What are the odds that governments start to take cryptocurrency to pay taxes?

[IGMOW (I Go My Own Way)Participant 2572]

U.S States are seeing legislation being introduced, that would enable taxes to be paid in cryptocurrency:
https://cointelegraph.com/news/us-georgia-next-state-in-line-to-accept-crypto-for-taxes-licenses

What do you see is the odds of any of this coming to pass? In the United States, states don’t print their own money. They pass bonds, and also raise taxes, for financing. Their only interest in currency is that the currency be sufficiently stable they can be able to pay for government services. They are different from federal governments who can see their own currency threatened by cryptocurrencies. They just want to get paid.

So, what are the odds hear that governments will start to accept cryptocurrencies to pay taxes?

"I am my own thang. Any questions?" - Davis S Pumpkins.

[Anonymous 43]

[TheSpiceParticipant 2644]

Like you said, states don’t print their own currency, so they have no dog in the race. They just want to be paid. They pretty much instantly convert to US Dollars, as one would expect.

It’s a little surprising and perhaps points to a problem with tax collection.

I remember being stunned when I was able to start using a credit card at a US Post Office with no surcharge. They just ate the fees like a normal business would.

We shall see how it pans out. It’s interesting, at least.

"I've been thinking about what it would be like if we got back together."
"You know it's too late for that."

[CarnageParticipant 22113]

Well if that happens, the most probably thing is scenario number 3 for cripto

Government where behind it from the beginning.

To those following me, be careful, I just farted. Men those beans are killers.

[PistolPeteParticipant 27143]

Never—because they don’t produce the currency.

[FunInTheSunParticipant 8284]

I think governments are more likely to FORCE people to cash out their cryptocurrencies and then pay taxes…or else!

Since the U.S. government has a cash flow problem for funding its Social Security and Medicare programs (for millions of retiring Baby Boomers), it wouldn’t surprise me at all if they came up with creative ways to squeeze every drop of monetary value they can out of us. The IRS would raid a child’s lemonade stand without apologies.

"I saw that there comes a point, in the defeat of any man of virtue, when his own consent is needed for evil to win-and that no manner of injury done to him by others can succeed if he chooses to withhold his consent. I saw that I could put an end to your outrages by pronouncing a single word in my mind. I pronounced it. The word was ‘No.’" (Atlas Shrugged)

[PistolPeteParticipant 27143]

FunInTheSun wrote:

The IRS would raid a child’s lemonade stand without apologies.

Don’t laugh they have done it.

https://www.forbes.com/sites/erikkain/2011/08/03/the-inexplicable-war-on-lemonade-stands/#67c612962a52

[IGMOW (I Go My Own Way)Participant 2572]

The storage capacity of a currency to retain value (aka be worth it longer term), is less relevant, the quicker you can pass through the use of it, meeting debt obligations and also acquire goods and services. As a store of value long-term, Dogecoin is utter garbage. There is no cap on it at all, and the supply of it is like over 1 trillion units. However, it is used to pass currency around, and used to fund different projects. There is recently work on a bridge between Dogecoin and Ethereum, where Dogecoin and can end up on the Ethereum blockchain. So, if other cryptocurrencies also end up being able to do that with Dogecoin, Dogecoin has utility, while also its units are of like next to no value. The useless nature of store actually makes it resistant to pump and dump schemes, which gives it value.

So, what you can see with governments, is if they can happen to end up being able to convert the crypto into dollars, they take it. The thing here is, I know one law proposed said the government needed to get rid of the currency within 24 hours. In the world of Cryptocurrency that is forever. The governments set up futures contracts, and then they can use the cryptocurrency.

It is the lack of a dog in the fight that makes them receptive to receiving it. This is similar to when I asked the question about Bitcoin being worthless. If you know you can get rid of it in a hurry, you will take it. It is, at this second, worth a bunch of money, so you convert it into something you want immediately, or something else that can store the value longer-term.

"I am my own thang. Any questions?" - Davis S Pumpkins.

[The_Mad_PirateParticipant 1278]

And what are the odds of goverments using the “now you can pay your taxes with cryptocurrencies” excuse to start passing legislation regulation the bcryptocurrency market ?.

"We didn't start the fire. It was always burning. Since the world's been turning" "A world that vilifies men only breeds a generation of men that feel no empathy towards women" “In a woman’s mind , there is really no such thing as a ‘we’. In her eyes, earth allways revolves around her, not the other way around. So thinking that your needs , aspirations or desires are valid enough to be persued, or even that you are entitled achive such goals, is like asking your boss for a pay rise in your very first day at the job.”

[iMickey503Participant 12465]

The sad thing is, places like Coinbase are already in the hands of the government.

Be careful what you wish for.

You are all alone. If you have been falsely accused of RAPE, DV, PLEASE let all men know about the people who did this. http://register-her.net/web/guest/home

[IGMOW (I Go My Own Way)Participant 2572]

Marshall Islands released its own cryptocurrency:
https://www.thestar.com/news/world/2018/03/03/marshall-islands-creates-its-own-cryptocurrency-to-pay-bills-boost-economy.html

Plan is to also have it be used to pay taxes:

"I am my own thang. Any questions?" - Davis S Pumpkins.

[Author]

Posts