Topic: Why government do not want bitcoin to be legal? - page 2. (Read 572 times)
Because it cannot be regulated well by the government if this will happen.
in reality, the blockchain technology is not designed to go through any form of legality to be validated for use as it exists on virtual machines and not under any form of government and again how can government regulate what is not under their control neither is it within their soil as to say it can be confiscated if it violates their rules and laws.
well, but some countries try to use this technology to accelerate transaction technology on the internet, and develop it for other things. maybe some countries make this technology illegal, but I think it's a matter of time.
Because they can't control the one owning them and that means, taxes aren't paid well also.
in reality, the blockchain technology is not designed to go through any form of legality to be validated for use as it exists on virtual machines and not under any form of government and again how can government regulate what is not under their control neither is it within their soil as to say it can be confiscated if it violates their rules and laws.
It is all about control. Governments want to control the flow of money and they also want to know how people are using their money. They want a technology like credit cards, where Banks can tell them where the transactions where made and what was bought and how much money has crossed their borders.
Bitcoin is pseudo anonymous, so they do not know where your money is spend and how much money are crossing their borders. Capital flight is so much easier with Bitcoin.
Bitcoin is pseudo anonymous, so they do not know where your money is spend and how much money are crossing their borders. Capital flight is so much easier with Bitcoin.
The government has not been able to allow bitcoin because there are many things that must be considered, and this is the government's challenge for its economic development. The number of bitcoin users makes the government unable to control it.
Why governments in most of the countries do not wish bitcoin to be legal? If bitcoin approve as legal in every country will there be any impact for users?Because government is afraid that it will give too much power to their people. And specially bitcoin or any other crypto bypasses their bank they think they will be at a disadvantage like the profit not collect thru crypto. You just have to look at Japan for the answer in your second question.
In my view there are two reasons. 1. Governments want to work securily with fiat and paper money they have some reserv funds on the back which seurity of paying back in case failure of a paper currency. where as bitcoin have trillion dollars marketcap having nothing on the back. 2nd. They want to take control the money in their hands. With btc you can send billions in a fraction of a second to any where in the world and you dont need to pay Govt a panny. Govt want to do it in legal manner
Why governments in most of the countries do not wish bitcoin to be legal? If bitcoin approve as legal in every country will there be any impact for users?All prospect source of income of government will definitely automatic approved because there is a solid agreement with both parties. but for bitcoin no representative come up to set a meeting regarding how to generate income for the said bitcoin. so, there is a doubt and hesitation that's why government doesn't approve for legalization.
There are many reasons the government does not legalize bitcoin, and this is still under consideration. I think it's really difficult to control the activities of every owner of crypto and bitcoin. Will drain a lot of time and energy.
The governments want to use their printed money to buy bitcoin before fiat (printed) currencies are shown for their true value.
The smartest governments and central banks will acquire bitcoin and gold to peg their national currency they use and show value.
The suborn governments will try to convince people that their central banks provide sound money that everyone should value around the world.
Make no mistake though, people are getting wise to the central banks each country runs having control of a nations currency and citizens wealth. They control the supply of the paper, interest rates, inflation and what taxes increase or...decrease.
Then you have the US dollar being the "peg" for other nations currency when it's just as overvalued as any other national currency currently being printed. Other nations have to accept that the US dollar is "like gold" but based on the US economy....good for the US, potentially bad for countries pegging their dollar to theirs.
Having a monopoly, forcing people to value something as money, will not last another 20 years. People can buy gold or bitcoin themselves if currencies won't start clearly showing their value to everyone.
Rather than this secrecy that we've all known in banking for centuries, there is now code anyone can view to see the "fairness" and "trust" that a currency claims to the holders valuing it.
The smartest governments and central banks will acquire bitcoin and gold to peg their national currency they use and show value.
The suborn governments will try to convince people that their central banks provide sound money that everyone should value around the world.
Make no mistake though, people are getting wise to the central banks each country runs having control of a nations currency and citizens wealth. They control the supply of the paper, interest rates, inflation and what taxes increase or...decrease.
Then you have the US dollar being the "peg" for other nations currency when it's just as overvalued as any other national currency currently being printed. Other nations have to accept that the US dollar is "like gold" but based on the US economy....good for the US, potentially bad for countries pegging their dollar to theirs.
Having a monopoly, forcing people to value something as money, will not last another 20 years. People can buy gold or bitcoin themselves if currencies won't start clearly showing their value to everyone.
Rather than this secrecy that we've all known in banking for centuries, there is now code anyone can view to see the "fairness" and "trust" that a currency claims to the holders valuing it.
Government do not want bitcoin to be legal because bitcoin has no centerl bank. No one can control bitcoin. So government never control bitcoin. So it is the main reason for not accept bitcoin as a legal. But government should accept bitcoin as a legal currency.
Thank you
Coin-Desk
Thank you
Coin-Desk
Because there is a chance that bitcoin might disrupt the country's economic, fiat need to be circulated to indicate a good economic system, if a lot if people using bitcoin then the cash flow of the fiat will be impacted, bitcoin is very useful for the people, you can do a global transaction using bitcoin, but its not giving too much advantage for the country, that is why the government not too happy about the adoption or the crypto existence
Why governments in most of the countries do not wish bitcoin to be legal? If bitcoin approve as legal in every country will there be any impact for users? Why governments in most of the countries do not wish bitcoin to be legal? If bitcoin approve as legal in every country will there be any impact for users?maybe the best reason is because this bitcoin has an unusual price fluctuation and there are those who have large amounts, if only the demand on BTC is weakening of course this is not a good thing. After all, I think bitcoin won't be a payment tool because these factors
Why governments in most of the countries do not wish bitcoin to be legal? If bitcoin approve as legal in every country will there be any impact for users?
In my opinion, maybe the government actually wants bitcoin to be legal but because banks are still useful in their countries so they illegitimate bitcoin, they are afraid that banks will go bankrupt because bitcoin is legal.
Why governments in most of the countries do not wish bitcoin to be legal? If bitcoin approve as legal in every country will there be any impact for users?
Why governments in most of the countries do not wish bitcoin to be legal? If bitcoin approve as legal in every country will there be any impact for users?The answer to both of the questions is the same - decentralisation.
I cannot see how any government would want to openly and directly
approve of bitcoin and further make it legal if they cannot fully
control it like they can with FIAT.
Bitcoin is decentralised, mining takes place globally, development
takes place globally, transactions and movement is global with
no borders and no checks. Governments cannot control that.
This question is too general. You should have asked a specific question because Bitcoin legalities vary from country to country and each country has their own different rules and regulation.
Here's a link that will help you understand your question.
https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory
Here's a link that will help you understand your question.
https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory
I was checking this page few days ago and I find it interesting that well developed countrys have some statements and research about it. Mostly they support the idea.
Then you have some 3rd world countrys that don't even have any statements or regulation just as it doesen't exist. Other part if not strongly agains they have strong regulations with taxes.
I am confident that in more developed countrys government and banks are actually trying to profit from it while in 3rd world you have more of a resistance because of fear losing tax money and general control over banking.
At the same time you can see that public is more than willing to join crypto even if it is regulated. 3rd world places are likely to adopt crypto in greater percentage than other places because of it's advantages and freedom.
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