If tax is implemented on blockchain

[muniral4422 185]

There isn't any fee that is charged for any transaction for the government. Government is powerless when it comes to crypto currencies. Even though there is a little fee attached to your transaction, that fees is known as the network fee and is paid to miners.

[Zeshan Khalid 2577]

If tax is implemented on blockchain then it will be more safe because it will come under the regulations of state. It will still be decentralized and government will not back it but just obtain a small amount of tax 

[Nicole018 4548]

Tax is a revenue for the government. Hence the introduction of tax in blockchain technology means that there is government intervention. This itself would undermine the very decentralized system of blockchain technology. If there is government intervention no doubt the would be government control also. So I don't think tax and blockchain technology should coexist. Maybe for the profits tax may be charged but not in direct correlation with blockchain technology.

[mohamedpc1 2213]

I do not think that the tax is related to the state or the government, as it exists for blockchain development workers, so it is impossible to leave it, but the government can rely on creating an electronic currency in the future with international approval on that, and I think that in order for it to be relied upon, it must be subject to the laws of the global exchange.

[Froshk 1828]

 

On 12/8/2020 at 5:10 PM, mohamedpc1 said:

I do not think that the tax is related to the state or the government, as it exists for blockchain development workers, so it is impossible to leave it, but the government can rely on creating an electronic currency in the future with international approval on that, and I think that in order for it to be relied upon, it must be subject to the laws of the global exchange.

@mohamedpc1some countries of the world enforces tax on the holders of certain cryptocurrencies, and other countries also charges tax when your purchase something using a cryptocurrency 

[koynayak 1923]

I know it's terrible but i think this is the only way to increase the crypto usage. Mayn countries aren't accepting crypto because they can't receive tax and it's not good for them. I don't know how but , they will do some regulation and i hope it'll be better for cryptocurrencies.

[Onoru 229]

I doubt the possibility of having a tax implemented on blockchain. This is because issues of tax is a matter of law and there is no universal law anywhere. Even in instances where there are conventions among nations like we have among the European Union and recently, among some African Countries on single market and currency, such convention can only apply to states that voluntarily becomes a signatory to the convention. So, it is not possible to have a tax on over transactions dine through blockchain. 

[Quickbee 26]

If at all tax is implemented, then it should be done only at the exchange as transaction tax. But then onwards Cryptocurrency will be centralised and slowly controlled by the government.

[Ameralsamt 2558]

Of course, my friend, taxing all transactions in cryptocurrencies and digital currencies in the blockchain system will strengthen international acceptance to Bitcoin and other cryptocurrencies, because they will get what they really want. 

[Pereira 2303]

I am a beginner despite the time that I am here in the forum, but I will give my opinion on the given topic.

 

First of all I do not like that they try to control the blockchain network, since this would go against cryptocurrencies, this is because cryptocurrencies have to be autonomous and totally decentralized, I can say that the quality of the cryptocurrency is that they have no third parties involved.

 

On the other hand we know that over time they have to be implemented in the economy and this will bring taxes on the part of the governments to the cryptocurrency, but if they are implemented they should do it by transaction at the time of passing our assets, since only in that case our assets can be controlled.

[scofield64 943]

If tax is implemented on blockchain technology then the government will definitely generate more revenue from it and I think government will adopt cryptocurrencies as means of payment also.

[abdullah553 1981]

On 1/4/2020 at 9:53 PM, Romaan1987 said:

Hi guys! Today i want to ask an expert opinion that if a tax is implemented in blockchain technology that every transaction sent, tax is automatically deducted. What would be impact of this in a state that it will be more trusted by a government?

I think that there really cannot be taxes on dealing in cryptocurrencies in the market, but I think there could be taxes in banks at the time of withdrawal in order to ensure that taxes are brought

[kion 381]

Truth is that, government or any other institution doesn't impose tax on things or venture they know they won't profit from, so imposing tax on block chain is like a waste of time since how many people knows about it and how many people are even into it. 

[Ali Rao 161]

Well i never see such kind of problems in paying tax because if you tax then you come know that there will never be a difficult situations you will face after paying tax specially from the government. Thank you 

[Serbberq 724]

If tax will be implemented, crypto users will change some percentage for making their transactions and that can be a source of revenue to the government of each country. 

[Orbis 0]

First of all it would be total chaos if the government takes over blockchain or something and the thing is there are alot of things that could happen if taxes suddenly got implemented and one way or another its just gonna get worse and worse and until we can barely get any profit because of a damn tax.

[chambers 58]

Taxes are already being implemented on blockchain in some countries, taxes are being charged for owning or transactions being done through blockchain

[Bruno52 1141]

I think a small tax is already implented on blockchain technology as all transactions that I have made involving crypto currency has seen a deduction of the value that was intended.

[Oki 675]

If your country's government imposes a tax on every blockchain transaction, of course the tax will be withheld when you want to withdraw fiat from the exchange to the bank. They can only withhold taxes through a bank. Sooner or later taxes will be imposed by each country, given the fast development of cryptocurrencies.

[jcmpalacios 53]

Blockchain in combination with cryptocurrencies can be the solution, for example, it would expel banking from the transfer sector thanks to its very low commissions with almost zero cost. The Blockchain system eliminates intermediaries and allows senders and receivers to connect directly, thereby increasing transparency and reducing transfer costs.

[Tolani 174]

Let me tell you the truth, the government does not give it attention to something that it wont benefit from, so there is no way they are gonna impose tax on a decentralized system, because how could they even start to collect it or even who would collect the tax.

[Nersreem 279]

If tax is implement to blockchain technology, there will be challenges for those using blockchain and some percentage will be tax from each transactions. 

[teebasas 3018]

It looks like Bitcoin Cash wants to enforce this idea in order to tax miners by 12,5 percent and spent this money on production. No government interference there but a decision that Roger Ver backed down from lately, as he fears a break in the chain and the formation of another forked coin from miners that disagree with this.

[Angeln20 513]

        Well if that is going to be, then governments around the world most adopt crypto currency completely in order to enforce tax on crypto users. And I'm hopeful that it will help boost revenue of all countries.

[basel23 1722]

I do not think this will work because it will be easy for blockchain users to hide their identity, but I agree with you if such measures are taken, governments may accept the use of blockchain because it will bring huge profits to them.