Which country backs "Bitcoin" as currency? - page 2.

cryp24x

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Quote from: Tribizz on April 10, 2017, 09:27:06 AM

To me,I will say None.

No country backed Bitcoin as currency, yes you are right. But there are several country recognized Bitcoin as currency or mode of payment. Some of which are Japan and Philippines. And just you wait we can see more and more country to recognize Bitcoin as money.

harizen

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Quote from: Tribizz on April 10, 2017, 09:27:06 AM

To me,I will say None.

Not necessary in the first place.

As long it was accessible in a certain country and people are freely enjoying using bitcoin without any worries that they are facing some terms against the law using it then it can consider as backed currency.

But on a technical term, if country's government will truly recognized bitcoin as legal and can be used as normal payment method like fiat then it's totally backed by the said country. To be passed it as legal currency, it will goes down a long process which will take long period of time so it's obvious that once it passed, it's already backed.

virtualkeybuyer

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Quote from: klarki on April 10, 2017, 03:39:22 PM

Is it not recognized in Japan at the official level?

But the government is working to create the rules for that currency which is also considered as a step of the country to accept it officially for the use of the state. I know that it is not announced to use this currency for the state affairs but it will be adopted sooner by them after people make it an established currency in the country.

klarki

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Is it not recognized in Japan at the official level?

manselr

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The fact that japan accepts bitcoin payments means it is backed by the country? I dont understand. It sounds to me as if the country will actively defend bitcoin just like they defend the yen, i dont see that, i think they will remain neutral even if they do accept payments.

Kprawn

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We should not concentrate too much on the definition of Bitcoin, but rather what it is been used for. People can trade chickens without the

permission of the government, so why not Bitcoin? Will the governments stop people trading in say Chickens? This is already happening in some

countries where their fiat currency fails. { Zimbabwe - People trade with cigarettes and wild stock } Wink

mobnepal

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This link can help you to understand legality of bitcoin in each country https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country

Recently Japan legalized bitcoin and you can use it just like any another currency
https://cointelegraph.com/news/bitcoin-price-hits-1130-japan-legalizes-bitcoin-scaling-progress
http://www.pymnts.com/news/bitcoin-tracker/2017/japan-makes-bitcoin-legal-payment-method-bitcoin-price/
http://www.coindesk.com/japan-bitcoin-law-effect-tomorrow/

audaciousbeing

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For me, its only Japan I would agree that has given bitcoin a standing for others, to be treated as currency is not the same as currency after all gold is treated as same in other climes of the society but that does not make it a legal tender that can be accepted as a means of payment. hopefully other countries can follow the footstep of Japan and can save us from having this kind of discussion.

pedrog

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In EU bitcoin is to be treated as currency, at least for tax purposes.

In Japan bitcoin is now a legal method of payment, don't know if also considered a currency.

squatz1

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No country is going to back it in the least but some may allow for the technology behind it (the blockchain) to be able to thrive as this can be used in many government things, banking, etc and so on. Biotcoin is going to be in a direct fight to the norms when it comes to government and is going to cause problems as the National Government (of any gov) is going to want control over all of the usage of money in their country.

Bitcoin isn't going to be able to be controlled so the government(s) are going to put regulations on it to be able to limit the usage of it or just deter the usage in general.

I think it's sad that the government would be doing this but I do understand that they would rather control all so this is just a waste for them.

Tribizz

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To me,I will say None.

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