Putting tax on cryptocurrency?

[Omar Ommeish 4872]

Many countries are trying to impose taxes on users of cryptocurrencies, but I think that this is difficult to happen because there are many ways in which you can evade taxes with cryptocurrencies.

[percare 3192]

I don't think that holding cryptocurrencies should be taxed and this is not lawful. Trading can be taxed but just holding crypto in the wallet is not going to help as it will mean we will have less each year and give them to governments. I will pay taxes for profit that I withdraw to bank but not for the crypto I hold in wallet this will not be fair to us.

[Amr90 1064]

Some countries tax everything,
And if Bitcoin is a strong and widespread currency in the future, then countries will try to put taxes on them to get revenues from that.

[Aolugojo sama 60]

This might be because of the endeavor to manage this field by this nation, and that may make exchanges in digital forms of money a troublesome and disliked thing for individuals who live in them.

[Teminali69 1081]

That might be the only way for the government to allow the use of cryptocurrencies, but it is likely to never happen, because there is now force they can apply to catch people who will not pay taxes.

[Masterrex 559]

IMHO, I think taxing the cryptocurrency transaction is a normal thing to do in a state its a citizen obligation decentralized is not an issue about taxation its all about the citizenry if you are a citizen of a state your obliged to pay your TAX as a citizen as long as it was fair and square.

[rekter 8129]

On 8/8/2020 at 4:46 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. 

Same thing happened in my country, and most likely all countries adopt this way. And if you think this is bad, wait until the FATF Travel Rule kicks in. That will be devastating if they don't find a proper way to implement it.

[Calvinpriva 17296]

It's not bad to put tax on cryptocurrencies because there are crypto-traders who earning large profit than even normal business owners. Crypto is just like other business, they earn profit to sell products to buyers and we earn profit to trade currencies from one to another or from one market to another (arbitrage). So we can pay tax from the profit that we eearn, but this is not good because UK is already a developed country so there is no need for them to take fee from traders. At least country like Venezuela they would do this, i remember they created their own cryptocurrency "Petro" if am not wrong, so that it can help to grow their countries economy but they failed! If they will put tax on crypto traders it will help to grow their country's economy in a very large percent.

[Tolualive 116]

Tax should be forced on cryptocurrency, it is decentralized not a centralized means of payment, because cryptocurrency flunctate and every individual is going to be affected

Edited September 19, 2020 by Tolualive

[Maaz sultan 265]

I think we will pay tax when we buy as well as when we sell the crypto currency ,

When we buy the bitcoin then banks cuts 5 % tat from our bank account and when we sell the crypto currency then the brocker cuts a small amount .

[P A Ashif 2409]

On 8/8/2020 at 7:16 PM, Moontong said:

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

I have a doubt that if we have to buy Bitcoin using the exchange of other countries like india then do the UK user have to pay tax.

 

I think there must not be tax in buying or selling crypto. If there is no tax while buying but still there is tax in selling. That can be understood as tax have to be paid for each transaction. Bitcoin also has very huge transactions fee. Many exchange is charging too much fee. That is the reason I don't use BTC for any transaction 

[Digital 387]

On 8/8/2020 at 2:46 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. 

Government want to also benefit through crypto currency despite that crypto currency is a decentralized currency because they knew that is not possible to control crypto currency unlike Fiat currency . Thesame thing happens to other countries like isreal and south Korea they pose a 20% of tax for every withraw.

[Mosab73 333]

I think that this is not a good step from the United Kingdom government because imposing a tax on the sale and purchase of cryptocurrencies will narrow the scope of work for users of their colleague money, and in my opinion some countries have imposed a tax on users of cryptocurrencies due to the economic situation created by the Covid 19 crisis

[Gluttony 1775]

It is quite alarming because of how the government wanted to deal with this problem. They know that they could not get a full control over their people since we know that there is a freedom for everyone which is why the block chain technology embraces. The way how it will work is actually because of the reason of how they will manage to transition their selves to be able to adopt crypto currency to their country. I am guessing that their condition upon accepting crypto currency is to put tax on it since if ever they would be accepting it, there could be a possibility that the centralized sector such as financial institution would lost its relevancy to the community and would be forced to be closed.

[Zeshan Khalid 2577]

Bringing crypto currency in the tax net will force the government to legislate for the welfare of crypto world and this will lead to a more secure crypto experience for the users online

[khan22 3478]

When the tax is apply on the crypto market than the coin fee is more high and that time we know that so many peoples will invest their money in it becasue that time crypto market is legal in all over the world. Crypto is a great market in all over the world.

[George10 9932]

On 8/8/2020 at 3:46 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. 

Governments are always looking for possible means to make money out of citizens through taxations  and I'm not surprised to hear about some countries setting taxes on cryptocurrence and this is what will happen to most of countries around the globe who are or will accept the use of crypto in it's region.

[SuperCrypto 7193]

On 8/8/2020 at 4:46 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?

 

The tax on Bitcoin is one of the most terrible words in the cryptocurrency market. Yields from cryptocurrencies are growing as much as countries want to tax them. This year we have seen some progress in market regulation, but governments still prefer to impose new taxes rather than design provisions for regulation of the cryptocurrency market, ICO and blockchain.

[Flying11Horse 45]

On 8/8/2020 at 6:46 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?

I don't agree to it @Moontong.We earn cryptocurrency through hard work and there is no right for the government to charge tax o it.I think this is a conspiracy to let down cryptocurrency.Many countries have not officially approved cryptocurrency ,although they know about it's benefits.They are trying to remove crypto because they want their own currency to flourish.

[safwan944 54]

i think if tax is established on cryptos i think it can be stopped from being used in wrong ways and it will bee helpful for the government to make it legal all over the world which will be great for the crypto platform.

[basel23 1722]

I agree with you. They do not have the right to tax cryptocurrencies because they do not belong to them, because they are decentralized currencies. But perhaps these taxes are a small amount then affordable

[gutierrezmax 2]

Colombia is already preparing a law that establishes the payment of taxes for the use of cryptocurrencies, the problem is how they are going to control their transactions, obviously the technology in the United Kingdom is not compared to that of Colombia, we will see What happens.

[cryptovlek 2597]

There are some countries where taxation on cryptocurrencies is extreme and others that do not have any taxation at all. A tax on cryptocurrencies just because we buy them is not something I understand either. There should be a tax if we profit with crypto and when we withdraw to our bank, or if we buy something very expensive with these profits directly with crypto but a tax to buy cryptocurrencies or because we hold some is unfair.

[Captain Karim 0]

Many countries have imposed taxes on cryptocurrencies, Korea, Japan, most of Europe. I do not consider this a bad thing because governments do not legislate until after they impose taxes, so there is no objection to taxes as long as everyone benefits ... traders, governments. The peoples in general.

[Rosarvx 965]

I think we will pay in the future, one of some laws enacted by countries to raise income from taxes and every individual is going to be affected