Introduction Of Crypto Will Increase Money Fraud With Government or Not?

[guatazoo 7150]

On 12/13/2019 at 1:21 PM, Satya31 said:

As most of the crypto is a decentralised platform so do you think invasion of crypto will help to cheat government like Tax fraud. What do you think about this. Is it possible? 

I cannot says that's because of cryptocurrencies there would be fraud in government taxes, because when you are buying cryptocurrencies with fiat currencies, there have some taxes that's you pay anonymously. 

[rekter 8129]

On 12/16/2019 at 1:49 PM, PiroSense said:

I don't know where did you get that idea, but what I think is the contrary to yours. If the government implements legality of cryptocurrency, might as well they would pledge to disclose their crypto-adresses to the public. And knowing how the blockchain works and it's transparency, all their transactions could be monitored and assessed for any suspicious activities such as corruption.

Ironically enough, large amount of bitcoin hodlers would be against this as they don't want governments to touch their bitcoin. People seem to want bitcoin to be regulated but they don't want the responsibility that comes with it.

[Whited35 15285]

On 5/12/2020 at 7:04 AM, Zues said:

I dont think that will be a problem in cryptocurrencies if they will add it to the financial system of governments because what would most likely to happen is it will exposed the other frauds that the governments is hiding and I think that is an internal reason for them to not accept cryptocurrencies. 

Why it will not be a problem? Have a look at this case, for example criminals enabled their cryptocurrency wallets and decided to fund wallet by using their illegally earned black money, there will be no way to track because they will be still in the anonymous state in the crypto world. 

Edited May 29, 2020 by Whited35

[jamesvince 2389]

Any market itself not bad or good but the used of crypto market can be to steal the taxes from government but at the same time we knows some countries also imposing the taxes on earnings of crypto market assets. Therefore this is good for us also we make this legal tender after paying tax on decentralized financial markets .

[TimopheyKa 3900]

You can't say for sure! Because we don't even know the whole system and how it will work. You may not even have to pay tax, or pay, but not so critical! But the cryptocurrency will be available and profitable for many

[Solex 2262]

I think that can only happen in underdeveloped countries since they lack some good technology systems of assessment and besides every nation that choose to legalize crypto will also need to make crypto as full centralized so that they can be able to get access to every account that is suspecious.

[yato987 2811]

it is not only about tax fraud , since you can use crypto and still anonymous at the same time , we know that bitcoin and other cryptocurrencies are used in many illegal activities so governments can't track them and this is really a bad thing but unfortunately we can do nothing about it

[setifien 1016]

Yes that may be true and that's why most of countries do not recognise cryptocurrencies as an alternative to the traditionnal fiat money

[Affect579 66]

I think that they will not be able to cheat the state. They will solve the problem of cryptocurrency through the law. Many people use Bitcoin because when making a transaction with someone, your transaction cannot be tracked. Also, many use cryptocurrency as money laundering.

[Gluttony 1775]

I think if ever the government tries to invade or go through to this kind of scenario it would only create a more distrust in their part as can be seen why there are already a large number of people evading financial institutions and investing in crypto currency instead. We know the purpose of tax, but the thing is that it does not come from any of the part of the government that is being supported by the tax. Crypto currency should not have something to do with this since it does not concern the digital world to it as crypto currency is only relevant to the digital space but could influence the world market. I say, it could only be a part of someone’s passive income and let them compute the tax to pay it to their government.   

[Onden 2098]

I think crypto fraud against the government cannot be carried out, because every conversion from crypto to fiat must use a legal exchange in a country, so that transactions from crypto to fiat can be tracked and the government can collect taxes from the exchange.

[Nicole018 4548]

Just like any other form of innovation, cryptocurrencies also come with its disadvantages. Illegal activities and other fraudulent practices done by users in the name of cryptocurrencies are very much on the rise. this is the main reason why many governments and countries have banned cryptocurrencies in their territory. Tax evasion from the profits through crypto currencies can also be regarded as one such reason. I think that necessary measures need to be implemented to avoid such practices.

[Michaelx018 0]

Bitcoin gets most of its shady reputation because of the fact that it is a decentralized payment system. A lot of Black money is invested in the cryptocurrency market because there is no way to trace it after it is invested. The intervention of governments on cryptocurrency is highly possible.

[bogdanoff 3173]

The fraud is always wit hthe fiat money that is not recorded but transfered even with bags in banks that accept corrupt money. Crypto has less of these and more transparency but there will be some trying tricks to hide money with crypto and after investigation it is easy to find.

[mohamedpc1 2213]

I do not think there is a relationship between that because it is difficult to convert your money into digital currencies without trading them because perhaps the price will drop a lot and you lose more than the taxes that you would have paid so be careful and I think that you will find it difficult to convert it back into the currency of your country

[VijithaVarghese 1994]

I think it's always safe if u use cryptocurrency in a productive way.Unless and untill you don't use it illegally the government would make this venture more normalised and would make it legitimate to use cryptocurrency everywhere.

[BrolySSJ 7899]

I think that the introduction of crypto into countries can to a large extent increase the amount of fraud that takes place within the respective governments. And i meant his with no disrespect. My reasoning behind this method of thinking is that these transaction are anonymous and also the fact that they are not traced, allows the government officials to use the money without having any trace back to them as an individual to be held accountable for the expenditure. Therefore it could prove to be quite hurtful to the economies of countries if it is not regulated. 

[Barbarellah 2225]

Of course, this is a means that many companies or corporations can use to evade taxes and I believe that everything is resolved with the adoption of cryptocurrency by governments and due regulation, but I believe that it is a process that still has a way to go. travel. Also the attitude of governments to force companies to pay high taxes must change and apart from all use these taxes for the benefit of the population and not to pay the expenses generated by their officials in particular.

[Tesco 755]

Introducing cryptocurrency as the means of currency and transactions, it will trigger the frauds in tax paying, many will by pass the tax payment, and already cryptocurrency is decentralized and no government can control or have access to it, but if it's well protected and manage it will be the savoir of the world, because it's easy to do business, transactions, investments and trade with cryptocurrency.

[godislovefll 1880]

On 13/12/2019 at 6:21, Satya31 said:

Como la mayor parte de la criptografía es una plataforma descentralizada, ¿cree que la invasión de la criptografía ayudará a engañar al gobierno como el fraude fiscal? Qué piensas sobre esto. ¿Es posible? 

All this will depend a lot on what the government really wants from cryptocurrencies, but in my opinion it is very difficult since cryptocurrencies are not allowed in some countries and this is because acceptance does not currently suit world governments.

[Adam adam 276]

It may have an impact in terms of taxes, but the positives remain more than the negatives, and if digital currencies are adopted in the field of banking and replaced by fiat currencies, we will have achieved a historic achievement. And I'm not talking about all digital currencies, just Bitcoin.

[Maaz sultan 265]

On 1/18/2020 at 10:30 PM, Syedbesharat said:

As a BTC users we know how to save our money and transfer to foreign .People are using it for these purpose and government fear if they regulate it ,more tax frauds will increase.They have to make better plan and take people in trust for that.If they comes with better plan then people comes openly for crypto and pays tax to governments 

Yes this is true that these crypto currencies have so high returns with high frauds or scams websites as member says its our fault not these crypto that there many scams in this world of crypto ,

And this is true that many countries dont allow these crypto currencies because in this field they lose the control on their currencies but as other countries are working with so they need to charge taxes for both depositing and withdrawing money from user to transferring money any site . @syedb

 

[yulitzacalvete 1366]

On 12/13/2019 at 6:21 AM, Satya31 said:

Como la mayor parte de la criptografía es una plataforma descentralizada, ¿cree que la invasión de la criptografía ayudará a engañar al gobierno como el fraude fiscal? Qué piensas sobre esto. ¿Es posible? 

Governments always want to manipulate the markets or do whatever they want, therefore it is something difficult to predict because it has not happened yet and it is a bit difficult to interpret it.

[jappy 1129]

On 12/13/2019 at 6:21 AM, Satya31 said:

As most of the crypto is a decentralised platform so do you think invasion of crypto will help to cheat government like Tax fraud. What do you think about this. Is it possible? 

It is very difficult this is because it will always be a controversy, many governments will not allow it because some do not suit them as there will be others that do.

[hasaan 289]

The  crypto is little  bit tricky for the government to understand, and may need a lot of  time to understand. The most suspicious thigs about of the crypto is the technology is anonymous and hard to track the transaction and easy to bypass the tax.