From NEWSBTC report, Gareth Murphy, Director of Markets Supervision at the Central Bank, made the comments during the Bitcin 2014 conference taking place in Dublin Thursday, noting that Central Bank of Ireland Official Considers Bitcoin’s Impact on Traditional Finance.
Personally, under controlled by government, traditional currency have high tax, instability, bad liquidity and other disadvantages. While finances could be threatened if an increasing amount of transactions are carried out via these non-legal tender currencies, such as bitcoin, as there is the possibility of easily avoiding taxation. Besides, It can circulate smoothly on the internet.
But government or authorities will support Bitcoin, there are many Bitcoin lovers concerning it. No matter how Bitcoin develop, which need Government support in future! Do they support?
Personally, under controlled by government, traditional currency have high tax, instability, bad liquidity and other disadvantages. While finances could be threatened if an increasing amount of transactions are carried out via these non-legal tender currencies, such as bitcoin, as there is the possibility of easily avoiding taxation. Besides, It can circulate smoothly on the internet.
But government or authorities will support Bitcoin, there are many Bitcoin lovers concerning it. No matter how Bitcoin develop, which need Government support in future! Do they support?
Bitcoin and crypto in general does NOT need the support of government and in fact, I believe, is better off without it.
Yeah the government definition of "support" comes closer to exploit and control than trying to foster something that could actually make their citizens more free and independent.
