Tax on crypto currency how does it affect crypto users

Wisdom01

Valued Contributor
Many government are looking toward the option of taxing crypto users and i see this as a very big issue ,most especially for crypto investors in the long run ,because many crypto investors are making more loss than profit from the crypto market,so now imagine they are been taxed irrespective of their loss or profit ,i have also learnt that many crypto users are taking their money to crypto currency because of the high tax imposed by the banks whenever they save their crypto currency in the bank and others ,so how do you see this option ,do you think it might affect the number of crypto users available because many crypto users would not like this option and they might start looking for alternatives ,or do you thik the government are making the right move on taxing crypto currency than banning the use of it finally i think
 

btaliat

VIP Contributor
The first bearish moment came when the United States government supported crypto but made it clear that it will allow tax on it. This will surely the affect the crypto market and will even negate the main notion of why cryptocurrencies is created. Cryptocurrency is created in such a way that no one will be in charge of its control. But if tax is introduced, it means government will be indirectly controlling the market.
 
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Chibson

VIP Contributor
I think this may usually depend from country to country. A country like United States of America may impose tax on cryptocurrency traders and holders. my own country does not even care about people trading cryptocurrency because it is banned. So, the payment of tax will not affect everyone around the world.
 
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