Resourcefulness in authorities legalizing Bitcoin

Zlantann

legendary

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Quote from: EluguHcman on June 26, 2024, 06:44:17 AM

Behold they can not wave off the existence of Bitcoin entirely from the regions as their would always be numerous of Bitcoin enthusiasts mining and Investors making good profits on it anonymously.

The worst thing that will happen to Bitcoiners in a country is when the government bans its use. If the government criminalizes cryptocurrencies it will be difficult to freely engage in crypto endeavors secretly. Many people will not be willing to take the risk of using Bitcoin illegally. The best option for Bitcoiners in such situations is to move to a crypto-friendly country.

Quote

Meanwhile it could be a medium that if it is legalized, the government can make lucrative source of revenues on taxations to boost the economy maybe if they can set up interactive and responsive dialogues with the centralized exchanges.
I think such can only be actualized if the government authorities are amidst of scientific entrepreneurs.

The US has been able to establish a sound regulatory framework to regulate the crypto industry. Many countries have not been able to have the same level of expertise in regulation, so they have decided to place a ban on it. We have been seeing an increase in the acceptance of Bitcoin in most countries through the approval of Spot Bitcoin ETF and hopefully, this move will move to other countries in the near future.

Iamgoat

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Quote from: Amphenomenon on June 26, 2024, 07:43:10 AM

Welcome to reality where it doesn't mean something is good for everyone to accept it including the government.
Though is Ironic when the government of under developing countries are still not adopting Bitcoin as a source of revenue but is just how life is.
Not every Bitcoiners now were Bitcoiners a decade ago but not they come to know and believe the truth and this same to some nations who didn't adopt Bitcoin earlier but do now.
As Ironic as it seems like we became Bitcoiners late, in a decade from now others will consider us earlier adopters also.

As the years transcend, it will be true to allude that many countries who are presently against the adoption of the bitcoin as a digital currency or a means of transaction will later agree to use the technology if they are exposed to more of the benefits of the bitcoin to their growing economies, they will end up tilting towards the acceptability of the bitcoin

Mr.right85

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Quote from: EluguHcman on June 26, 2024, 06:44:17 AM

I recently read in the gambling board that the Thailand Prime Minister is set to legalize gambling for an option to generate national revenue through its taxes after it has been lawfully pronounced illegal activity in the pasts.

Such a smart move opted me to digress on the thread that those governments who had tagged Bitcoin an illegal developed technology in their various countries should have a rethink.

I think these are very diverse fields to be brought in contrast with each other. The only connections your getting to make here is, having to have seen them as illegal but this isn't the vitals. The distinction between these field is that,

Gambling platforms are centrakized while,
Bitcoin is decentralized.

Now, it's easy for government to legalize Bitcoin because it exists within fhe realms of centralization which is what the government is about. They could be regulated with a high level of efficiency and parties to this are very well known.

When it comes to Bitcoin, government don't yet know how they could suck its sap and that makes acceptance really difficult. Although, they can start by regulating them centralized exchanges but, its just a part to the system and Bitcoin is fully functional without it.

Even so, we just have to keep hopes up but, the government haven't stopped individual adoption in a decade which makes them a not so relevant factor.

Spaceman1000$

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Quote from: EluguHcman on June 26, 2024, 06:44:17 AM

I recently read in the gambling board that the Thailand Prime Minister is set to legalize gambling for an option to generate national revenue through its taxes after it has been lawfully pronounced illegal activity in the pasts.

Such a smart move opted me to digress on the thread that those governments who had tagged Bitcoin an illegal developed technology in their various countries should have a rethink.
Behold they can not wave off the existence of Bitcoin entirely from the regions as their would always be numerous of Bitcoin enthusiasts mining and Investors making good profits on it anonymously.

And also those having the digital currencies for Alt payments using decentralized exchanges would be unstoppable and beyond the awareness of the government.

Meanwhile it could be a medium that if it is legalized, the government can make lucrative source of revenues on taxations to boost the economy maybe if they can set up interactive and responsive dialogues with the centralized exchanges.
I think such can only be actualized if the government authorities are amidst of scientific entrepreneurs.

There are significant issues that are a bit of an issue with me, first the issue concerning government across board to allow the free flow of cryptocurrency activities, the truth is that most government will want to frown at Bitcoin activities and cryptocurrency and it's market, the thing is that they cannot control Bitcoin because of it's decentralized nature, and we all know how CBN of most countries want to be incharge of every penny that is spent in their domain, and Bitcoin doesn't give them that privilege of such luxury, so to them it's not an entirely a win win situation for the government giving their authoritative nature.

So for this initiative you've suggested OP to work, the Governments who have tagged Bitcoin illegal before now, needs to come out open with clean mindset and embrace Bitcoin without any reservations of any sort, then they will begin to witness the Goodies that is associated with cryptocurrency.

avikz

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Legalizing gambling is very different than legalizing crypto. Gambling is easier to manage for a government from taxation perspective. Whereas crypto is very difficult for taxation due to its anonymous nature. Gambling houses across the world are heavily regulated and taxed. Crypto is still finding its way.

Probably in a next couple of years we will see more countries coming forward and accepting cryptos. But for now, government cannot control its progress and transactions. That's the main roadblock here!

348Judah

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Quote from: EluguHcman on June 26, 2024, 06:44:17 AM

I recently read in the gambling board that the Thailand Prime Minister is set to legalize gambling for an option to generate national revenue through its taxes after it has been lawfully pronounced illegal activity in the pasts.

I also know of this that Bitcoin has been through tough times in Thailand and they are not encouraging for the use of crypto in the country, however, we can relate all these with the incidence of the US whereby they have also been raking attacks upon bitcoin network and now everything seems to be turning around against them, because they have realized the potential they could get as edge over the adoption of bitcoin even at the pursuit of their career in politics, now maybe its turn over for the Thailand government to have a rethink by adopting for bitcoin when they have several opportunities lying ahead of them if they do so, we should expect for more countries also in the meantime.

Felicity_Tide

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cout << "Bitcoin";

Quote from: EluguHcman on June 26, 2024, 06:44:17 AM

Meanwhile it could be a medium that if it is legalized, the government can make lucrative source of revenues on taxations to boost the economy maybe if they can set up interactive and responsive dialogues with the centralized exchanges.
I think such can only be actualized if the government authorities are amidst of scientific entrepreneurs.

You have a point here, but should the government legalize Bitcoin solely for the purpose of taxation?. The issue with governments that oppose Bitcoin is as a result of ignorance and a lack of interest in understanding what it truly defines.

Take El Salvador for example, we've witnessed the country's enthusiasm towards Bitcoin and how they've implemented strategies to promote its adoption, such as using geothermal energy for mining, introducing educational programs in schools, declaring it a legal tender, etc. El Salvador is not just aiming to make profit from Bitcoin taxation alone, but also from the things they've put on ground such as mining programs and others.

So, what I am trying to say is that if an anti-Bitcoin government decides to legalize Bitcoin solely for tax purposes, they should integrate it fully into the country's system, just as what El Salvador has done. At least, more tax revenue can go to their selfish pocket.

Plaguedeath

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It's impossible to mine Bitcoin anonymously where the country ban Bitcoin because they need to pay electricity cost, mining farm require high electricity to be operated, if the electricity officer feel there's something suspicious, they would cooperate it with police to check inside of your building.

Investors could making profit anonymously as long as they didn't sell through CEX, but they still need to report income tax and declare where the money comes from, this is where they lie. They could say they're freelancer or something like that.

retreat

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This step has been implemented by the government in my country. At first Bitcoin trading was prohibited in my country and people who transacted it would be subject to sanctions, but after the regulation was issued, Bitcoin trading did not decrease, but instead increased, this became a concern for the government because they saw this as a problem that needs to be addressed because if it is legalized it will provide taxes to the state. And after that the government started to change their regulations and started to soften the regulation for Bitcoin and Altcoin trading, and started to legalize it (but only on regulated exchanges), and finally crypto trading in my country managed to bring in tens of millions of dollars in taxes in a year alone.
This is one example of how the legalization of Bitcoin trading can provide benefits for the country and this can be imitated by other countries.

Amphenomenon

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Hope Jeremiah 17vs7

Quote from: EluguHcman on June 26, 2024, 06:44:17 AM

Meanwhile it could be a medium that if it is legalized, the government can make lucrative source of revenues on taxations to boost the economy maybe if they can set up interactive and responsive dialogues with the centralized exchanges.
I think such can only be actualized if the government authorities are amidst of scientific entrepreneurs.

Welcome to reality where it doesn't mean something is good for everyone to accept it including the government.
Though is Ironic when the government of under developing countries are still not adopting Bitcoin as a source of revenue but is just how life is.
Not every Bitcoiners now were Bitcoiners a decade ago but not they come to know and believe the truth and this same to some nations who didn't adopt Bitcoin earlier but do now.
As Ironic as it seems like we became Bitcoiners late, in a decade from now others will consider us earlier adopters also.

PhillipDe78

jr. member

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Merit: 0

Ironically, it is surprising that the governments that once condemned gambling and Bitcoin now see the potential for revenue generation in these industries. The world is constantly changing, and it seems that governments are beginning to recognize this.

EluguHcman

sr. member

Activity: 504

Merit: 254

I recently read in the gambling board that the Thailand Prime Minister is set to legalize gambling for an option to generate national revenue through its taxes after it has been lawfully pronounced illegal activity in the pasts.

Such a smart move opted me to digress on the thread that those governments who had tagged Bitcoin an illegal developed technology in their various countries should have a rethink.
Behold they can not wave off the existence of Bitcoin entirely from the regions as their would always be numerous of Bitcoin enthusiasts mining and Investors making good profits on it anonymously.

And also those having the digital currencies for Alt payments using decentralized exchanges would be unstoppable and beyond the awareness of the government.

Meanwhile it could be a medium that if it is legalized, the government can make lucrative source of revenues on taxations to boost the economy maybe if they can set up interactive and responsive dialogues with the centralized exchanges.
I think such can only be actualized if the government authorities are amidst of scientific entrepreneurs.

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