@Unity 15 November 2022 edited more from that month

Governments Can Tax Legal Cryptos

Every government has a legal currency. All governments of the world have their official currency. They either have their national currency or adopt any other strong currency as their legal currency. In many cases, countries permit different currencies as tendering currencies. Many governments accept another strong currency in addition to their national currency. The united states dollar is accepted in many smaller nations officially. All smaller and bigger vendors accept the US dollar as payment. Governments want to tax income and sales. The main purpose of the government is to tax the citizens' income. They impose many ways to tax people in a variety of ways. For example, when you blog on a blogging platform registered in the US, such as Medium, a default 30 percent of the income from the platform is deducted at source as tax if you don't submit government ID proof. If you provide them with all your ID data, including your income tax ID of your country of origin, they deduct 15 percent tax as a non-US citizen! It is so so simple that governments want to tax you and digitally control your digital identity even if you are not living in the governance territory of the platform (in this case it is Medium)! That is the reason most governments want people to pay for every purchase and sale through online payment gateways. We celebrate when a government adopts a cryptocurrency as an official tendering currency. Big applause of celebration propagated in the cryptocurrency community when the Prime Minister of St. Kitts announced that they would be accepting BitcoinCash as legal tender from March 2023.

*Screenshot source:* *Twitter**.* https://twitter.com/KimDotcom/status/1591646369231822849 It is indeed a moment of celebration for the founders of the BitcoinCash project. The community of BCH has a valid reason to be happy. The same thing happened when El Salvador adopted Bitcoin as a legal tender a few years ago. Governments can tax income and sales using their legal cryptocurrency. When a government adopts a cryptocurrency as a legal tender, they keep the right to impose taxes on people's income and sales using the legal cryptocurrency. The essence of peer-to-peer crypto payment will be intercepted with an intermediate centralized app of the government that would keep track of people's transactions using legal cryptocurrency.

*Screenshot source:* *Twitter**.* https://twitter.com/debeshchoudhury/status/1592388858565754880 Don't forget that making BitcoinCash a legal tender means taking BCH into the government's income and sales taxing system. No government taxation department is a charity! Using a government app for crypto payment means giving them permission to be tracked and taxed on the income and sales. The taxing features of the governments may equally apply to registered businesses and individuals. It will probably apply to the recently announced BCH-to-Fiat payment feature of Zapit BCH wallet using the Indian government's Universal Payment Interface (UPI) app. https://read.cash/@Unity/bch-to-fiat-payment-in-india-cf449e81 All government wants to track income, purchase, and sales because they badly need to collect money from the people, rich or poor. Bringing it altogether There is some scope for elation when a government decides to adopt a cryptocurrency as their legal tender for payments via apps by the people. But, legal means you are under complete CONTROL. Governments can track transactions indirectly through their centralized app. Governments can deduct taxes on purchases, sales, and transfers using crypto payments via their centralized app. Crypto adoption by a government is like a "golden cage!" Postscript Yes, Crypto adoption by a government is like a "golden cage!" It is my view. If you don't agree with me, please don't hesitate to write your opinions in the comment section. *At present, the adoption of the little "golden cage-like" option is a good choice for cryptocurrency lovers!* *Let's enjoy what we get, but with utmost care so that we don't lose anything while using the facilities tracked by the governments!* `{Sponsor of the article}`

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