Topic: Government on legalising bitcoins - page 9. (Read 1402 times)

Governments benefit in various ways. Taxation is one aspect, and controlling the centralized ecosystem is another aspect. I may agree that the controlling aspect has more direct value to the government, but as crypto grows larger and larger, the tax income flowing into the pocket of the government grows larger too. Crypto has the potential to become a multi trillion dollar asset class, and this will happen whether governments fairly regulate the market or not. It's up to them. First option is to obtain full control over anything that's centralized and earn massive amounts of income through tax. Second option is to slow down or even prohibit crypto, which will result in the government to not only miss out on massive potential tax income, but most importantly, they lose all the control they could have had. Most governments aren't stupid, and will go with the first option.

Representatives of 35 countries and the European Commission appealed to the Federal Financial Monitoring Service that the organization revise its standards that relate to the crypto currency. A meeting of the Financial Action Task Force on Money Laundering (FATF) was held in Paris from 18 to 23 February, attended by representatives of 35 major countries and two organizations that "called on the global authority to improve the understanding of the money laundering risks associated with crypto-currencies" reports Bitcoin.com with reference to the South Korean edition of Yonhup. The FATF was founded in 1989 and is an intergovernmental body that sets standards for the effective fight against money laundering, terrorist financing and other threats.

Among the members of the Financial Action Development Group are 35 States and two regional organizations. Among the countries are Russia, China, India, South Korea, the United States, Great Britain, Germany and others. Organizations - the European Commission and the Cooperation Council of the Persian Gulf. During the meeting, representatives of various states and organizations reported fears that because of the anonymity of transactions with digital money, it became much more difficult to monitor and suppress illegal activities. The results of the meeting will be announced at the meeting of the "Big Twenty", which will be held in Argentina in the summer of 2018.

Legalizing bitcoin doesn't mean it has to be taxed, if a government is silent on it hence the bitcoin could still be a legal due to the fact that there is no sanction on trading of it.

I agree with you. Yes they should accept in order to increase their revenue as well as the employment in the respective country. Though they get revenue out of local fiats, crypto currencies would certainly yield a large turn out. We as an individual being in the forum and earning, can feel the benefits out of the money we earn. Lot of us has changed our lifestyle with the crypto income. Likewise crypto will certainly make the nation wealthy.

Governments do not want to legalize cryptocurrencies. On a national scale, this is very little money for the government to be interested in receiving taxes. Governments do not want to create conditions under which the popularity of the cryptocurrency will grow. Under the pretext of legalization, governments will collect information about cryptocurrency users in order to make this impossible.

sooner all government will legal bitcoin but with rules and regulations.

yes many government is on the process of doing bitcoin legal.

Government would eventually fight to legalize crytocurrency in each country  firstly because  they want to extract revenues and  control their financial status.  There is also good in legalizing cryptocurrency, the mere fact that it is legal, we would not be hiding or affraid.

Not only that government will so much benefits from the earnings but it will also ensure the safety of the nation by regulating it so that it will not be used in illegal activities by the bad people like to use it in money laundering, smuggling guns, drugs and also to use it to scam people by using the Bitcoin platform. By legalizing it, the future of Bitcoin will be in good hands.

Bitcoin being anonymous by nature can't be Fully regulated or taxed. If someone keeps their BTC in some private key wallet and does not declare it while Income declaration then How can Govt. get Tax on that. This is the biggest concern why Govt. is not making BTC legal. Its utility in dealing Illegal activities, Money laundering, Tax evasion are some reason Govt not considering it the legal payment mode.

i perfectly agree on your last statement! when first world countries start accepting bitcoin many will surely follow. i am happy reading positive thoughts about bitcoin

So if the Government legalizing bitcoin that means bitcoin is legally tax then. I heard in Canada bitcoin tax is 40% then the Government can trace bitcoin transactions there. 40% is way almost half of your bitcoin earning.

Anyhow some of the governments who do thinking they should legalizing bitcoin can still be counted with the fingers, there are still many doubts and worries out there. Well although it really can be have potentially to advance the country, but still because of the various opinions certainly would be different and having a many considerations related to the country, and of course it will not be easy to decide.

Some of country still don't believe bitcoin yet, so they want control bitcoin. After legalized bitcoin, is need to setup the taxes.
It can help country to get revenue from tax. But need regulation about tax. I hope in the future more country will accept bitcoin.

Taxes on bitcoin would be a big help to the government because it will be an added fund and more projects would be made. The disadvantage of bitcoin being legalize is that due to the semi-anonymity, some people would use it in illegal means but then the advantage of the legalization is that more people would trust it so there would be more demand. The more people who use bitcoin in their transaction, the more tax the government would be able to collect given that majority of the users would pay tax.

To implement this, the one that should be tax are the platforms and the tax should be charge in every transaction of the users and then the users would be able to get a report so that there would be transparency. Eventually when majority of the countries use cryptocurrency, some of the countries who ban it will welcome it because they wouldn't want to be left behind.

Why do you need legalization? What will change from this? It seems to me that we should forget about it. Bitcoin is our currency. We need to build our economy. Do you want to depend on bankers all your life? Learn to live on your own. After the government realizes that it can not stop bitcoin, they themselves will ask users to legalize their actions through Fiat. Understand that the government must work in the interests of the people. You want people to work for the government.

Bitcoin is a good source of income but I was not sure if all countries in the whole world legalized this coin, first of all until now crypto currencies are not centralize so who will be the person's came to the arrangement for the legalization of this coin?
second what country leads us to legalize the bitcoin and other crypto currencies? and lastly we need first the legal documents for application of legalization of this coin in the (WO) World Organization as supports.


Advantage and disadvantage of bitcoin is not an issue since this coin are largely help to the economics of each country, however I've just thinking if this is right to implied taxes to the income of small people who join in crypto currencies? How they can equally rate the taxes of each people? Aside from that not all people in crypto currency community was earned income regularly. For example: those participants of signature campaign, because signature campaigns are not run for a couple of years. Sometimes it was run only for 1 month or 2 months, so it gives large impact to all users if their income will be lessen of taxes.

Everybody of us hopes that Bitcoin will be legalized but it's extremely difficult to gain this in reality since almost every country and goverment has its own obstacles for this.

How do you imagine the process of legalizing cryptocurrency? What exactly should the state do?


Can you give a reference to this decision? Or at least the date and number of the case. I really want to see.

on the contrary in Japan is very supportive with bitcoin In fact, there is a camera store in Japan that only receive payment with bitcoin and do not receive payment in other forms such as cash yen or visa / master. The purchase process at the store becomes very easy and fast without any additional fees charged by third parties.