SNIP
That is for sure but crypto in our country is no longer a secret and if it's about taxation, it is a certain thing. The reality about it is that, unlike any other countries where IRS is too strict about collection of tax. Our Bureau of Internal Revenue isn't. But you're right about the potential of the Unionbank giving that data to the government if there's a need to chase those users that have been missing to file their taxes. Well, it's really different here in our country and only the big ones are always getting the attention of the government. If you're too small whether you're a trader or an investor, you just have to do it on your own and file it voluntarily.
That is not limited for government to look only for those traders who don't file taxes, they may also scrutinize every single person if they want to take out taxes on every single transaction that comes from crypto. I know about some countries where crypto taxes are weird and they treat it as gambling. This will only harm the innocent people who will use banks happily to buy crypto because the culprits who are involved in things like smuggling, kidnapping, child trafficking will never go through banks to cashout their crypto that they collect in ransom.
Well, I am speaking for what's actually happening in our country in terms of taxes. Yes, they're not only going to deal with traders and investors but to almost everyone who's living in here. But I am foreseeing on how other countries that are strict with tax compliance, our country might be next on it.
Remember that all the governments used to ban bitcoin and cryptocurrency, and now they are slowly accepting it, which means they have found benefits in it. There is no reason why banks have been so vehemently opposed to cryptocurrencies, and now they are providing us with convenient avenues to invest in cryptocurrencies. Always be careful with what the government or banks give us, there are no free meals in this world, everything has its price. Taxes are the reason why all governments want to accept bitcoin and cryptocurrencies.
Not all but few countries. Many are neutral and have nothing to say until they make laws and adjusts some policies about it including what they can benefit adopting it. While it's true that there's always the reason why they have to do this but somehow, if they're seeing no problem on it. It's either they support or not worry at all.
