Cryptojackers Demonstrating how Cryptocurrency Mining will Revolutionize Tax Collection

Criminals are inadvertently demonstrating how cryptocurrency mining can be used for tax collection.
The biggest users of cryptojacking in the future will be governments because it can be a cheap and efficient means of taxation.
Instead of spending billions on tax collectors, accountants, auditors, etc., all a government would have to do is require every company operating; or person that owns a computer, within its borders to install official cryptojacking software. The software would mine Ethereum (ETH), an ER20 token, or the government’s official cryptocurrency.
Companies and individuals would go along because they would not have to pay taxes. The proceeds of official cryptocurrency mining can be deposited in a sovereign wealth fund to finance basic income, or pensions.

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Maduro Wants an OPEC Cryptocurrency?

Venezuela is backing the Petro with around five billion barrels of oil, Al Jazeera reported. An ICO of 38.4 million Petros is scheduled for 20 February 2018. Since the OPEC basket price for oil was $64.83 a barrel on 8 February 2018 – the oil backing the Petro was worth around $324.15 billion on that day.

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Venezuela’s Cryptocurrency shows us OPEC is dead

The Petro is described as a “cryptocurrency backed by reserves of Venezuelan wealth – of gold, oil, gas and diamonds.” The hope is to offer an alternative to Venezuela’s worthless currency the Bolivar and provide means of selling oil and borrowing money.

“The Petro digital currency would appear to be an extension of credit to the Venezuelan government (and) could, therefore, expose US persons to legal risk,” a U.S. Treasury press release stated. “(It) is another attempt to prop up the Maduro regime, while further looting the resources of the Venezuelan people.”

The Petro’s value will be based on commodity prices, so it will be far more vulnerable to market speculation than a traditional fiat currency like the Bolivar.

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Some Cryptocurrency Predictions for 2018

The biggest cryptocurrency event in 2018 will be the appearance of a government-issued cryptocurrency or a government ICO. There are plans for government ICOs in Venezuela and Estonia.

The Estonian effort is the most serious right now, but specifics on it are light. The Estonian ICO would have major effects because the Baltic Nation is part of the European Union and the Eurozone.

Expect the Ethereum Coin Price to shoot up if Estonia releases a cryptocurrency and the EU doesn’t try to kill it. There will be major speculative bubbles around both Ether and Estcoin if there is an Estonian ICO.

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Meet Einsteinium the Cryptocurrency designed to save Science and Reform Taxation

The mining tax is potentially revolutionary because it gives governments a means of profiting from cryptocurrency. Nations with cheap electricity can levy such a tax on mining operations, or pools. Then deposit the proceeds in a wealth fund or the national treasury. Value investors should consider buying national and taxable cryptocurrencies – because they have a lot of potential for growth.

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