Topic: What approach do you expect from the Government if your Country adopt bitcoin? - page 2. (Read 827 times)

Developed countries are all focusing and issuing their CBCD coins in the future instead of accepting bitcoin. I am not negative but my view is that only poor, small, weak economies are more inclined to accept bitcoin than developed countries.

The government has controlled us for centuries and they will continue to do so they will never accept any force that can threaten their power, bitcoin is really a cool technology but simply because it's decentralized i wouldn't be too optimistic about governments adopting it.

The part that caught my attention is this last paragraph which seems to contain everything in regards to the advantages and the disadvantages of Bitcoin adoption and the CBDC adoption by the government, there is a wide range of different opinions and approaches that can be worked on to achieve a lot in the quest to marry government to the blockchain form of money Bitcoin/CBDC.
First, if the government spending becomes verifiable through the blockchain that will give room for transparency in government fiscal policies, and also reduce money laundering since all government transactions can easily get verified using the public ledgers instead of the current money laundering fist we have with the fiat centralized system were government officials easily print money just to pad up the laundering scheme, Not many will want to use Bitcoin for the daily transaction even me will not want to do that since Bitcoin is more valuable as a store of value, but in some instances, one will want to be able to carry out Bitcoin transaction without any fear of being criminalized by the government so Bitcoin legalization is still much important to both the government and it citizens.
Set back on bitcoin adoption from government perspective
Except for El Salvador which took the bull by the horns to ride on the wings of decentralized digital currency Bitcoin, most others are with the fear of the decentralized nature of Bitcoin and its volatile nature, this is why many of them will rather develop their own central bank digital currencies that will be a peg to the value of their national currency.
Why some view El Salvador Bitcoin adoption as a failed attempt
I don't know the tools used for the analysis of the data that was used to carry out the last survey, but to some extent, I have a divergent viewpoint on the result of that research.
1: for a proper outcome of any project the time frame should be at least one year and since the El Salvador Bitcoin legal tender project started on 21st October the official date the survey was quick to draw a conclusion and the question is how can the survey give a short time conclusion to a long term goal such as currency inclusion. That looks unprofessional to me.

If that is indeed what is being done in El Salvador, they really have the freedom to use bitcoins in full even though they can still use their own currency.
If only in ASIA also applies in such a way of course, bitcoin users are increasing again and bitcoin's growth is increasingly being recognized by many people.

You obviously live in a country that has its own fiat currency. El Salvador did not.
It also wasn't a hasty decision.

That is the same thing they did in El Salvador. They didn't force people to only use bitcoin but they removed any restrictions that may have existed and paved the way for bitcoin adoption so that anybody who wanted could get paid in or pay others using bitcoin.
They still continue using another country's fiat as their currency! like before but also recognize bitcoin as a legitimate currency.

I have the same thoughts on how the government is taking the approach to bitcoin adoption to great success. To be honest, bitcoin is not mandatory for everyone because only people who know and understand it will really want to own and use it.

It is realistic to think that bitcoin is not a mandatory currency that every country should adopt, but bitcoin is great to be considered as an alternative currency that has quite a lot of innovations and benefits. In any case, given the government's desire to own crypto of its own through the CBDC, bitcoin might be a bit sidelined in their plans.

In general, given the current realities of the world, I doubt that the state should be trusted with its funds at all. You need to understand how it can end up in the end.

It could be basically letting crypto be something that people could use in regular purchases and all of that? I mean it is not really a clear thing what we are talking about here, but we could handle all of this regularly if we just got it as legal tender usually. Of course it is not going to be a simple thing, of course legal tender is the top version and it is going to be nothing easy to get there for most major nations.

However, if we are just allowed to accept bitcoin and pay bitcoin without any law problems, and get adoption rate increased by tax regulations being a bit more lax, even that alone would be amazing, people would turn to crypto to pay less taxes.

making btc A legal tender is different than making it THE ONLY legal tender

btc does not need to replace fiat. it can be A legal tender BESIDE fiat as another legal tender.

EG shops accept both dollar and btc, rather than just one option

+5merits This is topnotch. First time seeing a reputable member of this forum addressing a bitcoin related issue squarely without mixing words. I said it that even if I am made the president of my country today, I will not hastily make bitcoin a legal tender in my country. The best I will do for bitcoin is to remove whatever laws that is restricting its usage in the country. I will allow it to co-exist with fiat thereby giving the people the opportunity to choose which currency they want to use at a particular time, this is the true definition of bitcoin (liberty).

Government is about laws and law enforcement. There is no way a country will adopt what it doesn't control as a legal tender (maybe only) that it will not backlash. How will the government manage taxation? Maybe ask all the citizens to submit their private keys(which cannot happen). How will the government manage crisis instigated and sponsored with bitcoin.

There is no doubt that I love bitcoin, but let's not hope for much in this short time if we are truly sure bitcoin will be here in 100yrs time. Maybe by then everything will play out naturally. For now governments are good with CBDCs and  I also wish they stop hitting hard on bitcoin by raising series of lies to discredit bitcoin. 
In Satoshi's whitepaper of bitcoin, I didn't see where he said that bitcoin will battle and eventually kill fiat, rather it will provide an alternative means of transaction. I love bitcoin that way, and let the countries maintain their fiat which only is not a legal tender, but a national identifier.

The problem with El Salvador before is that their decision to adopt bitcoin as a legal tender was made all of a sudden. And then it took only months i think that they finally declare bitcoin to be their new legal currency. So the people have been in pressure adjusting on learning bitcoin, its usage and how to transact bitcoin in their daily living, considering some people are illiterate and do not even have access on smart phones. Not surprising why some people ended up having strikes. So i think the very first thing to do that a government should do is to spread awareness by making all the citizens educated on bitcoin. Once good education is set up, then people will certainly understand the whole purpose of bitcoin and how it can be very useful for the success of the whole country.

There's a reason why my country's government won't adopt bitcoin because CBDC is by far the thing that has been thought about in the past year. I think CBDC makes more sense for the government to control users nationally, it would be difficult with decentralized bitcoin.

So there is little hope for me to hear the government will adopt bitcoin as a payment alternative. But if it does, then I would definitely love to hear about it.

Success rate doesn't really depend on bitcoin performance but the strength of financial policy in the country. Yes if El Salvador has made bitcoin legal and looks like it is kicking the foot on the grand, the subsisting financial orientation is to look at. The government of El Salvador seem to me a tasting ground for all other countries that will go that way in future.

I suspect, to get advantage? I don't know, speaking from a government's perspective. Definitely a CBDC makes much more sense.

Yet, there's still money laundering, tax cheats and extortion with using fiat currency electronically currently. Not sure what would change with a CBDC, or in what percentage. One thing's sure; with a CBDC, there would be a massive upgrade to mass surveillance.

Which sounds like... The way things should be? National budget is a public document, for everyone to see. Governments post this to their official site anyways, usaspending.gov, ukpublicspending.co.uk, european-union.europa.eu etc.

I am very positive about my country adopting Bitcoin as one of the means of payment of goods and services. First thing we need to understand is that Bitcoin is volatile, the price can move to any direct within a space of seconds and could cause a big lose or gain to an holder. Once this concept is understood, then I will need to create a medium to learn about Bitcoin and Crypto in general.

when my government accepts bitcoin and supports it as a payment alternative, then that's enough for me. after all, the bitcoin movement happened because people were enthusiastic about it. oh one thing I might want, maybe the government can also provide support regarding learning to use crypto, especially bitcoin in existing communities. by providing sufficient education, it is possible that bitcoin adoption will increase in my city or country.
Actually, there is currently no resistance regarding the use of crypto in my country, the important thing is that it is not used as a legal payment alternative. only, so far very few understand about crypto, and also only used as a place of investment.

We are also talking about multiple sizes when we are talking about these nations. So for example, El Salvador may not have a huge income and investment chance, hence why it may look like "failed", which is something that bitcoin haters wants you to think, they invested only like a year ago, maybe not even that long ago, what happened to "long term investment"? Maybe they will benefit from this immensely in 10 years? Who knows?

This is why we should be considering this not as a failure yet. However, even if we do, my nation could make this much purchase per month, and that shows you how different nations could approach differently and could have different results.

This discussion has been an ongoing one for years now IIRC, because I've seen threads like this many times before.  I'm just not sure how any country could "adopt bitcoin", meaning make it their own currency--and their only form of currency. 

Why would any country even want to do that?  CBDCs make sense because a government could keep track of who's spending what and where, so it would severely cut down on tax cheats, extortion, money laundering, and a whole bunch of other financial crimes.  But if a country made bitcoin or any decentralized altcoin their legal form of money, that pseudo-anonymity that bitcoin provides would be just enough such that none of those problems would be solved.  Alleviated, perhaps, but not eliminated.

Then there's the question I have about government spending.  Is the government going to be using bitcoin as well?  If that were true, it would be a security nightmare, because then everyone in the world would be able to see what the government is spending their money on.  And I'm sure there are about 1000 more dilemmas just like that which I haven't thought of that would preclude a decentralized crypto from being any country's sole currency.

Governments don't like privacy and they will try to find out who owns bitcoin if they start adopting it. Decentralization will become centralized when its holders deal with the government especially when they start using centralized exchange. You also have to report your tax obligations to the government if the government makes tax rules, it will more or less make your privacy open.

Can someone tell me about the Chivo wallet, is it also centralized as it is El Salvador's national bitcoin wallet?

It is unlikely that my country's government will adopt bitcoin and that makes me pessimistic. In fact, however, my country's government started targeting taxes from trading activity on every centralized exchange that has obtained their current license and is now coming into effect.

I firmly believe that in the next 10-20 years the government of my country will probably not adopt bitcoin as a legal tender, but if circumstances change then I expect bitcoin to only be used as an alternative not a major currency as there are many factors they have to take into account. Many citizens still don't know about the Internet and how to access the internet, this is the smallest issue that may need to be considered before adopting bitcoin.

El Salvador hasn't failed. Bitcoin adoption takes years, if not decades, to come to fruition. I don't understand why people believe it is reasonable to expect someone to give up fiat currencies, something they've depended on for ages, for a digital currency with technology they most likely do not understand. Education is the biggest hurdle once government bureaucracy has been surpassed.

Give it time before calling El Salvador's experimentation with Bitcoin a failure. Perhaps the bitcoin community could benefit greatly with patience.