Why government not take good step? - page 2.

jasonjm

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Quote from: rokon1234 on January 23, 2021, 10:08:08 PM

I khow many countries government are not allow bitcoin.nowadays bitcoin became very popular and country can move forward as a result of using cryptocurrency.

So, I think now the government should take a good step.What do you think about it?

One of the most obvious reasons for this is the anonymity of bitcoin transactions. As it is decentralized, it is difficult for the governments to regulate it. Other reasons could be, it might be used for money laundering, on the deep and dark web for illegal activities, and for funding terrorists.

Question123

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Instead of banning and not supporting bitcoin I think it's time for them to adopt bitcoin and better to accept it because if they accept it people will trust more to the bitcoin and their people's will invest because the government recommended the bitcoin. But it's their choice if they want to against to the bitcoin or support it. My country recognized bitcoin last few years ago and our government are supporting crypto which is good to see.

MCobian

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I also feel surprised if there are countries whose governments prohibit using Bitcoin, even though Bitcoin does not threaten the existence of fiat.
And it has even been proven that Bitcoin has had many positive impacts for its users, even in some countries it has been proven that Bitcoin can
help the economy. So if there is a country that has banned Bitcoin, the government of that country is just being selfish. do not attach importance
to its citizens. Besides, I think it's useless to get banned Bitcoin, because there are always ways to use Bitcoin. Fortunately, my country legalized
Bitcoin, even though it was only a digital asset. Hopefully in the future the government of my country will allow Bitcoin as payment too.

MrMPy

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I am pretty sure that most if not all governments dislike all kind of cryptocurrencies, but sooner or later they will have to accept it.

yazher

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Quote from: rokon1234 on January 23, 2021, 10:08:08 PM

I khow many countries government are not allow bitcoin.nowadays bitcoin became very popular and country can move forward as a result of using cryptocurrency.

So, I think now the government should take a good step.What do you think about it?

They don't do it simply because they cannot get anything from it. Maybe they didn't get any offer from exchanges that operate in your country or they just don't want such volatile investment to operate in your country. some governments are strict because they are protecting the citizen from their bad side. we all know when bitcoins introduced to some of the countries there are lots of scammers who took that opportunity to scam people. they have their own version of investment methods and often these scam methods will become popular than the legit ones.

AniviaBtc

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Mindset, when we talk about mindset then that will not make the reputation of bitcoin to grow.

If the government think that bitcoin is a scam and can't do nothing to their economy then that will not make them adopt on its dominance in the market.

Governments are probably scared of risking some of their budget for that, they don't want to allow digital currencies to enter their economy and they just want to have a traditional currency such as fiat. If they will not maintain that kind of mindset then probably they will have a slower development in the near future.

xiboothrezi

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Quote from: torrantz on January 24, 2021, 05:16:48 AM

~they just can't have control over anything and therefore consider it as a threat.

in this case, I think the government is doing its best to safeguard its sovereignty as a state. I respect the decisions of some governments that limit the use of cryptocurrency or BTC because they are concerned about illegal matters related to money laundering, the dark web, illegal arms trade, drugs, etc.
the restriction mostly relates to its use as currency. while its use as a trading and investment commodity is still allowed. In fact, the government is aware that bitcoin and other cryptocurrencies have benefits, but there are negatives to watch out for, that's all.

XZERO1

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Quote from: PonZZ on January 24, 2021, 05:01:32 AM

Because the government still considers Bitcoin as a tool for money laundering and wants to control it.

That's not the problem actually, that's just their excuse, they're making it look like as if there's no many other ways of laundering money.

They're merely trying to protect the easy income that they get in form of different sort of fees from their banks, and in addition the control that they will have over their people using such a centralized financial institution, since crypto does all of those services in a centralized manner for a very small fee(which all of them goes to the miners and nodes that secure network) that is nothing compare to traditional banking fees and all the unnecessary paperwork.

torrantz

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It's decentralized and that's enough reason for the government to not officially recognize it as a currency. Moreover, just look at the news about the IRS want to pay huge chunk of money to whoever able to crack Monero. although Monero is kinda different compared to bitcoin but I can see why they don't want to recognize crypto as real currency, they just can't have control over anything and therefore consider it as a threat.

PonZZ

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Because the government still considers Bitcoin as a tool for money laundering and wants to control it.

XZERO1

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Quote from: rokon1234 on January 23, 2021, 10:08:08 PM

So, I think now the government should take a good step.What do you think about it?

They should, but they never will.

That way their one of the main sources of income and control over people(banks) would be almost useless, cryptocurrencies takes the control from governments and give people a decentralized way to make transactions without governments tracking their every move, and they also make transactions in a way that is cheaper, faster, more private and secure and without any restrictions regardless of where you live or where in the world do you want to send your funds to.

takngantuk

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Quote from: rokon1234 on January 23, 2021, 10:08:08 PM

I khow many countries government are not allow bitcoin.nowadays bitcoin became very popular and country can move forward as a result of using cryptocurrency.

So, I think now the government should take a good step.What do you think about it?

what steps do you think they should take?
fully legalize crypto/bitcoin?
I think that's impossible, because crypto is decentralized. meaning they can't control it. and it could be that in the future crypto will have a negative impact on them. by not accepting or forbidding it like this was more than enough.

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Quote from: mk4 on January 23, 2021, 11:26:41 PM

Kinda obvious why some governments would want bitcoin to be banned/illegal — it's simply a currency they have no control of, and can be pretty anonymous if you know what you're doing.

Indeed, crypto is a currency they really have no way to handle, those illegal transactions can be made. When I said illegal I mean ILLEGAL like drug payment, etc. They obviously concerned about the breach in security, and I think they might found solution in this problem as they are in need to adopt to this as crypto is arising exponentially high in these coming months and years.

Latviand

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Quote from: mk4 on January 23, 2021, 11:26:41 PM

Kinda obvious why some governments would want bitcoin to be banned/illegal — it's simply a currency they have no control of, and can be pretty anonymous if you know what you're doing.

In bitcoin, you really have financial freedom and you can't do what you want with your asset.

The reason why government is prohibiting it is that they can't take benefits from it from other people.

They can't collect taxes from it which is not an advantage for them.

But government should see the benefits and advantages of bitcoin in the economy and market.

ReiMomo

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Simple, the reason why the government did not adopt cryptocurrencies is that they don't have full control over bitcoin. Through this, they can't force to implement to pay tax those bitcoin holders or users. That's why the government cant adopts cryptocurrencies.

But there are some countries that are bitcoin-friendly, they recognized bitcoin as an alternate mode of payment or they recognized this as also a very risky form of asset. Besides, in my country, they had warned our people to be careful of investing in bitcoin but they never adopt it or even start to take a good step which is we understand the causes.

Bitcoin577

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Yes you are true. Bitcoin is not legal in many countries. Reason is only that Government has no control over bitcoin market. And also Government want that peoples tradung on the way which help their state bank ko grow so if people trade on cryptocurrency they will not getbprofit from people trades as we know bitcoin is totally decentralized system.
Some countries is in favour of bitcoin but most countries should support bitcoin to make it legal for payment system.

meanwords

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Less ways for the criminals in getting some options I guess. Countries that banned cryptocurrencies are probably playing safe and afraid of the risk of using cryptocurrency. It's not like there's a lot of them though and as time goes, there's going to be one or more countries that will legalize Bitcoin when they see other powerhouses utilizing Bitcoin.

Hippocrypto

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Quote from: rokon1234 on January 23, 2021, 10:08:08 PM

I khow many countries government are not allow bitcoin.nowadays bitcoin became very popular and country can move forward as a result of using cryptocurrency.

So, I think now the government should take a good step.What do you think about it?

The authority should dig deeper what's advantage with bitcoin, banning or making it illegal won't help us grow or even make our economy better. Nowadays, people seems to be watching out the benefits that they've been experiencing though Bitcoin's convenience in terms of profitability. Even though they can't control this currency, but every person would always tend to spend their money came from bitcoin into taxable product which needs fiat money to purchase with.

bL4nkcode

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Quote from: LogitechMouse on January 24, 2021, 02:26:35 AM

I don't see a concrete reason why these countries are banning their countrymen from using Bitcoin or crypto in general.

Their word of mouth, is "bitcoin is used for drugs and illegal activities (use to support terrorism)", "decentralized nature", and "volatility" where in fact they're somewhat true.

But the question is why rich countries such US, Japan, and UK welcome bitcoin and other countries such nepal, china, bangladesh don't? I only guess is they only avoid responsibilities and the works behind it and ofc the control over any currency, which they can't on any existing cryptocurrency.

shahzadafzal

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To be honest this will never happen. Reason is simple taxes... you see on daily bases in any monetary transactions we are paying taxes to the government in one way or other. But in case of Bitcoin Governments will not have any chances of monitoring or collecting any such taxes.

So logically speaking Bitcoin is never going to be mainstream if governments not collecting any money they can't support public, they can't built any infrastructures. So if there's nothing for government they will not accept it, which make sense... so at the moment Bitcoin is just a store value. ATM The total market value of a bitcoin is very very small compared to major player of this "store value" game which GOLD.

Recently WSJ compared the market value of Gold vs Apple vs Bitcoin

As of today Bitcoin market value is $609 billion. Still very very small compared to Gold.

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