Legalizing Bitcoin - page 24. | Bitcointalksearch.org

lordquanta

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Quote from: Dexter44 on October 28, 2017, 03:27:10 PM

There hasn't been a country who said that bitcoin is totally "illegal" those who made some regulations are China, Usa and probably the India, but they didnt said that bitcoin is ilegal, a regulation is something completely different. Just remember that China is not killing anyone just because using bitcoins, they are only shutting down some exchanges in their countries, but nothing more.
Bitcoin is legal in most countries all around the world.

Your information about bitcoin is NOT illegal in any country needs correction (no offense). There are at least four countries which have banned bitcoin completely. Namely Bolivia, Ecuador, Bangladesh, Kyrgyzstan.
* Here Bolivia banning bitcoin in 2014.
* Ecuador went one step further and banned the bitcoin and all other digital crypto currencies which are decentralized by the National Assembly of Ecuador
* National Bank of the Kyrgyz Republic specifically mentioned the bitcoin while imposing ban on the virtual currency in its law.
* The law in the Bangladesh are very strict than above all combined as Bangladesh Bank said that "anybody caught using the virtual currency could be jailed under the country's strict anti-money laundering laws" .

From above we could see that out 195 countries in the world only four have banned the bitcoin. In countries where bitcoins is not declared illegal is deemed as legal. Understanding of law is such that if something is not illegal it is considered as legal. Because we can not mention or list everything under the Sun that is legal, but we could mention what is illegal.

plaintiff77

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Quote from: SiNeReiNZzz on October 30, 2017, 01:35:12 AM

Quote from: Zagitta on October 29, 2017, 04:17:53 PM

Quote from: equator on October 29, 2017, 04:03:41 PM

Quote from: shamzblueworld on October 28, 2017, 02:43:44 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 same situation is in my country, If they declare Bitcoin as Legal then they can get good income through Tax and trading commission. Apart from that their is service tax in my country for trading so they can gain that also.

Realistically though, it is extremely difficult for any country to reliably trace Bitcoin enough to be able to tax everyone that uses it.

I do agree with you. There would be a lot of process before bitcoin will become legal in ones country, so therefore it has to be analyze carefully and it does need the participation of the users before imposing some rules and regulations, it will be also hard for the users much likely when the taxes will be implemented.

On my own point of view, legalizing bitcoin is not so good idea since it will soon be controlled by the government. There will be a lot of requirements then. There will be limits and a lot of donts. Taxes might be implemented and might be high. Rate may be constant is decreasing its value. Therefore, legalization of bitcoin is of no good.

bitcoinisbest

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Quote from: bbcolex on October 30, 2017, 01:50:36 AM

The few elite that control the masses.they will not give up control easily. Instead of adapting a new technology, they will try to suppress it, as it is a threat to their world order and control. Legalizing bitcoin would be good but it will be hard road to do it.

One of the fear that govt of any country feels is that this cannot be controlled easily and due to which it cannot be governed. Thus they refer to ban them and might be they can introduce their own coin in their country which will be in their control and can be tracked easily.

bentong talong

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Quote from: shamzblueworld on October 28, 2017, 02:43:44 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.

Here in our country, bitcoin is not announced as legal or not but still many people are using it and the influence is rising still as time passes by. I can see that it is near that bitcoin will be legalized here but as to what I've just seen in the news, some locals are trying to pull bitcoin's reputation down by brainwashing people's mind that it is a scam. I am hoping that the matter of bitcoin here in our country will be fixed and sooner be legalized for the better.

airdnasxela

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Quote from: shamzblueworld on October 28, 2017, 02:43:44 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.

Legalizing bitcoin would surely bring great convenient to many in accordace with money. You can say that it will bring you good outcome but still there are some factors to be considered on how will bitcoin affect a nation negatively. The economic system will surely be changed and a lot of things will get into mess if this matter will not be analyzed properly. This may happen someday sooner and let's just keep on hoping that things would get better in bitcoin.

bbcolex

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The few elite that control the masses.they will not give up control easily. Instead of adapting a new technology, they will try to suppress it, as it is a threat to their world order and control. Legalizing bitcoin would be good but it will be hard road to do it.

hase0278

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Quote from: shamzblueworld on October 28, 2017, 02:43:44 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 order for a country to fully regulate bitcoin, they need to gain the support of it's users to abide with their rules and regulations. They can benefit from legalizing bitcoin because transactions on it daily are done in huge volumes and from those transactions they can gain money from tax that can be used to help the economic system of a country. They can also benefit from it because legalization of bitcoin will help them gain more tax from it via acceptance of bitcoin to local stores.

SiNeReiNZzz

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Quote from: Zagitta on October 29, 2017, 04:17:53 PM

Quote from: equator on October 29, 2017, 04:03:41 PM

Quote from: shamzblueworld on October 28, 2017, 02:43:44 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 same situation is in my country, If they declare Bitcoin as Legal then they can get good income through Tax and trading commission. Apart from that their is service tax in my country for trading so they can gain that also.

Realistically though, it is extremely difficult for any country to reliably trace Bitcoin enough to be able to tax everyone that uses it.

I do agree with you. There would be a lot of process before bitcoin will become legal in ones country, so therefore it has to be analyze carefully and it does need the participation of the users before imposing some rules and regulations, it will be also hard for the users much likely when the taxes will be implemented.

Koro-Sensei

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Quote from: shamzblueworld on October 28, 2017, 02:43:44 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.

Regulating this would be such pain to those who is responsible to do so . But for in my country they regulate it by having asupport that you can actually cashout in many branches and has a limit of ranks too, to what you can earn and cashout day by day it is a good idea to have credentials too . To have a more secure and prevent some suspicious transactions from every users ofcourse we bitcoin users have to becareful on our movements to not have highly suspicious acts.

loragean03

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Quote from: TTITA on October 29, 2017, 09:04:05 PM

An interesting discussion.
Basically, bitcoin exists because of the individual's desire to create his own bank, which the bank can do for transactions and the similar.
However, as popularity progresses, bitcoins have been miss used, including money laundry, drugs dealing, etc.
The government will find it difficult to track offenders in this transaction.
So the government has only 2 options, let bitcoin exist in the country or banned existence of bitcoin itself.

Yeah thats right. Legalizing bitcoin from self confuse country are totally hard to implement, because its not just to being had/involve on some bad activity to be done, but its hard to them to find the bad people who using bitcoin on such illegal activty and they dont want to tolerate that on their own country so they decided to banned bitcoin from that reason. But for me i want to them to implement the legalization of this bitcoin worldwide for more convenient to us.

Teraboy

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Quote from: TTITA on October 29, 2017, 09:04:05 PM

An interesting discussion.
Basically, bitcoin exists because of the individual's desire to create his own bank, which the bank can do for transactions and the similar.
However, as popularity progresses, bitcoins have been miss used, including money laundry, drugs dealing, etc.
The government will find it difficult to track offenders in this transaction.
So the government has only 2 options, let bitcoin exist in the country or banned existence of bitcoin itself.

Manage your financial economyc, So the crypto absed on the decentralized economic and that's the advantage by use the crypto. But as the bank is centralized and the crypto system will against the bank system.
Bitcoin can't be banned by the way. That will be useless to ban the bitcoin because the network of bitcoin runs by the nodes around the world. Another important thing about just like china still do offline trade.
And the bitcoin will be existing in the future.

TTITA

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An interesting discussion.
Basically, bitcoin exists because of the individual's desire to create his own bank, which the bank can do for transactions and the similar.
However, as popularity progresses, bitcoins have been miss used, including money laundry, drugs dealing, etc.
The government will find it difficult to track offenders in this transaction.
So the government has only 2 options, let bitcoin exist in the country or banned existence of bitcoin itself.

aardvark15

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In America, Bitcoin and other cryptocurrencies are legal. My understanding is that the government currently treats cryptocurrencies as commodities rather than currencies for tax purposes. This means that if You buy Bitcoin, it gains value compared to the US dollar and then you sell it, you owe taxes on the gain just like you would with a stock or mutual fund.

This is probably what other countries will do as well so they can get taxes off of the profits. It’s a way of controlling cryptocurrencies a little bit. I don’t particularly like this way of taxing us, but at least they aren’t banning it.

nightrider

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Quote from: shamzblueworld on October 28, 2017, 02:43:44 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 very much want my country to legalize bitcoin, however, at present, they have issued a formal ban, and this is really bad for all of us who use bitcoin.

Ararbermas

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Quote from: btcbrother on October 29, 2017, 03:09:16 PM

Bitcoin is already legal everywhere. In needs to be declared illegal, otherwise it is legal!

yes thats what i though also since bitcoin adopted whenever banks that we can covert our bitcoin into cash .so this is not obvious that bitcoin is not tottally illegal and also there are some company that support this currency. so if this is stuff is illegal why some people continued to play with bitcoin? And also i am wondering why we are not get arrested by sharing its information to social media without hiding our edintification on it. So otherwise it legal!

MommyElsa

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Quote from: shamzblueworld on October 28, 2017, 02:43:44 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.

When the government will formally legalized it, then they need to set the rules and regulation about using bitcoin in the country. Maybe the government will benefit by implementing tax in every income, but i don't know how can the government do that when bitcoin is decentralized.

soul-impact

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Quote from: shamzblueworld on October 28, 2017, 02:43:44 PM

So in the most countries, bitcoin is neither declared legal or illegal.

I like a country like that, in my country, we were able to use bitcoin freely. However, recently, the government began to ban bitcoin, we are having trouble using bitcoin. That's bad!

rayneh

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Quote from: btcbrother on October 29, 2017, 03:09:16 PM

Bitcoin is already legal everywhere. In needs to be declared illegal, otherwise it is legal!

Undoubtedly the same number of nations give a green flag to bitcoin like assume one of them United State , United Kingdom , Europe , Pakistan , India , Australia , Africa these nations give a green flag excessively bitcoin and they are tolerating bitcoin as an installment strategy as well even in there watch , CNG station bitcoin are tolerating as an installment technique.

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Quote from: equator on October 29, 2017, 04:03:41 PM

Quote from: shamzblueworld on October 28, 2017, 02:43:44 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 same situation is in my country, If they declare Bitcoin as Legal then they can get good income through Tax and trading commission. Apart from that their is service tax in my country for trading so they can gain that also.

Realistically though, it is extremely difficult for any country to reliably trace Bitcoin enough to be able to tax everyone that uses it.

equator

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Quote from: shamzblueworld on October 28, 2017, 02:43:44 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 same situation is in my country, If they declare Bitcoin as Legal then they can get good income through Tax and trading commission. Apart from that their is service tax in my country for trading so they can gain that also.

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