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Bitcoin Makes it “EASIER” for Governments to Collect Tax, says Dr. Craig S Wright

Taxation frauds and non-payment issues have become the most pressing ones for governments and finance ministries over the past few years. Tax evasions in various capacities account for loss of billions of dollars every month and authorities are ever-more concerned to curb the outburst in tax evasion and frauds.

There is a general conception regarding cryptocurrencies that it is a way round taxation and its mainstream acceptance is generally unguided about the virtue of taxation. People tend to believe that peer to peer method of transactions and trade does not account for taxes proposed by the governments and if legalized as a day to day form of currency, it will derogate taxation procedures further.

However, cryptocurrency enthusiasts believe that such fragments of opinion are born out of delusion, more than anything else. There is a great degree of transparency associated with blockchain based decentralized crypto transactions and owing to the fact that they are permanently stored on blockchain, there is no disappearance and hence, there is least likelihood of a loophole to tax assertion.

It is further advocated, that cryptocurrencies help taxation and collection, instead of hampering its operations. Due to its transparency, it is easier to collect taxes based on trade.

This opinion has been drastically expressed by the founder of nChain technologies and leading crypto pioneer, developer and researcher, Dr. Craig S Wright.


Taxation is a reality and its existence cannot be fought or eluded. Even if there is cryptocurrency reign to be seen in the coming years, there will be procedures developed in order to incorporate taxes and their transparent and complete collection. Taxes can be reduced, but cannot be fought.

According to Dr. Wright, cryptocurrencies, especially “Bitcoin makes it easier to pay tax”. It carries all transactional detail in a single attempt and thus, makes it easier to collect taxes from traders and merchants instantly.

It seems like a matter of many years, that governments will realise of crypto assitance in taxation and move towards mainstream acceptance, but major crypto enthusiasts like Dr. Craig himself have been working effortlessly in attempts to make governments and finance ministries understand the concept better.

When asked by BlockPublisher if he thinks governments will ever be able to comprehend this reality, he expressed of great pride in the role he, himself has been playing in this regard. He assured that he “is making certain” that authorities are made aware of the goodwill of Bitcoin and other cryptocurrencies associated to taxation.

He further hinted that the United States government and finance authorities need to act quickly to make a telling mark in this space amid South Korea’s emerging status as global leader in blockchain testing and technology manifestation. He is probably not working with the US government (as of yet) to introduce cryptos as means of taxation aid, but he certainly hopes to play a crucial role in its adoption into the mainstream and realization of its ploy into the greater good.

Razi Khan

Researcher, Electrical Engineer and a teacher, Razi is one who takes great intrigue in the prospects of blockchain and cryptocurrencies (BTC in particular) while contributing a critical approach over the subject regularly. Contact the editor at editor.news@blockpublisher.com

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