Quote from: Xester on March 22, 2018, 11:29:56 AM

Quote from: kache2018 on March 21, 2018, 05:34:55 PM

Most countries are now able to introduce the tax system especially in the GCC countries. As for the cryptocurrencies, I've read an article about the taxation of Bitcoin and Etherium in the New York Times.

Generally taxation is used by the government to increase their funds for the benefit of its constituents. Aren't cryptocurrencies decentralized? Unlike the actual bills and we use as medium for exchange/trading and investment which are all centralized and its circulation is being controlled by the government right?

If the tax system will pursue, is it fair enough seeing that the government is about to invade bitcoin? What are your insights about this?

Here is the link:
https://mobile.nytimes.com/2018/03/21/technology/think-cryptocurrency-is-confusing-try-paying-taxes-on-it.html

It is just fair for the government to put taxes on cryptocurrency. Since cryptocurrency has become a business and many have already made a profit then it is a just decision to place taxes on cryptocurrency. Crypto assets are now considered to be like virtual property assets and could be subjected to taxation. The lesser your crypto holding the lesser the tax and the higher your holdings the lesser the tax. But let us not worry since the only way the government could tax us is the moment we withdraw our coin at the legal exchanges.

Thank you sir for your insights. Personally I am still learning much of bitcoin especially those factors that goes along with it like taxation. I am an Auditor, so it augments further my knowledge. Thank you for the enlightenment.