BTC Taxation and regulation

Discussion in 'About crypto currencies' started by Tengkorakfx, Mar 1, 2018.

  1. Tengkorakfx

    Tengkorakfx Member

    In 2012, the Cryptocurrency Legal Advocacy Group (CLAG) stressed the importance for taxpayers to determine whether taxes are due on a bitcoin-related transaction based on whether one has experienced a "realization event": when a taxpayer has provided a service in exchange for bitcoins, a realization event has probably occurred and any gain or loss would likely be calculated using fair market values for the service provided."

    In August 2013, the German Finance Ministry characterized bitcoin as a unit of account, usable in multilateral clearing circles and subject to capital gains tax if held less than one year.

    On 5 December 2013, the People's Bank of China announced in a press release regarding bitcoin regulation that whilst individuals in China are permitted to freely trade and exchange bitcoins as a commodity, it is prohibited for Chinese financial banks to operate using bitcoins or for bitcoins to be used as legal tender currency, and that entities dealing with bitcoins must track and report suspicious activity to prevent money laundering. The value of bitcoin dropped on various exchanges between 11 and 20 percent following the regulation announcement, before rebounding upward again.
     
  2. andengireng

    andengireng Member

    I think there is no BTC tax because if there is no bank or company that manage as well as paypal or egold, then financial data stored where? The answer, on your own computer (in wallet) and peer to peer network around the world. Bitcoin money stored on your computer inside the wallet. If your computer breaks down your bitcoin money is gone, so bitcoin wallet must be backed up regularly to some devices. When making transactions, tens of thousands of computers in the bitcoin network will verify the data you input so there is no cheating.
     
  3. Tengkorakfx

    Tengkorakfx Member


    Agree... The anonymity of cryptocurrencies is the only one thing the government can't handle. So that's why this currency is reliable since you don't need to worry about any other instances will hold your BTCs
     
  4. liafatlouie

    liafatlouie Member

    Is there an official place to buy BTC? because what someone offers on social media is a fraud.
     

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