Legalizing Bitcoin - page 13. | Bitcointalksearch.org

Malaya

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Quote from: Terry05 on October 28, 2017, 02:43:49 PM

Quote from: shamzblueworld on October 28, 2017, 01:43:44 PM

So in the most countries, bitcoin is neither declared legal or illegal. In some it is declared illegal and some are actually allowing it and also promoting their own alts.
So what would a government needs to do to regulate bitcoin in the country? And how can a government actually benefit from legalizing bitcoin in the country? How can it actually support the economic system of the country.

1. In order to regulate the bitcoin, They need to pass a law which specifically to serve as a guide for the people regarding what is the do's and don't s.

2. after legalizing the bitcoin , the government will have the authority to monitor any transactions and they can able to determine and nabbed the person behind the suspicious or illegal transaction aim to fund terrorism activity. aside from that the government will be benefit also in putting tax on every bitcoin transactions which is very in-favor for the possible economic growth of a country.

That's right. In legalizing bitcoin, this need to be regulated well in the government in which this need to go carefully on a due process of passing the law. Making sure to comply with the do's and don't of a certain country. After this, the government will have the rights to monitor the transaction or how bitcoin regulates in that specific country. Legalizing bitcoin could be somehow not that easy. But we don't really know what the future holds and how people in the government will keep their mind open to it until it is being largely accepted worldwide.

akishang

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Quote from: shamzblueworld on October 28, 2017, 01:43:44 PM

So in the most countries, bitcoin is neither declared legal or illegal. In some it is declared illegal and some are actually allowing it and also promoting their own alts.
So what would a government needs to do to regulate bitcoin in the country? And how can a government actually benefit from legalizing bitcoin in the country? How can it actually support the economic system of the country.

I think bitcoin can support the economy by means of remittances and currency exchange. Think about it this way, when someone turns their coin into cash, it will be spent on whatever he/she was in. Every cent spent has tax and that will help the economy grow in my opinion. In our country, most of the people use bitcoin as an alternative source of income and it is really helping them financially. We even have college students earning more money compared to a regular employee. That's why I don't agree with other countries who BANNED bitcoin, they were just afraid that something will happen even though its not.

SilverChromia

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I think no one saying that bitcoin is illegal thing or bad thing. Maybe some countries already block the path for bitcoin or they already banned in their countries but the fact even they block this cryptocurrencies they not mention that this bitcoin or any other digital currencies are violating anything to their countries. And we all know that.

In my country i dont think that bitcoin is totally legal but the government here is approved the operation of some cryptocurrencies company and they do not say anything of that. Thats why a lot of people in my country are also recognizing and knowing and learning the world of cryptocurrencies

Lpim01

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Quote from: goaldigger on December 03, 2017, 07:46:55 PM

Its sad to hear that bitcoin and cryptocurrency is illegal on other country. I think if the people or any bitcoin representative will talk to the government or negotiate with them to tell that bitcoin needs to be legalized because it doesnt mean any harm to the people but rather an opportunity on overcomming financial debts.

Actually, the governments are aware already about cryptocurrency. But sad to say that, they just pretending that crypto doesn't give anything help to the community. They can say this just because governments will can never get benefits from here, since bitcoin is tax free and governments also can't control this and prices could never be manipulated by any big personalities.

goaldigger

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Its sad to hear that bitcoin and cryptocurrency is illegal on other country. I think if the people or any bitcoin representative will talk to the government or negotiate with them to tell that bitcoin needs to be legalized because it doesnt mean any harm to the people but rather an opportunity on overcomming financial debts.

ross09

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Quote from: bluemongrel on October 28, 2017, 08:51:10 PM

Do we really want the governments to regulate bitcoin though? I thought the point of bitcoin was that it was money for the people, decentralized, and that no one had control over it.

The legal status of bitcoin varies substantially from country to country and is still undefined or changing in many of them. Whilst the majority of countries do not make the usage of bitcoin itself illegal, its status as money (or a commodity) varies, with differing regulatory implications. While some countries have explicitly allowed its use and trade, others have banned or restricted it. Likewise, various government agencies, departments, and courts have classified bitcoins differently. While this article provides the legal status of bitcoin, regulations and bans that apply to this cryptocurrency likely extend to similar systems as well.

batang_bitcoin

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Quote from: vinzanityyy on December 03, 2017, 12:01:15 PM

I dont see a reason why they should ban bitcoin, I actually find bitcoin as something that could help shape the economy better.

It's because you are a bitcoin believer, they can ban bitcoin as they wish if they can see it bad for their country or it can be used as a threat to the citizens. They are thinking about negative factors of what bitcoin can do, it can be used by terrorists and for money laundering which we are not going to be part of since we want bitcoin to be used as clean money and good plain investment.

vinzanityyy

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I dont see a reason why they should ban bitcoin, I actually find bitcoin as something that could help shape the economy better.

Purno99

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legalizing bitcoin may require a very difficult process and must meet the requirements set forth in government regulations, laws and banks that are institutions that are required to issue permits and authorize it.

BettingTips

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To legalize Bitcoin in any country, the government need to be able to collec the taxes for Bitcoin income and control the disadvantages of Bitcoin. But it's not easy for now cause Bitcoin is very secure so it's almost impossible to find out Bitcoin user so it's too hard to find out whom is using Bitcoin in any country to collect taxes from their income. Beside Bitcoin is very secure so there are a lot of people trying to take advatage of Bitcoin commit guilty like tax evasion, money laundering, drugs trafficking,...As long as the government can do all these things, they will be able to legalize Bitcoin in their country whenever they want.

streazight

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Quote from: marsmyname on December 01, 2017, 06:17:36 AM

If bitcoin system will be implement and soon this will happen taxation will be easy and many of people are saying that its anonymity will give problem to the government so their maybe a check on the transactions and this will really help to solve out this concern and more of it the governments who had accepted btc now they are doing progressive works in their regions and btc is best way to development.

Taxation will only be done when it comes to conversion into fiats and which would be regulated mostly on exchanges definitely.

Bitcoin serves as a capital gain in most countries and that is already being taxed. Fiats will still be in existence as obviously not the whole citizen of every country will be making use of the coin at least for now, and at some point, fiats will still be very relevant which would make government benefit a lot as well.

upsidedown75

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Quote from: Majharul Saiif on November 30, 2017, 03:00:48 AM

Bitcoin is the world's first crypto currency. So,it's called the mother of all crypto currency.But it is a matter of sorrow that many country are not accept Bitcoin as a currency and some government had banned Bitcoin yet.But I think,it is not harmful for any country.It's a blessing for all country. For those reason, it is very needed for all country to legalize Bitcoin.

Most countries are seeing the benefit it can create right now if there can be so much awareness for bitcoin and cryptocurrency. It would end up bringing so much benefit to the citizens and hence help the economy and I feel the only thing keeping some of them back now is the volatility and uncertainty. Over time, things would change and now most of them are just silent to see how the event turns out. Legalizing will create more awareness and that is good to me.

googs84

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When bitcoin was introduced in 2009 all have welcomed it. Until start of 2016 bit was known to limited countries. After seeing bitcoins growing popularity many countries allowed bitcoin to function in their economy as a legal currency. These countries accepted its legal existence and promoted it. But later on these countries realised that it is quiet difficult to control or regulate this currency. Many criminal minds start using bitcoin in illegal activities. As a result countries like Japan China Australia put a ban on bitcoins activities in their country. Second thing, bitcoin can obtain legal status in these countries only after some regulations. These countries will start taxing bitcoin income. In USA bitcoin income is considered as a capital gain. So legal status of bitcoin will not come free it will come with strict regulation why may affect its popularity in future.

Jaya912

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Quote from: shamzblueworld on October 28, 2017, 01:43:44 PM

So in the most countries, bitcoin is neither declared legal or illegal. In some it is declared illegal and some are actually allowing it and also promoting their own alts.
So what would a government needs to do to regulate bitcoin in the country? And how can a government actually benefit from legalizing bitcoin in the country? How can it actually support the economic system of the country.

the country need bitcoin not so fluctuate to get legalize from government.
but in reality bitcoin is fluctuating so high it make government think twice to legalize bitcoin.

ihsanskanzaone

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Quote from: shamzblueworld on October 28, 2017, 01:43:44 PM

So in the most countries, bitcoin is neither declared legal or illegal. In some it is declared illegal and some are actually allowing it and also promoting their own alts.
So what would a government needs to do to regulate bitcoin in the country? And how can a government actually benefit from legalizing bitcoin in the country? How can it actually support the economic system of the country.

If the government approves bitcoin then the government will definitely make bitcoin-related regulation and maybe the government will set bitcoin like bank only different system. I'm not sure that bitcoin will grow if the government participates in bitcoin settings because bitcoin is privacy and flexible. the government's advantage is that the government will be able to provide government-owned bitcoin storage or government wallets and every time a user makes a transaction then that's where the government's income goes.

jaocoincrypto18

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Quote from: shamzblueworld on October 28, 2017, 01:43:44 PM

So in the most countries, bitcoin is neither declared legal or illegal. In some it is declared illegal and some are actually allowing it and also promoting their own alts.
So what would a government needs to do to regulate bitcoin in the country? And how can a government actually benefit from legalizing bitcoin in the country? How can it actually support the economic system of the country.

To regulate the bitcoin they will ask their congress or to make policies that making rules and guidelines for individuals who wants to engage to bitcoin. When it becomes a law the individuals should abide it or face concequences this is to ensure that bitcoin will not be use in illegal activities in which may ruin the country.Once a legal, the government can now benifits by collecting taxes during local exchanges and unemployment will be reduced if some citizens will earned thru bitcoin increasing purchasing power which resulting to boosting their economy.

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Quote from: White Christmas on December 03, 2017, 05:49:27 AM

Quote from: shamzblueworld on October 28, 2017, 01:43:44 PM

So in the most countries, bitcoin is neither declared legal or illegal. In some it is declared illegal and some are actually allowing it and also promoting their own alts.
So what would a government needs to do to regulate bitcoin in the country? And how can a government actually benefit from legalizing bitcoin in the country? How can it actually support the economic system of the country.

In my own opinion, legalizing bitcoin in a certain country will help its economy to grow more and develop. It is because, those people that are unemployed will still have the capability to earn their own money through bitcoin. As well as those people who experience financial problems in their life, bitcoin will help them resolve that kind of problem. Bitcoin can help a country to develop as well as its people.

That might be the true fact, but with bitcoin not everyone are interested in making an earning. So, even in countries were user community is big people always make an investment based earning similar to trading and other services. Legalizing will surely affect the community to some extent as government holds records of the users.

White Christmas

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Quote from: shamzblueworld on October 28, 2017, 01:43:44 PM

So in the most countries, bitcoin is neither declared legal or illegal. In some it is declared illegal and some are actually allowing it and also promoting their own alts.
So what would a government needs to do to regulate bitcoin in the country? And how can a government actually benefit from legalizing bitcoin in the country? How can it actually support the economic system of the country.

In my own opinion, legalizing bitcoin in a certain country will help its economy to grow more and develop. It is because, those people that are unemployed will still have the capability to earn their own money through bitcoin. As well as those people who experience financial problems in their life, bitcoin will help them resolve that kind of problem. Bitcoin can help a country to develop as well as its people.

explosion

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I agree that legalizing bitcoin is a matter of time. It's evolution and a new generation of money. Governments will have to accept it over time

Budugbass

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Quote from: shamzblueworld on October 28, 2017, 01:43:44 PM

So what would a government needs to do to regulate bitcoin in the country? And how can a government actually benefit from legalizing bitcoin in the country? How can it actually support the economic system of the country.

To be able to regulate bitcoin I think the government should really knows much deeper what's Bitcoin / other crypto currencies and blockchain's technology, as well as all various things related to cryptos.
If the goverment has been knowed or more deepen to learned all the these things, I'm sure the government wouldn't have any problems on regulating bitcoin and wouldn't worrying about the effect that would be experienced on the country's economic system.

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