Quote from: goaldigger on May 27, 2019, 05:35:57 AM

Quote from: iamTom123 on July 03, 2017, 04:25:47 PM

Many countries seem to have a hard time defining and regulating Bitcoin. The current legal framework is not enough to deal with cryptocurrency revolution, thus most countries still have not considered Bitcoin to be an additional legal tender just like the function of their central bank issued fiat money.

However, the Bitcoin revolution is fast reaching the nooks and crannies of many countries all over the world, what with the use of the modern gadgets and the internet. Sooner or later, financial authorities have to come up with the necessary framework with which cryptocurrency can work with.

For now, let us just enjoy the "not yet legal but not banned" status which can anyway fine with me so I can still avoid paying taxes.

My country has this unique cryptocurrency status which is the "legal but not paying taxes". Crypto is widely spread in the country and is also recognized by the Central Bank but until now i dont see any regulations comming from the Bureau of Internal Revenue on how to file taxes for it. I am also enjoying the benefit of it for now.

Well, that is something we have to thanked for. There are many countries in which tax collection system is designed not to be over strict and burdensome with the people. Unlike many advanced countries where tracking can be flawless, some countries are still behind (or maybe have chosen not to upgrade yet their existing platform) so most likely what you voluntarily declare can be the basis of what you might pay. Now, in the case of the Philippines we have to remember that we have the law which dictates that we have to declare any income we realized for the previous year and certainly that includes income from cryptocurrency activities. In the end, we can declare it...or we might not.