Hello community, I hope you are having a great week, mine is going really EXCELLENT, overcoming trials and getting stronger in so many ways that it pleases me. And that's what it's all about, isn't it, moving forward.
Well, I want to bring up a topic that I recently discussed with a friend, and it's regarding something that I'm passionate about, and that I'm sure most of you have a huge enthusiasm and interest in, and that's cryptocurrencies. Well, I do not want to talk about what they are, what they are based on, which of course would be a great topic, but that this interest that has arisen on the part of many transcends to governments in a way that I do not know to what extent it could be entirely beneficial.
In other opportunities I have commented that in the country where I currently live there have been advances in regulatory matters of cryptocurrencies, in fact, Binance here works perfectly, and even other exchange houses, digital wallets, etc.
They all use KYC (Know Your Costumer), which is a requirement of the national government to be able to work here...well, currently we all know that we are living a great crisis (health, economic, social, etc), which has made governments have to use many subsidies to the population so that they can support or cope with this situation of confinement that we lived last year, and that seems to be starting again, it should be noted.
This has brought some tax changes, and the discussion of others that are to come - surely-, for example, the Value added tax (VAT) here in Colombia is 19%, yes, it is high, I do not know how much it is in your country, but that great value is here, of course, it does not apply to all items, but they will expand and increase and VAT to other items, also already the presidency said that they will investigate all the income of all those who have more than two minimum wages as profit ($560 approximately) to know if there are assets abroad or investments of any kind because for that they must pay annual income.
We know that the origin of cryptos arises as a counter-opposition to these policies, which leads me to think, the following:
Why should I pay taxes to the state for owning cryptocurrencies?
For example. Why do I have to share my earnings with them if I am already paying VAT among other taxes and services that I do use in the country? cryptos are global, not local, so no, I would not like the idea of having to share my earnings in cryptocurrencies with a corrupt government to whom I have not asked for anything? Radical stance, well, yes, but that is my position on the matter. I would then like to know what yours is, I would appreciate it in the comments.
Thank you very much for reading my post.
Have a great weekend.
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Governments have realized that cryptocurrency is a good way to steal from their citizens through phantom taxes, since to earn them you use personal equipment and cancel the services they need, so you are fulfilling your tax obligations. It is a way to apply that, if you can not with the enemy join him, only with a variant, not to support it but to steal it. @tipu curate 3
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It's a great detail this tax thing, really. And I think governments should be maintained in other ways. Or find new ways to get money to pay for so many things. Or at least if the.taxes are really spent on things that benefit the society, it would be good , but I think the detail of corruption in our Latin countries is terrible.
Thanks for support.
The truth is a complete abuse, as you say we are already paying for everything we buy and consume. It would be a small problem for us who work with cryptocurrencies. Greetings and thanks for the information.
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This is an important topic, and it is important to pay taxes. The tax level greatly differ between countries, and I know some countries make it extremely complicated, while other countries have easier instructions for reporting and paying taxes. No matter what, it is important that we try to follow our local rules and make it clean!
Hi @unbiasedwriter
The detail of taxes is that it is certainly a good way in which countries support many programs for the benefit of the country and its society, but countries like Venezuela, where we see the children of politicians in other countries enjoying a good life, besides themselves in the country with luxury cars, Ferrari, and those things, but the people looking in the garbage to eat, women giving birth to a child on the floor or in a truck because there is no ambulance, there I say, Is it really worth it to help that injustice? Maybe in a country like Canada for example, I have friends who live there, and the reality is different, one does not even wonder if it is worth paying taxes, because the money you pay is paid back, but the realities in these countries is very different.
You are right, this is a great topic for discussion, thank you very much for commenting.
If that will help the country in so many ways then it is important we pay. The intention of taxes are cool but for some countries it is horrible.
I think that paying taxes will be well seen or badly seen depending on the country we live in, but in my part, in Latin America, they simply serve for the politicians to have more to steal.
In India we have to pay taxes , our government is also planning to include in the bill and from their onwards we will have to pay two taxes if we use or hold crypto.
In India we have to pay taxes , our government is also planning to include in the bill and from their onwards we will have to pay two taxes if we use or hold crypto.
I totally agree with you, it is unfair to have to share with someone (government) part of what I have worked for considering that taxes are already paid for everything from the purchase of food as well as for the use and enjoyment of goods and services. This is nothing more than a measure to further stifle people in a declining economy.
Governments have had laws against crypto first.
In Wyoming, during the last 3 years, they have adopted 11 laws for introducing crypto for parking lots, in B2B, using G-Points, for any human necessity. I know this from a South Korean company established in Wyoming...even their stock market is well-placed in USA.
So, they have no legal reason to get taxes out of crypto users, investors, and so on. But there are open doors like stock markets that create the glitch in an opened system that should never be imposed. What are governments doing for us to receive this money? Allowing us to have internet?
Good article and great subject that we all need to look into.