Quote from: wxa7115 on May 10, 2021, 08:16:48 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.

We knew that something like this was coming, as long as bitcoin was this small currency that not many people cared about governments were fine letting this market grow but now that it is becoming a significant market and institutional investors are finally showing up here governments want a piece of the action and I cannot blame them.

However it is going to be really difficult for them to actually get it as there are many people that are not really friendly to the idea of paying their taxes and they may decide to never sell because of it, and once we can use our bitcoin directly then forcing people to pay their taxes on their bitcoin profits is going to be even harder.

Yes, when it was still of little value and no one was interested, let alone seeing it firsthand, because it was considered a waste of time doing anything related to bitcoin. but all that is no longer the case nowadays, all are starting to look for profits from the existence of bitcoin and pay attention and can participate in it to be able to enjoy the improvements that are now happening.

actually it is only natural that the government will take tax from the profits we get as long as we make transactions with bitcoin, and most importantly there are regulations that have been made to regulate all of that. but it is rather difficult if there is no good intention from the user to pay, the government could determine certain institutions to be ratified as tax revenue regulations by giving complete permission that every exchange is only through the institution and is directly taxed when every transaction.

Of course, with the existence of regulations, it can be ascertained that the government will gradually recognize it as a legal medium of exchange if it is willing to collect taxes from every transaction. for bitcoin players there is a legal umbrella and of course it is useful.