Quote from: Sled on Today at 01:00:52 PM

Quote from: Tomiwa_akin on April 23, 2021, 12:45:20 PM

with the tax news flying around , the crypto market was really hit hard and still crawling from recovery. if finally validated, what effects will it have on crypto markets and its traders. please share your views and thoughts.

Some countries are already imposing taxes for holding Bitcoin like in Germany but still, there are a lot of countries that didn't bother to ask for it
https://decrypt.co/43513/10-countries-that-dont-tax-bitcoin-gains

Well, If we could just think about how fiat rulers paying their taxes to a certain percentage, it quite similar chargers will also have to see in crypto(if possible). As the growing number of crypto investors, traders, and holders, the more it attracted the government to fully legalize forcing them to pay their taxes. Maybe not this time and the rumored that we have heard had come to possible in the near future. And could really affect the anonymity we have in this crypto market as they surely ask about our identity.

I think bitcoin wasn't this high for most of the time, which caused governments to be late about it as well. There are laws applicable like income tax, if you sell a product and get crypto in return, you still have to pay taxes on it, however if you do not sell anything and just buy bitcoin at low level and sell at high level, that is rarely ever taxed in most nations except a few ones. It means governments were too late to charge taxes on those.

I have to say I would obviously prefer if it was possible for me to not pay any taxes at all, not because I hate taxes, I actually like taxes, why? Because taxes are what makes a nation better, without taxes no nation would ever grow. However I just do not believe my government would ever use those taxes for anything good, they would just make themselves richer instead. If we consider that we may not want to, but if everything else in fiat world pays taxes, then we have to pay taxes as well, there is no way around it.