I know but this is too wide spread to use force and stop it. That’s the problem. It’s in space, on wires, all over the place! Trying to stop it I do not think can be done. It’s in all markets on exchanges in every big country. So killing it is almost impossible to do in my opinion.
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The bigger picture is that various countries are already doing their best to restrict the freedom of movement with anything crypto related. It’s already been happening in the USA and look at China.
It’s easy to say they can’t stop it, but they can put up many obstacles to make it less enticing to use.
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This is very true! What I am trying to say. They will make reporting requirements so hard that no one will be able to use crypto. That is the only way I see to take it away from everyone! Do not see any other path to kill it off.
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Very true, the crypto space today is far more restrictive then its ever been. Many options available world wide have been banned or kneecapped in the US. Lawmakers haven’t a clue and only answer to their donors.
“Cryptocurrencies have the political support of the ‘patriotic’ anarchists who are rooting for tax evasion,” Sherman concluded. "I hope we shut it down .
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I supposed that it is not so much a matter of stopping cryptocurrency, because as already suggested, that is practically impossible, due to its decentralized nature. However, if governments are able to prevent wider adoption by creating various hurdles, then that could potentially force most people to lose interest due to lack of utility and/or convenience.
To clarify, if most merchants, service providers, companies and individuals etc. used/accepted cryptocurrency as a method of payment, then fiat could essentially be rendered useless and/or completely abandoned by anyone that chooses to do so. Maybe only one exception to this would be needing USD to pay taxes. If fiat were rendered useless, then governments would lose their control, banking systems would fail and any company that chose not to evolve would collapse on itself and cease to exist.
Since crypto can be transferred between individuals, privately and anonymously, without the need for a middleman, then that poses a serious risk to the current banking systems and governments. Governments will try their best to control it by ensuring that anonymity is stripped and that it can be taxed. Since a crypto wallet cannot be levied for tax purposes like a traditional bank account, then governments would need to control where the money can go. The only way to do that effectively is by controlling all methods of fiat exchange, globally. If fiat was no longer needed, then that would change everything and governments would lose all control. It would become impossible to assess tax liability or even impose taxes except for personal property or the like, which is why anonymity poses serious issues.
Another serious concern is likely that governments do not hold most of the cryptocurrency that is currently in circulation, and the few that hold the majority can cause chaos in the markets if they really wanted to, and without central exchanges, then that kind of activity that regulators try so desperately to control with traditional, fiat markets, would not be so easily stopped. Money laundering would not exist because it would not even be required anymore, let alone a way to track that kind of activity. Criminal groups could operate unchecked. People could stop paying their taxes. Police, school systems, prisons, hospitals…could all become privatized. Governments would collapse if there is no money to fund them. Economies could potentially evolve and improve significantly if chaos and the collapse of government did not end everything first.
Money has always been a very effective tool that rulers and governments use to control the masses. People need money for everything these days. We no longer barter for things like we used to. If people started using a currency that governments could not control, then all world governments would essentially be at our mercy. We would have to voluntarily choose whether or not to continue funding them in order to keep things going as they are…which is maybe the way things should have been all along. The people taking back control is very scary for them, and rightfully so. Most people are stupid, and we would probably fail hard as a species without someone telling us what to do all of the time.
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Bitcoin and other cryptocurrencies are completely banned in the following countries:
- Algeria – according to the state’s law, “the purchase, sale, use, and holding of so-called virtual currency is prohibited”.
- Bangladesh – anyone caught using or owning Bitcoin or any other cryptocurrency will be jailed, according to the Bangladesh Bank.
- Bolivia – all cryptocurrencies have been banned by the country’s Central Bank since 2014.
- Cambodia – according to various state authorities, the use and propagation of cryptocurrencies is banned, except if a license is acquired.
- China – the country which once had the highest number of Bitcoin miners declared crypto illegal since 2013, although certain territories under the country’s control, such as Hong Kong, can make exceptions.
- Colombia – whilst there is no specific law banning Bitcoin and Altcoins, the Superintendencia Financiera informed the country’s financial institutions not to assist or work with individuals and companies trading in virtual money operations.
- Ecuador – the country’s government banned the use of all cryptocurrencies whilst it introduced its own version which was tied to the country’s primary fiat currency, the dollar.
- Egypt – commercial transactions made using Bitcoin are considered both illegal and religiously immoral by the country’s Islamic legislator.
- Indonesia – as of 2018, the use of cryptocurrencies for payments became illegal.
- Iran – the ban focuses primarily on banks dealing with customers or funds with links to cryptocurrencies.
- Morocco – while the country currently bans the use of Bitcoin for payments and has issued stark warnings to residents, it appears that the state may be working on laws that will permit the use of crypto under certain conditions.
- Nepal – in an unambiguous statement in 2017, the Nepal Rastra Bank declared Bitcoin and other cryptocurrencies as illegal.
- Pakistan – all cryptocurrencies and digital tokens are banned, and banks cannot assist any clients who have issues or disputes relating to virtual currencies.
- Taiwan – all forms of trading or payment with cryptocurrency is banned, as is the installation or use of a Bitcoin ATM.
- Saudi Arabia – considered to be an implicit ban, the Saudi Arabian Monetary Authority is outspoken against the use of crypto, describing it as high risk.
Allowed, with Restrictions
Meanwhile, several other countries allow the limited use of cryptocurrencies, but users must be careful not to go beyond what is allowed.
- India – banking ban on crypto, however, the government plans to use Blockchain technology to combat money laundering.
- Jordan – banking ban on crypto.
- Thailand – banking ban on crypto.
- The United Arab Emirates – exchanges and ICOs are prohibited, but it is possible to get a license to trade crypto.
- Vietnam – ban on using crypto for payments.
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i think the list above is old
Countries That May Ban Crypto in 2021
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I remember a few years back reading a book about eliminating the US income tax system, and getting 100% of the current taxes from sales taxes. Pretty sure there are always a few politicians running on versions of that platform, but never getting elected.
Would seem an elegant solution. You can make all the income/crypto/fiat you want, but then automatically pay taxes on it when you buy things. And the book made sure to state they wouldn’t need to raise the sales taxes either - just move the numbers around and it’s all there
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they don’t really need to stop crypto, I think the US will continue on the path they are currently traveling. They are putting pressure on the exchanges where crypto has to change into fiat to be spent. It wouldn’t surprise me if full disclosure/reporting by the exchanges to tax authorities is eventually required on any user with >$500 annual crypto transfers.
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Did this ever get sorted with them?
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I like Coinbase Pro but they fall apart everytime BTC or ETH has major moves which can be annoying.
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Both Coinex and turnkey have increased their spread from 02. pip to 0.6 pip. Same for induces.
You will not be filled at current bid, ask, but at 0.2 pip worse than current bid,ask.
yes, everything cool
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Ah good to hear! What was the issue? Just a clerical or software issue so the text wasn’t coming through?
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for some reason they wanted to call me to confirm my phone number, they ask me questions that had to do with my account / info i put down to confirm my phone number. strange
Yes, in a perfect world, it could be an elegant solution. Unfortunately, though, many people (especially corporations and governments) are greedy and untrustworthy.
Two obvious problems come to mind. First, it will be impossible to ensure that all goods and services are taxed as they should be, which is a scary prospect for any government or tax collection agency.
The second problem is you will have companies and individuals that will simply not charge a tax to stay competitive. Amazon currently allows this in their marketplaces, where you have foreign-based entities that operate outside of the legal jurisdiction of US law (e.g. Chinese-based merchants/manufacturers), that get away with not charging any sales tax in order to be impossible to compete with on price.
Amazon does not require or enforce 3rd-party sellers to collect and remit sales tax. Which is why anyone that buys from Amazon may notice that they sometimes pay a sales tax and sometimes do not. This works in Amazon’s favor, obviously, as no other e-commerce site (e.g. Walmart) can possibly compete with them on price. Forget about brick-and-mortar retailers.
Meanwhile, US-based sellers are at the mercy of the IRS if they opt to not collect and remit. Not only that, but most people do not realize that in order to remain compliant, they will have to spend a great amount of time and money in order to satisfy the requirements of EVERY SINGLE STATE where Amazon might store their merchandise in one of their warehouses due to nexus law, which makes it even more impossible to compete. In order to be compliant, sellers must register with each state, keep track of the varying and ever-changing taxation amounts and pay taxes for every single applicable state. This creates an undue burden on small, US-based businesses, which is supposed to be illegal.
Because Amazon simply is not required to collect and remit (as they should be), and because most 3rd-party sellers do not collect and remit (because it’s either too costly or in their favor not to do so), the states lose out of hundreds of millions of dollars each year in tax revenue, all while Amazon benefits by dominating the e-commerce world.
Anyway, getting side-tracked. Not all states have sales tax for certain goods, either. Huge legislative changes would need to occur before a system like this could be realized. I suspect, however, that as time goes on, more and more issues will be handled at the state level, however, which would likely pose issues with a system like this, as some states could opt out or follow their own systems. Currently, we are taxed at the state level, and at the federal level. Imposing a federal tax at the state level could be possible, but I could never imagine things going that way.
Most people do not stop to think about it, but currently, we are taxed several times on the same money. Before you even see your paycheck, you are usually taxed. If you use the money from your paycheck to buy goods/services, you are taxed again. If you buy a house or car etc., you are taxed again - maybe even every single year. If you sell that house or car, you are taxed again. You pay a federal tax, a state tax a city tax etc., it’s never-ending. Taxes drive our government, so of course, they want to tax us anytime money (or property) exchanges hands, for any reason, with few exceptions.
If you ask me, I think sales tax is a scam. It only complicates tax law. Think about it. If you buy goods from a retailer, they will charge YOU the sales tax so that when they pay THEIR taxes on those sales, it is coming from YOUR pocket, not theirs. Keep in mind, they already got a tax break in the form of a tax write-off for buying those goods in the first place, since, after all, it is the cost of doing business; it is overhead.
Can you imagine if your employer did that? Took taxes out of your paycheck before you received it, to pay their tax obligations? It makes no sense. You already paid your dues when you received your money, so why are you paying again? When the retailer generates profits from their sales, they will pay taxes on those profits; that should be enough. But nope…just like traditional brick-and-mortar banks, governments will nickel-and-dime us to death with fees and taxes for every little thing that they can get away with. Nothing elegant about that.
The tax system in this country is way, way unnecessarily overly-complicated in my opinion. I also think that we pay too much in taxes, likely because our government spends too much, but that is another topic.
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correct me if i’m wrong here, when you buy a product from most online sellers doesn’t your state tax appear when you check out?
Sometimes yes, sometimes no. 3rd-party sellers on Amazon, for example, have to set all of that up in order for customers to be charged sales tax, and not all of them are charging it. Used to be really bad, but then bigger sellers started getting slammed by the IRS and word got out. Some states finally came to their senses and decided that Amazon was responsible for collecting and remitting on all sales, so Amazon does that in those states, even for 3rd-party sellers, but most states are still operating in the dark ages.
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So, I got this advert from Coinex yesterday. Has anyone really got cash back? They have written this is cash, and not the bonus stuff that they usually offer.
■■■■■■■ Cashback Ts & Cs.pdf (100.8 KB)
make sure you read all the terms and conditions - I got that ad too and you have to jump through a bunch of hoops to qualify. no clue if they actually give you the cash back(s), but assuming they do to save their online reputation
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