Tax on crypto ? Really ?

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Avatar for clixmoney
2 years ago
Topics: TAX, Taxing, Taxation, Money, Crypto, ...

It's interesting to read about taxation on crypto. Even funny sometimes.lol

So, some governments are asking for tax on crypto. I see India for example asking 30%. lol I didn't check the information, and I'm not sure about it, but let's suppose that's true.

First of all taxes are usually restorable. Because we kind of get them back in our oldness in form of pension. And of course governments kind of use all those taxes to improve the country. I'm ok that everyone lives in such system and have to pay them because we are kind of related to fiat system, and we have to pay them to not get our accounts blocked. And even though we know for sure that the principle isn't that transparent because when they use the money from taxes, they don't usually ask citizens. There is no voting system about where that money should go, or how it should be distributed. We just trust that to taxation machine, counting on the honesty of authorities. ☺

But what we can say about crypto ? Will they use the taxes in crypto to pay us pension in crypto ? Will they use that crypto to build the infrastructure of the country ? Or maybe bitcoin became an asset, and they will just convert everything into bitcoin and enjoy holding it ? How the hell people should pay taxes in crypto if they earn so many kinds of cryptos and why they have to count the amount they earned in crypto, in fiat ? Let's suppose I earned a token on hive-engine. The price of that token is so low, what make me earn about a few dollars per month. Do I have to pay taxes in this case ? Do they have an account in hive-engine where to send some tokens ? lol

Ok, let's suppose that I want to pay taxes on the coin I earn from my content, what I always stake to have some influence. Should I pay taxes for what I staked even if I didn't withdraw any ? Or maybe I should pay the tax from the tip I get in LBRY for making a video ? Do we pay taxes by the way if one of our relatives decided to just give up some fiat money from hand to hand ? Or governments are also counting on the honesty of citizens ? In this case I'll be very honest. And of course generous. lol

Ok, now seriously ! There are so many anonymous cryptocurrencies. They are created that way by design. The purpose of many crypto is to not have the intermediate. How are they going to deal with those ? Or they will ask keys from everyone holding crypto ? In this case we all know the concept: ''Your keys, your crypto''.

Anyway, I don't really know how taxes could be paid in crypto. And what funds they will use for that.

I would agree paying in crypto, only if the elections are on the blockchain and no one will be able to fake it. And only if all the transactions will be public, and I know how that will benefit the country. But we all know that gonna never happen. ☺

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2 years ago
Topics: TAX, Taxing, Taxation, Money, Crypto, ...

Comments

Maybe they will try to tax your crypto and give you your pension in state issued central bank digital currency. I guess whether they can enforce this or not depends on where you hold your crypto, in a regulated exchange or your own custody, and also whether you ever want to convert your crypto assets back to fiat currency.

$ 0.00
2 years ago

Real crypto people will not pay that tax anyway. There are so many anonymous cryptocurrencies like monero and others. And in the future we will see more people use that type of crypto to pay everything and we maybe not in need of fiat anymore. They print them anyway, so that worth nothing. Smart and rich people understand that, that's why they don't work for someone, but work for themselves even if they pay some taxes to be untouched. I'm sure even them avoid paying those taxes the maximum and even with fiat it's possible to do so. Citizens don't know anyway where all those taxes are going. Maybe to pay 10 times higher or even more, government workers. They have crazy salaries and so many opportunities, while a simple worker have to struggle to survive ! Crypto should change the world and the economic situation for citizens for the best, not to support the old system we lived in all the time !

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2 years ago

The 30% tax on crypto is BRUTALLY excessive for India. I can't believe they would go that high, I guess its a good thing that there are some exceptions, but still that's just INSANE!

$ 0.00
2 years ago

That will be applied and people will pay it if they accept that. It seems that in our modern time people are ok with so many things that they don't even need to do. I think that's more insane. If the ruler is a fool, it doesn't mean that citizens should accept everything from him/her.

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2 years ago

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2 years ago

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2 years ago

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2 years ago