Topic: Legalizing Bitcoin (Read 1840 times)

because it has not yet discovered the technology of how many bitcoin users and annual buy and sell transfers and tax laws about the official virtual currency and the protection of bitcoin use from governments and banks. perhaps it will further monitor the movement of stock and usage.

Yup most governments are afraid of legalizing bitcoin and other cryptocurrency because of the financial risk that it can cause to its users and holders. With bitcoins pseudo anonimity, they are also afraid that it can be used in illegal activities such as purchase of illegal drugs, deadly weapon and the like. With this, they might not trace who the sender and the receiver are.

That's all you say. But if Bitcoin is legalized in a country. Does not cause many pros and cons? So what if the people prefer to use Bitcoin than the currency of the country? Will the country be okay or vice versa? Maybe the Government is thinking like this.

It doesn't mean that bitcoin is decentralized the government is afraid of it. They can still use their authority to control trades that are involved with bitcoin.

That's why regulations are coming in and by this act they are gaining power to predict on what are the things that a trader needs to follow so that he won't violate the rules that was set for bitcoin traders.

Let those governments that are skeptic of adopting bitcoin, give them time to study if its beneficial to them. I'm sure of that they knew it that they can also take advantage by taxing bitcoin transactions through local exchanges.

My government still afraid that bitcoin will lead into mass inflation on my currency ( that especially weak against dollar )
IMO, they need more time to adjust their regulation and hope they will adopt bitcoin as daily transaction

Actually no one knows when will it happen so I just believe it that it will happen ( I won't hold btc without valid reason )

They are not afraid it is just that it is not easy to legalize bitcoin here in the world as it is just new to our system and in our life, and one point that they are having hard time due to many ponzhi scheme that are now out of the market, not only with that, nowadays illegal transactions are using bitcoin as mode of payment.

I don't think they are "afraid" (well, we can talk about all governments in one). I believe there is general interest in trying to determinate the legal situation of bitcoin, but is going to take a while. It is not easy to determinate how new "money" is going to fit into the economic system of a country. It takes a lot of bureaucracy, and maybe is going to take more than a few years.

You are wrong with that kiddos, if you will notice banks now are supports bitcoin together with the other crypto currencies. "DEBIT CARD and CREDIT CARD" this is the sample of digital tools to make easily and faster our transaction they also used it because they just want to evolve, aside on that if the bank and other crypto currencies considers as competitors of them. Maybe until now were still using manually computation, because they can't used computer, calculator and different tools to make work in banks easily.

In additional, more counties now are starting to hugged the digitalization, actually in our country coins.ph wallet is partners of different banks because imagine they can easily deposits, withdraws and converting our money thru banks.

Countries not scared to evolve and become parts of digitalization or modernization the only thing they were scared are the following:

-Lack of education in terms of digitalities.

-Who's people leads us to become legalize crypto currencies? (I guess leader of each counties were not allowed each one to take the position, because controlling and decision were always on the hand of the people who will be elected.)
 
-Crypto currencies are not fully develop because until now systems are possible to hacked even there's a lot of securities.

-They scared because value of different crypto currencies will possible to become bubble and etc there's a lot of reason why crypto currencies were still not legalize.

Maybe until now governments together with the founder of crypto currencies are still studies the different factors that they can possible to consider before they legalize the crypto currency in each country.

Well yes they afraid on legalizing or implementing bitcoin because bitcoin is decentralized coin which no one can control it even the government will not able to control it. There's still countries that not implementing bitcoin because they see bitcoin as a threat on their society.

Yes, all the opinions you say are true. The government is very afraid to legalize Bitcoin. Because according to the Government Bitcoin can replace the currency of their country.

Maybe government are afraid because in terms of money bitcoin was always involve , they cannot handle it and regulate crypto.Bitcoin was decentralized and its hard for government to make it centralized to check transactions from it.Or as they say the reason of the government want to regulate digital currency they want it to secured and avoid from scammers or hackers for our safety.

I'm new to bitcoin but in our country i think it's legal but i'm not sure and i want to know it maybe in time

My government afraid when bitcoin is being legalized, the criminal rate especially corruption case will increase because using bitcoin is a little bit difficult to trace their transaction.


That what I called inflation , the money that can't be control and it cause everything expensive !

I think the government is not afraid. Let's say for example you are working in the government, what kind of mindset do you have, of course you will see Bitcoin in another angle. There is two parties, A and B. To simplify the discussion imagine that between A and B is the numerical number six (6), from the perspective of A it is six (6) whilst from B it is nine (9). We have different perspective and interpretation. If A insist that it is six, it doesn't mean B is wrong, A just doesn't see B from his position. If you are a strategic thinker, what advise you will give? For me, they should meet in the center. If government perceive Bitcoin as a threat, hire a person who  have knowledge on it. If the Bitcoin community is threaten by the government on the use of the system, make a way to communicate with the latter for them to understand the stand of the group. There is always a barrier, if both parties will not give a chance to hear each other, solution will not magically appear, it should be worked out.

You know why the government did not legalize bitcoin in some countries? Because they think that this technology bitcoin may the biggest competitor in our country someday and the bank will be left behind on it. Central Bank of each country fully supports our government then they afraid that someday the bank will not have an investor because of bitcoin.
Another factor is bitcoin may use in illegal activities and may be abused in a terrorist group to purchase weapons and other prohibited by the government.

Denmark is one of the most technologically advanced countries in the world, Denmark is also the most frequent campaigner and persuasion with the elimination of cash and in exchange for virtual money like bitcoin.
Although bitcoin is well received in this country, but the government does not give 100% of their support to legalize bitcoin

Of course, the legalization of crypto currency from the point of view of the government has its difficulties. While in different states there is not even a common opinion about what the crypto currency is, it is money, or an asset, or securities, or just property. Crypto currency is so new in financial calculations that it really presents a certain complexity even for its classification. However, this stage will soon be passed and the crypto currency will be regulated and the profit from its activities will be taxed. Financial relations do not like rush.

I don't believe the government is interested in protecting people from fraud. I am confident that our governments are more pragmatic. They don't want to lose control of the money. Each of us must now have a Bank card. In any coins our account can be blocked. They can check our purchases at any time. We're being watched all the time. This is the main reason for the reluctance to recognize bitcoin.

Bitcoin and other coins with time will become a regular thing, but USA, EU and other countries should discuss to find regulations for their people to protect them of all the scam...

Governments are afraid of legalising bitcoin because they are afraid of not being able to retain full control over the cashflow of the country.