Topic: What approach do you expect from the Government if your Country adopt bitcoin? - page 4. (Read 830 times)
May 24, 2022, 08:30:23 AM
In my country (Ukraine), Internet penetration is higher than in El Salvador, and a much higher rate of banked population. And among those who have bank cards, 87% view a smartphone as an alternative to physical cards for payments. Digitalization is a huge thing in my country, and we have many services that people access online, usually via smartphones. All this makes my country very different from El Salvador, so adoption is likely to go better here than there. Adoption of cryptos is currently underway, and allowing payments in BTC is a part of the government's long-term plan. I expect reasonable crypto income taxes, useful infrastructure, and then I can totally see a successful adoption.
May 24, 2022, 05:57:40 AM
Maybe letting Businesses to operate accepting bitcoin without High taxation , because this will hurt people constantly and will deny the use of crypto since fiat and crypto has same taxation or even more.
Depends what you mean by adoption. In Finland it's traded a lot already, although trading and using it in anywhere is hard as everything basically costs 1.4 times more as you need to withdraw that much in order to have money for taxes when you are using it.
at least it is tradable in Finland though there is no actual adoption? May 24, 2022, 05:39:50 AM
In case I am a president of a country and I am really in love with Bitcoin, then I would recognize Bitcoin more like a reserve currency and less as a currency that the people can use everyday for commerce. I will be promoting business that can be made with cryptocurrency and open up my country for mining and many related business connected with this expanding industry. This is because there is an extreme volatility in cryptocurrency and people may not love the roller-coaster ride of this currency...but definitely promoter this like a good investment opportunity option.
May 24, 2022, 05:34:26 AM
Well, if El Salvador is considered to have failed with its bitcoin adoption so far [perhaps they have never failed 100%] then what do you expect if one day your country also decides to adopt bitcoin as a currency and legal tender especially regarding the approach and steps your government should take?
I don't know what miracles all those who ask questions about some kind of Bitcoin failed in El Salvador expected? Neither Bitcoin could or should have saved a country, nor could that country launch Bitcoin into some unrealistic mass adaptation. It is quite disappointing to see people who think that some very complex things can happen in just a few months, and realistically it takes years or even decades to do so.
Bitcoin does not necessarily have to be a legal tender in the way it is set up in El Salvador to work successfully. As far as I know, Bitcoin is not a legal tender in the Netherlands, but the city of Arnhem is literally called Bitcoin City due to the many shops, bars, and restaurants where you can pay with Bitcoin. Therefore, there is no need to wait for governments to declare a Bitcoin legal tender, nor is it realistic in most developed countries - the alternative should never become an obligation.
May 24, 2022, 02:39:28 AM
Starting from a topic started by Ratimov: Why has bitcoin adoption failed in El Salvador?
permit me to say this that bitcoin adoption "have not fail in El-Savador" its adoption is barely one year now and nothing but development about bitcoin in El-Savador.
would like to know what you think and expect if your country decides to adopt bitcoin as a legal tender.
there will be freedom, privacy, trust, accuracy, reliability, decentralization, secured asset, profitable investment, reduced poverty and unemployment, lesser cross boarder transaction fee, growth and development of a country and there will be expression of joy from citizens.
if one day your country also decides to adopt bitcoin as a currency and legal tender especially regarding the approach and steps your government should take?
they (government) should know that they can't regulate bitcoin, though task will be paid, its high time they realize that we can't confide trust in them anymore in our financial and economic lives, and all we are demanding is "freedom".
May 24, 2022, 02:17:52 AM
maybe what i wanna have my government when bitcoin was adopted ? maybe to let everyone has their wallet with privacy , I mean don't put strict rules towards KYC but what i wanted from my government firstly ? that is to ask people first openly , not like what EL Salvador does that pushes the adoption directly , so with those everything will be tackled and will put completely announced .
May 24, 2022, 02:02:45 AM
On the other hand, what kind of approach did the government take when bitcoin was legalized? Because basically it has a lot of importance. And if government policies burden adopters who tend to take away financial freedom (against decentralized systems), then I think twice about including bitcoin in my business finance list.
May 24, 2022, 01:44:47 AM
I really don't see adoption as a thing if you are referring to Adoption in terms of being a Government legal tender. Let them just allow for trading/investment like it has always been and those that want to accept it for payments can do so because the Government of my Country as I know them, will be the worst with laws and regulations if they were to adopt Bitcoin.
May 24, 2022, 01:25:16 AM
Depends what you mean by adoption. In Finland it's traded a lot already, although trading and using it in anywhere is hard as everything basically costs 1.4 times more as you need to withdraw that much in order to have money for taxes when you are using it.
May 24, 2022, 12:48:12 AM
More likely they will impose some taxes for both traders and owners of the exchanges so I prefer not to have them not regulate the bitcoins right now I'll wait until there will be lots of countries that already regulate it. I'm total with it right now. The way it is right now is something you cannot have any reason to stop unlike in the other countries where you force to pay heavy taxes which will hurt the little investors like us that only rely on a small income in the crypto industry.
May 24, 2022, 12:29:18 AM
1.I don't expect my country to adopt Bitcoin as a legal tender.
2.I don't expect my country to waste any money on some kind of Bitcoin promotion or educating the people about the benefits of Bitcoin.
I don't think that this would happen in any country around the world(there might be some exceptions in the underdeveloped world, but they don't matter).
The governments would never waste any resources to teach the people how to use a payment system, over which the government doesn't have any control whatsoever. On the other hand, the CBDCs will definitely be promoted and I'm sure that their promotion will be successful among the ""average Joe" conformists.
We, as a community should NOT expect any help from the "powers that be"-the governments and the central banks.
2.I don't expect my country to waste any money on some kind of Bitcoin promotion or educating the people about the benefits of Bitcoin.
I don't think that this would happen in any country around the world(there might be some exceptions in the underdeveloped world, but they don't matter).
The governments would never waste any resources to teach the people how to use a payment system, over which the government doesn't have any control whatsoever. On the other hand, the CBDCs will definitely be promoted and I'm sure that their promotion will be successful among the ""average Joe" conformists.
We, as a community should NOT expect any help from the "powers that be"-the governments and the central banks.
May 24, 2022, 12:24:32 AM
I don't think that any governments should be refraining from Bitcoin as an investment but having such a high asset allocation into a risky investment vehicle (such as that of crypto) is not indicative of good governance.
I don't know much about El Salvador economy but is the amount of bitcoin they have really considered high allocation? Last I checked it was about $70 million worth of bitcoin and most of it was bought around $30k so they don't seem to have really lost money either.I actually think this was a good move. Bought in some of the dips and they are going to hold it as a valuable asset. We all know how bitcoin's long term appreciation is and risking $100 mil on it could be a good investment.
Yes I think I remember reading that both Saylor and Bekele are even at just below $30k,,, they did manage to buy lower than that but because they are DCA like me they bought also closer to ATH. I would say excellent choice made as this is just the bear and they are stocking it up anyway,,, ATH return is doubling it.
Only I do not know why Salvadorian president keeps tweeting he bought more BTC in a vain attempt to influence price.
May 24, 2022, 12:22:11 AM
I really don't think that adoption mostly as a legal tender will be or will confirm that Bitcoin is the thing. Quite frankly I think we are still overlooking this Bitcoin being a legal tender thing cos I don't think there is any major media outlet that has not spoken about Bitcoin once in the broadcast and if Bitcoin was not what it is, why so much talk about it?
Secondly, I don't think my Government will consider this in the nearest future so I am just going to leave that alone but I believe if there are places to spend Bitcoin online or some nearby merchants that is fine, others will catch up when they see the need to Including Governments too, but now I am not stressed.
Secondly, I don't think my Government will consider this in the nearest future so I am just going to leave that alone but I believe if there are places to spend Bitcoin online or some nearby merchants that is fine, others will catch up when they see the need to Including Governments too, but now I am not stressed.
May 24, 2022, 12:08:33 AM
I don't know much about El Salvador economy but is the amount of bitcoin they have really considered high allocation? Last I checked it was about $70 million worth of bitcoin and most of it was bought around $30k so they don't seem to have really lost money either.
Not really. I think that the bulk of it was actually bought at 50-60K or so. They've actually lost quite a substantial amount of money, despite their recent trades during the dip which did little, if at all to help their current standing. Considering the aid and the current state of the economy in El Salvador, the costs for investing into Bitcoin, including the volcano(?) bonds has resulted in a largely negative impact on their economy, at a macro scale. Investments should either be safe, and generate sustainable income or for it to have the potential to be continuing to generate incoming in the future. $70Million might not be a lot in the perspective of those countries but if you consider that the possibility of losing it all and the fact that the money could've better improved their infrastructure, it'll be clear whether the investment was bad or not.
May 24, 2022, 12:00:25 AM
I don't think that any governments should be refraining from Bitcoin as an investment but having such a high asset allocation into a risky investment vehicle (such as that of crypto) is not indicative of good governance.
I don't know much about El Salvador economy but is the amount of bitcoin they have really considered high allocation? Last I checked it was about $70 million worth of bitcoin and most of it was bought around $30k so they don't seem to have really lost money either.I actually think this was a good move. Bought in some of the dips and they are going to hold it as a valuable asset. We all know how bitcoin's long term appreciation is and risking $100 mil on it could be a good investment.
May 23, 2022, 11:23:14 PM
You are making a mistake by thinking that world governments actually listen to their people. Most of them don't due to their own ulterior motives which is what leads to all the rallies, protests etc around the world.
Same applies to BTC adoption obviously. If my government were to suddenly announce that they were adopting BTC, I would have low expectations for various reasons.
I don't think they would focus on educating people about BTC and would most probably follow in El Salvador's footsteps. However, this decision would improve BTC adoption which is the silver lining.
Same applies to BTC adoption obviously. If my government were to suddenly announce that they were adopting BTC, I would have low expectations for various reasons.
I don't think they would focus on educating people about BTC and would most probably follow in El Salvador's footsteps. However, this decision would improve BTC adoption which is the silver lining.
May 23, 2022, 10:55:22 PM
like you said that in my opinion elsavador not 100% of success adopting bitcoin. but this still become breakthrough.
just opinion that government no need adopt and using as currency in a country. they only need bitcoin or other form of it to be available to trade and not banning it this might the first step
second they start taxing the crypto trader and exchange so the country itself can earn money from it
and third they start using crypto tech to run whetever using as CBDC like china did or using other form of crypto to settle the transaction like VISA did or using other for vote the government put medical or anything
this might not smooth but still make sense
just opinion that government no need adopt and using as currency in a country. they only need bitcoin or other form of it to be available to trade and not banning it this might the first step
second they start taxing the crypto trader and exchange so the country itself can earn money from it
and third they start using crypto tech to run whetever using as CBDC like china did or using other form of crypto to settle the transaction like VISA did or using other for vote the government put medical or anything
this might not smooth but still make sense
May 23, 2022, 10:08:14 PM
It cannot be successful without first paving the way for its adoption not just as a currency but a legal tender. Declaring Bitcoin as a legal tender shouldn't come as a surprise to the people. We all know that Bitcoin is not that well known and well understood to everybody. So before getting them involved with it, everybody should be made familiar with it. So I expect my government to spend a good deal of time and effort for Bitcoin education and awareness to the whole country before the final declaration is made and the law implemented.
This is not going to be a quick process. The information dissemination and awareness campaign will have different approaches depending on the audience. For example the business sector will be lectured separately from the ordinary citizens. On the side of the government there will also be a different focus especially in relation to taxation and economy.
This is not going to be a quick process. The information dissemination and awareness campaign will have different approaches depending on the audience. For example the business sector will be lectured separately from the ordinary citizens. On the side of the government there will also be a different focus especially in relation to taxation and economy.
May 23, 2022, 09:40:46 PM
Adoption must be increased by engagement from many components within one society
What is lack of in El Salvador is individual adoption and commercial adoption. It is interesting to see how local citizens and companies there will increase it with time.
- Governments: legal tender, adoption booster at national scale
- Commercial business: it takes time for traditional commercial companies/ corporations to build up their infrastructures and switch from completely fiat-based payment systems to crypto-based systems. They must to build up infrastructures for hybrid phase first. Bigger adoption for crypto will come later and it requires time.
- Individually adoption: it can be a very first adoption, even before governmental or commercial ones but eventually it will play a role as ending point of massive adoption
What is lack of in El Salvador is individual adoption and commercial adoption. It is interesting to see how local citizens and companies there will increase it with time.
May 23, 2022, 09:20:25 PM
Not regulating cryptocurrency will probably better until its widespread adoption happen in the local level where even the street vendors are accepting BTC. I think its just how it should be so that innovations will not be suppressed and then when perhaps more wallets for digital payments will compete, that's the time government will try to regulate.
Its a bit too early to see government are already trying to get taxes from Axie gamers who are cashing out SPL. Whenever they try this, all others who are trying to develop games are now thinking of not releasing on other countries.
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