Do you know the reason?
Why don't many cryptocurrency holders care about taxes?
I think on taxes people get overwhelmed and misinformed. Certainly in the US the situation is insanely complicated, if you try to report properly it's so easy to make a mistake.
People are scared of filing wrongly, and then getting investigated and penalized for it, that I am sure a lot of people are just deciding to leave it for another year and hope it all gets clearer, or at least that their accountant gets their skills updated. What they might forget is that the blockchain is immutable and NOT anonymous, not as much as people think it is.
Also Coinbase is now doing mandatory reporting to the IRS for big investors, Surely it's only a matter of time before it's ALL transactions they have to report on..?
So, things really need to change I think!
Payment of taxes must not be considered as a burden in general. As a responsible citizen of a country where we live, it is our moral obligation to contribute to the development of that nation, and if paying taxes is the way, then we must never back off! But when we talk about taxation on the crypto earnings, most of the people resent because they see no point in paying taxes on their earnings in which government has literally no role to play.
But when a country accepts a currency or makes it legal in concrete terms, then taxation is liable to be imposed and the residents have no choice but to pay. But there are countries where there is no acceptance for cryptocurrency, so in these countries, there is no point of imposing taxation on cryptocurrency.
@mk-hasan I totally agree! Schools and roads and hospitals get used by citizens wherever our money comes from. All governments need to wake up to the new reality and find a way to safely and fairly tax cryptoassets, and manage them as part of their overall economic equation
there are a lot of digital currency holders who could care less about taxes and they strongly believe that taxation is antithetical to cryptocurrencies.