Bitcoin for Governments, but Without Privacy and with Taxes
Banks and governments are warming up to the possibility of leveraging the power and resiliency of the blockchain to implement smarter financial systems that permit faster and cheaper local and global transactions, permanently recorded in a tamper-proof blockchain. At the same time, financial institutions and states find some aspects of Bitcoin worrisome.....
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Cryptocurrencies "challenge the ability of governments to levy taxes and to control capital flows more broadly," the report says.
The American Institute of CPA has written a letter to the IRS asking for clarification about the taxation applicable for digital currency holdings. Should Bitcoin be taxable? The question is a ticking time bomb, worthy of a fiery debate. Most people in the bitcoin community believe that the digital currency should not be taxable, as the founder(s) had originally intended. Bitcoin was created as an alternative currency that can be used for peer to peer transfer without the interference of external entities. The decentralized nature of the digital currency made sure of it. However, as the....
While Various governments around the world are trying to invade user privacy on an even bigger scale, VPN provider CyberGhost is taking a different approach. Creating a pro-privacy boot camp to find a helping hand in the form of tech startups working on privacy tools seems to be the way forward. Cyberghost, mostly known for their VPN services, has set up its own tech incubator in order to safeguard user privacy. In order to achieve that goal, Cyberghost’s accelerator is looking for companies who want to help build businesses serving web users while guaranteeing their privacy in the online....
Privacy coins remain a bone of contention when it comes to governments trying to regulate crypto transactions but that has not diminished their popularity. As more blockchains become easier to track, crypto investors have moved to privacy coins in a bid to better conceal their financial footprints. So as the popularity of these digital assets […]
The European Court of Justice recently declared that VAT does not apply to bitcoin exchanges. The decision was cheered by the bitcoin community across the world. However, at least one government is not happy about it for sure. The increased popularity of bitcoin has got governments thinking of innovative ways to gain revenue out of it. Unfortunately, the only way for governments to do so is either in the form of fees, taxes or fines. Taxes are the most attractive ones as it provides a constant stream of revenue to the treasury. Like United States, Sweden tried doing something similar by....