Quote from: Ailmand on January 04, 2018, 01:14:56 PM

Quote from: JumboCactuar on January 04, 2018, 05:18:16 AM

Hi,
Does anyone have an understanding of how taxes work with cryptocurrency?

I read about capital gains tax, but what if the BTC i have was donated to me at first?

For now, there is no country yet that has imposed any taxes on bitcoin or any activities related to it. However, there are a lot of talks with regards to it because , I think, many countries have already foreseen the big effect that bitcoin would have in the market, and any country, for sure, would want to strike it big when that happens. I have read many write-ups regarding countries aiming to regulate the use of bitcoins or impose taxes on it for government profit. I think this is an inevitable step for some countries to gain control over it, hopefully, it won't be too strict that people would be discouraged to keep on using it.

I also heard many stories about having a tax for crypto industries because I think the government well somehow be benefited on these knowing that many of the people actually use this from time to time.