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[Balint098]

As reported by Bitcoin.com, the government of Spain has passed a new crypto bill that forces crypto users to disclose their crypto stash along with any profit they made from trading and investment. This bill is a part of the government effort to reduce tax fraud case in the country. Though, no one knows yet how this law will be enforced.

 

[Wisdom01]

Are those crypto users there paying
tax for any profit they make from crypto trading ? because an quite suprise and hopefully they should enforce it well if it would favour crypto users

 

[Brain]

It isn't bad if it is a way of people disclosing all they have for tax payment. It will be bad if it is to take away some of what people owned. But it enforcement for now isn't even clear to me.

 

[Josemendez]

As reported by Bitcoin.com, the government of Spain has passed a new crypto bill that forces crypto users to disclose their crypto stash along with any profit they made from trading and investment. This bill is a part of the government effort to reduce tax fraud case in the country. Though, no one knows yet how this law will be enforced.

I think this will not be easily achieved as people may decide to have up to 3 wallets and will only disclose the wallet with the lowest cryptocurrency assets in it .

 

[Wisdom01]

It isn't bad if it is a way of people disclosing all they have for tax payment. It will be bad if it is to take away some of what people owned. But it enforcement for now isn't even clear to me.

I think it's better the disclose it due to some security reasons but what people are hoping for is that they should do the implementation so actions would be taken

 

[Michealewela]

I don't think this particular law would work, how would they monitor each Cryptocurrency wallet since one could easily use ten Cryptocurrency wallet on different platforms?

 

[Wisdom01]

I don't think this particular law would work, how would they monitor each Cryptocurrency wallet since one could easily use ten Cryptocurrency wallet on different platforms?

Even if they want to start monitoring people's wallet some people might not accept such idea since they feel its invading on their privacy

 

[Brain]

I think it's better the disclose it due to some security reasons but what people are hoping for is that they should do the implementation so actions would be taken

Definitely it isn't only about talking about it but putting it to work. Alot of things would have been working well for us but lack of implementation kill it off.

 

[Josemendez]

I don't think this particular law would work, how would they monitor each Cryptocurrency wallet since one could easily use ten Cryptocurrency wallet on different platforms?

Exactly the point I was trying to say earlier. There is no way to ascertain the cryptocurrency belonging to a particular individual and this will be a challenge for the law

 

[microunit]

I'm not sure how will this really work as the privacy feature of cryptocurrencies will be trashed here, and a user can just create a number of wallet and addresses and he/she can even spread his/her assets throughout the wallets