Can governments crack down on crypto?

[Legion]

The government never demands tax when someone is financially disadvantaged. In every country, a taxpayer amount is specified for every citizen. When someone exceeds that taxpayer amount, the government takes tax on that money. Similarly, this happens in the case of crypto. When you make a good profit, you have to pay taxes to the government on that profit. And paying this tax is the responsibility of every citizen because when the people of the country pay taxes correctly, only then will a country develop. And all the advantages of that country will be enjoyed by the citizen.

if every citizen pays taxes properly then the state income will be large and can be used for the good of the country, for example for development etc.
Taxes are imposed on those who are able, as far as I know. so the government has a minimum income limit for citizens who are required to pay taxes. The government certainly has rules that have been properly studied.

Of course, if all the citizens fulfil their obligations to pay taxes, the revenues to the states will undeniably rise and promote further opportunity for the developments that are fairer. But there are moments when they develop some dissatisfaction when paying taxes, and after analysing the situation, there are no distinct improvements in daily life. While there are regulations on which standard of taxpayers is governed, I consider it crucial that the funds called for by the tax system should transparent in terms of usage. This for the reason people have to be informed how their tax money is spent particularly on big infrastructure projects so that that it continues to feel that their obligations benefit directly the state and the society.

[yohananaomi]

Actually, it doesn't matter if the government imposes taxes on our transactions or eithdraws on local exchanges, as long as it's not too high. because sometimes our profits are not big, sometimes a trader also experiences losses.
We as investors also sometimes feel burdened if the taxes imposed are too high, but the government allowing crypto is a good thing for crypto lovers so we must be grateful.

Yes, I am the same, if the tax is too high, I will also object. But what can I do if it has become a rule, whether we like it or not, we will definitely follow it. But fortunately, I think in our country the tax collection is not too high, and everyone here has complied with the rule.

The rule should also be able to adopt the wishes of those who do it, because in the end, everyone will benefit, and it should not be one-sided because there could be violations and that could happen. I agree that the advantage is that the tax is not too high and, in the end, everyone can accept and follow the existing rules, because it is also not good to violate the rules that have been made.

[Gurujebs]

The rule should also be able to adopt the wishes of those who do it, because in the end, everyone will benefit, and it should not be one-sided because there could be violations and that could happen. I agree that the advantage is that the tax is not too high and, in the end, everyone can accept and follow the existing rules, because it is also not good to violate the rules that have been made.

I think what gave the government this courage of high tax is because they say how profitable it has been for many. Imagine somebody that has been holding Bitcoin since 2010 and are still holding it to now, that's a crazy profit one will be having and paying such will not move them if they are serious about paying the tax in the first place.

With time, if profits that are been made in crypto aren't that big like they used to be when the tax are implemented, they will have to force it down for people to play along otherwise people will be discourage from investment in crypto.

[KryptoBull]

I think what gave the government this courage of high tax is because they say how profitable it has been for many. Imagine somebody that has been holding Bitcoin since 2010 and are still holding it to now, that's a crazy profit one will be having and paying such will not move them if they are serious about paying the tax in the first place.

With time, if profits that are been made in crypto aren't that big like they used to be when the tax are implemented, they will have to force it down for people to play along otherwise people will be discourage from investment in crypto.

The greed of governments knows no bounds, because they also face the problem of budget overruns and are looking for new sources of revenue to continue operating. They accept crypto with the hope of more taxes from investors and the hope that the economy will have more impetus to grow. Usually, politicians who do not participate in this market as investors do not understand the suffering and hardship of investors to make profits from crypto.

If they look at the BTC price chart, as you say, they will think it's easy to hold BTC for a few years and then profit thousands of percent. They believe that investors will happily share a lot of money with the government. I think that is a misconception of those outside the market when assessing risks. Governments should also consult the opinions of those who have lost money to better understand this market, thereby making the right decisions about taxes. Ideally, crypto taxes should be as low as stock taxes.

[yohananaomi]

I think what gave the government this courage of high tax is because they say how profitable it has been for many. Imagine somebody that has been holding Bitcoin since 2010 and are still holding it to now, that's a crazy profit one will be having and paying such will not move them if they are serious about paying the tax in the first place.

With time, if profits that are been made in crypto aren't that big like they used to be when the tax are implemented, they will have to force it down for people to play along otherwise people will be discourage from investment in crypto.

The greed of governments knows no bounds, because they also face the problem of budget overruns and are looking for new sources of revenue to continue operating. They accept crypto with the hope of more taxes from investors and the hope that the economy will have more impetus to grow. Usually, politicians who do not participate in this market as investors do not understand the suffering and hardship of investors to make profits from crypto.

If they look at the BTC price chart, as you say, they will think it's easy to hold BTC for a few years and then profit thousands of percent. They believe that investors will happily share a lot of money with the government. I think that is a misconception of those outside the market when assessing risks. Governments should also consult the opinions of those who have lost money to better understand this market, thereby making the right decisions about taxes. Ideally, crypto taxes should be as low as stock taxes.

If the government is already, as you said, experiencing budget overruns, it is certain that it will look for sources of revenue to cover all of that so that the government can run well.
So accepting crypto because of a situation like that is certainly not good for the government because it will be dependent even though it is legitimate to apply taxes to be able to be done for all those who do crypto activities.
But it must also be remembered that crypto transactions can be carried out without involving the government, and it is not impossible that crypto users will do it if there is pressure and high costs and this is a dilemma for an authoritarian government.

[Legion]

If the government is already, as you said, experiencing budget overruns, it is certain that it will look for sources of revenue to cover all of that so that the government can run well.
So accepting crypto because of a situation like that is certainly not good for the government because it will be dependent even though it is legitimate to apply taxes to be able to be done for all those who do crypto activities.
But it must also be remembered that crypto transactions can be carried out without involving the government, and it is not impossible that crypto users will do it if there is pressure and high costs and this is a dilemma for an authoritarian government.

Well you are right to say something like this can easily occur and remain under the radar of governments, and this just goes to show that a aggressive approach will in fact have the opposite effect. Citizens always look for a way out when they are cajoled, pressured, bullied interest them, scared into participating, or have their interests threatened. A government only seeks to put its citizens in a fix and then claim that they are helping them when the best thing it can do to assist its citizens is to create trust and that is if it is able to do that. In this case taxes should be applied based on the degree of benefit in the general public domain. If it remains like that, then it will be continued to be used behind the close doors and the government will end up with nothing. I believe there is a time when the governments do not view the innovation as the problem, but instead they see it as the solution or at least as part of the solution.

[Vx1]

The rule should also be able to adopt the wishes of those who do it, because in the end, everyone will benefit, and it should not be one-sided because there could be violations and that could happen. I agree that the advantage is that the tax is not too high and, in the end, everyone can accept and follow the existing rules, because it is also not good to violate the rules that have been made.

That's what we want, everyone is happy and everyone benefits. both from the community or cryptocurrency users in particular and also the government, but what often happens is that we are the ones who are harmed. Sometimes the government acts as they please, without thinking about how hard it is for us to collect profits in this cryptocurrency trading.

[Gurujebs]

That's what we want, everyone is happy and everyone benefits. both from the community or cryptocurrency users in particular and also the government, but what often happens is that we are the ones who are harmed. Sometimes the government acts as they please, without thinking about how hard it is for us to collect profits in this cryptocurrency trading.

The government loves taxes, and they don't joke with the opportunity that comes from taxes and that's why I strongly believe no government that makes money from their citizens will want to ban crypto, even if they are in doubt about it, they will do anything to let it stays and be getting revenue while they decide what to do next.

However, I think I think that we need revenue strategies in general. I pay tax but the percentage government are collecting is too much, some people pay as high as 30% after holding on your investment,that's too huge to be going to the government.

[Blaze]

The rule should also be able to adopt the wishes of those who do it, because in the end, everyone will benefit, and it should not be one-sided because there could be violations and that could happen. I agree that the advantage is that the tax is not too high and, in the end, everyone can accept and follow the existing rules, because it is also not good to violate the rules that have been made.

That's what we want, everyone is happy and everyone benefits. both from the community or cryptocurrency users in particular and also the government, but what often happens is that we are the ones who are harmed. Sometimes the government acts as they please, without thinking about how hard it is for us to collect profits in this cryptocurrency trading.

Most people hold this notion that crypto is a quick way of making money, in the fashion that many of you are doing, it is business. The two rules seem to say when a person tries to be genuine, he is penalised for not being productive in a world that is unwilling to accept his sincerity. But I think there is still a free will involved in this process. To survive or persevere depends on one’s level of intelligence. Signal from the context, follow changes and do not be afraid to change direction. For a long time, one can keep patience and keep focusing on work so the chance of being one of the few people who can live in this hostile environment is not out of the question.

[milewilda]

That's what we want, everyone is happy and everyone benefits. both from the community or cryptocurrency users in particular and also the government, but what often happens is that we are the ones who are harmed. Sometimes the government acts as they please, without thinking about how hard it is for us to collect profits in this cryptocurrency trading.

The government loves taxes, and they don't joke with the opportunity that comes from taxes and that's why I strongly believe no government that makes money from their citizens will want to ban crypto, even if they are in doubt about it, they will do anything to let it stays and be getting revenue while they decide what to do next.

However, I think I think that we need revenue strategies in general. I pay tax but the percentage government are collecting is too much, some people pay as high as 30% after holding on your investment,that's too huge to be going to the government.

We can definitely say that the thing on which the government is trying out to get into is to have that taxation into those citizens who have been that involved with crypto. They can actually do it and this is where they will be imposing up rules and regulations into those businesses on which do involved with crypto just like on what we are seeing on exchangers now. Somehow they cant be able to touch up everything and thats why they do always came up with those regulation application on whatever services and business out there specially if it do involves crypto.
Can government crach it down literally? There's no way that they can do that and thats why if they dont have no choice then they do rather simply ban and make prohibitions.

[MainIbem]

That's what we want, everyone is happy and everyone benefits. both from the community or cryptocurrency users in particular and also the government, but what often happens is that we are the ones who are harmed. Sometimes the government acts as they please, without thinking about how hard it is for us to collect profits in this cryptocurrency trading.

The government loves taxes, and they don't joke with the opportunity that comes from taxes and that's why I strongly believe no government that makes money from their citizens will want to ban crypto, even if they are in doubt about it, they will do anything to let it stays and be getting revenue while they decide what to do next.

However, I think I think that we need revenue strategies in general. I pay tax but the percentage government are collecting is too much, some people pay as high as 30% after holding on your investment,that's too huge to be going to the government.

We can definitely say that the thing on which the government is trying out to get into is to have that taxation into those citizens who have been that involved with crypto. They can actually do it and this is where they will be imposing up rules and regulations into those businesses on which do involved with crypto just like on what we are seeing on exchangers now. Somehow they cant be able to touch up everything and thats why they do always came up with those regulation application on whatever services and business out there specially if it do involves crypto.
Can government crach it down literally? There's no way that they can do that and thats why if they dont have no choice then they do rather simply ban and make prohibitions.

Exactly, some government would always come up with rules that favour them more, for instance some reputable exchanges were banned in my country by our government cause they failed to follow their regulations and pay up taxes it's not like those exchanges would had followed the regulations but the tax was much and favoured the government, it got to a point that people had to keep their involvement in crypto secret since they could be apprehended and fined by the authorities or even charge with the allegations of fraud especially those who had those banned exchanges installed in their devices, not until recently when they decided to make cryptocurrency legal, they just come up with any rules they like so far it's in their favour.

[Blaze]

We can definitely say that the thing on which the government is trying out to get into is to have that taxation into those citizens who have been that involved with crypto. They can actually do it and this is where they will be imposing up rules and regulations into those businesses on which do involved with crypto just like on what we are seeing on exchangers now. Somehow they cant be able to touch up everything and thats why they do always came up with those regulation application on whatever services and business out there specially if it do involves crypto.
Can government crach it down literally? There's no way that they can do that and thats why if they dont have no choice then they do rather simply ban and make prohibitions.

The case shows how state authorities maintain their interest in crypto because the unrestricted transfer of funds always attracts oversight and participation. The regulatory and taxation systems in this sector show signs of immaturity because digital currencies maintain a pace which exceeds current regulatory and operational capabilities. Government controls on a sector that produces high financial gains will never disappear permanently because they maintain their grip through constant monitoring. Although geographical regulations exist in certain territories they do not indicate complete prohibition. The governmental approach is mainly strategic diversion since regulators discover ways to implement controls despite financial restrictions.

[cryptodavid7]

Government has power to regulate, restrict and ban crypto in their borders .We have seen it happen in countries like China where crypto trading and mining is restricted and while there are India and Pakistan where regulations are unclear or evolving .Government just cares about Money laundering, Tax evasion, Capital flight, Consumer protection and National security risks. They can restrict bank access to crypto platforms or impose strict limited usage.

[Vx1]

~

However, I think I think twe need revenue strategies in general. I pay tax but the percentage government are collecting is too much, some people pay as high as 30% after holding on your investment,that's too huge to be going to the government.

30% is unreasonable, it is not a tax payment but a tax robbery for the people. If that happens I think we need to fight it, because if we just keep quiet then the government will think we agree. Or we can use other ways to avoid taxes, Cryptocurreny is very flexible I think there is a way for that.