Crypto coin is an industry that provides employment

[Alexandoy]

May I share my opinion on the crypto coin which is very popular in forums. The crypto currency is an industry that provides business and employment. Traders buy and sell crypto coin to earn from the potential profit of their investment. Maybe the exchange centers are earning good money when the transactions are heavy.

For an industry that earns like horse racing the government earns from the taxes. The casino industry is also a gambling industry that pays taxes to the government.
With crypto industry the government earns nothing. That idea can be a good reason for some countries to ban crypto. Perhaps the government still cannot find a good way to regulate the crypto currency. I think there can be a law to regulate and control the crypto industry. What is your take on this issue?

 

[A K Rao]

Maybe crypto currency is doing good business and it is having many employment opportunities for the people involved in this business, may that be of the trading or the mining. Since the government is unable to tax this industry there is a loss of a lot of tax to it. That is why many countries are banning the crypto currency activities.

 

[Josemendez]

Well , in as much as cryptocurrency offers great potentials for it's investors ,we cannot fail to accept the fact that cryptocurrency has it's flaws and negative effects. This is why government do not want to give full support to it. It is not just because the government cannot control it but it can affect the economy of the country drastically.

 

[Chibson]

Cryptocurrencies generally has provided a lot of employment to a lot of youths in my country. the unemployment in my country is very high and so many young people are looking for ways in which they can make money and this has made a lot of people including myself to venture into cryptocurrency trading and it has been a good ride. All you need is the knowledge and understanding of how it works then you're good to go.

 

[sincerem]

That's for sure, Cryptocurrency investment have helped positively reduce the high rate of unemployment and made every youth and other citizens move to trading or investing into diverse options around, via the exchange platform. Those who invested in the coin earlier on for BTC really gained from it especially during its early time of its inception till 2015 at least gained it the more.

 

[Sherman198]

The cryptocurrencies ecosystem and it's doctrine negates any form of control, that's why it's a decentralized digital currency not centralized. If government is allowed to tax crypto currency trading, the government may want to control it. But I think there should be a way to just pay something to government, so cryptocurrencies ecosystem can grow.

 

[Mika]

I will have to disagree on "With crypto industry the government earns nothing." Why do you think Binance is going through a lot of problems in many countries including the UK, Japan, Malaysia, etc.? Binance has not registered in these counties and not paying tax. The government may not tax individuals, but it can tax exchanges and wallets.

 

[Wisdom01]

If the government choose to regulate crypto currency then they might start introducing tax again and this might scare away crypto investors who are trading in the country , the regulation they are trying to initiate might have both positive and negative effect,even the government are now increasing the rate of regulations now

 

[Alexandoy]

If the government choose to regulate crypto currency then they might start introducing tax again and this might scare away crypto investors who are trading in the country , the regulation they are trying to initiate might have both positive and negative effect,even the government are now increasing the rate of regulations now

If the tax is minimal which I think that is what the government will do - the users of crypto coin will continue. If they earn $10 and there is a tax of say 20 cents then that is tolerable according to my standards. A levy of excessive tax will kill the industry and the taxman knows that. At least the government will be earning from the crypto industry.

 

[Wisdom01]

If the tax is minimal which I think that is what the government will do - the users of crypto coin will continue. If they earn $10 and there is a tax of say 20 cents then that is tolerable according to my standards. A levy of excessive tax will kill the industry and the taxman knows that. At least the government will be earning from the crypto industry.

If only that would be enough for them , because most government are truly selfish , that is the reason they do all their best to place heavy tax so they could make more money , and if the crypto investors start noticing that the tax is taking away their profit , they might quit trading

 

[Putta Vince]

If the government choose to regulate crypto currency then they might start introducing tax again and this might scare away crypto investors who are trading in the country , the regulation they are trying to initiate might have both positive and negative effect,even the government are now increasing the rate of regulations now

There were some rumors in our country about the implementation of taxes in bitcoin , but that is not came into existence though. They just cant implement it so easily because crypto itself is decentralized in nature and the government should understand it and leave it alone and let people make profit out of trading crypto.

 

[Wisdom01]

There were some rumors in our country about the implementation of taxes in bitcoin , but that is not came into existence though. They just cant implement it so easily because crypto itself is decentralized in nature and the government should understand it and leave it alone and let people make profit out of trading crypto.

They can implement it , but it would be through the exchange platform , because they would tell them to get license from them to operate and put the tax through that means , then the person would start paying more for both buying and selling crypto currency which might scare away some potential invest who are really ready to invest

 

[Putta Vince]

They can implement it , but it would be through the exchange platform , because they would tell them to get license from them to operate and put the tax through that means , then the person would start paying more for both buying and selling crypto currency which might scare away some potential invest who are really ready to invest

So , we have to find some other way to sell crypto for fiat money. I prefer Paxful , it offers worldwide crypto buy/sell service. And also requires identity level kyc verification that doesn't reveal data about the bank details. Or we can exchange crypto to fiat money from foreign traders who belong to the countries that have not implemented tax policy on crypto trade.

 

[Wisdom01]

So , we have to find some other way to sell crypto for fiat money. I prefer Paxful , it offers worldwide crypto buy/sell service. And also requires identity level kyc verification that doesn't reveal data about the bank details. Or we can exchange crypto to fiat money from foreign traders who belong to the countries that have not implemented tax policy on crypto trade.

The government would actually enforce regulation and place tax on paxful platform for instance ,and anytime you want to buy cryptocurrency the paxful operators would add their own fee with the tax included to the sellers total price , , so indirectly you would be paying tax to the government like that

 

[Sotherefore]

Does it really mean that cryptocurrency mining industries do not really pay tax for the government ? because I believe they are supposed to pay tax for the government since they are engaging in crypto mining which generate profit, if they are not paying tax for the government then obviously the government of the nation is not regulating the use of cryptocurrency and its operation.

 

[Jasmine]

With crypto industry the government earns nothing

Now this is not true. Government can earn with crypto currency. It can tax crypt mining equipment. It ca tax crypto exchange, It can tax crypto trading. In can even create its own crypto currency or start its own mining operations. There are various ways to earn from crypto currency even for government.

 

[Ithedicious]

Hmmm, I have seen so many people that are trading cryptocurrency and they're making a lot of money well , even though cryptocurrency has generated so much money to some people but don't you think this cryptocurrency is likely to be somehow risky ? .

Considering the recent crash that has happened in the crypto space , a lot of people have lost so much of their money especially the early investors that bought at the top hoping to sell it later for profit.

This cryptocurrency is a market that is highly volatile and it's not actually for people that are just interested to invest their life-saving because in most cases you might even lose all your money especially if you are investing in the wrong project.

Ever since I came to understand about cryptocurrency , I have been observing the movement of cryptocurrency this year and I can definitely said it with confidence that since the early of this year the price of cryptocurrency has been going on a constant downtrend and a lot of people have lost so much of their. I don't see this as something very funny especially for investors and traders because they are the ones losing.