Crypto markets can exist without government permission

[Etranger]

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.

High taxes are not the problem itself. If taxes really go where they are supposed to, if they create infrastructure, cultural places, civilization moves forward and society begins to live better, then it is not a pity to pay high taxes. Problems begin when taxes are stolen by those who are in power. Of course, in such a case there is no reason and desire to pay even 5%, not to mention 30%.

[libert19]

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 would be happy with lower taxes even if government don't do anything in support for crypto.

[Etranger]

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 would be happy with lower taxes even if government don't do anything in support for crypto.

What I want to see from the government is not even support and help, but at least non-interference. I can pay 10-15%, but at the same time I want to be sure that my activities will not be undermined. That would be the best option.

[Makus]

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.

High taxes are not the problem itself. If taxes really go where they are supposed to, if they create infrastructure, cultural places, civilization moves forward and society begins to live better, then it is not a pity to pay high taxes. Problems begin when taxes are stolen by those who are in power. Of course, in such a case there is no reason and desire to pay even 5%, not to mention 30%.

You're on point mate. This is one of the reasons most persons get tired of paying government taxes. The fact that they don't see any new developments by the government and their claims with taxes is just so annoying. Well from where I come from, taxes aren't that high, they are pretty much affordable and easy to deal with but I do understand how most government of other countries make their taxes so high that a common citizen cannot cope with and still fight for survival of his life. Paying 10% or 30% is too high for taxes, after paying that, the remaining balance is not enough to be used for maybe your planned project.... The government should reconsider reducing taxes.

[pieppiep]

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 would be happy with lower taxes even if government don't do anything in support for crypto.

What I want to see from the government is not even support and help, but at least non-interference. I can pay 10-15%, but at the same time I want to be sure that my activities will not be undermined. That would be the best option.

When you pay 10-15% to the government where does the money you pay go? Is it for the development of the country's infrastructure or will it only go into their personal wallets? So far, many governments have been neutral about Cryptocurrency, perhaps only a few governments in certain countries have restrictions on the use of Cryptocurrency, such as what happened in Germany a few days ago, which sold all the Bitcoin they had.

[MrSpasybo]

What I want to see from the government is not even support and help, but at least non-interference. I can pay 10-15%, but at the same time I want to be sure that my activities will not be undermined. That would be the best option.

If the government collects taxes on crypto, they will need to issue a legal framework to manage this market: prevent criminals and protect legitimate investors. At least, they also recognize crypto and do not continue to attack crypto on the media, which will indirectly promote the development of crypto in that country.

In case the government cannot manage crypto, it would be better if they continue to be silent and let crypto develop in a gray area: investors do not need to pay taxes but are not protected.

[libert19]

What I want to see from the government is not even support and help, but at least non-interference. I can pay 10-15%, but at the same time I want to be sure that my activities will not be undermined. That would be the best option.

If the government collects taxes on crypto, they will need to issue a legal framework to manage this market: prevent criminals and protect legitimate investors. At least, they also recognize crypto and do not continue to attack crypto on the media, which will indirectly promote the development of crypto in that country.

In case the government cannot manage crypto, it would be better if they continue to be silent and let crypto develop in a gray area: investors do not need to pay taxes but are not protected.

Precisely, this is what I feel also; If government legalizes crypto, they will have to create frameworks and I feel government folks are incompetent at that, specially the old folks which usually have strings to pull, so they'd rather not bother with it all.

[AVE5]

But there are still other exchanges that, even without any approval from our government, can still exist and operate here in our country, like Binance. Only this time, there is an issue that must be fixed because if Binance does not fix it, the IP will be blocked by Binance here in the country, and it has been given 90 days to fix this problem.

That's for decentralized exchanges and not centralized exchanges which users needs to exchange their crypto assets to fiats.

[Dr.Bitcoin_Strange]

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 would be happy with lower taxes even if government don't do anything in support for crypto.

Support you say!
Government can't support crypto, like the subject of this thread says, the crypto market can exist and do so well without the government, so literally crypto don't need no government, on the contrary, I believe it's the government that actually needs crypto because even the government have realized the potentials cryptocurrencies like Bitcoin has, they know fully well that bitcoin has the potential to solve most of the economical problems we face today, but since the current condition of the economic actual puts money on their purse, they'd rather just let things be the way they are right now and secretly exploit their citizens.

But since they also are fully aware they can't stop the existence of crypto, they try a more suitable approach that'll make them have a piece of the crypto cake via imposing of taxation on crypto and also enacting a few laws that'll enable them monitor crypto activities.

[Mr. Magkaisa]

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.

High taxes are not the problem itself. If taxes really go where they are supposed to, if they create infrastructure, cultural places, civilization moves forward and society begins to live better, then it is not a pity to pay high taxes. Problems begin when taxes are stolen by those who are in power. Of course, in such a case there is no reason and desire to pay even 5%, not to mention 30%.

       -     Taxes are actually normal in the government of every country, and you are quite right that I also agree that if other government officials are corrupt, that is not good because it will only be theft instead of allocating it to the majority of taxpayers.

Besides, the government only depends on taxes so that they can provide good programmes for their constituent citizens. That's why it's even better for a government official to be loyal to the service.

[Etranger]

What I want to see from the government is not even support and help, but at least non-interference. I can pay 10-15%, but at the same time I want to be sure that my activities will not be undermined. That would be the best option.

If the government collects taxes on crypto, they will need to issue a legal framework to manage this market: prevent criminals and protect legitimate investors. At least, they also recognize crypto and do not continue to attack crypto on the media, which will indirectly promote the development of crypto in that country.

In case the government cannot manage crypto, it would be better if they continue to be silent and let crypto develop in a gray area: investors do not need to pay taxes but are not protected.

Yes, of course, this is an ideal option. But this is not the case in all states. For example, in the country where I live, it is considered normal practice to raise taxes, not change the legislation so that it is human-oriented, steal money from the budget, and the population will remain without protection. And no one in the ruling circles even thinks about the future, about the fact that such a feeding trough is not eternal. Their goals are short-term: to grab as big a piece as possible until others come with the same goal and displace them.

[Geey]

I think crypto can still operate even though the government prohibits it, there are even countries where the country considers crypto trading to be illegal but there are still many people who trade it... it's a shame that countries prohibit it from being used as payment or something like that because it has so many benefits for everyone and makes technology easier. now, with this the country will progress and will get huge profits from crypto. and crypto has changed the economy a lot for people who involve themselves with crypto.

[silkytakyaan86]

I am from India. Earlier crypto was free in my country. But since last few years Indian government has taken over crypto. And it is continuing to do so. High taxes are being imposed and new rules are being imposed. If I look at the past time, the crypto market was running smoothly without any interference from the government.

[armanda90]

I think crypto can still operate even though the government prohibits it, there are even countries where the country considers crypto trading to be illegal but there are still many people who trade it... it's a shame that countries prohibit it from being used as payment or something like that because it has so many benefits for everyone and makes technology easier. now, with this the country will progress and will get huge profits from crypto. and crypto has changed the economy a lot for people who involve themselves with crypto.

Its not problem when government prohibit with cryptocurrency market regulation regarding we can access it trough VPN, in my country we faced bigger problem last year when government banned access to global market such as Binance, Houbi but we can use VPN to access without any problem yet. Cryptocurrency can't controlling by one country only and depend on holder or trader how to make market keep solid with many buy or sell order.
Many countries prohibited with top global market exchange access but most of them can access well by using unique IP, right now in my country Indonesia have suspended all social media of exchange global market.

[DrBeer]

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 would be happy with lower taxes even if government don't do anything in support for crypto.

Support you say!
Government can't support crypto, like the subject of this thread says, the crypto market can exist and do so well without the government, so literally crypto don't need no government, on the contrary, I believe it's the government that actually needs crypto because even the government have realized the potentials cryptocurrencies like Bitcoin has, they know fully well that bitcoin has the potential to solve most of the economical problems we face today, but since the current condition of the economic actual puts money on their purse, they'd rather just let things be the way they are right now and secretly exploit their citizens.

But since they also are fully aware they can't stop the existence of crypto, they try a more suitable approach that'll make them have a piece of the crypto cake via imposing of taxation on crypto and also enacting a few laws that'll enable them monitor crypto activities.

Quite controversial statements !
1. Cryptocurrency cannot simply and fully exist when the entire market is fiat money. Simplified and clear - you can not buy water, meat, vegetables for cryptocurrency. So you cannot use cryptocurrency as an alternative financial system. That's a fact !
2. “Bitcoin can solve most economic problems” - it can't ! Economic problems are not solved by changing the type of financial system, but by economic mechanisms. If we do not know something - share, how do you think replacing the fiat system with bitcoin will save the economy, for example, your country ? Only please - in detail and with arguments and taking into account all the nuances ?
PS I'm sure there will be no answer to this question