Yes, country government doesn't have control over Cryptocurrency, it is not regulated. I believe they're trying to introduce a tax paying into it, so they'll make their own profits just as the traders. That move have been taken by the US government to implement. Let's see how other country's government react to that, in the future.
This is very true and people are actually looking towards cryptocurrency in South Africa from what I have read to inside of a global news. However I think that this might decrease in the future depending on the tax implications.
Okay, that's great news that South African citizens are just interested in Cryptocurrency investment. I know the increase in demand of people will force tax to be charged by traders. But it shouldn't be much, it should be based on the profit margin and that's all. I can't be losing funds why trading or holding coins, that will be bizarre enough.
I think that the tax rate will depend on the government because I know that internationally there are some countries that have in excess of 40% as their tax rates which cuts into quite a bit of your profit.
That's bizarre, charging 40% of the profit you made is unacceptable. I don't think such law have been passed on, U.S tried it but i don't think it worked out.
If this is the case than many people will actually not be involved in cryptocurrency Investments because they will have to make a substantial amount of profit in order for it to be determined as a sort of income for them.
That's true. Even if its me, and i make huge amount of money from trading everyday. I can't still succumbed to paying with 40% of my returns to tax. No doubt, such might discourage me from trading. So I don't think any country will charge that to its subjects trading digital assets.
Unfortunately not. Only a small part of the Brazilian population is aware about cryptocurrencies. Apart of rare exceptions, online based, commerce and shops don't accept them as payment method. Merchants in an averagely base, out of the most industrialized federal capitals, even don't know cryptocurrencies exist. Banks don't works with cryptocurrency: don't accept them and don't exchange them. Central Bank doesn't back/doesn't support them.This situation has fared less well since years ago. And the day before yesterday our best local exchange announced it will close its activity in June. I don't see a bright future for cryptocurrencies in Brazil at all, even the government is not against them.
There are different doctrines in different countries about crypto currency investment so one should know the doctrines that would work for you regarding deposit and withdraw
Hopefully the tax rates that will be implemented will be something that is dependent on teh amount of profit that you are making and with each range of profit there is a different tax percentage.
Yes, of should be based on the profit level, and the charges shouldn't be higher than 0.1% for every trader. And not exacting exorbitant charges that will discourage people going into crypto investment.
Seems we're in the same country, I wish that the government would just wise up to see the benefits of crypto currency so that we can all benefit from all the things crypto offers