One might be aware of the fact that the government is tracking down people who owns Bitcoins. Taxes on cryptocurrencies are always a matter of debate, in a country like India 30-20% of the Tax is supposed to be paid by the handler who is using the cryptocurrencies like Bitcoins and earning more than a fixed number.
20-30% is not at all a reasonable tax price.
At the same time there are countries where taxation is not considered regarding the cryptocurrencies.
Portugal
Germany
Singapore
Malaysia
Belarus
Slovenia
Malta
Switzerland
(
https://news.bitcoin.com/eight-countries-that-dont-tax-your-bitcoin-gains/)
What do guys think ?
Should the government place taxes on Bitcoins or should they let it be? Since they are not helping cryptocurrencies in any way, I do think they should stop making profits out of people. A reasonable tax percentage should be applied ofcourse, but it does not give them the right to label the cryptocurrencies as free money . They should understand that it's a serious issue and if some money is coming from cryptocurrencies, they should at least use 1% of it to educate people about cryptocurrencies.
How much is the taxation on Bitcoins in your country ? Is it reasonable or government is just trying to make profit out of it ?
First, not every government tracks people who use BTC. I'm sure my country is not an exception, and our government doesn't care about this at all. Now, regarding the main question. I think that taxes are a good way for the state to get money that can be then used to make things better. However, I believe in cryptos as money and thus find it unfair that cryptos are taxed as if they were assets or property. I think the only tax that makes sense when it comes to cryptos is income tax. And it should be progressive with people earning small amounts being tax-exempt. This would be fair and useful, but overly high taxation is extremely unfair.