Can you charge taxes on cryptocurrencies?

Written by Davies on / Reading time: 4 minutes.

Can you charge taxes on cryptocurrencies?

It seems that this is an approach that is flourishing in different national territories, for example, and with a recent interest in information; Venezuela. This decree is the decision of an authority, the SENIAT, responsible for dictating the rules for payment with cryptocurrencies. It is a news that astonishes many and comes from the hand of the portal. The Venezuelan government has already raised the possibility of determining the taxable facts to pay the virtual for the mobility of cryptocurrencies, among other currencies, which makes us wonder where the world of virtual currencies is headed.


3.179 decree

It seems that the measure was taken with the intention of strengthening the mechanisms of taxation control to improve the efficiency in the collection of the national taxes.

The taxable persons who carry out operations in the national territory in foreign currency or cryptocurrencies, authorized by the law, through the exchange agreements signed between the national executive and the Central Bank of Venezuela or by means of decree which constitute taxable national tax-generating acts, must determine and pay the obligations in foreign currency or cryptocurrencies.

These are the words written in this decree, a place that opens the doors not only to the cryptocurrencies as such, but to the Internet of Value and blockchain technology.


We walk towards the change

Although the decree responds to a normative regulatory content, i.e., inferior to the laws, it shows the reflection of a genuine change. Societies with the most collecting need are already beginning to open their doors to the use of cryptocurrencies beyond any speculative value exchange. Efficiency, simplicity, improvement in qualitative and quantitative terms of the monetary and credit process will make the cryptocurrencies the exchange values of tomorrow. It is no coincidence that millions of people are already using them all over the world, this is due to the advantages it offers to make instantaneously and easily payments, for the security provided by the technology on which it is supported, because the costs of each transaction are minimal, and because no corrupt country or institution can manage them, and because the identities of the users are pseudoanonymous.

Let's be honest. As in almost every action we carry out in our lives, the cryptocurrencies also carry a number of drawbacks. For example: The dependence of the online and electrical world to use them, because let's not forget that it is a trend born of the Internet and the revolution of the "Information Age". The fact that the price is only fixed by the law of supply and demand is also a risk. They are problems that as a growing community we will have to address as soon as possible.

However, there are no deep, analytical or economic reasons why we have to stop investing in them, as they are another alternative in a world of free consumption, especially since it is an updated way of becoming our own bank and to join the most current funding world. We do not know if they seek or is intended into destabilize countries or economic ecosystems, we simply want to become a tangible option derived from an increasing demand.


As a conclusion...

Being the owners of our own decisions is a priceless action, and this is a decision that we put on the cryptocurrencies. Why? So far, it has been the only developed system capable of implementing the blockchain technology, granting the necessary security in our transactions, becoming owners of the money we manage, not losing control over it in the hands of third parties, and giving the possibility of reducing financial poverty.

That is why there are more and more applications that integrate this initiative. First, it was the payment of a pizza. Then, many companies have been joining their use. Now, we can see taxes in Venezuela, but what will become of the cryptocurrencies tomorrow? Where are they heading? How are they going to influence our way of paying? How will the rest of the countries live?

In the absence of a specific answer, we encourage you to be aware of what is happening. 2019 is a promising year.