Topic: If a country adopted bitcoin as their national currency, would the US still be a - page 3. (Read 5199 times)
January 18, 2015, 01:09:35 AM
If another country declares bitcoin as their national currency, and the US recognises that country as a nation. The US will have to declare bitcoin as a foreign currency.
January 18, 2015, 12:32:26 AM
This year the US government (the IRS) declared that bitcoin is a commodity for tax purposes, not a currency.
If another country were to declare bitcoin their official national currency, would the IRS still be able to call bitcoin a commodity or would it be forced to relabel it a foreign currency?
If another country were to declare bitcoin their official national currency, would the IRS still be able to call bitcoin a commodity or would it be forced to relabel it a foreign currency?
Let's form our own country and find out! Or... in a way, we sort of did in a very minute way. BTC pioneers carved out an entire economy complete with secure communications (and not so secure). There are distribution routes and otherwise taxable dollars are being diverted into a counter-economy.
Watch out for those drone strikes!
January 17, 2015, 11:59:57 AM
Probably a foreign currency, and then there will start a whole new pile of crap to deal with.
January 12, 2015, 10:29:03 AM
Any sovereignty will need to have complete control over an altcoin (which they can't have on the BTC unless they buy it out completely...and why should they ? when they can re create in a day or two) to make it their official currency.
Just my humble opinion.
Just my humble opinion.
^^ Ecuador is planning this. ^^
http://www.idgconnect.com/blog-abstract/9010/ecuador-how-new-ecash-affects-crypto-currency
If bitcoin were a national currency, this could also bring it under governance of the IMF.
January 12, 2015, 01:40:15 AM
Any sovereignty will need to have complete control over an altcoin (which they can't have on the BTC unless they buy it out completely...and why should they ? when they can re create in a day or two) to make it their official currency.
Just my humble opinion.
Just my humble opinion.
January 11, 2015, 03:06:37 AM
In my humble opinion it s too early to ask such questions, cos right now nobody can predict what will happen with this currency in 2-3 years. Banks loose money cos of this transactions behind their backs without tax and if one day most of people would start use such way to send money, governments of US and Europe can start "cyber-war" against all of this system. So, the point is that it s pretty complicated to find a country in our world, who will be ready to protect such unstable currency against US and others.
December 30, 2014, 08:55:15 PM
By their current definitions, governments would have to classify it as a currency. They could change those definitions, though.
December 29, 2014, 09:27:21 PM
This year the US government (the IRS) declared that bitcoin is a commodity for tax purposes, not a currency.
If another country were to declare bitcoin their official national currency, would the IRS still be able to call bitcoin a commodity or would it be forced to relabel it a foreign currency?
If another country were to declare bitcoin their official national currency, would the IRS still be able to call bitcoin a commodity or would it be forced to relabel it a foreign currency?
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