Crypto Do You Pay Taxes On Your Cryptocurrencies?

[Good-Guy]

Tax is one of the main issues that surround the crypto world. Obviously the world governments would actually want to tax crypto users because cryptocurrency is a trillion dollar network and the government would obviously try to get behnfit from it as much as possible. One of the biggest concerning thing about cryptocurrencies is that how would crypto tax actually work? As far as I know many countries such as Tier 1 nations like United States, Canada, etc have already tried to tax crypto holders and they are liable to pay taxes if they use or withdraw cryptocurrencies. In my country, I do pay taxes on crypto indirectly when I convert crypto coins to cash. What about you? Do You Pay Taxes On Your Cryptocurrencies?

 

[btaliat]

I think collecting tax on crypto is a new innovation that some countries just explored. The very first to adopt this is the United States of America. In my country, except the indirect tax that banks will indirectly charge on your receiving money, i don't think there is any tax paid on cryptocurrency.

 

[Ahmedo24]

Countries cannot just keep watching cryptocurrency like that people make money without paying taxes so I think the best thing is for all countries to legalize the use of cryptocurrency at in individuals will or wish and they should tax it so that they can generate revenue from it. The transaction volume is damn huge.

 

[Mika]

Unless I am using my crypto currency to convert to cash and use it for various purposes, I am not directly paying taxes for my holding. When I use my cryptos to buy something directly, I will not be paying taxes for my cryptos but on the product that I am buying.

 

[Ahmedo24]

Currently we can't even use cryptocurrency to do any transaction in our country so directly or indirectly we are not paying taxes on them we just use the peer-to-peer transactions to convert cryptocurrencies to our local currency without any charges no I think it will be better if my country consider regulating cryptocurrency so that they can make more money from it through taxes and licensing.

 

[Alexandoy]

I have not read about the taxes on the crypto coin holdings. Maybe that is because the wallets are not registered with the government. It is a wonder why the crypto industry is having good business under the nose of the government when it is easy to impose taxes and regulations. Right now the crypto coin users are free of tax.

 

[Ahmedo24]

I am also wondering why a sector that is more than 1 trillion dollars globally is being ignored by government of different countries where the use of cryptocurrencies is of higher dominance. It'll be nice if the countries key into regulations to enable them tax exchange platforms and wallet developers this will definitely be more revenue to the government.

I have not read about the taxes on the crypto coin holdings. Maybe that is because the wallets are not registered with the government. It is a wonder why the crypto industry is having good business under the nose of the government when it is easy to impose taxes and regulations. Right now the crypto coin users are free of tax.