Topic: What will happen if the government know bitcoin in your country? - page 30. (Read 4630 times)
November 06, 2017, 06:29:24 AM
Nothing i think they will invest in it or even let people who cash them out pay tax because the government always wants money and that is why they would tax it everything but people would still invest in bitcoin.
November 06, 2017, 05:18:05 AM
I think they will ban bitcoin because of the fearful that may affect of the economics of my country but i disagree there opinion because working bitcoin is very helpful for me especially the support financial.
Our country is currently studying about regulating it but as of now the status is cryptocurrency is not illegal and we’re open in transactions with banks. I believe our society is more open-minded to this kind of things than any other countries. We bitcoin investors and users is glad of our central banks officials are supporting and regulating exchanges to be legit. I’m fine in regulations if they can give good laws that is good for us all.
Bitcoin helps our life individually and if this will continue, it will be a big economic boost for one country.
November 06, 2017, 05:11:09 AM
Although the legality of bitcoin in my country is still illegal but the government in my country never forbid the use of bitcoin, even though the government in my country gave a positive response to the legalization of bitcoin but so far still in consideration and only monitor activity of bitcoin users and give direction to be more careful in business in bitcoin.
November 06, 2017, 03:32:32 AM
Governments have nothing to fear, because they are still in control of local judicial structures and law makers. A government can make things very uncomfortable for a lot of people, if they seriously clamp down on Bitcoin users. A lot of these governments are not doing this, because they recognise the advantages of this technology.
You cannot throw away the baby with the bath water and they see that. You should work with these governments to make it a success in your country and if they want to work against you, then you use your vote to get people into power, who wants to work with you.
You cannot throw away the baby with the bath water and they see that. You should work with these governments to make it a success in your country and if they want to work against you, then you use your vote to get people into power, who wants to work with you.
November 06, 2017, 03:28:38 AM
Banning bitcoin is like, preventing your country to be progressive. I can see that if this trend of bitcoin is continous then there is no doubt that btc will be our future currency. Anyways, for the question in this thread, in my country, the government here is aware about the cryptocurrency. And all I can here is postive, even our central bank already recognize btc.
November 06, 2017, 03:25:51 AM
In my country they've accepted bitcoin and even made a site that supports cashing out bitcoin from our fiat currency like coinbase, blockchain and xapo. There are also bitcoin friendly countries that would gladly accept bitcoin like japan with no regulations, Philippines, korea and even singapore i guess most countries that rejects bitcoin is from the west the controlled by bankers
November 06, 2017, 03:18:25 AM
It depends on what will be their final decision about it, some of them banned it because of the fear that it might be used against their monetary policies and it might support terrorists, some of them regulated Bitcoin, some of them to control the usage and to monitor the possible Money Laundering activities and some of them are regulating Bitcoin to generate Tax.
November 06, 2017, 03:09:11 AM
Government in most countries already know about bitcoin, while some have declared their status on adopting it, some are still just looking at the situation of things and gradually seeing how it can be utilized, while quite few have declared it illegal. My country does not have any problem with it and I doubt if there ever will even though they have not declared their state on it, but the CBN and some banks are already looking into the technology and how it can benefit the country.
Now, that some powerful countries are already adopting and regulating it, it may help smaller countries to at least have a reason to do the same and look out for the benefits they can derive from it.
Now, that some powerful countries are already adopting and regulating it, it may help smaller countries to at least have a reason to do the same and look out for the benefits they can derive from it.
November 06, 2017, 02:55:33 AM
I think they will ban bitcoin because of the fearful that may affect of the economics of my country but i disagree there opinion because working bitcoin is very helpful for me especially the support financial.
What you are telling is because you country is worried about the freedom to the bitcoin users who can do what ever they want through bitcoin and government cannot control them. Their are two ways if the bitcoin is used in legal way then government can legalize it so that users can use bitcoin freely. second is government banning it in fear of usage in illegal activity, but for that government can make some rules and regulations on bitcoin usage so that users dont use it for illegal activity. In my country their are no rules as government is still to decide what to do with cryptocurrency and bitcoin. So until their are any rules we can use it freely.
November 06, 2017, 02:49:12 AM
I think they will ban bitcoin because of the fearful that may affect of the economics of my country but i disagree there opinion because working bitcoin is very helpful for me especially the support financial.
In my country government have no intention to ban bitcoin,new ICOs are frequently launched and the government do not prevent ICOs from continuing process.I think countries that are financially weak, will not ban the bitcoin or ICO because they know cryptocurrency businesses can help them financially by implementing tax.
Russia and china have mighty financial backup, therefore they don't need bitcoin
November 06, 2017, 02:39:35 AM
I dont know if the government in my country know about bitcoin but most of the large companies here are adopting bitcoin.
I think they will investigate first and pass a law about how to tax bitcoin users i hope they wont to that.
I think they will investigate first and pass a law about how to tax bitcoin users i hope they wont to that.
I'm pretty sure that they do know about it (I guess 99% of them). Governments are not just a single entity. They are entirely made up into pieces by which they work correlated to each other, thus they also have a body that represent for research and development. There is a minimal chance that they haven't heard any about bitcoin. As for the taxing, it would be pretty hard to regulate considering how blockchain works.
November 06, 2017, 02:26:57 AM
I think they will ban bitcoin because of the fearful that may affect of the economics of my country but i disagree there opinion because working bitcoin is very helpful for me especially the support financial.
some countries actually ban bitcoins just like in china and in ruusia because they see bitcoin as a great problem that might have affect thier company because as we see bitcoin is already dominating all over the globe and some countries are now legalizing it but i suggest they must legalize it because bitcoin can add a lot of innovation to our economy today due to its cool feautures and uses that can surely improved our daily lives.
November 06, 2017, 02:09:56 AM
I think they will ban bitcoin because of the fearful that may affect of the economics of my country but i disagree there opinion because working bitcoin is very helpful for me especially the support financial.
I would say that every country has some knowledge of Bitcoin at this point. The only countries that I could see full fledged banning it are those that depend heavily on the government taxes to keep running and those that want to maximize how much they make with taxes off their citizens. As of now, it seems like many first world countries don't have much of a choice but to accept what Bitcoin is.
November 06, 2017, 01:49:31 AM
That depends on the government's understanding of bitcoins. If it's a bad idea they will definitely be against it. But they can not do anything because they just hit the wind. If you just explain the bitcoins that are good, it's definitely not a bad idea for people who do not know it yet. It's just because people think about it because they're using bad things. Similarly, online investment is that the main funds are bitcoins.
November 06, 2017, 12:20:54 AM
I dont know if the government in my country know about bitcoin but most of the large companies here are adopting bitcoin.
I think they will investigate first and pass a law about how to tax bitcoin users i hope they wont to that.
I think they will investigate first and pass a law about how to tax bitcoin users i hope they wont to that.
November 06, 2017, 12:11:37 AM
I think they will ban bitcoin because of the fearful that may affect of the economics of my country but i disagree there opinion.
What you think Bitcoin is, an undercover agent? Most of the governments are well aware of Bitcoin and its impact on economy but all major decisions require patience and time to take so they haven't taken any step yet.
Also not all governments have negative outlook towards Bitcoin. Some have already endorsed it by legalizing in many spheres.
But on the other side, Bitcoin indeed has negative impact on economy in long term. What if everyone steps in billion dollar unregulated Bitcoin economy? Will government able to collect anything in tax? What will happen to development of country?
It is always desirable to use Bitcoin over fiat but it is recommended that Bitcoin economy should regulated and legalized.
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because working bitcoin is very helpful for me especially the support financial.
If you are earning few bucks in BTC writing posts here, that doesn't make Bitcoin to be financial saviour! It is just medium of campaign payment and nothing else.
November 06, 2017, 12:09:05 AM
We could see that countries having smaller economy like bangladesh,equador,bolivia ban bitcoin while bigger economic countries take a safer move.They mostly neither want to ban it nor to leave it uncontrolled.
They either want to legalize it or to just regulate it so that people using bitcoins would not be totally out of their control.But surprisingly,after china took severe actions against bitcoin and ICOs,south korea and vietnam have immediately followed it.
In our india,it has not yet been legalized,regulated or banned.Government decision is still unknown.
I think that it would be better to regulate bitcoin instead of totally banning it.
They either want to legalize it or to just regulate it so that people using bitcoins would not be totally out of their control.But surprisingly,after china took severe actions against bitcoin and ICOs,south korea and vietnam have immediately followed it.
In our india,it has not yet been legalized,regulated or banned.Government decision is still unknown.
I think that it would be better to regulate bitcoin instead of totally banning it.
November 05, 2017, 11:52:35 PM
I think the government is very surprised that bitcoin is spread across all countries, is very well developed, it can help all the people who have no fixed income. So the government will not ban it, the people use bitcoin with good intention.
November 06, 2017, 12:01:13 AM
I think they will ban bitcoin because of the fearful that may affect of the economics of my country but i disagree there opinion because working bitcoin is very helpful for me especially the support financial.
Government would not ban bitcoin unless they see it as a threat to their economy. Not all country who knew bitcoin banned this cryptosystem, in fact even some countries does not recognized it as legal they still accept it as a form of payment. In my country, most of the basic transaction accepts bitcoin. Bitcoin is not really a threat for the economy, its just that it was being used in some illegal activities which makes bad impression for the Government. If government would take time studying the crypto system, bitcoin would definitely be an asset for the country and maybe a catalyst to boost the economic status.
November 05, 2017, 11:37:10 PM
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What will happen if the government know bitcoin in your country?
Well everything depends on their behaviour. I'm always getting concerned when governments a putting their sight on cryptos and not doing anything. If this question is discussed is discussed on the national level then the it will be good if there will be any way to gently regulate it. If governmen won't perform any moves while discussing cryptos then it mean that there is a high chance that someone is looking on your crypto income, which means that you might have to deal with your tax department without any legal basis for your side. Jump to: