Half of Americans would buy bitcoin regardless of regulations and taxes
28% of Americans oppose the creation of a bitcoin tax. SatoshiLabs concludes that people are accepting the upcoming of bigger regulations.
As the adoption and popularity of bitcoin and other cryptocurrencies progresses, so do regulations and intentions to tax users of bitcoin by governments. But this does not seem to make a dent in the interest of citizens, who say they are prepared to buy bitcoin or other cryptocurrencies even beyond regulations and taxes and ignoring the effects that these actions would bring.
A survey by SatoshiLabs shows that more than 1,000 American citizens are interested in this topic. Just over 50% of them stated that they would buy cryptocurrencies or bitcoin and enter into the crypto world “even if they were more regulated”.
The publication of the company in charge of the manufacture of the Trezor purses adds that only 20% of the survey participants kept firm in their position against regulations and taxes on crypto assets.
“Regulation is, for many, a mark of acceptance by economic operators, and the data shows
that many are willing to give up greater privacy without neglecting cryptocurrencies”.
About the taxes, there were fewer consensuses. Just under 28% opposed the creation of taxes for Bitcoin, while 24% took into consideration that “it is good to tax Bitcoin and more stringent measures are needed”.
According to the researchers, the opinion divided in this aspect reflects itself in the fact that 25% of the respondents said that they had not been encouraged to use bitcoin. This is due to the tax complications that a declaration of the possession of the cryptocurrency could lead to. “This division of opinion could highlight the potential need for a more agile way to tax Bitcoin,” the study considers.
Institutions are exploring better ways to tax Bitcoin
A few weeks ago, the OECD (Organization for Economic Cooperation and Development) stated that they are willing to study the ecosystem of Bitcoin and cryptocurrencies, and that includes exchanges and wallet providers.
The primary purpose of this study centers on outlining guidelines for the creation of more adequate taxes with the expectation of having them ready for the year 2021. The organization itself announced it in a report for the G20 member countries.
Also, in the United States, the Internal Revenue Service marks its spot as a bitcoin targeter. However, a resolution at the end of October ruled out the need for citizens to declare their savings in bitcoin or other relevant cryptocurrencies.
The common view that the SatoshiLabs study showed is that both regulations and tax collection will take a protagonist role, more than just being a simple part of the future landscape for bitcoin and cryptocurrencies.
“Two of the unwanted and highly demonized intruders in the crypto festival, Bitcoin tax, and regulation, seem to have convinced most that they are here to stay, facing less resistance than would ever have been expected.” the researchers conclude.
By: Jenson Nuñez.
