it.

It is the big mistake of the countries who think that they will ban it and the use of it will be erased from the country while in actual they are losing themselves as people can use it anonymously and people will use it because of the benefits to them and the government will not be able to take the taxes. Those who study it on time found it to better is to accept it and those who will study later will regret to lose the taxes collections.

[virasog]

Calling for regulation instead of restriction is a simple choice because regulation would mean at least some influx of money for the state, and given that crypto mining isn't anything morally questionable (unless one believes it's very harmful for ecology, but Russia's not the sort of country that takes ecology seriously anyway), it's clearly a win to legalize cryptos and operations with it.
As for Zimbabwe and tax collection, I think if taxes are applicable, it already means that cryptos are legalized in some way there. I only hope taxes will be reasonable because otherwise people will simply look for ways of avoiding paying them.

Regulation has to be there, it is inevitable and up to a certain point it is desirable. As I have mentioned a number of times, the devil is in the details. The fine print of the regulation may mark the distinction between a ban, a regulation that restricts trade and use, a regulation that simply protects the users or one that simply taxes and provides zero value for the investors.

I am interested in regulations that protect users.

There is a trade off here. Either make bitcoin regulate and pay taxes or keep using bitcoin on a limted scale but pay no tax. I will prefer to pay tax with crypto regulate rather than using bitcoin which is declared ilegal in this case.
If you are geneuine user of bitcoin, and have no bad intention like money laundering, regulation is the best thing. (however KYC and taxes comes with regulation).

[Cookdata]

I'm not sure if collecting taxes on bitcoin just because it encourages adoption and allows various nations to keep bitcoin, but in this case, I'd like my country to remain tax-neutral (not legal and not illegal but a choice) on this issue. I understand that paying taxes as a citizen of a country is usual, but why are they treating bonds and stocks differently when you cash out? A 30% tax on capital gain or loss is so large that you are practically paying back what you have made on an investment.



You're straining to get your bags to pump and the government is waiting to utilize your sweet tax to fund the national budget. I wouldn't mention the transaction fees. 

[marilynmanson21]

complete problems, prohibitions, taxes and crypto where all dealing with the government of course
the government forbids crypto mining but wants taxes from crypto owners, a policy that is detrimental to the people, I think, especially like India, the tax given is quite high at 30%, taxes are robbers for crypto owners, sometimes I can't understand the government's policy regarding this crypto tax

[wxa7115]

This government, have they really taken time to study cryptocurrency and how it works? Do they know that even if they should ban crypto currency in the country that there will still be people who are making use of these crypto currencies and be able to trade them despite whatever ban they might have placed on it?

As for cryptocurrency mining, it is quite possible that the government can stop companies from mining cryptocurrency, because it is quite easy to spot the crypto miners wherever they might be. So, it is quite possible for them to stop it, which is one way I think that they can do something that will affect Bitcoin.

And this is because Bitcoin these days is not something that you can just mine from your home with your computer. This time around it requires a big mining farm and all that. I think if it was as it used to be before, then it would be even more difficult for them to stop mining. It is good that Russia didn’t ban it, but rather accepted it.

It is the big mistake of the countries who think that they will ban it and the use of it will be erased from the country while in actual they are losing themselves as people can use it anonymously and people will use it because of the benefits to them and the government will not be able to take the taxes. Those who study it on time found it to better is to accept it and those who will study later will regret to lose the taxes collections.

It is widely known that if there is demand then someone is going to make the effort to supply that product, so no ban is ever going to be effective against a product with high demand, now I can understand why for example some dangerous drugs are banned even if there is a high demand for them.

But in the case of bitcoin people are not going to understand why something like this is banned as it damages no one, so the resistance to those bans will be even more fierce, especially if people are making decent money with bitcoin.

[Cookdata]

But I heard that many people from that country are happy because they said that the tax is better than the ban. Because majority of them are either software developers or other freelancers and they do not invest from their own pocket. They do work for other and they get 70% for themselves and 30% is given to the government in tax. It is my Idea and if this is the case then I think they are still in benefit.

Making it legal is an advantage to holders but hell no, 30% is too much, maybe my environment is making me hard to digest and accept that figure because I can't pay $30,000 as a tax from $100,000 profits, that's too big.

I've read several tax recommendations and a particular one from coingecko[1] on how US citizen pay their crypto taxes, but I've yet to see someone who pays 30% tax from their crypto wages.
You will have to pay tax for investing in cryptocurrency when you sell them, and there are other ways to pay tax when you are involved in cryptos, such as selling free coins you receive via fork coins, defi, and staking, and receiving a gift in the form of crypto when it is greater than the sum of $15,000.

[1] https://www.youtube.com/watch?v=HsUqtiOPLA4

[lalabotax]

the government forbids crypto mining but wants taxes from crypto owners, a policy that is detrimental to the people

Yes, it is very detrimental. The government applies the taxes because they know the potential money got from crypto. Moreover, they hear many people can get thousands of dollars from crypto every month. They don't know if many people only got a little money from crypto, they even got losses. Do these people also need to pay taxes? The government may not consider this. On the other side, many of their policy harms crypto, and the example is to ban crypto mining.

[AmoreJaz]

But I heard that many people from that country are happy because they said that the tax is better than the ban. Because majority of them are either software developers or other freelancers and they do not invest from their own pocket. They do work for other and they get 70% for themselves and 30% is given to the government in tax. It is my Idea and if this is the case then I think they are still in benefit.

Making it legal is an advantage to holders but hell no, 30% is too much, maybe my environment is making me hard to digest and accept that figure because I can't pay $30,000 as a tax from $100,000 profits, that's too big.

I've read several tax recommendations and a particular one from coingecko[1] on how US citizen pay their crypto taxes, but I've yet to see someone who pays 30% tax from their crypto wages.
You will have to pay tax for investing in cryptocurrency when you sell them, and there are other ways to pay tax when you are involved in cryptos, such as selling free coins you receive via fork coins, defi, and staking, and receiving a gift in the form of crypto when it is greater than the sum of $15,000.

[1] https://www.youtube.com/watch?v=HsUqtiOPLA4

 i can agree that 30% is too much for crypto tax. but that is, if you will declare all your earnings in crypto. lol when it comes to crypto, you can always keep some of your funds without the government knowing it. remember, you are in crypto. but if you are very honest, you will just comply and pay those high taxes. look for deductions of your tax, sometimes there are some inclusions on how to lessen your tax for certain incomes.

[Webetcoins]

This government, have they really taken time to study cryptocurrency and how it works? Do they know that even if they should ban crypto currency in the country that there will still be people who are making use of these crypto currencies and be able to trade them despite whatever ban they might have placed on it?

As for cryptocurrency mining, it is quite possible that the government can stop companies from mining cryptocurrency, because it is quite easy to spot the crypto miners wherever they might be. So, it is quite possible for them to stop it, which is one way I think that they can do something that will affect Bitcoin.

And this is because Bitcoin these days is not something that you can just mine from your home with your computer. This time around it requires a big mining farm and all that. I think if it was as it used to be before, then it would be even more difficult for them to stop mining. It is good that Russia didn’t ban it, but rather accepted it.

It is the big mistake of the countries who think that they will ban it and the use of it will be erased from the country while in actual they are losing themselves as people can use it anonymously and people will use it because of the benefits to them and the government will not be able to take the taxes. Those who study it on time found it to better is to accept it and those who will study later will regret to lose the taxes collections.

It is widely known that if there is demand then someone is going to make the effort to supply that product, so no ban is ever going to be effective against a product with high demand, now I can understand why for example some dangerous drugs are banned even if there is a high demand for them.

But in the case of bitcoin people are not going to understand why something like this is banned as it damages no one, so the resistance to those bans will be even more fierce, especially if people are making decent money with bitcoin.

But, would it be risky if they will continue using something that is already been illegalized? And what if they will get caught? Are they already prepared to face their consequences? Do not say that crypto is anonymous but its not totally and have not you seen the news that even crypto hackers and thieves do still get caught by the authorities? And take not they are already good at hiding much more to a normal crypto user.

I do not know if the government knows that crypto can bring benefits. They are smart but they might not care with it since cryptos are very different from their own local currencies and they wont depend on crypto to make their country better but they can do it by them self.

[milewilda]

 i can agree that 30% is too much for crypto tax. but that is, if you will declare all your earnings in crypto. lol when it comes to crypto, you can always keep some of your funds without the government knowing it. remember, you are in crypto. but if you are very honest, you will just comply and pay those high taxes. look for deductions of your tax, sometimes there are some inclusions on how to lessen your tax for certain incomes.

Way too much i would say even here on my country which do impose 12% tax on income then it is already too high but considering different percentage on each country then i could say
that its a bit low but for 30% crypto tax then it would really be just too much and its true that we know that we could able to hit off on our total income in crypto form which is totally
the beauty of it on which you could opt in not to declare it out but well there are people who are really that honest when it comes to thing which they couldnt just let on
evading taxes.

[jrrsparkles]

But I heard that many people from that country are happy because they said that the tax is better than the ban. Because majority of them are either software developers or other freelancers and they do not invest from their own pocket. They do work for other and they get 70% for themselves and 30% is given to the government in tax. It is my Idea and if this is the case then I think they are still in benefit.

Making it legal is an advantage to holders but hell no, 30% is too much, maybe my environment is making me hard to digest and accept that figure because I can't pay $30,000 as a tax from $100,000 profits, that's too big.

I've read several tax recommendations and a particular one from coingecko[1] on how US citizen pay their crypto taxes, but I've yet to see someone who pays 30% tax from their crypto wages.
You will have to pay tax for investing in cryptocurrency when you sell them, and there are other ways to pay tax when you are involved in cryptos, such as selling free coins you receive via fork coins, defi, and staking, and receiving a gift in the form of crypto when it is greater than the sum of $15,000.

[1] https://www.youtube.com/watch?v=HsUqtiOPLA4

 i can agree that 30% is too much for crypto tax. but that is, if you will declare all your earnings in crypto. lol when it comes to crypto, you can always keep some of your funds without the government knowing it. remember, you are in crypto. but if you are very honest, you will just comply and pay those high taxes. look for deductions of your tax, sometimes there are some inclusions on how to lessen your tax for certain incomes.

Its an offence, if you are hiding your earnings and paying less taxes to the government, but you can avoid it by doing p2p transactions which may fall under other categories since you can report the earnings into something else.

[wxa7115]

It is widely known that if there is demand then someone is going to make the effort to supply that product, so no ban is ever going to be effective against a product with high demand, now I can understand why for example some dangerous drugs are banned even if there is a high demand for them.

But in the case of bitcoin people are not going to understand why something like this is banned as it damages no one, so the resistance to those bans will be even more fierce, especially if people are making decent money with bitcoin.

But, would it be risky if they will continue using something that is already been illegalized? And what if they will get caught? Are they already prepared to face their consequences? Do not say that crypto is anonymous but its not totally and have not you seen the news that even crypto hackers and thieves do still get caught by the authorities? And take not they are already good at hiding much more to a normal crypto user.

Like most of the time the answer to that is it depends, just to give an example people participate in social movements against governments that are abusing their authority, but what could they possibly gain for it? After all they are risking their freedom and their lives by joining such a movement, however in their minds the risk is worth taking as the benefits they can get by getting rid of that government make participating in such a movement worthwhile.

The same will be true for bitcoin, if the economy keeps getting worse then even if bitcoin gets banned people are going to use it as it would be the only way to put food over the table, and we have seen similar examples of this happening with the US dollar, so it makes sense that people will use bitcoin and cryptocurrencies in this way as well.

[KennyR]

But I heard that many people from that country are happy because they said that the tax is better than the ban. Because majority of them are either software developers or other freelancers and they do not invest from their own pocket. They do work for other and they get 70% for themselves and 30% is given to the government in tax. It is my Idea and if this is the case then I think they are still in benefit.

Making it legal is an advantage to holders but hell no, 30% is too much, maybe my environment is making me hard to digest and accept that figure because I can't pay $30,000 as a tax from $100,000 profits, that's too big.

I've read several tax recommendations and a particular one from coingecko[1] on how US citizen pay their crypto taxes, but I've yet to see someone who pays 30% tax from their crypto wages.
You will have to pay tax for investing in cryptocurrency when you sell them, and there are other ways to pay tax when you are involved in cryptos, such as selling free coins you receive via fork coins, defi, and staking, and receiving a gift in the form of crypto when it is greater than the sum of $15,000.

[1] https://www.youtube.com/watch?v=HsUqtiOPLA4

 i can agree that 30% is too much for crypto tax. but that is, if you will declare all your earnings in crypto. lol when it comes to crypto, you can always keep some of your funds without the government knowing it. remember, you are in crypto. but if you are very honest, you will just comply and pay those high taxes. look for deductions of your tax, sometimes there are some inclusions on how to lessen your tax for certain incomes.

Its an offence, if you are hiding your earnings and paying less taxes to the government, but you can avoid it by doing p2p transactions which may fall under other categories since you can report the earnings into something else.

Finally the earnings will be summed up. Maybe for the earning made out of p2p will have lower tax percentage. In my country taxes are being paid according to the income that is being slabbed into categories. The lowest earning pay 5% of the income, then it gradually increases upto 30% and here people can submit expenses documents to reduce the tax to be paid. As in the above quote taxation of 30% in specific for cryptocurrency is something big and it is hard to keep track of users trading amounts and profits.

[Doan9269]

Calling for regulation instead of restriction is a simple choice because regulation would mean at least some influx of money for the state, and given that crypto mining isn't anything morally questionable (unless one believes it's very harmful for ecology, but Russia's not the sort of country that takes ecology seriously anyway), it's clearly a win to legalize cryptos and operations with it.
As for Zimbabwe and tax collection, I think if taxes are applicable, it already means that cryptos are legalized in some way there. I only hope taxes will be reasonable because otherwise people will simply look for ways of avoiding paying them.

I think its high time the governments needed to understand how they have been unlawfully depriving us of our fundamental right and how our finances feels unsecured with their regulatory body, they make laws which are not to the favour of the citizens who put them there to be represented, we cannot maintain a secured private life with our financial standings using banks and now that bitcoin has come to lift such embargo off the neck they make the conditions incondusive, I've come to understand that people tend to speak against anything they are not in support of, cryptocurrency has been facing serious challenges with government regulation and tax, aren't they (governments) taking much than they are giving to the society?.

[istiak2277]

Calling for regulation instead of restriction is a simple choice because regulation would mean at least some influx of money for the state, and given that crypto mining isn't anything morally questionable (unless one believes it's very harmful for ecology, but Russia's not the sort of country that takes ecology seriously anyway), it's clearly a win to legalize cryptos and operations with it.
As for Zimbabwe and tax collection, I think if taxes are applicable, it already means that cryptos are legalized in some way there. I only hope taxes will be reasonable because otherwise people will simply look for ways of avoiding paying them.

Regulation has to be there, it is inevitable and up to a certain point it is desirable. As I have mentioned a number of times, the devil is in the details. The fine print of the regulation may mark the distinction between a ban, a regulation that restricts trade and use, a regulation that simply protects the users or one that simply taxes and provides zero value for the investors.

I am interested in regulations that protect users.

There is a trade off here. Either make bitcoin regulate and pay taxes or keep using bitcoin on a limted scale but pay no tax. I will prefer to pay tax with crypto regulate rather than using bitcoin which is declared ilegal in this case.
If you are geneuine user of bitcoin, and have no bad intention like money laundering, regulation is the best thing. (however KYC and taxes comes with regulation).

Some countries is doing something that will surely discourage their people for not using bitcoin. Like india implement 30% tax in any financial gain from crypto. Indonesian proposed 0.1% tax but they have no intention of legalizing bitcoin. It seems all of those country just want tax money from crypto but do not wants to legalize and provide support for crypto users. In these case users have no option left but to avoid tax.