Quote from: Lieldoryn on October 27, 2017, 10:29:34 AM

Quote from: Nameless27 on October 27, 2017, 01:33:42 AM

Quote from: cryptovirus on July 28, 2017, 05:06:48 AM

what are the ways government can apply tax on bitcoin....

how to pay tax on bitcoin..... in any country.....

In taxation issue, someone have orient me that the only way the government can collect tax on bitcoin user is for them to recognized cryptocurrency as money and to legalized it. Thats why that is a long process and even our government officials are in debate on this matter as the implications of doing things in a hurry without studying the impact of it is not good for the economical standing of one country.

The government cannot accept the bitcoin currency. He does not fit the accepted definition of a currency. For example it is enough that bitcoin has no cash and no Central body which is responsible for the issuance and circulation of currency. It seems to me that beyond that the government will take the tax revenue Fiat to the Bank account of the turnover of the bitcoin legalization will not go.

I understand that, the government is hesitant because bitcoin is a new breed of digital currency that is made from evolved technology that any government officials never heard it before even us. But they have to be give solutions by this time or they will leave behind. Well, in time maybe they can figures something out to gain economical benefits from bitcoin but until then lets enjoy its unrecognised status without taxation.