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❕NEWS South korean banks are seeing the impact of crypto

AudraMiller

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There are many people that are involved in the buying and selling of cryptocurrency now and much of these people do so via the bank if their country is able to support it. In a recent article it seems that in South Korea there was a massive increase int eh volume of buying and selling crypto that happened at their local exchanges, with there being as much as a 40% rise in this volume that is happening through banks. Banks have reported to process 57.9 billion dollars in transactions in just the start of this year alone.
 
Well, I'm not surprise by this news because a lot of people are knowledgeable crypto currency now so the volume will be high now. I hope others key into this
 
Well, I'm not surprise by this news because a lot of people are knowledgeable crypto currency now so the volume will be high now. I hope others key into this
Cryptocurrency has been thrown into the light by those public figures that are getting involved with it as well and this was the key deciding factor in rising the volume that is being traded in my opinion.
 
Cryptocurrency has been thrown into the light by those public figures that are getting involved with it as well and this was the key deciding factor in rising the volume that is being traded in my opinion.
It good to know this mate it a good thing when the volume is on a high side I just hoping more people get involved. It will be to the growth crypto world in general
 
It good to know this mate it a good thing when the volume is on a high side I just hoping more people get involved. It will be to the growth crypto world in general
More people will get involved with time. Right now there is only a fraction of people in the crypto world and if it can have this much of rise to where we are seeing the prices now, it is unimaginable what sort of prices we are likely to see as it gets more recognition and promotion by more public figures.
 
Official support for Crypto would be good for the economy. If some of these Crypto transactions can be taxed although at a low rate, it could be even better for the economy as a whole.
Yes, taxation is very important for the benefit of the country. It greatly helps in developing the economy. However, it is important the rate not be too high that it starts to prevent people from investing in crypto in its entirety.
 
I think the tax amount should be proprtinate to the earning , it should be within 5-10% Range depending upon the yearly earning of the individuals falling in it and everyone should be made compulsory and abide by to pay the taxes on him at time
 
The volume of those crypto buys and sell seem to be widespread and beyond South Korea and just in this first half of the year. Those who have stated that the major influencers are those famous and reputable individuals who have invested in cryptocurrencies are quite right.
 
Wow i am sure that this might just be small , they would have made huge amount of revenue from those banks and exchange platforms trading crypto currency
 
Yes, taxation is very important for the benefit of the country. It greatly helps in developing the economy. However, it is important the rate not be too high that it starts to prevent people from investing in crypto in its entirety.
Yes a high rate can be a big disincentive and I do not think anybody would benefit from a high tax rate. So maximum should not be more than 10 to 15%.
 
Yes a high rate can be a big disincentive and I do not think anybody would benefit from a high tax rate. So maximum should not be more than 10 to 15%.
Lets all remember that if the taxes are so high,it would have effect and the crypto users would find means to bypass the tax ,so it wont be high tax i think too
 
Yes a high rate can be a big disincentive and I do not think anybody would benefit from a high tax rate. So maximum should not be more than 10 to 15%.
That would be a good and advisable range to have the taxation rate as. There are some countries, whose tax is as much as 45% of their income and salary, so as long as it is not on those levels it should be decently received.
 
That would be a good and advisable range to have the taxation rate as. There are some countries, whose tax is as much as 45% of their income and salary, so as long as it is not on those levels it should be decently received.
Atleast that could be regarded as income ,but in crypto currency there could be loss and profit ,this is one reason i dont like the government taxing crypto currency
 
Atleast that could be regarded as income ,but in crypto currency there could be loss and profit ,this is one reason i dont like the government taxing crypto currency
Yes. Of course in that case there will only be tax that is being deducted from the profit that you have and there will be no tax associated with losses. However i am not sure if they will account for this when regulated.
 
That would be a good and advisable range to have the taxation rate as. There are some countries, whose tax is as much as 45% of their income and salary, so as long as it is not on those levels it should be decently received.
Denmark and some other nations have a robust social security system. So their higher end tax levels are around 50%. Still that is worthwhile.
However, high tax levels elsewhere are pinching.
 
Yes. Of course in that case there will only be tax that is being deducted from the profit that you have and there will be no tax associated with losses. However i am not sure if they will account for this when regulated.
They wont recognise that because government usually tax banks and some companies even if they make more loss or profit ,is not their concern
 
They wont recognise that because government usually tax banks and some companies even if they make more loss or profit ,is not their concern
What would the tax value be on if there is a loss? Usually if you are taxing a company you tax perhaps 30% of the profits made, however if there is a loss, then would they tax a percentage of the loss?
 
What would the tax value be on if there is a loss? Usually if you are taxing a company you tax perhaps 30% of the profits made, however if there is a loss, then would they tax a percentage of the loss?
That is it the total revenue earned that should be taxed ,and if its profit esrned there should be tax and not just taxing immediately profit is earned
 
That is it the total revenue earned that should be taxed ,and if its profit esrned there should be tax and not just taxing immediately profit is earned
If it is the total revenue then it would make sense, because you would still have revenue even if you are running at a loss just in this case you would have insufficient sales to cover the raw material and running costs.
 

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