In my country, this is like a question that is really still vague on the answer. Bitcoin is still very closely related as a digital currency only that is valuable or like an asset that continues to accompany the business world or other income.
The government has very strong regulations, which is not easy to decide on something that still has certain risks like Bitcoin. Acceptance of Bitcoin as a legalized currency has indeed occurred in certain countries, well maybe here is the only consideration that distinguishes it, related to applicable government regulations.
Topic: Will governments capitulate and finally recognize Bitcoin as a legal tender? - page 2. (Read 441 times)
October 10, 2021, 09:34:56 PM
October 10, 2021, 07:59:18 PM
We should not expect very fast acceptance. It takes time, just think of El Salvador. The country's government haave supported, but certain groups have been protesting an were against the decision. This is an example. Same as this different countries have varied varied views on bitcoin. To come to a common level of acceptance/adoption isn't simple. Countries that were against bitcoin usage have now on the process of legalizing its usage. Slowly this transition will happen with adoption as well.
October 10, 2021, 05:36:48 PM
There is always an opposition against adopting Bitcoin in every country. As is the case in El Salvador not all accept Bitcoin but all have alternatives to using other available finance. I'm not sure for all countries really recognize decentralization that they don't fully control the rate of transactions. Because if they finally admit it, then at least there must be a tax that the government should get from it.
For those countries who had accepted and recognize bitcoin as a legal tender, then they are surely obliged to pay taxes on the government. But for those who are not, no tax will be collected. But even if means huge amount of tax from bitcoin, i think the government is not convinced yet to finally recognize bitcoin as a legal tender because bitcoin requires more transparency wherein the government don't have any. And for now, they are more focused on fiat that is fully centralized even if the rising inflation is becoming more inevitable. 
October 10, 2021, 04:46:07 PM
but that doesn't mean something like this is done like a total adoption.
bitcoin will indeed be one of the technologies that will increasingly be recognized, but the process running in every country will not be the same because what I believe for now is only countries that are still lagging behind in the economy or whose economy is low that will do that. like the example of elsavador which it is clear they are still lagging behind in the economy.
it's a different story with countries that still have high economic power, they may legalize it but only as an option and even they must have some who are against it and create a match for bitcoin as China is doing today.
bitcoin will indeed be one of the technologies that will increasingly be recognized, but the process running in every country will not be the same because what I believe for now is only countries that are still lagging behind in the economy or whose economy is low that will do that. like the example of elsavador which it is clear they are still lagging behind in the economy.
it's a different story with countries that still have high economic power, they may legalize it but only as an option and even they must have some who are against it and create a match for bitcoin as China is doing today.
October 10, 2021, 02:29:43 PM
This question entirely depends on the laws/regulations of the country. When we mean by 'legal tender', it means that a person may be compelled to be paid using such currency since the government recognizes its validity and transaction on the country.
I do think that BTC, by being a legal tender, will pose problems in some countries especially in third-world and underdeveloped countries where access to such technology is hindered. When you rely something that is volatile as a legal tender, people might not opt to choose such option especially if they rely so much on their income. This is only beneficial to countries that are thriving economically where they can exercise BTC as a form of investment.
I do think that BTC, by being a legal tender, will pose problems in some countries especially in third-world and underdeveloped countries where access to such technology is hindered. When you rely something that is volatile as a legal tender, people might not opt to choose such option especially if they rely so much on their income. This is only beneficial to countries that are thriving economically where they can exercise BTC as a form of investment.
October 10, 2021, 01:33:45 PM
Really it's only the developing nations with weak national currencies and troubled economies that are considering this. There are no first world countries with a strong economy and a strong currency that are entertaining bitcoin as a viable national currency. An optimist would call this "innovative" while a pessimist would call it "gimmicky." I'm closer to the latter group, because at the end of the day, bitcoin won't solve these nation's economic woes, and it's not going to prove to be a very useful currency if it can't hold a steady value (unless that country is experiencing hyperinflation).
October 10, 2021, 12:43:31 PM
This, as I explained in another thread, makes it difficult for Bitcoin to be used as a day-to-day currency. In order to keep track of all transactions and pay taxes correctly you should rely on some App or some kind of software that keeps track of transactions and does the calculations for you. This means giving up your privacy and giving your purchase data to a centralized entity.
Holding BTC as disposable income for remittance payment, rather than as an HODL investment. $1,000 in bitcoin could be exchanged for $1,000 in stablecoin to avoid price swings. Then exchanged for BTC again for payment.
Governments only "capitulate" to the informed, motivated and organized public. If people become uninformed and unorganized enough for governments to get away with oppressing them. That often occurs.
For many years legalizing gambling was a common theme for how to boost local economies. Then legalizing and taxing marijuana became the common theme. 2021 we don't hear many proposals for legalizing gambling or weed. Everyone only talks about legalizing cryptocurrencies. This is what real progress looks like, am I right.
October 10, 2021, 10:47:12 AM
Since 2016, I have already been telling my peers that bitcoin being adopted in a worldwide scale happening is not a matter of if but matter of when. The inevitable will happen, while several minds will always have different motives and reasons, all will lead to a common outcome because bitcoin acts as a brige that connects their goals. The only problem is that there will always be people who would love to take advantage of anything they can and I am pretty sure that people in power or with great influence (mostly) will take advantage. I just hope that it won't be any more unreasonable as how it is today.
October 10, 2021, 04:29:29 AM
With many government of the world will accept Bitcoin and other crypto currency as a legal tender but before then government will to regulate it's operation and other activities. If the happen issue of anonymity will no longer exist because government will have to know each every account owners to enable them the compliance for tax payment.
October 10, 2021, 03:06:54 AM
The legalization of bitcoin and other cryptocurrencies should not be confused, that is, the determination of its official status and the establishment of rules for walking in the state along with the national currency, which continues to occur in a number of countries, and the adoption of bitcoin as a national means of payment, which happened in El Salvador. States can recognize bitcoin as a means of payment, however, this is unlikely to be the national currency. The state, and especially its economy, functions on completely different principles.
October 10, 2021, 01:36:57 AM
It’s just a matter of time before a lot of countries will adopt Bitcoin as legal tender. As more and more of them continues to do this, they will be motivating others to also take this same step. Then I don’t really think it is necessary for every country to make it a legal tender, it can just be another legal asset that anyone can invest in and also be used for transactions, simple.
Before that, now cryptocurrency is already legal in so many countries, so it is not really all of them that are going to consider it as a legal tender. It can just remain as an asset that people can freely be making use of in their country.
Before that, now cryptocurrency is already legal in so many countries, so it is not really all of them that are going to consider it as a legal tender. It can just remain as an asset that people can freely be making use of in their country.
Really it's only the developing nations with weak national currencies and troubled economies that are considering this. There are no first world countries with a strong economy and a strong currency that are entertaining bitcoin as a viable national currency. An optimist would call this "innovative" while a pessimist would call it "gimmicky." I'm closer to the latter group, because at the end of the day, bitcoin won't solve these nation's economic woes, and it's not going to prove to be a very useful currency if it can't hold a steady value (unless that country is experiencing hyperinflation).
October 09, 2021, 04:37:23 PM
There is always an opposition against adopting Bitcoin in every country. As is the case in El Salvador not all accept Bitcoin but all have alternatives to using other available finance. I'm not sure for all countries really recognize decentralization that they don't fully control the rate of transactions. Because if they finally admit it, then at least there must be a tax that the government should get from it.
Only those who will able to provide system in crypto wherein they can put tax in every transaction as well monitor every transaction will make crypto legal, though it will still seems impossible as crypto is made to be decentralized and unknown in terms of making transactions which make it unique from the government the reason why it will be hard for the government to acknowledge it as legal. It is still questionable sometimes in banks when you about to cash out money or when your account got unusual amount of money that they questioned or investigate the transactions since they still unfamiliar yet on crypto or it was just here in my country. 
October 09, 2021, 04:09:19 PM
There is always an opposition against adopting Bitcoin in every country. As is the case in El Salvador not all accept Bitcoin but all have alternatives to using other available finance. I'm not sure for all countries really recognize decentralization that they don't fully control the rate of transactions. Because if they finally admit it, then at least there must be a tax that the government should get from it.
October 09, 2021, 03:46:25 PM
It’s just a matter of time before a lot of countries will adopt Bitcoin as legal tender. As more and more of them continues to do this, they will be motivating others to also take this same step. Then I don’t really think it is necessary for every country to make it a legal tender, it can just be another legal asset that anyone can invest in and also be used for transactions, simple.
Before that, now cryptocurrency is already legal in so many countries, so it is not really all of them that are going to consider it as a legal tender. It can just remain as an asset that people can freely be making use of in their country.
Before that, now cryptocurrency is already legal in so many countries, so it is not really all of them that are going to consider it as a legal tender. It can just remain as an asset that people can freely be making use of in their country.
October 09, 2021, 01:36:32 AM
What I think of the governments that oppose BTC in the first instance is that they are looking for prominence to show that BTC is not the way out, although for many it is the only way out, and sometimes they do a whole "theater" for the end accept the reality, and the reality is that the whole world will have a digitized economy at least 90%, the other 10% can be left as a tolerance range for those countries in resistance that always give something to talk about.
And what moves the world is money, and everyone likes money, it is a lie those who say they are in governments or banks who love their work, but you will not work very hard sacrificing many things that you like to do without payment, and how to all governments and everyone like money and above all to have it, how can they refuse money? that is a fundamental principle.
And what moves the world is money, and everyone likes money, it is a lie those who say they are in governments or banks who love their work, but you will not work very hard sacrificing many things that you like to do without payment, and how to all governments and everyone like money and above all to have it, how can they refuse money? that is a fundamental principle.
October 09, 2021, 01:23:26 AM
A bit of an aggressive language ... capitulate... we could even go further and say concede defeat or even surrender to the obvious 
Oh, but do you think that governments have received Bitcoin in a, let's say, friendly way? The initial reaction from governments was aggressive, and not only from governments, but from central banks and other financial entities linked to governments and their currency creation system.
Leaving aside the governments that have banned cryptocurrencies, the initial reaction of governments when they said anything about Bitcoin it was to warn of the risk of fraud, scam, in short of losing their money that those who invested in it could run.
There has already been a first capitulation (yes, capitulation, which although a bit aggressive is quite descriptive of reality) to the extent that governments have passed regulations that consider bitcoin as property or a financial asset.
Why do you think Satoshi disappeared? Try creating a new currency by showing your face and let me know if governments treat you in a friendly way. The ability to create currency is reserved by the states for themselves and the entities they designate as central banks (supposedly independent, lol) and creating a currency without the permission of the state is severely punishable.
October 08, 2021, 11:06:12 PM
...
After El Salvador regulated Bitcoin as legal tender, other countries are tempted to follow in its footsteps:
If you buy $1,000 of Bitcoin, the price goes up 10% and you buy a $5 coffee at Starbucks, you will owe taxes on 10% of that $5. If the next day the price of Bitcoin goes down and it is only 5% above your initial investment, when you make a purchase you will also owe taxes but only on 5%.
...
What do you think?
After El Salvador regulated Bitcoin as legal tender, other countries are tempted to follow in its footsteps:
If you buy $1,000 of Bitcoin, the price goes up 10% and you buy a $5 coffee at Starbucks, you will owe taxes on 10% of that $5. If the next day the price of Bitcoin goes down and it is only 5% above your initial investment, when you make a purchase you will also owe taxes but only on 5%.
...
What do you think?
This makes perfect sense even though it's clunky as hell. The American economy is denominated in US dollars. If you make a profit on property or investments, you owe taxes on that no matter the medium your profit comes from. It's the same for foreign currencies as well, if you make a profit trading in and out of them from US dollars, you owe taxes on those gains. Obviously for people who want to use bitcoin as a currency that presents a bookkeeping headache, but then again people who actually want to use bitcoin as a currency and not a vehicle to speculate are the vast minority so it doesn't matter much in the big picture.
October 08, 2021, 10:21:51 PM
No, but I don't think it's necessary to progress the adoption of BTC forward.
Governments are going to be pretty draconian when it comes to BTC regulation because of the fact that it challenges their fiat system. So definitely don't expect any positive regulation any time soon.
But that's not really the end of the world. Legal tender is sort of this buzzword that is chucked around and means a lot less than what it sounds like.
Governments are going to be pretty draconian when it comes to BTC regulation because of the fact that it challenges their fiat system. So definitely don't expect any positive regulation any time soon.
But that's not really the end of the world. Legal tender is sort of this buzzword that is chucked around and means a lot less than what it sounds like.
October 08, 2021, 07:42:27 PM
El Salvador made Bitcoin a legal tender and they are already reporting massive profits from the current spike. The purchase price was $45-$48K and now Bitcoin is trading at $54K. If the other countries include Bitcoin in their forex reserves, then they will also benefit from it. But they are still attached to the fiat system and don't want to move away from it. I don't understand the point in creating forex reserves with treasury bonds from other countries. That serves no purpose and in fact it is advantageous only for the country that issues these treasury bonds.
El Salvador didn't make bitcoin a legal tender so that they can make quick gains from the rise. People should stop thinking that bitcoin is only made for making profit by investing in it. If people keeps on using bitcoin as a store of value, we will never see bitcoin being used as a mainstream currency. El Salvador did it because they don't have their own currency. They did it because they saw how easy it is to make cross border transactions with bitcoin. It will make it easier for people to send money back to the country cheap, fast and easily which in turn will help the counties economy to grow. October 08, 2021, 07:30:37 PM
OP has mentioned something key like that the adoption of bitcoin in other countries with stronger economies will not happen the same as that of El Salvador.
But bitcoin adoption is very close. Brazil has one of the largest economies in South America. When these countries El Salvador, Brazil show all the progress they make after starting to use bitcoin, there will be other countries that will want to do the same.
But bitcoin adoption is very close. Brazil has one of the largest economies in South America. When these countries El Salvador, Brazil show all the progress they make after starting to use bitcoin, there will be other countries that will want to do the same.
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