However, I would like to know how you view this decision?
Is a 10% tax on Bitcoin profits a reasonable rate? And is such a tax system good for the cryptocurrency market,? And what is it like for crypto users? or will it discourage long-term investors?
10% tax on profits is not a big deal. In some European countries, the government takes 30% tax from crypto. And in a country like Denmark, if the income exceeds a certain amount of income, the citizen of that country has to pay up to 60% tax, it has been shown in research. In that case, paying 10% tax on Bitcoin profits will not create much pressure on Bitcoin investors. And as a Bitcoin investor, I will definitely feel comfortable paying this amount of tax. However, the thing is that Bitcoin has not been legalized in my country so far, due to which we are using Bitcoin secretly and in this case we do not have to pay any tax to the government. The interesting thing here is that although Bitcoin is illegal in my country, it is in the top 13 position in the use of crypto in the whole world, which is very interesting. Here the government is neglecting it even though it has the opportunity to collect a large amount of tax
