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Bitcoin [BTC] and the cryptocurrency industry is not being helped by defaults on tax payments: Bittax

In a statement that could incite a reaction from many who adhere to the strict tenets of cryptocurrency, a tax firm has suggested that anti-establishment attitude and defaulting on taxes owing to any Bitcoin or cryptocurrency transactions will only contribute to the slower adoption of cryptocurrencies on a wider scale.

The cryptocurrency tax firm, Bittax has said that doing so will only force governments to impose more and more roadblocks on the path of wider recognition and adoption of cryptocurrencies. It is essential that digital currencies such as Bitcoin go through the regulatory networks of tax laws and anti-money laundering initiatives, said Bittax’s Vice President Lokay Cohen.

He further went on to say that an improving regulatory mechanism for the cryptocurrency market offers better protection for traders. In a final blow to crypto-advocates, Cohen also warned that soon, an intergovernmental data sharing protocol will be in place, making transactions made in Bitcoin or…

Read Full Story : AMBCrypto

2019-02-01 01:30:03

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