Post
Topic
Board Legal
Re: Do people have to pay taxes on Bitcoin?
by
Snaic
on 12/02/2019, 18:29:37 UTC
Tax law is dependent on your country and locality. Recently in the United States, the IRS has declared that Bitcoin is to be treated as property, not currency, for tax purposes. All income in the US is taxed, regardless of what form it takes. If you’re paid in bitcoins, you’re supposed to pay taxes on your earnings at the BTC/USD exchange rate when you receive payment.

Is it a good decision or bad?
Taxes for holders of cryptocurrency need to be paid so that the cryptocurrency can develop further. The state will only accept the cryptocurrency and will take measures to its use by citizens if it sees that the cryptocurrency brings income to the treasury. If citizens evade paying taxes, states will be forced to retaliate
and limit the circulation of cryptocurrency.