Re: Are You in Favor to Register Your BTC Address to Trace Transaction and Tax???
Are you in favor to register your BTC Wallet address to trace transactions and impose taxed it? It is a big subject now amongst lawmakers to trace down income and transaction about bitcoins. This has become the talk of the people involved in digital currency lately. So, What do you think?
I don't think that there are any wallets that use a single address (except for paper wallets). People would have to register a new address every time they receive bitcoins, so I don't think it will ever happen.
Exactly also my point. I am so sure that many lawmakers still do not have even some basic grasp of how cryptocurrency is working. What the law provides is that taxpayers should be the ones to declare any income earned with any cryptocurrency related activities and until then there is no way that they can fully trace everything not unless they have the control on how many coin address a person can create. I hope they can first have a good talk with someone who can advise them on matters of cryptocurrency before espousing any idea which will never work at all.