🔨 Brazil's Tax Authority Fines Those Who Fail to Declare Bitcoin and Crypto

[Whited35 15285]

I think , it is the excellent trick from Brazilian government to prevent citizens to hide their money by using cryptocurrencies as the tax evading trend has been increased in the most of countries due to cryptocurrencies.

[Omar Ommeish 4872]

This fine is a must because many profits come from cryptocurrencies without being disclosed and paying taxes.

[Virgil dijk 1431]

Well I think cryptocurrencies transaction are anonymous which means it can't be traced , but am thinking how would the Brazilian government knows that a citizen made a transaction with crypto???.

[Moaz 7239]

I think this is good news because this is evidence that Brazil is one of the countries that have come to deal with cryptocurrencies as an unavoidable fact and this also protects users of cryptocurrencies in Brazil from fraud due to government oversight of crypto

[TimopheyKa 3900]

It is interesting, because in this way, there is a situation when people do not report their earnings and deposits, that is, the government can not monitor them! Therefore, there is a panic!

[JuanBerbesi23 199]

is it fair and necessary? What if people don't know how to declare in cryptocurrencies? What if they don't know how to convert their income into crypto assets? This is for everyone or only those who own some type of small or large business? Someone remove this doubt from me, thank you.

[candyguyyy 43]

hi i need to know -what do you think tax issue - how does that going to effect in bitcoin price in future

[Mosab73 333]

The decentralization of cryptocurrencies, the first of which is Bitcoin, I think is what made the Brazilian tax authority impose these fines on him. He fails to announce what he owns of cryptocurrencies because the Brazilian government cannot track Bitcoin and this is one of the main obstacles that make countries adopt the bitcoin currency

[pablomarwan 3082]

This security measure has convincing reasons, and it is not for the sake of collecting donations, but perhaps for tracking some suspicious lines and addresses. As we know, Brazil is considered the most dangerous country. Where weapons are exchanged and so on. And adopting Bitcoin in that trade exchange will cause problems because at that moment the flesh will not be caught that way. And this is one of the reasons that made them do this.

[Alimhana930 1605]

I think this is a fair act in exchange for legalizing the trading and use of cryptocurrencies Thus, the government guarantees part of the profits and achieves new revenue for its general treasury, and at the same time allows traders to earn money and work Unlike other countries, which prohibit trading in cryptocurrencies altogether.

[zhoutong 2188]

Fine for brazil but how they know who owns and where they have this crypto located. Probably at coinbase or another exchange that given the data. But what is the amount to declare and if this is all crypto to be declared and my country asks then it would need me two weeks of trying to find the wallets and do that with all the altcoins I have. Imagine asking the transactions too, this would take an age.

[Syedbesharat 5423]

Brazil government have taken interest in crypto and give good amount if time to traders and holders to become tax filers but those who don't file the tax get considerable amount of fine which is also a good step they didn't fine higher amount to scar the crypto adopters. This step will give crypto adopters a good thought about government and people will come forward to file a tax. This could be annual fee and as a crypto trader you can submit it without any problem. 

[AL SHAIMON 1293]

Brazil make so many cryptocurrency rules in their country. Now they made this new tax rules and lots of crypto user have to pay taxes for using cryptocurrency. This is one kind of good step. Now government can earn from crypto holders.

[cryptovlek 2597]

Reporting all transactions means they have to report the airdrops too, and low value transfer of coins? What about the trades at exchanges? Sometimes the regulators are having very bad ideas about crypto and making some rules that are not going to be followed by anyone.

[Barbarellah 2225]

It is understood that they are regulatory measures that some governments are establishing in order to benefit from the development of this new economy, since the freedom that cryptocurrencies provide does not allow them to maintain control of our money. As the adoption process continues, more rules to maintain control will appear.