Quote from: Hypnosis00 on Today at 09:42:31 PM

Quote from: TheGreatPython on Today at 08:41:41 PM

Quote from: Blawpaw on October 27, 2021, 09:23:22 PM

Thing is, it puzzles me how are they going to tax cryptos... what sort of technics will the country develop to track all cryptocurrencies in circulation?

In my understating and practical approach they will tax only what are transactions happening through local exchanges or involving bank accounts. If you are holding bitcoin and you are selling it to your friend and your friend pays you in fiat then I guess that you both never need to bother anything on taxation. I am saying all these because this is what exact situation in US states where they have been into crypto taxation for years.

I agree that many country will copy what Slovenia will implement still I guess we need to pay tax for whatever we spend on shops and exchanges but we never need to worry on anything we save in our personal wallets.

We have no way to escape from paying tax even though we use crypto as surely we use exchanges to convert crypto to fiat money and we have to pay some transaction fees that caught up us. It wasn't just Slovenia is practicing this but this was been implemented a long time before. The government uses these banks and local exchanges as the medium to collect tax from their users. 10%, 20% transactions fees? That is huge and have no option but to agree with the term.

For our fiat earnings then theres no way that we could really able to avoid taxes but dealing up with crypto then we could still have at least able to do so and that's the beauty of it on general sense but since regulation becomes more stricter as we do go ahead on future years to come then I wont be surprised that
we would be soon taxed on those local platforms specially when converting your crypto to fiat which it cant really be that avoided.
Taxation is inevitable and this is something that government do always focus on.