Post
Topic
Board Bitcoin Discussion
Re: Government Taxing Bitcoin? Here's the Answer
by
hatshepsut93
on 29/12/2019, 21:54:36 UTC
I always wonder how could an economy operate and run without taxes from cryptocurrencies. How could a government obtain taxes from people when people are completely utilizing a currency that is not supporting taxes. Would it be really good if we completely have our fiats converted to crypto? For me, there's always a way if our intention is good. We cannot really deny how government is providing regulation that is mainly for the betterment of us despite of some issues regarding corruption and frauds.

For me, the way we could still make it possible is to establish a local exchange wherein, if we convert our money to crypto, these local exchange could already have the portion intended for the tax of each transactions.

Same way as with cash - punish people for evading taxes, or introduce VAT that makes merchants direct targets of taxation. Bitcoin right now is less private then cash, so it would be quite hard to use it for tax evasion. Crypto isn't inherently anti-tax, it's anti-middlemen in payments and that's all, it's up to users to decide how they want to use crypto - follow the laws and regulations or not.