Topic: Legalizing Bitcoin - page 2. (Read 5728 times)

I do not really understand what is happening in my country, a bitcoin purchase transaction is prohibited in my country when bitcoin will help the state economy, the government only needs to manage the taxes from our deposit and withdrawals, I am sure it will be very useful for the country

To legalize bitcoin, it will undergo a lot of process, regulations, and conditions for the welfare of the whole country. I guess it would not be easy to make btc legal because of some other important aspects. Of course, it will also help the people but there are also some certain conditions we need to consider.

Without a doubt, if the cryptocurrencies start to be regulated by the state, this will only affect them in a positive way. First of all, it will create the basic for use of cryptocurrencies instead of fiat money, and in the second the media will begin to fully reveal the advantages of cryptocurrencies, which in turn will increase the demand for them hundreds of times.

But who would want to pay those taxes and how will governments be able to collect them and control. Even with bitcoin's pseudoanonymity that is nearly impossible as you cannot alter the blockchain in any way.

Each country has its own rules in the country. So, if Bitcoin wants to be legal and used as a legitimate transaction tool, it must enter into their rules. Actually, the government does not benefit from bitcoin. As from the tax sector and others.

Bitcoin is now used in correlation with a lot of new tokens and if it gets legalized the convertion to fiat money will be way easier. For me more countries should look to do that quicker

I would say that bitcoin is not legal nor illegal, shall we say it's not accepted by the government nor recognized. But I guess it's not possible because it's a big threat to all banks.

I think with or without legalizing, bitcoin will exist and keep going. If government want to collecting taxes, better applied on bitcoin trade in exchange.

Actually it is simple. The government just have to make rules about Bitcoin. What's allowed and what's not. That's how you regulate things. And if the government legalized Bitcoin, the government could get benefits from Bitcoin, such as taxes payment.

Organized or unlikely there are many people from some countries who love it and are ready to support it full despite the state ban.
The best thing should be a rule that controls bitcoin so that not many people lose, but it also does not guarantee because everything happens so fast.

The state simply can not control the bitcoin network, people around the world use it. So it is necessary to try to legalize crypto-currencies and collect taxes.

bitcoin is especial cause of its decentralization system once they make it legal the government can manipulate or penetrate it the especiallys of btc will be vanish I don't want to  legalized  it if the tax will implemented and the greedy politician will ocure in the way

 

Indeed, I am agree with your opinion. Its hard to make regulation when bitcoin is decentralized. If government want to collecting taxes, better applied on bitcoin trade in exchange

Bitcoin is not exactly illegal, but it is very difficult to use in a legal manner, and most utilizations will be questionable, if not actually illegal. However, I think the concern about governments shutting down currency is a red herring, at least regarding the US government, which actually subsidized the Ithaca Hours system of alternative currency, via its Vista program. Governments aren’t nearly as emotional about currency as currency geeks think, and the issues they have are much more situational than philosophical.The problems with Bitcoin will largely derive from tax reporting issues and the impossibility of an integrated relationship with the United States’ national taxation authority (IRS). A core element of Bitcoin is that there is no central tracking of transactions (or rules for usage); unfortunately for BC, though, for transactions involving sales of commercial services or physical goods with value of a dollar of more executed via a virtual currency, the IRS specifically requires reporting from the transaction-authorizing entity, via form 1099b. Since there are no controls on usage of Bitcoins, all transactions would need to be considered commercial (commercial will contaminate non-commercial if they’re in the same system), and subject to a $15 per transaction fine, in addition to taxes. There are other alternatives for integrating physical currency (like community currencies) into the overall economy, and bypassing this issue, but I don’t see how they could do it online.So, you start with this piece (that it will exactly be out of compliance with bitcoin gambling regulations) and then you add to it that, as with e-gold, even if you start out with great intentions, these sorts of anti-fiat-currency initiatives aren’t really interesting to citizens outside of a committed core group, you can see that usage will veer toward those for whom the negatives of inconvenience and a lack of liquidity are less important than is secrecy. And while a lot of the best people could fall into this category, there are a lot more of the worst sort of people, with a lot more reasons to participate in the system. And this latter piece is where they will come into most direct conflict with authorities, especially in this era.

I think Statistics of cryptocurrency legalization is very dynamic, and when you look at some attempts to start receiving bitcoin, it denotes the global elite has received bitcoin as a means of payment
the legalization of cryptocurrency in the state is difficult, it depends on the users of cryptocurrency and bitcoin, "how users of cryptocurrency participate in state regulations, and demand legalization, by judicative means.

Undoubtedly, the correct approach to the development of the Internet was "do no harm." I think, similar considerations are valid in the case of blockchain technology

I guess it will be difficult for bitcoin to do because bitcoin is so much more than anyother currencies in the world and if the bitcoin cryptocurrency will be legalized for sure it will make a very big changes in so many markets . Bitcoin will be difficult to buy.

Very few countries have gone as far as to declare bitcoin illegal. That does not, however, mean that bitcoin is "legal tender" - so far, only Japan has gone as far as to give bitcoin that designation. However, just because something isn't legal tender, does not mean that it cannot be used for payment - it just means that there are no protections for either the consumer or the merchant, and that its use as payment is completely discretionary.

Other jurisdictions are still mulling what steps to take. The approaches vary: some smaller nations such as Zimbabwe have few qualms about making brash pronouncements casting doubts on bitcoin's legality. Larger institutions, such as the European Commission, recognize the need for dialogue and deliberation, while the European Central Bank (ECB) believes that cryptocurrencies are not yet mature enough for regulation (although with bitcoin almost 10 years old, one is left wondering when we will know it has reached sufficient maturity). In the United States, the issue is complicated further by the fractured regulatory map - who would do the legislating, the federal government or individual states?

the amount of tax owed by American citizens in crypto is around the 35billion mark! To put this into context, the whole amount of tax owed the the us government is around 130billion. Countries will soon begin to realise that this can line their pockets and I think that will signal a change in sentiment