The methods and opportunities of taxing and regulating cryptocurrencies by central financial institutions

Guba Eszter (2022) The methods and opportunities of taxing and regulating cryptocurrencies by central financial institutions. Külkereskedelmi Kar.

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Absztrakt (kivonat)

In recent centuries, the fundamentals of monetary systems have remained mostly unchanged. Using precise methods, financial institutions and governments have been able to gain complete control over money and its supply. Money was only available in physical form at first, making transactions much more difficult than they are now. Money substitutes later substantially sped up transaction times. Alternatives to cashless payment systems, such as credit cards and online bank accounts, have hastened these processes even more. However, in terms of transaction speed, three parties are still required to complete a transaction with the banking system as the intermediary. Before 2010 it was inconceivable that a transaction could take place between the originator and the recipient without the involvement of a third party, — in other words, a central party. The emergence of cryptocurrency occurred as a result of the above. There are no institutional structures required to operate cryptocurrency trading; all that is required is a single software technology and mutual agreement between the two parties. This enables transactions across different parts of the world to take place in seconds. One need to be aware of the fact that this market is highly unstable, poorly regulated, and volatile, which is compounded by the decentralized system of blockchain, which was created to offer people a faster, more transparent, and more efficient system, with no central monetary authority. In this system, everything works by consensus, it is not an authority that regulates how the market develops and how transactions take place, but the community of blockchain and crypto-assets users. It gives the ordinary person a way out of the current traditional over-regulated financial systems. The financial authorities also need to build a more comprehensive tax regime in this regard, at present only and exclusively personal income tax is levied on profits earned on crypto-transactions and nothing else. In contrast, in the United States, there are already very comprehensive financial rules on these transactions. It is true that income tax there takes into account the annual income of a person and is set on the basis of that income. In contrast, in Hungary, everyone is subject to a 15% personal income tax. There are still elements that can be changed and shaped. If we succeed in correcting the mistakes and pushing most of the risks into the background at some level, then this phenomenon will be able to fundamentally shape or reshape economies. Financial authorities will have to play a slightly better role in this world, as the instability of the system could easily lead to a problem that creators will not be able to solve due to a lack of regulatory knowledge. This will require the help of financial institutions, not an actual role as an intermediary, but a guiding role rather than a regulator.

Intézmény

Budapesti Gazdasági Egyetem

Kar

Külkereskedelmi Kar

Tanszék

Nemzetközi Kereskedelem és Logisztika Tanszék

Tudományterület/tudományág

NEM RÉSZLETEZETT

Szak

Nemzetközi Gazdaság és Gazdálkodás (angol)

Konzulens(ek)

Mű típusa:	diplomadolgozat (NEM RÉSZLETEZETT)
Kulcsszavak:	adó, központi bank, kriptográfia, kriptopénz, személyi jövedelemadó
SWORD Depositor:	Archive User
Felhasználói azonosító szám (ID):	Archive User
Rekord készítés dátuma:	2022. Okt. 11. 09:55
Utolsó módosítás:	2022. Okt. 14. 10:06

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