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Board Legal
Re: Is Bitcoin required to pay taxes?
by
talkbitcoin
on 08/03/2018, 09:38:08 UTC
Britain, Japan and so on are tax on Bitcoin, China's behavior such as Bitcoin transactions is not tax, which is why? What will happen?
If Bitcoin needs to pay taxes, what are the taxation links? Which taxes include?
I think the country's government can only do is make an external centralization which is taxing the bitcoin and regulating bitcoin outside its blockchain technology, how ? by simply limiting it's consumer for using bitcoin or leveling people to have it like net worths, the more bitcoin you have the higher the tax you will pay.  What will happen ? obviously the people will somehow lose interest on it.

well good news is that no country has ever gone this route that you are suggesting!
instead they simply placed some taxes on bitcoin whenever someone is investing in bitcoin. and some countries like US see it as a commodity so they can tax it easier and some countries like Japan see it as a currency so that their people can adopt it better so they only tax it once when you invest not when you spend.