Topic: Goverments to go AGAINST Bitcoin - page 6. (Read 3231 times)
Governments afraid of bitcoin is decentralized.criminals may use the bitcoin for their transactions.some countries accepted the bitcoin,some governments approved.
In some countries, bitcoin has been banned. I do not think this will be beneficial to the government. The importance of bitcoin to people in many countries is really needed. It helps to prevent unemployment today. There are also some benefits to bitcoins. People have stable income, the country can grow
Is there any chance goverments to go against bitcoin if they see its something against them??
of course, because with the bitcoin, the government is clearly at a disadvantage, because the income of the state comes from the tax on the assets of the people's wealth, and if the people themselves change their assets into bitcoins, the state tax automatically decreases. then it is likely that the government will fight bitcoin
bitcoin is not control by any goverment because of that they are against in digital currency. reason for them not to support bitcoin coz the goverment to profit. no tax in digital currency they cannot monitor income of there sovereign people.
Is there any chance goverments to go against bitcoin if they see its something against them??
Government will not fully oppose bitcoin and also it won't announce the usage officially. To make bitcoin usage official, it may take some more days. But it will not go against bitcoin. A lots of issues occured regarding bitcoin tagging it as a fraud and with other issues, it is clear that it was individual person's point of view and not the decision of the government. Though few countries are against bitcoin, Most of them have started accepting it officially.
That will be an efforts in futility, government has no control over bitcoin and other cryptocurrencies because of the fact that bitcoin is a decentralized currency and such is very hard for it activities to be monitored by any individual or authorities. The only way that will happen is for the government to embrace bitcoin and drive out some economic policy that could regulates it activities.
they are against it cause they want to controle all money and by that people, but it paradoxal cause bitcoin can help economy when government can't
I dont think they care about people they just care about their money. Even if their people live somewhere else they just want their money taxes and stuff
they are against it cause they want to controle all money and by that people, but it paradoxal cause bitcoin can help economy when government can't
At first, many countries were against bitcoin, but now bitcoin draws more and more countries and they welcome it.
Is there any chance goverments to go against bitcoin if they see its something against them??
Does not rule out if the price of Bitcoin is not fair anymore, the possibility of the government also will not stay silent, although many big people are in it.
Moreover, the decentralized nature of Bitcoin, there may be some countries that actually reject Bitcoin.
Currently it is not entirely state accept the existence of Bitcoin.
Yes, most likely they will resist bitcoin progress in their country, the main reason to that is because bitcoin pose a threat to their governance, one function of the government is regulation of their currency depending on their economic policy they can also control interest rates which give them power to impose rules and sanctions. Without this they loose control of their economy.
Any government can come up with a couple of regulations to maximize something as big as bitcoin. Some governments are already finding ways to make the most out of this financial revolution. Perhaps some agendas of some government high people will be trodden if bitcoin use is implemented that's why they only see the negative result of it
Yes, most likely they will resist bitcoin progress in their country, the main reason to that is because bitcoin pose a threat to their governance, one function of the government is regulation of their currency depending on their economic policy they can also control interest rates which give them power to impose rules and sanctions. Without this they loose control of their economy.
Many governments has already againsted bitcoin by banning bitcoin in the country, not recognizing bitcoin as payments tool, these may because the reason bitcoin is untraceable so it can not be taxes by goverments.
Yes and it is really happening in some countries like China and Indonesia, for Chinese probably the main reason why they are regulating the use of bitcoin in their country maybe some of the businessman in their country are against the use of bitcoin because it might be affecting the price movement in their stock market because the it's contradicting the demand of stocks against the demand of bitcoin in which it could result to increase on one and decrease on the other one.
Yes. Bitcoin is widely used in black markets that sells drugs and other illegal products. Bitcoin can also be a threat to the economy if a large volume of bitcoin is inside the country and the price fluctuates to a lower price or it may kill the currency of a country
I believe as cryptocurrencies grow in adoption and usability, we’ll see more black markets adopt cryptocurrencies as the standard medium of payment, and it will be a great concern by the government. Bitcoin will be the only threat the economy of the country when tax evasion or money laundering happens.
government is against on anything it cannot control..when it comes to currency anything it cannot put a tax into it.. 
but as long as institution on trade and commerce accept btc they cannot do anything about it..
but as long as institution on trade and commerce accept btc they cannot do anything about it.. 
Yes. Bitcoin is widely used in black markets that sells drugs and other illegal products. Bitcoin can also be a threat to the economy if a large volume of bitcoin is inside the country and the price fluctuates to a lower price or it may kill the currency of a country
so what if it is? cash is used in illegal trades, so are gold, silver, guns, whatever, you name it. as long as it has value to the buyer / seller, it can and will be used. not to mention, with these physical items, these are even more untraceable than bitcoin, with the blockchain readily available to show each and every transaction that has ever taken place. and i dont think bitcoin is big enough to impact the economy of a country to that extent at this point. and if it ism the country's economy shouldn't be 'good' enough to support wide bitcoin usage, but im no expert, just a good gut feeling. Yes. Bitcoin is widely used in black markets that sells drugs and other illegal products. Bitcoin can also be a threat to the economy if a large volume of bitcoin is inside the country and the price fluctuates to a lower price or it may kill the currency of a country
Many governments will slowly embrace crypto and bitcoin as a way to build their economy. Estonia, Lithuanian, Singapore, India to name a few are advancing quicker than others. India and soon Thailand will tax sales of crypto.
We all know that governments have knowledge about bitcoin.
Bitcoin can be use for illegal purposes and transactions. Criminals might use this for drug trafficking. This would be possible that governments against in bitcoin.
Bitcoin can be use for illegal purposes and transactions. Criminals might use this for drug trafficking. This would be possible that governments against in bitcoin.
The Australian government is very open to Block-chain technology and has supported Australian ICO - Power Ledger. The Australian Taxation Organization (ATO) has the following to say about Bitcoin and Cryptocurrencies.
Transacting with bitcoin
Transacting with bitcoin is akin to a barter arrangement, with similar tax consequences. Our view is that bitcoin is neither money nor a foreign currency, and the supply of bitcoin is not a financial supply for goods and services tax (GST) purposes. Bitcoin is, however, an asset for capital gains tax (CGT) purposes.
You need to keep the following records for bitcoin transactions:
the date of the transactions
the amount in Australian dollars (which can be taken from a reputable online exchange)
what the transaction was for
who the other party was (even if it’s just their bitcoin address).
Using bitcoin for personal transactions
Generally, there will be no income tax or GST implications if you are not in business or carrying on an enterprise and you simply pay for goods or services in bitcoin (for example, acquiring personal goods or services on the internet using bitcoin).
Where you use bitcoin to purchase goods or services for personal use or consumption, any capital gain or loss from disposal of the bitcoin will be disregarded (as a personal use asset) provided the cost of the bitcoin is $10,000 or less.
Using bitcoin for business transactions
If you receive bitcoin for goods or services you provide as part of your business, you will need to record the value in Australian dollars as part of your ordinary income. This is the same process as receiving non-cash consideration under a barter transaction. The value in Australian dollars will be the fair market value which can be obtained from a reputable bitcoin exchange, for example.
When receiving bitcoin in return for goods and services, a business may be charged GST on that bitcoin. If the supply of the goods and services was a taxable supply, the business will be able to claim input tax credits on the GST charged on the bitcoin they received as payment.
I think the Australian will be a leader in the Block-chain technology and cryptocurrencies
Transacting with bitcoin
Transacting with bitcoin is akin to a barter arrangement, with similar tax consequences. Our view is that bitcoin is neither money nor a foreign currency, and the supply of bitcoin is not a financial supply for goods and services tax (GST) purposes. Bitcoin is, however, an asset for capital gains tax (CGT) purposes.
You need to keep the following records for bitcoin transactions:
the date of the transactions
the amount in Australian dollars (which can be taken from a reputable online exchange)
what the transaction was for
who the other party was (even if it’s just their bitcoin address).
Using bitcoin for personal transactions
Generally, there will be no income tax or GST implications if you are not in business or carrying on an enterprise and you simply pay for goods or services in bitcoin (for example, acquiring personal goods or services on the internet using bitcoin).
Where you use bitcoin to purchase goods or services for personal use or consumption, any capital gain or loss from disposal of the bitcoin will be disregarded (as a personal use asset) provided the cost of the bitcoin is $10,000 or less.
Using bitcoin for business transactions
If you receive bitcoin for goods or services you provide as part of your business, you will need to record the value in Australian dollars as part of your ordinary income. This is the same process as receiving non-cash consideration under a barter transaction. The value in Australian dollars will be the fair market value which can be obtained from a reputable bitcoin exchange, for example.
When receiving bitcoin in return for goods and services, a business may be charged GST on that bitcoin. If the supply of the goods and services was a taxable supply, the business will be able to claim input tax credits on the GST charged on the bitcoin they received as payment.
I think the Australian will be a leader in the Block-chain technology and cryptocurrencies
Yes. Bitcoin is widely used in black markets that sells drugs and other illegal products. Bitcoin can also be a threat to the economy if a large volume of bitcoin is inside the country and the price fluctuates to a lower price or it may kill the currency of a country
Many governments will slowly embrace crypto and bitcoin as a way to build their economy. Estonia, Lithuanian, Singapore, India to name a few are advancing quicker than others. India and soon Thailand will tax sales of crypto.
Jump to: