Putting tax on cryptocurrency?

[Moontong 5312]

Did you know that in the UK, there is taxation in cryptocurrency?

You won't pay tax once you buy a bitcoin but you will pay tax once you sell it, what do you think about it? Do you agree or not?

 

There are some other countries that are planning to put a tax on cryptocurrency which is really unreasonable for me because as well all know cryptocurrency is decentralized and there is no right for the government to take place on it. They know how beneficial cryptocurrency is and they know how much money they can get once they pa ut tax on it. 

[Moaz 7239]

There are many countries in the world, including the United Kingdom, that seek to impose taxes on users of cryptocurrencies, as they impose taxes on purchases and sales of cryptocurrencies, and this is bad in my opinion because they have not yet legally regulated cryptocurrencies.

[BTC Future 3946]

Taxation on investment profits after a certain level is a law applicable in most parts of the world. There should be a certain limit though as taxing small profits or every trade is not helping trading. Perhaps the best practice would be to tax an individual after withdrawing a large amount in bank. By large amount I mean more than $10,000 in total for one year. Anything else along with trading should be tax free to help the markets.

[Honny143 13612]

Putting tax in crypto not reasonable but when we think like real citizen of our country, then these step seens reasonable because every year countries loss so much many through this decentralized method, USA government also not taking tax from small traders, if any trader earn 2000k $ dollars then they putting tax means their target big traders, because they are trying escape to pay income tax, so in my opinion every country regulated crypto and putting tax, maybe money laundering and crime activities stop and countries also use this money for development.

[Raqeebzy 6456]

That's also applicable in other parts of the world; European countries especially. In Belgium, Taxation in cryptocurrency is applicable to traders (buyers and sellers), whether an individual or a business entity (crypto companies like exchanges). For now, it is not approved yet in Brussels, I can tell you the tax is enormous.

[gourav789 2834]

On 8/8/2020 at 10:03 PM, Moaz said:

There are many countries in the world, including the United Kingdom, that seek to impose taxes on users of cryptocurrencies, as they impose taxes on purchases and sales of cryptocurrencies, and this is bad in my opinion because they have not yet legally regulated cryptocurrencies.

yes , this is really bad , infact they didn't legally regulate Crypto in their region . I Also have some member from USA in my community they need to pay while they Will purchased or sell through bitcoin and other Crypto currency .

[Ridam 7455]

Actually government are finding out the proper way of governing the Crypto and are imposing the tax , for small trader it would have bad impact and but as they are showing interest in the Crypto field and trying to adopt the new technology I'm happy with the tax. Let's hope every government realised the need of Crypto and talking about some other countries like US  you have to pay tax while buying the Crypto currency and government like Australian Government is also trying to regulate Crypto and imposing tax but let's see how it goes.

[iloveyobit 6599]

As for me, I think that this is unfair because the field is hypothetical and is not recognized yet in the countries so that you cannot impose laws or fees on it before you adopt it.

[Izeal 4404]

On 8/8/2020 at 7:31 PM, Moontong said:

Did you know that in the UK, there is taxation in cryptocurrency?

You won't pay tax once you buy a bitcoin but you will pay tax once you sell it, what do you think about it? Do you agree or not?

 

There are some other countries that are planning to put a tax on cryptocurrency which is really unreasonable for me because as well all know cryptocurrency is decentralized and there is no right for the government to take place on it. They know how beneficial cryptocurrency is and they know how much money they can get once they pa ut tax on it. 

The taxation differs from one country to other in my country all the cryptocurrency are banned and if we earn about $10000 we have to show all the transactions details and from where we earned that much. So, people are less aware about crypto and government too. And I think taxation is good for the economy because tax contributes in the development of the country.

[Tine0313 3053]

If putting tax of Cryptocurrency is the only thing so they can allow transaction of Cryptocurrency for me it is okay. As long as they don't ban transaction of Cryptocurrency in my country im okay with that.

[Whited35 15285]

I think South Korea also puts the tax for the cryptocurrency transactions. After South Korea, mining and trading cryptocurrencies are also subjected to be taxed in Netherlands. There are both pros and cons for the cryptocurrency taxation. Government wants to be sure, you are not earning money illegally by evading the taxes that can be a meaningful reason so many countries are thinking about to add taxes for the cryptocurrency transactions. 

[Dorjoy12 8962]

On 8/8/2020 at 7:46 PM, Moontong said:

Did you know that in the UK, there is taxation in cryptocurrency?

You won't pay tax once you buy a bitcoin but you will pay tax once you sell it, what do you think about it? Do you agree or not?

 

There are some other countries that are planning to put a tax on cryptocurrency which is really unreasonable for me because as well all know cryptocurrency is decentralized and there is no right for the government to take place on it. They know how beneficial cryptocurrency is and they know how much money they can get once they pa ut tax on it. 

@Moontong in my country bitcoin still not accepted so i dont need to give tax to govt becuase they dont know that do i have btc or not... But if you live in Singapore and do trdae a huge amount of btc then invest the money in bank then without any reason you need to give fee to the Govt which will called tax.. But i think if not you store your money in bank then YOU wont need to give tax.. But still many news is unknown so its hard to tell that is those Country take tax or not                         

[Irungu 4299]

Its expected because everywhere there is finances and there is profit being generated, augh to be regulated and there is also tax to be aplied to avoid people losing and the government losing, some people could find a place to run to in order to escape taxes so its important its taxed

[Syedbesharat 5423]

Its a good decision from U.K where the investor doesn't need to pay extra once he makes profit ,he would glady pay the tax.But how much tax put on selling is important because its not one time deal where investor do transaction once in month or year.So they  need a proper system for thus and gives protection from hacker.Make a special department from tax for investors,where their problems must be solved.This way the crypto industry will grow and gives benefit to country.It would best if they have lowest amount of tax .

[MuhammadSh 3067]

I think that it would be happen in all countries which accept using cryptocurrencies for their financial transactions.. they wouldn't depend on these decentralized cryptocurrencies without benefit from them! and i think that there would be more countries would do the same thing in the near future..

[Guru2050 8284]

I don't know why some government, countries are making this attempt to impose tax on Crypto currency system. This digital decentralized in nature which is unique feature that completely differentiate it from fiat currency

[TimopheyKa 3900]

Yes, in General, a tax on cryptocurrency is a fairly common solution for the state economy. In General, I think this is better on the one hand. After all, it is much better to pay taxes, but at the same time, use cryptocurrency. Or, do not use it at all, and do not pay. Also, if I'm not mistaken, Korea also has such a system related to taxes!

[malik6314193 5449]

In one way it is good thing that now many countries are legalizing crypto currencies buy implant the tax on trading. And on the other hand it is not good for crypto traders of such countries. 

[Swapzone 174]

It is definitely not good! Crypto is made for decentralization. And, as you said the governments have no right to put a tx on it.

[Tunuu 2235]

It is good because the one who take that tax is the government, that means they know there are people who uses crypto and they agreed with that. This is help any citizen to use crypto with a freedom because they pay tax to the government.

[Mella 3680]

The problem is that some countries want to place a tax when you trade not caring if you profit or not. This thought is not welcome for anyone because it will make profits less for us.A tax on profits for a time of one year is something that happens on all markets even if it is stocks or gold, but this is most of time when you sell.

 

Edited August 28, 2020 by Mella

[khan22 3478]

Putting tax on the crypto market is a good idea and i hope when the crypto market is legal in all over the world that time the countries will apply different tax on the currencies and soon this will happen becasue crypto market is going to be legal in short time.

[Fixfin 2569]

In most countries you pay tax for your investment profits. It is the same in the USA, Japan and other countries. I agree with paying taxes for profits from trading or investment but only when you sell the asset and on a yearly tax that includes all the trades. There are some countries that tax each trade you make and this is not helping to make profits.

[Viscount 1357]

Since crypto is decentralized, the fiat economy isn't affected directly, but traders trading crypto to fiat. Since the government took notice of the astounding profit crypto can make, I think taxes is great since crypto will be implemented soon by this logic.

[Cryptic 0]

Some of the country like South Korea impose tax to cryptocurrency because they treat it as asset just like stock and properties. But some like Germany didn't impose tax on it because they treat it as private money just like fiat money so even if you hold so much Bitcoin they didn't charge you any taxes.