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A comment on EU draft proposes identity requirement for cryptocurrency transactions.

Re:EU draft proposes identity requirement for cryptocurrency... by daenz on Friday February 18, 2022 @04:06PM (#30391113)
I am not a crypto fan, but it's becoming more and more clear to me that crypto is the battleground for governments versus people. To survive and function, governments need the ability to levy taxes. This means that income needs to be tied to identity, and it needs to be accessible by the government. But cryptocurrency generally does not support those things, and in fact consider the resistance to them a feature, not a bug.

If a hypothetical world existed where an ungovernable cryptocurrency took over all forms of transactions, what is the plan to pay taxes? I'm not a huge fan of taxes either, but I think most of us can agree that we need some taxes.

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Re:EU draft proposes identity requirement for cryptocurrency... by user4353332325 on Friday February 18, 2022 @05:45PM (#30392165)
That world already existed, it was every civilization that used currency before the electronic payment system. The only caveat was that it had to be exchanged in person. Governments levied taxes on goods at points they could easily view and control, e.g. tariffs on imports and exports, taxes on goods produced by businesses that couldn't hide, and on landowners, which also can't hide how much land they own.
[ Parent | on HN ]