Topic: why do governments don't make BTC illegal worldwide ? - page 42. (Read 8116 times)
Government authority can only make bitcoin illegal in their own country, government authority in contry A, has legal right to make bitcoin legal or illegal, moreover bitcoin has contributed tremendously toward economic growth in world wide, it does not make econonic sense to every reasonable government to make bitcoin illegal in their country.
which you say is true, but I think why the state government legalizes bitcoin, because there is a positive side the government can take from the bitcoin legality in the country, one of which is income from the tax sector with bitcoin legality will surely be taxed, and it is very helpful the economy of the country.
I dont know why
governments and banks have changed their attitude towards Bitcoin, it is no longer as hostile as it once was. They know how they can use Bitcoin as well and they are very aware that it is impossible to make it illegal.
I'm wondering this because is such a real threat to bank system and we all know how banks and governments are tightly linked !
BTC could make people more autonomous, self-resilient, being their own bank. You can use it like cash, making your transaction almost untraceable (or untraceable using e.g. monero or dash or laundry systems) : this is governments worst nightmare, isn't it ?
BTC could make people more autonomous, self-resilient, being their own bank. You can use it like cash, making your transaction almost untraceable (or untraceable using e.g. monero or dash or laundry systems) : this is governments worst nightmare, isn't it ?
Governments most likely can't close it down through techical means, hacking the framework, accordingly crashing the value or keeping it from working. Thus, if i were a government that considered Bitcoin to be a threat, I would attempt a three-pronged attack:
1.Attack, using anti–money laundering laws.
2.Try to destabilize the value of Bitcoin.
3.Finally, attack the *image* of Bitcoin.
So perhaps they can't actually take out Bitcoin, however they can most likely force it to be a currency that in polite organization marks you as a criminal, that swings uncontrollably in value, and that can't undoubtedly be changed over into any real-world products. Which is as good as dead.
maybe the government is too busy with the interests of the state, it takes very long time to do research and research, maybe not at this time, or maybe in 5 years to come.
Well maybe because this is something beyond their control, banks and the government are related and they should have to agree into something. If they ban bitcoin and consider it illegal then those country who accepted it will benefit from it on the other hand if they accept and adapt it they're also facing another condition, they're still examining and studying the pros and cons of it.
It is too early for them (government and banks) to ban bitcoin and other cryptocurrencies. It has a huge potential, so their game is to wait. While waiting, there will be many regulations, but crypto will not be banned as it brings more value to the society than harm.
Remember that government's goal is to benefit people, not to steal from them, so decision to ban crypto would bring more harm. They would not be able to communicate with exchanges, other third parties to confirm who spent their money, and who received that money.
Remember that government's goal is to benefit people, not to steal from them, so decision to ban crypto would bring more harm. They would not be able to communicate with exchanges, other third parties to confirm who spent their money, and who received that money.
Because the development of Bitcoin is still very substantial, each country does not want to give up opportunities for progress. This is a good opportunity for development. Therefore, most countries choose to wait and see rather than completely ban.
It would take a big effort and I know the governments are just trying to find out how they can earn from bitcoin thru taxes. They know there is big money to be made and that is why they are not making bitcoin illegal. it is also business for them and that could probably be the main reason plus making it illegal worldwide would take a really long time processing laws and legalities in different countries. Why make it illegal when they can benefit from it.
In my country, Bitcoin is not allowed by the government as a traditional trader and they do not know the technology (maybe partly).
If it is legitimate then the local money of our country will not be used and cause big inflation. Our local money is not as strong as the dollar or the euro.
The government does not legalize Bitcoin but we are not prohibited to exchange altcoin or bitcoin. Provided you do not buy anything in this country with bitcoin. That is all
If it is legitimate then the local money of our country will not be used and cause big inflation. Our local money is not as strong as the dollar or the euro.
The government does not legalize Bitcoin but we are not prohibited to exchange altcoin or bitcoin. Provided you do not buy anything in this country with bitcoin. That is all
I think the government does not want BTC to be illegal in the world. Because the recent government is getting the chance from Bitcoin. The governments of many countries in the world are using Bitcoin. It's a good technology that helps in reducing unemployment in the world.
It is true. On the other hand, governments are starting to earn a conversion of BTC for cash. In my country is 19%, a lot of truth. The government's cash flow infiltrated the government in December when many people sold BTC.
I'm wondering this because is such a real threat to bank system and we all know how banks and governments are tightly linked !
BTC could make people more autonomous, self-resilient, being their own bank. You can use it like cash, making your transaction almost untraceable (or untraceable using e.g. monero or dash or laundry systems) : this is governments worst nightmare, isn't it ?
BTC could make people more autonomous, self-resilient, being their own bank. You can use it like cash, making your transaction almost untraceable (or untraceable using e.g. monero or dash or laundry systems) : this is governments worst nightmare, isn't it ?
in my opinion bitcoin is not a threat to the bank, so far stout people withdraw cash from bitcoin through banks, I think banks will get many advantages from here. I think if all banks can work together with bitcoin then the bank will get a lot of benefits, so bitcoin will also be more popular and the price will go up, both mutually benefit.
Yes that's true, bitcoin sure is a threat for the banks. And it's normal if government choose to ban it instead becauss they think about bank safety.
But still, bitcoin has so many benefits as well. Bitcoin surely help to improve economy, and also make people get a job, and reduce unemployement.
If they ban bitcoin, then many people will lose their source of income, and it surely isn't a good thing. And bitcoin is also a change, we need to change and shouldn't close our self to new development or technology. That's why there are also countries that support bitcoin, because they know there are good sides of bitcoin, and don't only see the bad ones.
But still, bitcoin has so many benefits as well. Bitcoin surely help to improve economy, and also make people get a job, and reduce unemployement.
If they ban bitcoin, then many people will lose their source of income, and it surely isn't a good thing. And bitcoin is also a change, we need to change and shouldn't close our self to new development or technology. That's why there are also countries that support bitcoin, because they know there are good sides of bitcoin, and don't only see the bad ones.
First of all, banning Bitcoin is something that democratic countries can't do openly. It would create social unrest.
Bitcoin is groundbreaking new technology and not something evil or harmful - putting Bitcoin on the same level as drugs is idiotic.
Instead of being banned I imagine that bitcoin will be embraced and heavily regulated to eliminate any kind of 'illegal activity'.
Bitcoin is groundbreaking new technology and not something evil or harmful - putting Bitcoin on the same level as drugs is idiotic.
Instead of being banned I imagine that bitcoin will be embraced and heavily regulated to eliminate any kind of 'illegal activity'.
Why declare it as illegal when governments can profit from it thru revenues of transactions should they regulate it?
I mean, if I'm government, I'd rather implement regulations just like any other profitable businesses.
Also it would be impossible to gather all governments and say "hey let's shut down BTC by making it illegal"
Countries can never agree on a single thing, they have different opinions and perspectives - given that, there are countries that welcomed BTC with open arms, other they prohibited it.
I mean, if I'm government, I'd rather implement regulations just like any other profitable businesses.
Also it would be impossible to gather all governments and say "hey let's shut down BTC by making it illegal"
Countries can never agree on a single thing, they have different opinions and perspectives - given that, there are countries that welcomed BTC with open arms, other they prohibited it.
A further distinction needs to be made between regulation of the cryptocurrency itself (is it a commodity or a currency, is it legal tender?) and cryptocurrency businesses (are they money transmitters, do they need licenses?). In a few countries the considerations are tied together - in most others, they have been dealt with separately.
In the US, some states are more advanced than others in cryptocurrency oversight. New York, for instance, unveiled the controversial BitLicense in 2015, granting bitcoin businesses the official go-ahead to operate in the state (many startups pulled out of the state altogether rather than comply with the expensive requirements). In mid-2017, Washington passed a bill that applied money transmitter laws to bitcoin exchanges.
In the US, some states are more advanced than others in cryptocurrency oversight. New York, for instance, unveiled the controversial BitLicense in 2015, granting bitcoin businesses the official go-ahead to operate in the state (many startups pulled out of the state altogether rather than comply with the expensive requirements). In mid-2017, Washington passed a bill that applied money transmitter laws to bitcoin exchanges.
Very few countries have gone as far as to declare bitcoin illegal. That does not, however, mean that bitcoin is "legal tender" - so far, only Japan has gone as far as to give bitcoin that designation. However, just because something isn't legal tender, does not mean that it cannot be used for payment - it just means that there are no protections for either the consumer or the merchant, and that its use as payment is completely discretionary.
As the market capitalization of the cryptocurrency market shoots up, through price movements and a surge in new tokens, regulators around the world are stepping up the debate on oversight into the use and trading of digital assets. This affects all cryptocurrencies, but especially bitcoin, given its market leadership and integration into the global startup ecosystem.
Jump to: