Why is Crypto Banned?

[gammarays]

There are several reasons for banning crypto currency across several countries. Some rule that is not a verifiable and stable asset, others see it as a means of money laundering and other bad stuffs. Others see it as competitor to their Fiat currencies.

 

[Reedex]

The major reasons why cryptocurrency are banned in some countries is because of it is decentralisation feature.

 

[flower]

Crypto is banned in so many countries following the use of cryptocurrency for nefarious activities.

Post automatically merged: Apr 16, 2023

Crypto is banned in so many countries following the use of cryptocurrency for nefarious activities.

 

[Yohanna]

We all know that cryptocurrency is used to perpetrate illicit activities because of its decentralisation feature.

 

[Reedex]

We all know that cryptocurrency is used to perpetrate illicit activities because of its decentralisation feature.

It is true that cryptocurrency transaction has a lot of negativities because it is decentralized.

 

[Starmix]

I am not sure in my country. It is not that trendy so they have not imposed taxable fees to pay. This is what I know so far.

Crypto is taxable in our country, Manny Villar a crypto buyer and seller pays big taxes so also Manny Pacquiao pays crypto tax . Businessmen in PH are warned to oblige the law to pay 35% tax on crypto
.
Is crypto being taxed in the Philippines?

In the Philippines, there is no tax on any crypto income under $4,500, but after that, any income is taxed up to 35%. The country's government has also been discussing new taxes on crypto by 2024, raising concerns that Manila may follow India's lead and impose a 30% flat tax on all crypto income. Sep 8, 2022

 

[Shavkat]

Crypto is taxable in our country, Manny Villar a crypto buyer and seller pays big taxes so also Manny Pacquiao pays crypto tax . Businessmen in PH are warned to oblige the law to pay 35% tax on crypto
.
Is crypto being taxed in the Philippines?

In the Philippines, there is no tax on any crypto income under $4,500, but after that, any income is taxed up to 35%. The country's government has also been discussing new taxes on crypto by 2024, raising concerns that Manila may follow India's lead and impose a 30% flat tax on all crypto income. Sep 8, 2022

This is something new to ponder. I did not know that they are taxing crypto in our country now. We need to be sure that they are using the taxes wisely more than before.

 

[flower]

This is something new to ponder. I did not know that they are taxing crypto in our country now. We need to be sure that they are using the taxes wisely more than before.

So many countries knew that people are using cryptocurrency to evade tax and that is why they are imposing tax on crypto related transactions.

 

[Shavkat]

So many countries knew that people are using cryptocurrency to evade tax and that is why they are imposing tax on crypto related transactions.

It is nice to know this piece of information. I am aware that it happens in another country. I do believe that it can be used here in my country, but not that popular though.

 

[Stardom22]

I would therefore look at the situation regarding the Crypto currency here in my country. I literally have no idea about how the government taxes the Crypto currency in exchange and purchases.

 

[Shavkat]

I would therefore look at the situation regarding the Crypto currency here in my country. I literally have no idea about how the government taxes the Crypto currency in exchange and purchases.

I join you with that matter. I am not also sure if how it will be taxed in my country. As far as I could remember, the authority is still planning how they are going to do this.

 

[Smalto]

Currently many countries (governments) prohibit crypto either directly or indirectly. As China has banned all crypto transaction activities, it is even considered illegal and will be subject to punishment. In Indonesia crypto is prohibited as a means of exchange, so it can only be used to buy on foreign sites such as domains or web hosting on Namecheap. In Indonesia, crypto is considered a commodity that can be traded on crypto exchanges. But indirectly, the government also limits the movement of crypto by imposing a tax for every sale transaction subject to an income tax of 0.2, while if a purchase is subject to VAT of 0.11%, how is crypto treated in your country?

Although, cryptocurrency is banned in my country, but smart people still find a way around it, we effectively and silently make use of peer to peer features in order to buy or sell cryptocurrency without the Apex bank knowing.

 

[Suba]

Although, cryptocurrency is banned in my country, but smart people still find a way around it, we effectively and silently make use of peer to peer features in order to buy or sell cryptocurrency without the Apex bank knowing.

Many crypto users who live in countries where the use of crypto is prohibited often use VPNs to access crypto exchanges, nowadays exchanging crypto for fiat money is easier for you to exchange with RIF cash.

 

[Shavkat]

Although, cryptocurrency is banned in my country, but smart people still find a way around it, we effectively and silently make use of peer to peer features in order to buy or sell cryptocurrency without the Apex bank knowing.

I wondered how to your smart people do this. Is it like using a VPN or something? I am sure that some people wanted to know the secret of doing it. Would you mind to share something about it?

 

[Yohanna]

Cryptocurrencies are banned because it is used to perpetrate illicit activities.

 

[Blessed19]

This is what I literally do not understand as to the reason their is a ban on crypto currency by the government's of many nations despite it empowering the citizens of it's nation.

 

[Stardom22]

Some countries see Crypto currency as illegal currency that competes with the fiat currency of the nation posing a danger to the crumble of the country's economy for that matter.

 

[Etini Willie]

Most countries are insecure with the rise of crypto currency and the fact that they can't manipulate it like the way they manipulate their fiat currencies. That's why they ban it. They feel that it would come and take over as the medium of exchange ahead of their vat.

 

[Bisolami]

This is what I literally do not understand as to the reason their is a ban on crypto currency by the government's of many nations despite it empowering the citizens of it's nation.

I also do not understand why that is happening but I am sure that there is surely going to be a reason for that action but it is not known to us yet

 

[nomad]

In most countries, people who are in government are old people. People heading central banks in many countries are also old people. They do not understand the importance of blockchain economy.