U.S "IRS" Targets Blockchain Tax evaders ( The global effect)

Source

There are two certainties in life, death and or taxation. Taxation has been a means whereby governments get their own share of our collective toil, be it fair taxation or unfair taxation, to many it means you do not have the right to complain or reject it, it is a must. Many have lost their freedom no thanks to taxation.

The advent of blockchain technology to many means freedom even from taxation due to its decentralized nature. But is that freedom coming to an end? Well, lets find out...

In an article posted by Kai Sedgwick of Bitcoin News titled "The IRS Takes Its Tax Evasion Hunt to the Blockchain"

US Internal Revenue Service (IRS) has just revealed that it is improving its resources to ensure its easier to track down crypto tax evaders. As such, IRS has assembled a crack team of blockchain forensic experts to help it get those who are evading tax.

Furthermore, Kai Sedgwick, highlighted in his report titled;
"The Taxman Tools Up"

U.S. citizens have known for some time that the IRS has been shining its spotlight on the crypto space. The first flickers emerged over a year ago, after the tax body subpoenaed Coinbase for its user data in a case that wound up in the courts before the IRS ultimately prevailed, securing the details of over 15,000 exchange customers. That spotlight has gotten discernibly brighter now that the IRS has successfully enlisted heavyweights with the tools and skills to pry into blockchain activity.

More so,

In an interview, IRS chief Don Fort revealed how the Criminal Investigation Division, which he heads, has added 10 new investigators.

According to Don Fort,

“It’s possible to use Bitcoin and other cryptocurrencies in the same fashion as foreign bank accounts to facilitate tax evasion,” he said.

Source

Bloomberg reports how the Criminal Investigation Division has actually lost key staffers since 2011 on account of budget cuts. The recruitment of 10 new staffers will see the division returned to full strength, complete with its own crew of blockchain experts.
Read up all from source here

It is known fact that most countries wants their citizens to pay tax even in cryptocurrencies and its obvious because many who rake in huge revenues from cryptocurrencies are not paying tax, as such, making government loose grip of collecting their own share of the booty, little wonder governments have been fighting cryptocurrencies behind the scene.

If United States through IRS leads the way and other governments across the globe follows, does it mean the end to freedom? Interestingly, Kai in this same news update also highlighted that;

When it comes to taxation, U.S. bitcoiners can roughly be split into three groups: those (begrudgingly) intending to pay, those hoping the IRS will spare them on account of having bigger fish to fry, and those willing to do whatever it takes not to pay, even if that means moving to Puerto Rico. While the IRS lacks the resources to pursue every U.S. citizen with a stake in cryptocurrency, the tide is evidently turning. The days of wide scale cryptocurrency tax avoidance are surely numbered

My question is, Are you willing to pay tax out of your crypto or steemit earnings? Do you think this move by IRS is a ploy to scare cryptocurrency traders in U.S into paying tax willingly and if successful don't you think other governments across the globe will follow same?
What do you think Steemians, send in your suggestions and thoughts in the comment section below.

If you like this post, do please give an upvote, follow for more and resteem for others to join this conversation.

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