Let's Bitcoin takes off. Say you lived in the US and had an online service that dealt in the equivalent of ~20,000 USD or more income for you (personally). What are the laws for income tax on a currency like this? Can you get in trouble with the IRS by simply having tons of BTC that the market values at (currently) almost 5$ per BTC?
Bitcoin can possibly taxable because we have earnings from trading until our coins were realised. In the Philippines, it is not yet taxable as the Government not yet know how to tax and what kind of rules and regulations should be implemented that does not violate the law of the state and to its people so I think until now they need to conduct further studies about it. The Government should implement taxable income to our earnings in trading in crypto currencies. But of course the investor will get affected on this tax however it will help them for their investments protection and safety so I think that would be ok if that's the case.