UK 10yr plan for BTC

[Cranky4u]

UK planning how to handle BTC integration into their economy...my 2 bobs worth is they just want to figure out how to tax BTC so they can get their cut.

http://www.theregister.co.uk/2014/08/07/uk_government_to_assess_whether_virtual_currencies_should_be_regulated/

'I want to see whether we can make more use of them for the benefit of the UK economy and British consumers' from the UK article really means 'how can UK tax BTC'

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1715433381

[jaberwock]

government saying cryptos need to be regulated = we need new source of taxes because we are running out of money.

It is the main reason for many regulated markets we have.

[Steigerz]

Wow yet another way to screw over the hardworking people of the world.

Maybe if our Governments managed our taxes more effectively we would have issues like this

[oceans]

Absolutely unreal that the UK Government is trying everything they can to find a way to tax bitcoin. It's never about the public when it comes to the UK Government it's always about them and how they can cash in. Unreal.

[Steigerz]

Absolutely unreal that the UK Government is trying everything they can to find a way to tax bitcoin. It's never about the public when it comes to the UK Government it's always about them and how they can cash in. Unreal.

Looking at the collective i don't think its just the UK. If the Euro Union gets it way we will most likely see Bitcoin and other digital currencies outlawed.

Bitcoin will evolve and eventually surpass any regulation these thieves impose.

[Ayers]

they want to tax everything be glad that air is not taxable or seriously you would die instead of living in this shitty planet

[pikabit]

government saying cryptos need to be regulated = we need new source of taxes because we are running out of money.

It is the main reason for many regulated markets we have.

well how are we going to pay the universal income if it's not by putting higher taxes on these that have wealth?

[polynesia]

Bitcoin businesses will move to tax havens, just like the regular ones did.

[botany]

Do all governments think regulation is their primary job?
The bitcoin economy seems to have developed pretty well without (or because of) the government not intervening.

[DavidHume]

Bitcoin companies will just leave the country and move elsewhere if they regulate it too much.

[botany]

News like this could become a thing of the past, if the UK tries taxing/over-regulating bitcoin companies.

http://www.standard.co.uk/news/london/london-overtakes-new-york-to-be-named-worlds-finance-capital-9394994.html

[s1lverbox]

I still don't get it how someone can regulate someone else work ( read : stoshi nakamoto).

internet is regulated but.none of this government assholes know how it's really work.

They don't have an idea how btc works. what Bitcoins is and.most important how to do it so can be taxed.

They will make wallet registration department?
I don't think so. you all can sleep well with no worries.

No chance they will  prove u had coins. If they will digg around company's. ..compnays will move to more btc friendly place on planet.


my two satoshi. ...

[botany]

I still don't get it how someone can regulate someone else work ( read : stoshi nakamoto).

internet is regulated but.none of this government assholes know how it's really work.

They don't have an idea how btc works. what Bitcoins is and.most important how to do it so can be taxed.

They will make wallet registration department?
I don't think so. you all can sleep well with no worries.

No chance they will  prove u had coins. If they will digg around company's. ..compnays will move to more btc friendly place on planet.


my two satoshi. ...

They will look at places where conversion to fiat occurs....
Exchanges, money changers, etc.
The regulation will start from them.

[practicaldreamer]

Most of the taxes raised currently will still be able to be raised with bitcoin. The taxes that are currently problematic - for eg. corporation tax (companies locating offshore etc) and income from self employment (cash in hand etc) will still be problematic under bitcoin.

   I reckon that what TPTB are trying to work out and balance is the possible benefits of btc (and what are they for government ? Lower transaction fees ? A burgeoning btc sector riding on the back of VC money ?) against the possible costs.

   Lets not forget here that under the current fiat financial system the Royal Bank of Scotland, for example, still has a balance sheet of £1.4 trillion. Thats as big as the whole of the UK economy.

    Whats the market cap of bitcoin again ?

[virtualx]

Most of the taxes raised currently will still be able to be raised with bitcoin. The taxes that are currently problematic - for eg. corporation tax (companies locating offshore etc) and income from self employment (cash in hand etc) will still be problematic under bitcoin.

How would they be able to be raised? It's so easy to move btc, it's not possible to tax it.

[practicaldreamer]

Most of the taxes raised currently will still be able to be raised with bitcoin. The taxes that are currently problematic - for eg. corporation tax (companies locating offshore etc) and income from self employment (cash in hand etc) will still be problematic under bitcoin.

How would they be able to be raised? It's so easy to move btc, it's not possible to tax it.

Well, it seems to me that apart from the 2 types of taxation that I mentioned every other type of tax would be able to be raised at source and through the normal channels. Everything is accounted for.
    Fuel tax + income from employment (as an employee) + capital gains tax + Value added Tax + Inheritance tax etc etc - none of these would be problematic for a government to raise - not where employers, retailers, accountants etc have a legal liability.

[polynesia]

Most of the taxes raised currently will still be able to be raised with bitcoin. The taxes that are currently problematic - for eg. corporation tax (companies locating offshore etc) and income from self employment (cash in hand etc) will still be problematic under bitcoin.

How would they be able to be raised? It's so easy to move btc, it's not possible to tax it.

Well, it seems to me that apart from the 2 types of taxation that I mentioned every other type of tax would be able to be raised at source and through the normal channels. Everything is accounted for.
    Fuel tax + income from employment (as an employee) + capital gains tax + Value added Tax + Inheritance tax etc etc - none of these would be problematic for a government to raise - not where employers, retailers, accountants etc have a legal liability.

We could have under-reporting of the value of certain transactions. For e.g. - to avoid capital gains tax, a portion of the proceeds could be received through bitcoins and the remaining through fiat. This will lead to a growth in the parallel/bitcoin economy.

Of course, these issues are possible through fiat also. But dealing in large amounts of fiat is a problem. With bitcoins, it is easier.

[gts476]

don't see any way they could make this happen, just .gov trying to kill competitors for it's monopoly on toilet paper.

[botany]

don't see any way they could make this happen, just .gov trying to kill competitors for it's monopoly on toilet paper.

It would take a concerted effort by all governments.
Might not happen even then. 

[BitCoinNutJob]

Do all governments think regulation is their primary job?
The bitcoin economy seems to have developed pretty well without (or because of) the government not intervening.

Gov regulation will happen, the mainstream wont use bitcoin without it so as long as its "reasonable" regulation we all get rich and have extra resources to create bitcoin 2.0 to move the goal posts further.