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RE: A Bitcoin Crypto-Tax??? Is it coming?

in #bitcoin8 years ago

Yeah it will be interesting to see the frameworks governments decide to go with. For now, in Canada at least, as long as you pay taxes on capital gains I'm sure everything is kosher.

Consumption taxes are a different situation though.
I can see a consumption tax being implemented easily enough, however, Japan's recent push for bitcoin adoption is happening without a consumption tax. That may be enough of a precedent as other countries move towards adoption. Another issue I see is the use of other cryptocurrencies to skirt the consumption taxes. This may end up being a game with the government similar to "legal highs" , where producers tweak the drug composition just enough to avoid an illegal classification. Perhaps quick exchanges to currencies not taxable, then back to bitcoin, could avoid this. The government may be in a constant state of catch-up if they opt for consumption taxes.

I'm not concerned about it though. The decentralization is the real core, disruptive, promising aspect of blockchain. As long as we have that, we're still moving in the right direction.

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I agree, decentralization is key. Thanks for engaging.