Topic: Your Views: Which Innovative Ways Government Might Use To Expand Crypto Use - page 2. (Read 246 times)
January 07, 2020, 08:48:38 AM
My take on this is that government will never work to promote use of decentralize cryptocurrency that they can’t control or manipulate. Only community backing cryptocurrency can do something to expand use of crypto. Scalability, price fluctuation, speculation are few things that need to be addressed in order to expand use of crypto in the world.
January 07, 2020, 08:43:47 AM
I have an idea that crypto could be used for election. The crypto will not necessarily acts as something like currency but instead a token in which validates each vote preventing people from double voting. The election might also benefits immensely from the fact that all the votes recorded to the ledger and each address might be replaced with one's ID number and the nodes could be spread among states in order to reduce the chance of manipulation.
I've been thinking about this, but with the transparency of blockchain I think it's not suited for election because people can see the transaction on the blockchain means that people can see who do you vote in fact the election must be private right? Well, at least they can make it private such a monero. To be honest this is one of the best implementations of the blockchain, make the election more secure and it will cut the cost. Imagine how much money that government can save if they implement this idea.
January 07, 2020, 08:35:10 AM
Only one thing can expand the use of crypto, making it legal worldwide and crypto can be used as a payment option anywhere. Taxes can also be paid using cryptocurrency, making public ledgers, so that they are transparent.
the problem in using cryptocurrency is activity by criminals, this is one of the problems that the government avoids, so it is very difficult to legalize cryptocurrency.
the problem in using cryptocurrency is activity by criminals, this is one of the problems that the government avoids, so it is very difficult to legalize cryptocurrency.
January 07, 2020, 07:56:37 AM
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?
After Brexit I fully expect the British government to legislate some crypto friendly rules. They want to make the City of London the focal point for fintech and for cryptocurrency, so that London remains the global hub for money regardless of whether that money is fiat or cryptocurrency.
January 07, 2020, 07:46:30 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!
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!
January 07, 2020, 07:43:53 AM
IF is possible, things I can think of are;
It could start with local governments like every local government official in every city can make ways to expand crypto awareness. (1)This promotion can be done by providing free seminars for students and those who wants to learn. If they really want to expand it, (2) shops that the government own or have partnerships with, can accept crypto payment just like any digital payment.
It could start with local governments like every local government official in every city can make ways to expand crypto awareness. (1)This promotion can be done by providing free seminars for students and those who wants to learn. If they really want to expand it, (2) shops that the government own or have partnerships with, can accept crypto payment just like any digital payment.
January 07, 2020, 07:42:16 AM
Well, it isn't one of the innovative ways that the government might use but rather one of the things that the government should factor when implementing the expansion of crypto usage.
Although they do not know what their implementation or calculation is, there are some countries developing their own cryptocurrency, it seems they have realized the benefits of using cryptocurrencies or at least the way they use it to eliminate corruption. Specifically, I am referring to China, the largest corrupt country in the world. 
January 07, 2020, 05:46:03 AM
At the bare minimum, show the same concept, flow, and idea that fiat has shown us over the years of its usage. If the core idea is lost, then it pretty much undermines the idea of changing fiat for crypto for the better good. There's also the possible issue of the coin itself not being circulated properly, just like how there is inequality between the rich and the poor right now. If BTC was implemented as replacement for example, with its limited supply, we can easily imagine the rich hoarding BTC for years, and the poor only getting poorer, especially if the supply gets thinned out with how much those rich people are hoarding the coins. Proper implementation of Salary payment, Cost of Goods and the like should be properly managed, hopefully by one single entity for the entire world, kinda like if thought of in games, the merchant guild.
I'm not sure my answer is correct, but think about the taxes the government gets. Taxes are the source of income for all governments, they are used to maintain the functioning of a government, no country can exist without taxes. They cannot quit taxes, they are required to collect taxes, and that's why the majority of governments do not accept cryptocurrencies. With all transaction without taxes, the government could not exist, everything would seem confused
Well, it isn't one of the innovative ways that the government might use but rather one of the things that the government should factor when implementing the expansion of crypto usage. January 07, 2020, 01:52:13 AM
I'm not sure my answer is correct, but think about the taxes the government gets. Taxes are the source of income for all governments, they are used to maintain the functioning of a government, no country can exist without taxes. They cannot quit taxes, they are required to collect taxes, and that's why the majority of governments do not accept cryptocurrencies. With all transaction without taxes, the government could not exist, everything would seem confused
January 07, 2020, 01:27:58 AM
Without tax though, the government would cease to exist and improvements towards the country would stop. Kind of like the same concept why Exchanges ask for transaction fees/exchange fees, all because they need money to manage their exchange, as well as to promote its usage to increase volume traded and possible improvements in terms of front end and back end issues. Also, if we were to ever to completely use Crypto for everyday transactions, companies would hoard the coins cause of the payment done to them right? Same with the government with their public facilities. Probably think of a possible fix for these types of issues, especially since the supply of BTC is limited after all.
January 07, 2020, 12:16:14 AM
Government might only encourage and expand the use of crypto if they can get benefits from it through effective taxation. As we know that government stance for crypto is firm but taxation and following the crafted regulations could be a one way pass to be recognize effectively.
January 06, 2020, 06:22:31 PM
I have an idea that crypto could be used for election. The crypto will not necessarily acts as something like currency but instead a token in which validates each vote preventing people from double voting. The election might also benefits immensely from the fact that all the votes recorded to the ledger and each address might be replaced with one's ID number and the nodes could be spread among states in order to reduce the chance of manipulation.
January 06, 2020, 06:15:30 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
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
January 06, 2020, 05:33:18 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?
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?
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