Post
Topic
Board Bitcoin Discussion
Re: Government Taxing Bitcoin? Here's the Answer
by
Ozero
on 22/04/2020, 05:01:46 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.
Most likely, this will continue to be so in the future. Local exchanges will automatically calculate the tax from each transaction and for this we will have to leave their identification data there. This procedure for paying taxes is the most logical. But if we turn to exchanges located on the territory of other states, here the process of paying taxes will already be more complicated and, most likely, the government in this case will rely on the consciousness of its citizens.