Quote from: n0ne on July 24, 2020, 11:59:36 PM

Agreed, and myself used to think the taxation in my country. For what we pay we aren't getting anything perfect from the government. The government wants the people's money, and they never think of the people. They work for the rich and the corporate. Then why should I pay tax, and this is how the mind of people change and tries to evade tax.

When it comes to cryptocurrency, why people should pay when government hasn't got anything to do with it. As it is anonymous it is hard to collect data for taxation. Anyhow it is the interest of each ans every government.

The government just wants to take advantage of the ever-increasing prices of crypto on the market. They see a huge opportunity to increase their income by collecting taxes from their citizens. Some countries have gone far by implementing a high tax percentage on crypto income. South Korea is a good example of this. As long as crypto is taxed fairly, there should be nothing to worry about. Otherwise, crypto's adoption in the mainstream world will diminish by a large margin. The fact that transparent cryptocurrencies like Bitcoin and Ethereum are easily taxable, has paved the way for mainstream exchanges to adopt them at a large scale. Privacy coins, on the other hand, are in big trouble as the list of exchanges de-listing them is growing over time. What can't be taxed, will quickly see disapproval from governments worldwide. This means that as long as privacy coins are nearly impossible to enforce taxation, transparent cryptocurrencies will gain all the attention in the mainstream world.

In the end, people will decide whenever they'd want to pay taxes from their crypto income or avoid using it altogether. I think that more people will avoid using crypto as governments become strict in their tax collecting practices. Not all governments will be this way though, which means that crypto will still experience growth in mainstream adoption albeit at a slow and steady phase than usual. Just my thoughts Grin