Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency discussions => Topic started by: OptimusPrime on January 21, 2020, 07:03:01 AM
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UK’s HMRC Looks To Track Top Crypto’s, Including Privacy Coins With Blockchain Analytics Tool
Her Majesty’s Revenue and Customs (HMRC) in the UK has just opened a £100,000 ($130,000) for procuring a software that traces when cryptocurrency is being used and taxes don’t get paid.
https://cryptoworldnews.us/uks-hmrc-looks-to-track-top-cryptos-including-privacy-coins-with-blockchain-analytics-tool/
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Very nice. That must be done. Because crypto is difficult to track, many people use it for money laundering and other illegal transactions. It will not have an effect if it is carried out by an unauthorized person. but if carried out by state officials, this clearly detrimental to the state.
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wow, good policy and very brave actions, to fight corruption of the country's top brass, hopefully this tracking software will reduce corruption in government
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When it comes to the HMRC, tracing XMR and other cryptocurrencies that are rather anonymous may prove to be very difficult. Back in 2019, a strategy analyst from Europol noted that authorities all over the world are still struggling to trace crypto transactions.
Another movement to create new history. The involvement of two different parties getting deeper starting from tracking transactions to interest. Crypto is getting stronger despite of market conditions.
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UK’s HMRC Looks To Track Top Crypto’s, Including Privacy Coins With Blockchain Analytics Tool
Her Majesty’s Revenue and Customs (HMRC) in the UK has just opened a £100,000 ($130,000) for procuring a software that traces when cryptocurrency is being used and taxes don’t get paid.
https://cryptoworldnews.us/uks-hmrc-looks-to-track-top-cryptos-including-privacy-coins-with-blockchain-analytics-tool/
I think the crypto space was badly needed that kind of strategy, because of the cryptocurrency feature such as anonymity and privacy was often use for fraudulent acts by some bad actors, that's why it's a timely manner that UK was initiated that kind of program.
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States will be forced to take such actions and in the future even create interstate structures in this direction, since the efforts of law enforcement agencies of one state are unlikely to be effective. I would like to see what happens this time in the relevant bodies of Great Britain. After all, anonymous cryptocurrencies are very difficult to track.
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Software to track crypto transactions such as Monero, BTC and many more altcoins in the article.
Anonymity is part of crypto, all transactions will be in the blockchain ledger, I'm not sure they can track transactions from privacy altcoin like Monero?
May be some people who use crypto for illegal transactions and there are many users who actually use crypto for legal transactions.
Hopefully the goals desired by the UK can be achieved.
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That would be indeed helpful if they can get a software like this. But to clarify this, how about if the cryptocurrency is used outside the country which there is no law yet for tax about crypto? Or the UK only goal is to isolate taxation for them yet. If this works out well I think it should be adopted by other country too.
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with respect to crypto, i think they have little or nothing to offer. the U.K has always been an undecisive entity when it comes to financial situations. they waited for other ally countries to decide and conclude before they take accounts. it is well know of their hidous and shabby way of doing business. don't depend on whatever they said as a benchmake to make your decision of in crypto investment.
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The crazy things being done by governments all in the name of taxes ;D
Well, I guess nothing is wrong with that attempt since everyone should pay taxes. Goodluck with tracking all types of cryptocurrencies like Monero, Zcash, and other privacy coins though. Also add those cryptos sent to mixing or coinjoin services.
The next move will always be the tightening of regulations. I read that new policies on anti-money laundering were already rolled out in the EU.
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The right steps to limit money laundering. This must be copied by all countries where people have cryptocurrency or at least they have transacted. It is feared that in the future crypto is misused by irresponsible parties.
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I appreciate the decession because many institutions, insurance, financial institutions, academic institutions and other institutions never pay any taxes. Many countries don't pay any government taxes on bitcoin and others cryptocurrency. So day by day bitcoin and Ethereum becoming out of control. So please keep taxes rules in bitcoin and others cryptocurrency.