Crypto markets can exist without government permission

[pieppiep]

Same happened in India years ago, central bank (RBI) banned banks to deal with individuals/companies involved in crypto, people moved to p2p. (this ban has been lifted now though).

Does your country have a plan to accept crypto? Are you willing to use crypto as a legal payment method alongside fiat currency?

1) No, we have rulling that crypto can not function as a legal tender. Would love if it changes. 2) I'd love to.

In my country there is also no clear permission regarding the use of Cryptocurrency as a currency that can be used in everyday life. They still use local currency. Only certain people who understand Cryptocurrency trading accept transactions using Cryptocurrency. But you need to remember that the government is not responsible, no matter how small, when its people trade using Cryptocurrency because in the country there are no regulations that legalize transactions using Cryptocurrency.

[doc]

Same happened in India years ago, central bank (RBI) banned banks to deal with individuals/companies involved in crypto, people moved to p2p. (this ban has been lifted now though).

Does your country have a plan to accept crypto? Are you willing to use crypto as a legal payment method alongside fiat currency?

1) No, we have rulling that crypto can not function as a legal tender. Would love if it changes. 2) I'd love to.

In my country there is also no clear permission regarding the use of Cryptocurrency as a currency that can be used in everyday life. They still use local currency. Only certain people who understand Cryptocurrency trading accept transactions using Cryptocurrency. But you need to remember that the government is not responsible, no matter how small, when its people trade using Cryptocurrency because in the country there are no regulations that legalize transactions using Cryptocurrency.

In countries where the government has not legalized crypto as a payment method, it is best not to use crypto as a transaction. Because the government does not protect it, if you try to use it the risk is on your own hands. In our country the government only legalizes crypto as an investment, even though we are happy because the government has allowed it, because in other countries it is still prohibited.

[libert19]

Same happened in India years ago, central bank (RBI) banned banks to deal with individuals/companies involved in crypto, people moved to p2p. (this ban has been lifted now though).

Does your country have a plan to accept crypto? Are you willing to use crypto as a legal payment method alongside fiat currency?

1) No, we have rulling that crypto can not function as a legal tender. Would love if it changes. 2) I'd love to.

In countries where the government has not legalized crypto as a payment method, it is best not to use crypto as a transaction. Because the government does not protect it, if you try to use it the risk is on your own hands. In our country the government only legalizes crypto as an investment, even though we are happy because the government has allowed it, because in other countries it is still prohibited.

Crypto is not a legal tender here but that does not mean it's prohibited, there is no offense on using it. Since there is no government entity overseeing it, in case of dispute arising in crypto transactions there is no support from government either.

We are also supposed to pay tax on crypto earnings, just like any other investment.

[dekafee79]

Crypto is not a legal tender here but that does not mean it's prohibited, there is no offense on using it. Since there is no government entity overseeing it, in case of dispute arising in crypto transactions there is no support from government either.

We are also supposed to pay tax on crypto earnings, just like any other investment.

We have to pay taxes on crypto transactions, that's right. In my country it is the same, and this is a good thing because the government allows us to invest in crypto, even though there are no regulations that allow us to transact using crypto. But at least we are allowed to invest in crypto and this is a positive thing for crypto lovers.

[koang]

We have to pay taxes on crypto transactions, that's right. In my country it is the same, and this is a good thing because the government allows us to invest in crypto, even though there are no regulations that allow us to transact using crypto. But at least we are allowed to invest in crypto and this is a positive thing for crypto lovers.

Taxes are a main source of state income and support for various development and social welfare programs.
And the tax potential of crypto will be greater as crypto becomes popular, and big taxes potentially will make more and more countries support crypto.
More good things are coming Blockchain Technology is the future, not a single person will be able to resist it

[|MINER|]

Taxes are a main source of state income and support for various development and social welfare programs.
And the tax potential of crypto will be greater as crypto becomes popular, and big taxes potentially will make more and more countries support crypto.
More good things are coming Blockchain Technology is the future, not a single person will be able to resist it

You are actually right that the main earning source of the government is tax.  And it is also that the crypto currency has many possibilities in the future, so the heads of state of different countries who can imagine the future of the next 20 years from now are taking various development activities to increase the involvement with this crypto currency along with the legalization of crypto currency. Those who cannot or will not take such development programs now will have nothing but regret years from now. But I also want to say that it doesn't matter if a country legalizes Bitcoin or not.

[libert19]

We have to pay taxes on crypto transactions, that's right. In my country it is the same, and this is a good thing because the government allows us to invest in crypto, even though there are no regulations that allow us to transact using crypto. But at least we are allowed to invest in crypto and this is a positive thing for crypto lovers.

Taxes are a main source of state income and support for various development and social welfare programs.
And the tax potential of crypto will be greater as crypto becomes popular, and big taxes potentially will make more and more countries support crypto.
More good things are coming Blockchain Technology is the future, not a single person will be able to resist it

Big taxes thwart the individuals from paying taxes though, people feel tax is too high and they will try to find alternate means to withdraw their crypto to fiat.

In India, there is 30% tax on crypto investments, I feel it's more than necessary, if the rates were reasonable about 10-15%, people would show willingness to pay. There is huge money to be made in crypto for both governments and individuals, I wish governments would stop thwarting this by pushing huge taxes.

[doc]

We have to pay taxes on crypto transactions, that's right. In my country it is the same, and this is a good thing because the government allows us to invest in crypto, even though there are no regulations that allow us to transact using crypto. But at least we are allowed to invest in crypto and this is a positive thing for crypto lovers.

Taxes are a main source of state income and support for various development and social welfare programs.
And the tax potential of crypto will be greater as crypto becomes popular, and big taxes potentially will make more and more countries support crypto.
More good things are coming Blockchain Technology is the future, not a single person will be able to resist it

Big taxes thwart the individuals from paying taxes though, people feel tax is too high and they will try to find alternate means to withdraw their crypto to fiat.

In India, there is 30% tax on crypto investments, I feel it's more than necessary, if the rates were reasonable about 10-15%, people would show willingness to pay. There is huge money to be made in crypto for both governments and individuals, I wish governments would stop thwarting this by pushing huge taxes.

If taxes are too large, it is likely that people will be lazy about paying taxes, especially as you said investment taxes in India reach 30%, this is very burdensome for crypto investors. The country's government should review this rule.

[MrSpasybo]

If taxes are too large, it is likely that people will be lazy about paying taxes, especially as you said investment taxes in India reach 30%, this is very burdensome for crypto investors. The country's government should review this rule.

I also do not like the 30% tax rate on crypto profits, because investors also have to spend a lot of capital, health and mental effort to get that profit, a tax that is too high can cause for investors to get discouraged and abandon the market, or find ways to avoid taxes. Unfortunately, we are currently seeing many countries using tax rates higher than 30% @@

In Vietnam, crypto is still in a gray area: the government neither prohibits nor allows it, meaning investors do not need to pay taxes but are also not protected in the event of crypto asset fraud. For me, this is suitable and I am completely satisfied with 0% tax. However, startups in the crypto sector will be forced to go to other countries such as Singapore and Hongkong to register their business.

• Crypto Tax Rates In Various Countries

[yohananaomi]

We have to pay taxes on crypto transactions, that's right. In my country it is the same, and this is a good thing because the government allows us to invest in crypto, even though there are no regulations that allow us to transact using crypto. But at least we are allowed to invest in crypto and this is a positive thing for crypto lovers.

Taxes are a main source of state income and support for various development and social welfare programs.
And the tax potential of crypto will be greater as crypto becomes popular, and big taxes potentially will make more and more countries support crypto.
More good things are coming Blockchain Technology is the future, not a single person will be able to resist it

Big taxes thwart the individuals from paying taxes though, people feel tax is too high and they will try to find alternate means to withdraw their crypto to fiat.

In India, there is 30% tax on crypto investments, I feel it's more than necessary, if the rates were reasonable about 10-15%, people would show willingness to pay. There is huge money to be made in crypto for both governments and individuals, I wish governments would stop thwarting this by pushing huge taxes.

If taxes are too large, it is likely that people will be lazy about paying taxes, especially as you said investment taxes in India reach 30%, this is very burdensome for crypto investors. The country's government should review this rule.

What you say could be true. There is a fear of paying high taxes. Actually, the problem is that if the tax proceeds are used properly by the state for the benefit of development and welfare of its people, I think there is no problem. But most of it is that tax irregularities have occurred that that many people are apathetic about wanting to pay taxes. So, everything is returned to the individual, because in crypto you can do it without wanting to pay taxes, because of the nature of crypto, which cannot be interfered with.

[dekafee79]

                           
If taxes are too large, it is likely that people will be lazy about paying taxes, especially as you said investment taxes in India reach 30%, this is very burdensome for crypto investors. The country's government should review this rule.

What you say could be true. There is a fear of paying high taxes. Actually, the problem is that if the tax proceeds are used properly by the state for the benefit of development and welfare of its people, I think there is no problem. But most of it is that tax irregularities have occurred that that many people are apathetic about wanting to pay taxes. So, everything is returned to the individual, because in crypto you can do it without wanting to pay taxes, because of the nature of crypto, which cannot be interfered with.
[/quote]
When we pay taxes and these taxes are not used for development and good for the community's economy, most of them are also corrupted, making us as citizens disappointed and reluctant to pay taxes. but actually we don't need to expose our crypto asset wealth to avoid being chased by tax officials.

[Gurujebs]

In countries where the government has not legalized crypto as a payment method, it is best not to use crypto as a transaction. Because the government does not protect it, if you try to use it the risk is on your own hands. In our country the government only legalizes crypto as an investment, even though we are happy because the government has allowed it, because in other countries it is still prohibited.

If we count the countries that has Bitcoin legal status, trust me they are not upto 7. The majority of the countries aren't against Bitcoin neither did they make Bitcoin a legal thing. While few countries has allow their citizens to legally used it but it's not a legal tender and you can used it freely. The only places I think people should not use Bitcoin are the places where there is a strict ban law by the country.

One day, I believe the Bitcoin revolution is going to be everywhere and it's not like their is going to a chaos of sort but it's going to be what people want and then the government will legalize it even though they don't make it legal tender but what I don't know is the regulations that may come after, you know the government is known for give and take.

[Jating]

We have to pay taxes on crypto transactions, that's right. In my country it is the same, and this is a good thing because the government allows us to invest in crypto, even though there are no regulations that allow us to transact using crypto. But at least we are allowed to invest in crypto and this is a positive thing for crypto lovers.

Taxes are a main source of state income and support for various development and social welfare programs.
And the tax potential of crypto will be greater as crypto becomes popular, and big taxes potentially will make more and more countries support crypto.
More good things are coming Blockchain Technology is the future, not a single person will be able to resist it

Big taxes thwart the individuals from paying taxes though, people feel tax is too high and they will try to find alternate means to withdraw their crypto to fiat.

In India, there is 30% tax on crypto investments, I feel it's more than necessary, if the rates were reasonable about 10-15%, people would show willingness to pay. There is huge money to be made in crypto for both governments and individuals, I wish governments would stop thwarting this by pushing huge taxes.

If taxes are too large, it is likely that people will be lazy about paying taxes, especially as you said investment taxes in India reach 30%, this is very burdensome for crypto investors. The country's government should review this rule.

What you say could be true. There is a fear of paying high taxes. Actually, the problem is that if the tax proceeds are used properly by the state for the benefit of development and welfare of its people, I think there is no problem. But most of it is that tax irregularities have occurred that that many people are apathetic about wanting to pay taxes. So, everything is returned to the individual, because in crypto you can do it without wanting to pay taxes, because of the nature of crypto, which cannot be interfered with.

Or others think that the taxes that we payed are going into the pockets of corrupt politicians that's why there are individuals who have problems paying taxes. There will be no problems if it will properly go to projects like health and welfare of the population.

But we can't deny that there are certain countries whose leadership are very corrupt and that's why the issues of not paying is a big thing for them. And now with the introduction of crypto, but I don't know, maybe it could benefits some individuals that are against paying taxes because of reasons that I mentioned above.

[MrSpasybo]

What you say could be true. There is a fear of paying high taxes. Actually, the problem is that if the tax proceeds are used properly by the state for the benefit of development and welfare of its people, I think there is no problem. But most of it is that tax irregularities have occurred that that many people are apathetic about wanting to pay taxes. So, everything is returned to the individual, because in crypto you can do it without wanting to pay taxes, because of the nature of crypto, which cannot be interfered with.

No one wants to pay high taxes, especially when those taxes are misused due to corruption... Well, I think taxation is necessary to legitimize the crypto market but the government also needs to determine a reasonable tax rate and commit to using a portion of that tax revenue to manage and promote the development of the crypto market, as well as protect the rights of crypto investors in complex situations.

For me, 5%-10% would be an appropriate tax rate, and in addition, the government could exempt taxes for the first few years to encourage the crypto market!

[Cryptsafe]

What you say could be true. There is a fear of paying high taxes. Actually, the problem is that if the tax proceeds are used properly by the state for the benefit of development and welfare of its people, I think there is no problem. But most of it is that tax irregularities have occurred that that many people are apathetic about wanting to pay taxes. So, everything is returned to the individual, because in crypto you can do it without wanting to pay taxes, because of the nature of crypto, which cannot be interfered with.

No one wants to pay high taxes, especially when those taxes are misused due to corruption... Well, I think taxation is necessary to legitimize the crypto market but the government also needs to determine a reasonable tax rate and commit to using a portion of that tax revenue to manage and promote the development of the crypto market, as well as protect the rights of crypto investors in complex situations.

For me, 5%-10% would be an appropriate tax rate, and in addition, the government could exempt taxes for the first few years to encourage the crypto market!

I do not think the government would agree to giving Crypto firms one year tax exemption. That would be the last thing they would do when it involves huge amount of money that they could benefit from. You know what, the government can be very greedy too not only  individuals.
You are right that people are just really looking for possible means to skip taxation because they think the government are not doing the right thing with it. Looting and embezzlement is the order of the day in government that nobody dare says anything about it.
It is true that taxation is very important in the society because from the tax paid, social amenities are provided for the people. Roads and other meaningful projects are executed as a result of tax collected. So taxing crypto organisations by the government is not a bad thing as we all know but the truth is that let the right thing be done with the taxes collected.