Quote from: Janation on September 01, 2020, 10:44:16 AM

Quote from: dondonk on August 23, 2020, 05:04:17 PM

In my opinion, if the income from crypto is large enough and stable per month, the government may impose taxes on our crypto income, meaning that the tax is based on fiat currency resulting from the withdrawal of exchangers.

But how will they implement it?

I mean they can't just pinpoint someone using cryptocurrencies.

It will be easier for government to tax crypto when they have the full control over the exchanges. This is what they are going to do when they want to really tax the crypto, they will just hand these exchanges in the neck let it spit who uses their exchanges, track and monitor them then tax the shit out of their profits. Centralized exchanges will be likely to be the one that is going to be a weapon for this, and decentralized exchanges will be out and will be prohibited. crossed-fingers.

Quote from: Janation on September 01, 2020, 10:44:16 AM

Those investors are the only ones that know they have cryptocurrencies, and most of them are really hiding that they are earning a lot of money from it. At the end of it all, it all depends on the person if they will pay for those taxes, I am not saying that all of us are like that, I am saying that there are those kinds of people.

KYC will be implemented every where, any ICOs will implement a KYC policy, any exchange will have KYC policy and any wallets will have KYC policy. I don't really know how will they do this but this is the only way that they can control what's going inside and outside just for getting a tax.