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Moontong

Putting tax on cryptocurrency?

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I'm afraid that there is taxation everywhere after you profit a lot. I don't have a lot invested and maybe only $100 for not but who knows what happens. We should know that banks will ask where the money came from if this is too much and they will want us to report to the tax authority.

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You are right, cryptos are decentralaized, just, those goverments are like sharks, they want to bite all they can, of course they dont want pass the huge bussiness crypto coin represents, if our bitcoinswill  have valor cero, they don't pay attention to what we do with them. I dont like they taxes norefor  buy or sale. that make me think in some bad words to that politicians in my mind!

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I agree that taxes should be applied when we sell Bitcoin, but if the taxes are too high, I don't agree. As a cryptocurrency trader, of course you really object if there are taxes that are too big, because getting money in the crypto market is not easy.

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In some countries like Israel, cryptocurrency holders are taxed, they take cryptocurrencies as an asset. What happens is that if nations start taxing cryptocurrencies it would be in recognition of them. Paying taxes for transactions or operations with cryptocurrencies gives rise to entrepreneurs who participate in the world of cryptocurrencies to claim their legality.

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I did not know about the UK tax on cryptocurrencies. Is this means that when you sell in an exchange you instantly pay a tax? This is very strange and it limits profits of the english traders. There should be a tax on the end of the year earnings report but not on trading this makes trading harder.

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I did not know that they were already taxing cryptos, but this would not make sense as you say, even in many places it is not even considered as money, but if you want to take a slice of our effort, unfortunately with the fiat they always control for now at the moment to make an exchange, but if there were more services and businesses that accepted cryptos we would not have to exchange for fiat.

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You ask us if we agree with a taxation law in the UK my friend? I'm sorry I don't live there to know exactly what happens. But if there is a rule to tax trading it seems very strict and I hope they have low percentage. Do you know by chance since you created the post how much is this tax the british trader are paying?

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Such a shame. I knew it and it also happens in many places. I think in the USA and in Korea and Japan. I don't know the rates of these taxes but they are probably similar to the exchange fees charging the double to trade. Lucky they don't get taxed when they buy too. This means we can buy and not pay any tax unless we sell.

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If every country can apply tax on the cryptocurrency then they can freely unban cryptocurrency where cryptocurrencies are banned.

most of the government has the reason that cryptocurrency transactions are anynomous and they cant collect tax and have no record of money transaction.So if this problem is solved then they will definitely unban cryptocurrency in their country.

But i think applying tax is pretty hard in case of cryptocurrency because Their transaction is totally anynomous and many exchange available for cryptocurrency.Which is too difficult for government to get over control.

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19 hours ago, Braulio Eurea said:

In some countries like Israel, cryptocurrency holders are taxed, they take cryptocurrencies as an asset. What happens is that if nations start taxing cryptocurrencies it would be in recognition of them. Paying taxes for transactions or operations with cryptocurrencies gives rise to entrepreneurs who participate in the world of cryptocurrencies to claim their legality.

But in the other hand, many investors will quit and withdraw their support to bitcoin (and other currencies) because they do not want to give their hard earned money to governments)

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Well, the problem is if governments do not impose taxes, they will not legislate the use of cryptocurrencies and bitcoins, so there is no escape from paying taxes, but the problem is who sells at a loss, will he pay taxes in this case? This point must be clarified by governments.

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Unfortunately, Spain has been recently added to the list of country that taxes cryptos. According to this approved draft law, it seeks to fight fraud. Now all Spanish citizens should inform the government about their crypto holdings and pay taxes accordingly. This will even include operations made outside the country.

 

 

 

  

Edited by Jromz
typo
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Soon the governments apply high tax on the crypto market becasue soon the crypto market is going to be legal in all over the world and this will happen soon becasue the Corona virus 2nd layer is come and this time crypto is legal in almost all over the world.

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I disagree with taxes on bitcoin sales, as crypto traders with large capital can be taxed on every transaction, but small merchants and bounty hunters with small incomes will object. Crypto business has helped many people who are unemployed, now have jobs in the crypto world and do not give a burden to the country but instead the state gives a burden to its people.

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Taxes are always put when there are regulations. This means that cryptocurrencies are recognized and allowed but there are some countries that put restrictions and may not allow them to be used for commerce.

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I don't agree with high taxes but as in all markets profits are taxed so this is not something you can say that it should not happen. Taxes happen in stocks in gold and in all the exchanges but there should be a limit and not need to tax $100 but higher profits than that maybe higher than 10 thousand dollars.

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On 10/31/2020 at 4:41 AM, khan22 said:

Soon the governments apply high tax on the crypto market becasue soon the crypto market is going to be legal in all over the world and this will happen soon becasue the Corona virus 2nd layer is come and this time crypto is legal in almost all over the world.

If cryptocurrency will be regularized in this case yes I agree with your opinion @khan22. I don't understand how the governments still are not considered a cryptocurrency as a digital currency official, but they ask people to pay tax! how will pay tax about an illegal thing?.... first they need to adopt it and to consider it as an official and legal currency.

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The imputation of taxes on something that is supposed to be decentralized does not make sense, however, although they do not have control over btc, if they have control over the economic operations that are carried out in their territory, it seems fine to me that taxes are placed but that they are small  At the end of the day, most do not become a millionaire with this.

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I understand your concern when it comes to the crypto being decentralized, but look at it from the perspective of the government. If they are unable to tax it or impose any sort of levy on the currency then there is no incentive for them to allow the crypto as legal tender in their country. Therefore it is necessary to have a tax on it, so that the government can benefit and promote it use within the country. This will work in the best interest of the crypto world in the long run. I think that the debate should be on the tax rate for these sales. Personally i believe that tax should not be more than 10% on crypto, however i have seen some countries go as far as to make a tax rate of 20%. 


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If we want crypto to be accepted as a currency or commodity, we need to accept the obligation to pay taxes on crypto-based profits 🙂
However, the tax on crypto should be the same as for fiat, many countries are taxing too high to stifle their crypto development and protect their fiat.

This makes the crypto community really uncomfortable.

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Payments made to independent contractors for services provided using cryptocurrency are subject to income tax and self-employment tax and must be reported on Form 1099. Again, the fair market value of the cryptocurrency establishes the taxable amount.

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If worldwide can accept the crytop currency we don't have problem with paying tax but all what we want the bitcoin should be accept in anywhere you go

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This is not fair at all, and people will use decentralized platforms to prevent the government from viewing its daily dealings in cryptocurrencies, but he will have to pay that tax if he wants to convert cryptocurrencies into real currencies because they will pass through a bank account

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On 8/8/2020 at 9:46 AM, 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. 

I think that what they should do is charge a tax only when the person wants to transfer their BTC to the local currency of any country but not taxes for each sale, it should be correct only when you need to transfer from BTC to the currency l

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This is totally unacceptable. Cryptocurrencies were developed in order to limit these manipulations. There are no papers or any data that will impose you to pay taxes only to trade in cryptocurrencies. They are trying to use this to their advantage. As long as they will not be able to profit from you through your trading with them, they will necessarily impose some methods for that.

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Учитесь, учитесь и учитесь на своих ошибках :classic_smile:

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On this day, retail sales volumes and preliminary business activity (PMI) indicators in various sectors of the UK's economy will be known.   USD/JPY: BoJ Changed Nothing but Promised Changes in the Future   Unlike the Bank of England, the Bank of Japan (BoJ) meeting has already taken place, and its results were announced last Friday, 14 June. The yen's weakness in recent months has negatively impacted Asian currencies. In March, the central bank made its first move – raising the rate for the first time since 2007 (since 2016, it had kept it at a negative level of -0.1%). The regulator also abandoned the targeting of 10-year government bond yields. Investors closely watched the Japanese central bank for hints on whether it would further unwind monetary stimulus.   But for now, the BoJ decided not to change its accommodative monetary policy, maintaining the current pace of bond purchases at around 6 trillion yen ($38 billion) per month. However, it promised to present a plan for their gradual reduction at the next meeting in July. "We decided to subsequently reduce the volume of our purchases [within one to two years] to ensure more free formation of long-term interest rates in financial markets," the central bank statement said. At the same time, the regulator announced that it would gather market participants' opinions before making a specific decision.   The deposit rate for commercial banks was also left unchanged – officials unanimously voted to keep it in the range of 0.0%-0.1%, as expected. From this, experts once again concluded that the BoJ would not rush to tighten its quantitative easing (QT) monetary policy.   The French bank Societe Generale believes that given the pressure from the government due to the weak yen, the most likely scenario will be a reduction in bond purchases starting in August, with their purchases decreasing every three months and reaching zero by November 2025. Additionally, according to Societe Generale economists, the BoJ may raise the discount rate in September this year.   Of course, USD/JPY could not ignore such events of the past week as the US CPI figures and the Fed meeting: its fluctuation range exceeded 240 points (155.71 at the low, 158.25 at the high). However, the five-day result was not so impressive: starting at 156.75, it ended at 157.37.   Experts' forecasts for the near term look like this: not a single vote was given for the pair's southern movement and yen strengthening, while the remaining votes were evenly split: 50% pointed north, and 50% remained neutral. As for technical analysis, all trend indicators on D1 are coloured green. The nearest support level is in the 156.80-157.05 zone, followed by 156.00-156.10, 155.45, 154.50-154.70, 153.10-153.60, 151.85-152.15, 150.80-151.00, 149.70-150.00, 148.40, 147.30-147.60, 146.50. The nearest resistance lies in the 157.70 area, followed by 158.25-158.60, 160.00-160.20.   No significant economic statistics releases for Japan are scheduled for the upcoming week.   CRYPTOCURRENCIES: The Present and Future of Bitcoin Depend on the USA     In the absence of independent drivers, the crypto market has recently followed the dollar, which in turn follows the Fed, which follows the macro statistics from the USA. BTC/USD is like scales, with the main cryptocurrency on one side and the US dollar on the other. The dollar became heavier – bitcoin became lighter, and vice versa. On Friday, 7 June, strong statistics on the US labour market were released – the dollar became heavier, bitcoin lighter. On Wednesday, 12 June, it turned out that inflation in the USA was decreasing – the dollar weakened, bitcoin became heavier. And in the evening, the Fed calmed the markets regarding the interest rate – and the scales swung back. Just look at the BTC/USD and Dollar Index (DXY) charts – the inverse correlation leaves no doubt. In recent days, the flagship of the crypto market has lost about 7% in price. And the reason for this is the aforementioned monetary policy of the US Fed. Enthusiasm was not added by the fact that bitcoin-ETF inflows broke a 19-day streak. On 11 June alone, industry funds lost almost $65 million. The reasons are the same. They can be supplemented by the upcoming summer holiday season – a period of correction and lull in financial markets.   Traders note that recently, "digital gold" has been trading in a narrow range between $66,000 and $72,000. One of the popular market participants considers the lower mark an ideal entry point, while entry at the upper boundary of the range, in his words, carries high risk. MN Capital founder and analyst Michael van de Poppe does not rule out that pressure from sellers will persist in the near future. In such conditions, bitcoin may correct to $65,000 and even lower. However, van de Poppe does not expect a deep price drop. According to him, a large amount of liquidity is concentrated around the $60,000 area. This suggests that this level now acts as a strong support area, and positive dynamics can be supported by geopolitical instability.   According to surveys, more than 70% of the crypto community believe that BTC is on the verge of further growth. For instance, trader Captain Faibik is confident that bitcoin is preparing to break through the "expanding wedge" technical analysis pattern. According to him, breaking its upper boundary will open the path for the cryptocurrency to rise above $94,000. Trader Titan of Crypto, in turn, expects bitcoin to reach $100,000 this summer. The growth prospects of BTC are also indicated by the activity of large investors. According to industry representatives, whales are actively entering long positions on bitcoin. Cryptoquant CEO Ki Young Ju clarified that the $69,000 level has become particularly attractive for large investors.   New Binance CEO Richard Teng, who replaced Changpeng Zhao, believes that bitcoin will soon exceed $80,000. Teng associates the potential new high with the work of spot BTC-ETFs, which have strengthened trust in the asset. The Binance CEO also allows for the legalisation of cryptocurrency if Donald Trump is elected President of the United States. Declaring himself the "crypto president," Trump said in May that the USA should lead the global crypto industry.   However, at present, cryptocurrency regulation measures are in the stage of development and implementation, which restrains investments. According to experts, current investments should be considered test cases. It should also be noted that spot ETFs have attracted significant liquidity only in the USA – there is no similar interest in most countries.   According to billionaire Mark Cuban, the attitude towards cryptocurrencies will be a key difference between US presidential candidates Donald Trump and Joe Biden, although neither understands this issue. "Do you really think [Trump] understands anything about cryptography other than making money from selling NFTs?" Cuban asked. And he answered himself: "Neither of [the candidates] understands. But I've said many times that Biden will have to choose between [SEC Chair] Gary Gensler and crypto-voters, otherwise it could cost him the White House."  According to Bitfinex crypto exchange analysts, bitcoin's price could rise to $120,000-125,000 within a few months to half a year. Similar figures are named by BitGo crypto trust company CEO Mike Belshe. In his opinion, by the end of 2024, the first cryptocurrency will cost $125,000-135,000, and one of the catalysts will be the high level of US government debt. "Our macroeconomic climate continues to confirm the need for bitcoin. Undoubtedly, US government debt is out of control. [...] This situation supports the idea that bitcoin is the gold of the new generation," Belshe said.   He also noted that the US dollar is losing its position as the world reserve currency due to US foreign policy. The BitGo CEO believes that the country uses the dollar as a weapon and a means of manipulation. "Thus, the US debt crisis is one, foreign policy and sanction control is two. And BRICS offers alternative payment systems. [...] This is the story of why bitcoin exists," he concluded.   At the time of writing this review on the evening of Friday, 14 June, BTC/USD is trading at $65,800. The total crypto market capitalisation is $2.38 trillion ($2.54 trillion a week ago). Bitcoin's capitalisation has reached a solid $1.30 trillion, which, as experts warn, reduces the effect of future inflows. Pessimists say the asset is already "overheated," and to reach $125,000, its capitalisation must almost double. In their opinion, such a colossal influx during the overbought period is unlikely, so one should expect a correction and subsequent consolidation. The possibility of such an outcome is also hinted at by the Bitcoin Fear & Greed Index: over 7 days, it fell from 77 to 70 points and moved from the Extreme-Greed zone to the Greed zones. NordFX Analytical Group   Notice: These materials are not investment recommendations or guidelines for working in financial markets and are intended for informational purposes only. Trading in financial markets is risky and can result in a complete loss of deposited funds.   #eurusd #gbpusd #usdjpy #btcusd #ethusd #ltcusd #xrpusd #forex #forex_example #signals #cryptocurrencies #bitcoin #stock_market   https://nordfx.com/ 
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