Cryptocurrency and taxes. It is controversial topic. Noone want to pay taxet especially for bitcoin. Now this is a very profitable business and soon the government can introduce taxes on cryptocurrency nevertheless. But we can`t "touch" or "hold" it so in what way cryptocurrency might be taxed?
In my opinion, cryptocurrency may be taxed in the same way as a program or any sale or purchase transaction. Regardless of what you are selling, if you are profiting, you are required to pay tax.
What do you think?
Yes , cryptos and taxing issues are synonymous especially with the huge money churning out from this new technology. Probably, the government could be looking for ways to want to tax investors but they really can't, if they don't put it down in black and white in their constitution.
It has to be backed by the powers of the constitution which would now be a guideline to punish evaders for instance. As far as I know therefore, I'm yet to read or hear a country that has actually adopted the digital currency in totality because if they do; it will be in the constitution either as optional financial means of transaction to fiat, in other to avoid being made a feast for the solicitors
What I then think is that , before taxing will seat, regulations and control will be introduced and if that happens, whether cryptos are touched or felt physically will be inconsequential because the government would simply start from the registration and regulation of exchanges , off course we know why. Thats where withdrawals and deposit most times are sent to.