Bitcoin companies have been facing a lot of scrutiny in recent years in terms of taxation and potential tax evasion. Despite dealing in a digital currency that is far more transparent than any fiat currency ever will be, These decisions – to be approved at the G20 meeting in Lima later today – may very well influence Bitcoin companies once again.
While it is understandable that government and tax authorities want to prevent tax evasion by Bitcoin companies, these startups are facing an uphill legal battle already. Regulation and legislation requires companies to get specific licenses – depending on which countries or regions they operate in. If they are even scrutinized even further in terms of tax evasion, there will be no money or time left to further develop Bitcoin and blockchain technology. However, none of these companies should even attempt to commit tax evasion either.