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[AudraMiller]

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.

 

[amgad100100]

Wow , its really big number of transactions , can you imagine that happened in one country , if that so in the whole world , i think that will impact the world economy , it might destroy the financial system around the whole world .

 

[Razor1911]

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.

See, that's how crypto market affects the local banks and businesses. When people will invest more on such coins, volume of transaction will increase but the liquidity will start to flow from banks to those crypto markets.

 

[Wisdom01]

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.

The government should highly look into that ,because its quite paramount to consider ,taxing every trade when they intiate any could affect the amont of users too

 

[Wisdom01]

I am beginning to see a bright future around the digital currency. I do not think that the predictions made by the oddsmakers will work anymore. The crypto space have experience lots of improvements past weeks

Yeah coupled with the fact that some countries are valuing the importance and its improving crypto currency overall ,With another country legalising the use

 

[Razor1911]

I am beginning to see a bright future around the digital currency. I do not think that the predictions made by the oddsmakers will work anymore. The crypto space have experience lots of improvements past weeks

There is a different between digital currency and crypto currency. As you have said, in your post that digital currency is actually covers everything frim crypto to fiat Currencies.

 

[Ptrikha90]

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

Yes a range of 5 to 10% is manageable and does not pinches the individuals. If still individuals are non-compliant, then they can be penalized accordingly.

 

[Razor1911]

Yes a range of 5 to 10% is manageable and does not pinches the individuals. If still individuals are non-compliant, then they can be penalized accordingly.

Problem starts arising when the tax is more. Normally in our country, the tax slab for large companies is around 30% which is very high I think. 30% is very huge amount and eats a lot of the money.

 

[Mariappa45]

That's a huge impact in their banking sector and also a boost in their economy. The citizens are simply living it with crypto trading and it's working for them especially for those determined.

 

[Lobardi]

Yes , they will be when the inflow of exchange product market will flow into the country banks they will have more volune and higher assets to trade so that allows them ti have a higher and substantial position. In the market

Such a position allows them ti lead the market truely being a leader in accepting new challenges and then successfully adapting to it to be honest in my opinion .

 

[ektalakra]

South Korea is a crypto-active country, and involving banks in this market is a good step, I guess it will attract more investors to the crypto market and will also attract offline users who are yet not friendly with the crypto market. the huge rise in crypto will for sure benefits all the users attached to it in the upcoming time.

 

[gammarays]

Banks and other financial institutions should know the type of revenue to expect from crypto transactions. People are owning more crypto tokens daily. Instead of working against it, they should encourage it and make some profits from it. That's a huge volume to process and it'll continue to increase. It's almost impossible to restrict crypto now.

 

[BullyMaguire]

Now imagine if in a country they have their exchange which they regulates.. it would be easier to exchange for fiat and vise versa they will also be making a lot of money in fees if we use the local exchange than other international ones. Win for everyone except scammers that can be tracked ofcourse