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

[Satya31 865]

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? 

[sdsonjoy50 886]

Bitcoin has been used for many good purposes since Bitcoin came on the market, while many bad people are using Bitcoin illegally, many black money is investing in crypto and depriving the government of its due tax, I think the government will solve crypto  through a law.

[Jokeer 648]

As we know that bitcoin is decentralize which means no one can control it for that government can not get tax from it and also no one can track the transition which uses in illegal activities. So everything is possible.

[soupster 239]

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? 

It certainly is possible! Some bad people might try to do illegal things like buying cryptos to avoid paying tax. This is punishable by law in most countries. its one of the reason that many governments donot like the idea of cryptocurrencies.

[Benjamin 84]

thisnis the reason why many people are using this coin to used it by bad activities because when you are transact to the other people, your transaction will be anonymously and no one can know what is your transact all about.

[PiroSense 2681]

On 12/13/2019 at 6:21 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 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.

[Emma 611]

On 12/13/2019 at 4:21 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? 

No government can apply tax on crypto transactions but they can apply it on the exchanges. they will implement tax on exchange and they allow them to do business on their country.

[thiscomm 306]

I think everything can be done using the crypto world, although sometimes it is a bad goal. but to run a fraud against the government there will not be a block that will occur which will be carried out by the local financial services authority.

[Interface User 1070]

I hope it's not because crypto currency was made to stop the centralized system in society and change it to decentralized system and I think this is hard to steal and manipulate in decentralize form.

[Satya31 865]

On 12/13/2019 at 6:13 PM, heelsibat said:

Actually you don't need Bitcoin to do fraudulent activities. Govt fears Bitcoin because it is decentralized and govt can't control it. This is the main reason. 

Hi, actually this is true. If anyone want to do any fraud the  it may take palace in many way. There is no compulsion to use bitcoin. But think one thing if they got the access of decentralised money then what they will do. At least in fait money there is some contraindications. And what is the problem of government in bitcoin decentralisation. Why they want to control our money?

[fuer44 1083]

it could be, because with this anonymous technology, so that it allows transactions recorded in the blockchain ledger, it is unknown who it is. this can be used for money laundering without the state knowing. but it can also be anticipated with close supervision.

[Syedbesharat 5423]

On 12/13/2019 at 3:21 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? 

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 

[Opinder 1310]

Crypto is decentralized and can not be controlled by government. It has high reason that it can fraud with goverment. Because government can not trace anyone's amount in wallet or transactions. So government can not collect tax.

[Soaib khan 1035]

Many peoples using crypto currency for bad works like dark web accepting payment through crypto because  bitcoin not traceable this is mean reason government not legalizing crypto.

[bentayebsalah 2280]

The reason governments do not accept cryptocurrencies and bitcoins is that they are decentralized and it is impossible for governments to accept currencies that they do not control because that will cause them a lot of trouble.

[tienda 8776]

On 2/4/2020 at 8:40 AM, habiba50 said:

Many bad people are using bitcoin illegally, investing a lot of black money in crypto and depriving the government of its proper taxes.

Yes I agree with you, but not just bad people who depriving the government of its proper taxes, also anybody can do that.

Edited February 5, 2020 by tienda

[Investors Blog 385]

On 12/13/2019 at 6:21 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? 

Keep in mind that there are more crimes and fraud happening in FIAT Money transaction. Fiat money are more untraceable than bitcoin, Once you pay in cash the cashier will not know where the money came from, Unlike BTC where everything is recorded in the blockchain

[Yanadia 1517]

On 12/14/2019 at 9:26 AM, SCB1234 said:

I think clarity and transparency on the governments' side will lead to a lot more people willing to share their crypto earnings and losses on their taxes. I absolutely believe most people are willing to claim what they are supposed to, but not under the conditions where the rules seem to change monthly, or worse, that there are threats without any framework or clarity. The due diligence has to be on the side of the actual governance and not users who are given vague and unrealistic frameworks to follow.

Good thinking, but in reality the theory is still different from the practice in the field but I hope exchanged stick to the purpose of its creation Bitcoin and crypto . Matters so far, the corrupt body has been imprisoned, but the business and social life are running smoothly.  There is something wrong in our legal system, especially the weight of punishment and the deterrent effect.

[Amirul Islam 382]

On 12/13/2019 at 4:21 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 think it's right. Because for being crypto decentralized it's transaction happen like anonymou. We can't track or even cancel it. But I think only crypto regulation can solve this problem.

[suzuya 945]

It's possible that cryptocurrency is going to be used in illegal activities since the transactions done with the use of cryptocurrency are unable to trace, this will give confidence to those criminals. This is one of the reason why government feared the implementation of cryptocurrency.

[Captain Karim 0]

Yes, this is certainly possible, but this is not what we want, we want a compromise between governments and cryptocurrencies, we want to legislate cryptocurrencies globally and at the same time we do not want to deceive governments and do not want to give up some of the advantages of cryptocurrencies. What is the solution?

[Thekingcallme 1975]

Certainly it is not possible because the government in the event that it now supports crypto, it will record everything and your wallet becomes monitored and you must activate it with identity documents and thus you cannot evade taxes

[pablomarwan 3082]

Let it be in your knowledge, and I do not mean to present you with information that I know a lot. But one of the reasons that digital currencies were created in order to avoid paying a tax to the government, that is, it does not need an intermediary. Yes, I agree, it is possible. But it will not last long for the government to impose a tax on it as well

[Shaza Ahmad 1682]

Unfortunately this is possible, tax evasion is very easy in cryptocurrencies, there are many cryptocurrencies such as Monero and Dash that support privacy and transactions cannot be viewed or tracked, and this is what prevents some countries from legalizing and regulating cryptocurrencies.

[Ridam 7455]

Well if we see the market people are investing in Crypto just to be safe from tax and hide their source and way of earning, and i think implementation of tax is somehow ok to deal with it but as you know it's almost impossible to regulate all the coins so it would be difficult for government.