Thailand: With Blockchain against tax evasion

The government in Thailand announced that it plans to use in the future, a Blockchain System to the Problem of tax evasion. The Thai government uses the technology that is under Bitcoin and other crypto-currencies, for the financial protection of the state.

tax evasion and money are two arguments that come up with Bitcoin-opponents often are quick to wash, when it comes to argue against the crypto-currency. Finally, it should be decentralized (and thus, in a sense, stateless) structure, which make the technology for such an Offense is particularly attractive. It is all too often overlooked, that the Bitcoin Blockchain is, in fact, anonymous – rather, it is pseudo-anonymous, the transactions are not transparent. Ultimately, anyone can view officially, when and what amount of transactions on the Blockchain have taken place. Only the intellectual property are not identify quite so easily, but that also is possible.

Blockchain-solution to taxes is to save costs

The Blockchain-technology, per se, well, to manage everything, what management needs and the increased Efficiently and saving costs. The realized now, the government in Thailand: you want to approach using the Blockchain technology in the future against tax evasion. As the Thai Bangkok Post has reported, to help a Blockchain solution to the authorities in the future, money and control flows to understand. With the help of machine Learning if you wanted to also keep track of better, what are the strategies that citizens try to evade tax payments.

The Blockchain solution to so serve, though, is that all the pages can be used to track whether and by whom taxes are to be paid which time. The authorities intend to co-operate closely with the banks. A first prototype, the government is planning for the 1. January of the coming year.

Thailand in terms of Bitcoin & co. quite accommodating

Also in the area of crypto-currencies in Thailand is relatively accommodating. Who is in Thailand with crypto-currencies, you must pay a tax in the amount of 15 percent. Publisher of new crypto-currencies must be reported in Thailand in addition, the financial Supervisory authority before they start operating. In addition, the Central Bank has developed its own crypto-currency.