Among core problems in the US$150 billion business are how nations can apply the tax to cryptocurrency businesses and whether there should be checks on the ability for bitcoin and other virtual currencies to expedite global fund flows.
What’s more, bitcoin’s status changes in different jurisdictions? Australia said it would eliminate the double tax on activities involving cryptocurrencies like bitcoin, while China has yet to define the legal status of virtual currencies.
If governments aren’t able to know what the change is they will be unable to collect revenues. That’s going to create panic in some countries. China sees it already, that the reason they shut down their cryptocurrency exchange.
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