China planning for crypto tax amid crypto ban
Chinese authorities planned to impose a tax on the crypto exchanges and indicated legal status for the crypto operations.
The whole crypto space knows very well how China banned crypto many times in history and dragged the crypto market into a big crash. But this year’s ban notification by the Chinese authorities was the final ban on crypto-related activities.
On 20 October, Collin Wu, a crypto & blockchain blogger of China, shared news about the planning of official tax authorities of China.
Through the tweet, Wu explained that the official newspaper of the tax authority of China published a news article to impose tax rules on crypto-based services.
After this news, all the crypto experts are sharing their stance on the tax authority of China. Most of the experts claim that China is looking to manipulate the crypto market again. Because they want to give indirect legal approval to the crypto services to run crypto-based operations and then suddenly they will restrict them.
Opinions by multiple sources about this news indicate that China wants to contribute to crypto market manipulation. Because already People Bank of China released multiple Crypto ban guidelines. And the released guidelines of PoB indicates that any mode of crypto-related activities is part of the illegal means of the act.
Restriction on Crypto through China Internet Firewall
Chinese authorities banned crypto-related websites like coinmarketcap, CoinGecko through their Internet firewall. Then how is this possible for the government authorities to impose any kind of tax system, in the situation of the full blanket ban?
However in the present time, there are few exchanges, which are still operating their crypto business and moving step by step to halt their services, so there may be chances that Chinese Tax authorities want to make more money from the crypto exchanges in the last phase of closure.
Read also: Officials of Pakistan are looking to regulate crypto
