Your Views: Which Innovative Ways Government Might Use To Expand Crypto Use

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legendary

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Quote from: error08 on January 08, 2020, 11:32:57 PM

Another way such as occurs in Japan in rebate promo, the program will attract a 3% discount if people using bitcoin to pay their gas bills.

That's related to individual entities, not to the government. Nothing prevents merchants anywhere in the world from offering people a 2-3% discount if they use Bitcoin to pay for their goods instead of credit cards, which costs the merchants a bunch of money.

The thing however is that merchants actually like people to pay with Bitcoin without offering any discounts, simply for the fact that with Bitcoin they make more money. I personally would offer the discount to people to attract more business, but not every merchant thinks like that, and most average people within this space paying with Bitcoin aren't familiar with the fee scheme of credit cards.

I'm a big supporter of governments exempting crypto to goods and services payments from taxation, but most will not do that because they don't want to turn crypto into an even bigger threat.

el kaka22

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Maybe governments could use crypto to create some new way of tax that would help with creating new renewable energy sources?

I mean the idea is that bitcoin is using electricity to be mined and created, which uses mostly the old way of electricity and not renewable in many nations, after all of that crypto is mined and that crypto could be taxed and use that crypto tax to build new solar panels, new wind mills new hydro and so forth so forth to basically change the energy sector from ground up.

In many places like China government has their own electricity companies that create the energy source, so it wouldn't be unfair to private companies to build new things since they are already doing it in government level, sure that could be unfair advantage in places like UK but we gotta start somewhere and China with its miners and bad energy sources could be the first nation to transcend bitcoin income into renewable energy sources.

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Quote from: error08 on January 08, 2020, 11:32:57 PM

Not necessary to apply tax-free for purchases using cryptocurrency, simply legalize it more than enough to encourage people to adopt bitcoin. Another way such as occurs in Japan in rebate promo, the program will attract a 3% discount if people using bitcoin to pay their gas bills.

Teir promos and knowing it was supported by their government will make other people curious on how it works. It's good for tax payment too as it will be less hassle one thing government can also use this as sort of transparency in their government budgets that can be monitor by their people where their fund and budget goes.

error08

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Not necessary to apply tax-free for purchases using cryptocurrency, simply legalize it more than enough to encourage people to adopt bitcoin. Another way such as occurs in Japan in rebate promo, the program will attract a 3% discount if people using bitcoin to pay their gas bills.

Eclipse26

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Accept crypto, make laws about it to protect users from scammers and hackers, promote it through ads, strengthen cryptocurrency, let merchants accept crypto payments.
If a government is really willing to accept crypto, they will make ways to expand crypto uses in their country. Especially when a country is economically stable and sort of advance in technologies. But with current situation, most likely not to happen.

JollyGood

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Quote from: Lucius on January 07, 2020, 11:31:02 AM

Looking at today's governments and the way monetary policy is set up, it's hard to imagine that in the near future we will see official incentives to use decentralized cryptocurrency, and by that, I mean primarily BTC. It is possible that such an attitude would become a reality if it were to encourage the use of a stable state-issued coin. Either way, it doesn't seem realistic to me that a government is saying that buying something like property is tax-free, since we know that effective tax collection is one of the cornerstones of every state.

We all know that BTC has been officially approved as a payment method in Germany and Japan, but even in such technologically and economically advanced countries, there has not been a massive adaptation. I think this is an obvious example that most people are still not ready for something new, and let's be honest, this new technology is still a little too complicated for the average person.

Yes it is highly unlikely to changes in the near future but if governments were ever going to do it, would you say education at school at a very young age would be a good place to start in the run up to mass adoption? I think that would cover the part where you said the technology was too complicated for the average person.

redsun114

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Maybe they should first of all start dealing with scammers, although I don’t really think that would be possible, because no matter how much they try to stop it, there will always be scammers. Though the problem with cryptocurrency is that the scammers we have here is too much and there is really no way to deal with them because cryptocurrency is like a free world and everyone can do whatever they want to and they will hardly be caught.

A lot of people have cryptocurrency because of these scammers, to the extent they now see cryptocurrency as the scam itself. And based on the answer I got from researching on this, the only to reduce this kind of problem is through regulation which I’m sure that a lot of people here will be against it.

JollyGood

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Quote from: avikz on January 07, 2020, 08:46:30 AM

Daydreaming is sometimes good for health as it helps people to feel better. However, without going into the debate whether governments will ever push for decentralized crypto usage or not, let us take a look at the series of events which may be used for expanding crypto usage,

1. Make cryptos legal
2. Make banks accept cryptos over the counter as a normal currency
3. Create insured crypto custody services
4. Reduce the percentage of tax payable on crypto assets compared to conventional assets
5. Take steps to reduce electricity tariff drastically to promote mining
6. Make crypto mining equipments tax free
7. Make a mandate for big showrooms or movie halls to accept cryptos

But hey, don't get carried away! That's just not going to happen!

I am fairly sure it will not happen but it was a hypothetical scenario mentioned in the OP Tongue

DevilSlayer

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Even though the government legalize the use of bitcoin and cryptocurrencies in my country, they are still not doing a way to spread the awareness to the citizens of my country. If they will only create a program a law that can expand the cryptocurrency users then the mass adoption will occur. Spreading awareness is should be their goal for other people to become aware on what it is and its value in our economy and society.

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It's not a big if if you think about one thing. Government isn't going to want to cede their control of money, we all already know that though. That means that when you're talking about cryptocurrency when it comes to government, you're not talking about Bitcoin, you're talking about some sort of FIAT cryptocurrency. One under government supervision, control on printing (token issuing), etc.

So Government would love to do this, because they'd be able to track so much more about peoples purchases. Much easier then tracking cash. Wouldn't be surprised if in like 20-30 years this is what happens.

You guys have to understand that the government isn't going to help the adoption of Bitcoin, that's stupid for them as they'd be losing tons and tons of control over monetary policy which they use all the time.

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Quote from: JollyGood on January 07, 2020, 03:56:13 PM

Quote from: HarmonyA on January 06, 2020, 07:15:30 PM

The major thing that government should do is to address the issue of cryptocurrency scams. This is the worm that is slowly eating up the success of cryptocurrency.
No matter the innovativeness of any technology, if the issue of scam is not addressed, it will deter mass adoption.
Government should drawn upon scam in it entirety, and sanction platforms which allow the promotion of scam crypto projects. This is my take

I agree with your views but hypothetically speaking if those issues and concerns you mentioned were already factored in, how would any government implement a strategy on making crypto adoption by masses?

I think the advertisements about crypto will do also, Youtube should stop shutting down crypto advertisements in their website because it will really stop bitcoin from spreading and many people will not experience and understand the benefits of using crypto. Billboards are also a massive effect for the bitcoin to become know and popular in specific community that is open for another type of currency, specifically, cryptocurrency.

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Quote from: JollyGood on January 06, 2020, 06:33:18 PM

This is a big if but if a government one day decided to try to make crypto use wide spread among masses, what do you think they would do to achieve their goal?

There is that big chance that eventually governments will be adopting cryptocurrency but it will not be the cryptocurrency that we know which can be beyond the control and influence of the people at the helm. Any government can develop their own version of cryptocurrency, that is for sure. And right now, China is developing it. time is coming when we will have digital money all over the world, side by side withe the usual fiat money we know. So it can be safe to assume that in the future there can be two types of cryptocurrency: the decentralized one and the one issued by the government as a form of tokenizing the money issued by the central banking.

vintages

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Introducing as a tax payment method is good though, as stated above. However, I think that just announcing and making it as part of of the law for any other payment is enough to drive cryptocurrency to widespread.
Most people are quick to believe and take serious whatever that is backed by law. Because they believe the law is the ultimate.

gentlemand

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Forget tax concessions, one of the biggest factors would be being able to pay tax in crypto.

I know that's unsexy but for many I'm sure the prospect of having to dick with exchanges, worrying about banks getting funny with you and timing the sale into fiat to meet the required amount is a vast turn off.

If there's a QR code you can send straight to that removes a lot of friction. It also removes barriers for people unfamiliar with crypto who might be offered to be paid in it.

Earning in it is what will create a vibrant crypto economy.

JollyGood

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Quote from: HarmonyA on January 06, 2020, 07:15:30 PM

The major thing that government should do is to address the issue of cryptocurrency scams. This is the worm that is slowly eating up the success of cryptocurrency.
No matter the innovativeness of any technology, if the issue of scam is not addressed, it will deter mass adoption.
Government should drawn upon scam in it entirety, and sanction platforms which allow the promotion of scam crypto projects. This is my take

I agree with your views but hypothetically speaking if those issues and concerns you mentioned were already factored in, how would any government implement a strategy on making crypto adoption by masses?

Hydrogen

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I think crypto is similar to gambling or legalized marijuana. Governments can potentially boost tax revenues, job markets and economies simply by legalizing these industries. The philippines could represent a classic example of this as I believe they have gone so far as to suspend taxes on their crypto industry to promote growth and development of the sector.

It is possible in the future, if recession sets in, many nations could seek to legalize things like gambling, legal cannabis and crypto in an effort to boost tax revenues, job markets, etc. It could represent a bare minimum towards staving off negative circumstances relating to large deficit growth.

As many have commented, crypto is relatively small atm in market capitalization and mass adoption. I think we should not ignore the precedent by which giants like google and apple had humble beginnings as small businesses operating out of garages. Its not crypto's current size or wealth that may be most relevent. We might do well to look at growth potential.

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Quote from: JollyGood on January 06, 2020, 06:33:18 PM

This is a big if but if a government one day decided to try to make crypto use wide spread among masses, what do you think they would do to achieve their goal?

We all know the current state of play with reluctance on part of governments that is why I said "if"....

On my part I would like to see tax free purchases of all property (such as houses, apartments, etc) where you pay to buy a property but you do not pay any tax.

Maybe there can be some strings attached such as the tax-free allowance would only be on condition of the property not being transferred to another name or not be re-sold for (say) 36 months either using fiat or crypto. If it does get sold within 36 months (using either fiat or crypto) then the full taxation from the sale of the property will be due to be paid within 30 days or 60 days.

However, if a sale of crypto-purchased property takes place after 36 months of it being last purchased and is sold in a fiat transaction then full tax will be due but if it was sold using crypto then no tax will be due.

What would be your ideal way to see a government introduce a crypto-friendly strategy with a view to trying to make it as a counterbalance to fiat?

So you really think a government will first lose its control over economy by letting citizens use a cryptocurrency and then on the top of that, will let its revenue decrease by not taxing the remittances made in cryptocurrencies!!
That was quite an ask from a poor government. I would be happy even if my government just allow me to use cryptocurrencies for all kind of payments, no matter whether such transaction is taxable or not. With distinguishable advantages that crypto offer over traditional money, I don't think government need to promote the use of cryptocurrencies. It just have to give green signal and people will inevitably start using crypto right away.

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Quote from: Lucius on January 07, 2020, 11:31:02 AM

Quote from: JollyGood on January 06, 2020, 06:33:18 PM

~snip~

Looking at today's governments and the way monetary policy is set up, it's hard to imagine that in the near future we will see official incentives to use decentralized cryptocurrency, and by that, I mean primarily BTC. It is possible that such an attitude would become a reality if it were to encourage the use of a stable state-issued coin. Either way, it doesn't seem realistic to me that a government is saying that buying something like property is tax-free, since we know that effective tax collection is one of the cornerstones of every state.

We all know that BTC has been officially approved as a payment method in Germany and Japan, but even in such technologically and economically advanced countries, there has not been a massive adaptation. I think this is an obvious example that most people are still not ready for something new, and let's be honest, this new technology is still a little too complicated for the average person.

Yes that's right pal! Yes it is given that there are some countries that legalizes bitcoin as a means of payment but admit or not, there are still more countries who does not supports cryptocurrencies as a means of payment or does not even know what a cryptocurrency is. So it means that not all the countries are ready for a quick change most especially for those countries that are not that successful. I will give myself as an example for this, before I entered crypto world wayback years ago, I dont have any ideas about it but my curiousity drives me to study about this and I admit that it takes a long process for me to fully understand what is all about cryptocurrency, how does it work and etc.

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Quote from: JollyGood on January 06, 2020, 06:33:18 PM

This is a big if but if a government one day decided to try to make crypto use wide spread among masses, what do you think they would do to achieve their goal?

Very simple - - they legislate to demonetize physical fiat and replace it with said crypto. Grin

Might not be the answer you were expecting but that's pretty much the only reason government might allow the current cryptos we have now to proliferate. Get people used to it as a mode of payment (like how most people now already have a credit or debit card) and then when they phase out their own fiat, people would already be familiar with it and it can be easily exchanged with the current cryptos they have, at the rate the government determines.

Lucius

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Quote from: JollyGood on January 06, 2020, 06:33:18 PM

~snip~

Looking at today's governments and the way monetary policy is set up, it's hard to imagine that in the near future we will see official incentives to use decentralized cryptocurrency, and by that, I mean primarily BTC. It is possible that such an attitude would become a reality if it were to encourage the use of a stable state-issued coin. Either way, it doesn't seem realistic to me that a government is saying that buying something like property is tax-free, since we know that effective tax collection is one of the cornerstones of every state.

We all know that BTC has been officially approved as a payment method in Germany and Japan, but even in such technologically and economically advanced countries, there has not been a massive adaptation. I think this is an obvious example that most people are still not ready for something new, and let's be honest, this new technology is still a little too complicated for the average person.

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