Bitcoin Forum

Do you think governments are afraid legalizing bitcoin because it's difficult regulating its use, circulation, determining individual's worth, earnings and may lead to tax evasion?

We are working on GR for solving such cases.

Do you mean that you are working on a government resolution for bitcoin? If yes, may I ask which country are you from? Also what the government is thinking about bitcoin? Can you please shed some light on it?

Every government is afraid of bitcoin. They only think about how to bitcoin collapsed and this nightmare was over for them. In government there are no people with new thinking. They are all proteges of the existing clan system. They have now all is well and they don't want to change anything. Here we sit on the twine. To ban bitcoin can't, and admit it does not want.

If the governments are afraid to Bitcoin maybe they are just protecting their citizens for the wrong usage of Bitcoin as a digital money, I think every government in the world must make a specific department like for example 'Department of Cryptocurrency' to study the benefits and negative impacts of Bitcoin and other cryptocurrency in future of their country because it is now a trend and more new people in different countries are in these Bitcoin scene.

Obviously. Governments won't be able to regulate it and that is the biggest reason why they don't want to legalize it, because if they legalize the use of Bitcoin, and if they are not able to regulate it the way they want, then they cannot know the usage of anyone which doesn't allow them to put taxes on them. Though circulation wouldn't be a problem, but earnings and the tax evasion are the major problems in my opinion.

I think we all know why and it's exactly that. Also, it's unfamiliar ground. In the US, we also need to consider the interests of the big banks that have tons of lobbyists.

That is the best option they have. If it's difficult to regulate it for the reasons you said, now imagine how hard it would be to ban Bitcoin and follow everyone who uses it. At least regulating, it is more interesting for them as they will get $ in taxes from users. I'm not saying it would be good for everyone (for users), but it would be surely good for governments.

Bitcoin is something new and a different animal and many governments are finding it hard on how to treat this new innovation. Rather than risks what can happen, some governments just made a decision to ban the buy and sell activities related to it. Time is coming though when even China would be opening its door again to the cryptocurrency revolution. Let's just give them the necessary time to made some adjustments. All over the world, Bitcoin has already proven to be of big help in times of economic turmoil as it can be a  good vehicle to park one's asset and can be used as a medium of exchange when the economy is suffering from severe inflation (Bitcoin is increasing in value while national currencies are going down!). Bitcoin is unstoppable but there are humps and bumps along its road and this is just normal.

In essence I think for the countries that hasn't legalized bitcoin.. it's because the government still concidered about the many risks that will be experienced to the country. And I think the banking system is still trying to really be able can regulating the digital currency/Bitcoin.

Legalizing in which aspects? I think there are various levels of how far a government would go to legalize it. Japan is a great example of how the government has embraced bitcoin and officially recognised it as a legal method of payment in Japan. It will be interesting to see how this plays out and a case study that other governments can reference to.

I think the government don't know how to control bitcoin yet. Because in bitcoin people can do dark transactions from dark website.
Bitcoin transactions also can't be tracking, so the government still afraid about that part also.

Why would the government legalize bitcoin? It is nonsense. Users will hide their income. The courts will many businesses that the government will lose. Income in bitcoins can be obtained in the jurisdiction of other States. Let the government learn to control the Fiat. Then they will have taxes without any control over bitcoin.

They are not afraid of it just because it's hard to regulate. The government can simply tax the local exchanges that are operating to them and let the exchange do the job of putting an hidden tax to their service.

The real reason why governments are afraid to legalize bitcoin is the use of it. Bitcoin can be used for hiding wealth, tax evasion is also one of it but that's not the case since they can do something about it.

The usage of bitcoin for illegal acts such as funding terrorist and other dark marketplaces trade involved.

there are indeed a variety of factors that cause the government not to legalize bitcoin, and I agree with you about the government's concerns about misuse of bitcoin for an illegal activity that is their main reason to always consider the legalization of bitcoin

I am pertaining to the country who is not yet finalized their Bitcoin regulation, They are not yet fully familiar on it, why expect them to get it done quickly?, They are still on the observing phase, yes they allow it because they are observing it, if it will affect the country, politically, economically? Will the after effect is good or not. It is not because they are afraid. It is easy to regulate cryptocurrency when you directly regulate the exchanges.

The government is not profitable to legalize bitcoin. Now there is such situation that the government is more profitable to do nothing. To ban bitcoin, it is impossible. Legalization could lead to unpredictable consequences in the economy. We were lucky. We can continue to enjoy their freedom.

Every government is afraid of bitcoin ;D

Those things that I mentioned are the only few things that we may take consideration from them.

We are still far for seeing a world that has only one coin to support but if all these organizations, countries and unions will have a meeting about legalizing bitcoin that will be an easy thing for countries to legalize bitcoin.

There will be conduct of usage so that everyone will be guided.

I'm new to bitcoin but it's still plain to see that the government will eventually have no bearing over it. In fact, they never did, just think of all the things people can get their hands on. It's the governments job to regulate and bitcoin practically regulates itself. If said gov't had a lick of sense, they'd embrace the bitcoin revolution.

I do not want ... I do not need the government of my country to legalize bitcoin, (that would be too good). I just do not want to be banned from using it.
And the ban on bitcoin as far as I know, no country has done that yet.

It will be illegal in Vietnam starting on January. There are a couple more countries that have already declared it illegal.

As things currently are, governments have no need to control Bitcoin. They only need to control the fiat being used to trade it, and they can do that effectively by monitoring and regulating businesses which accept Bitcoin and exchanges. They even get extra revenue this way. Countries that have banned or are pushing for a ban probably just don't want to go through the trouble of studying it, or can spare no resources for its regulation.

That's right, the government is afraid and does not legalize bitcoin because of what you say. When it comes to taxes and state revenues, the government is afraid that if people prefer bitcoin for saving from banks, the bank itself provides the largest tax to the state, if it happens then it can make the state income from taxes impaired if people choose bitcoin.

I think it depends on each governments of each countries, the each governments certainly has differences of opinion / thought and action to overcome it. For the more advanced countries, I think it wouldn't be a problem.. the goverment wouldn't find it difficult to regulating it all, it will be neatly arranged.

Yes, each government will have different policies because if they choose wrong means it will effect on their economic growth. That's why government are not taking steps fastly inorder to legalize the Bitcoin. Slowly many countries are willing to accept Bitcoin as a legal tenure.

Bitcoin could 'easily' reach $40,000 by the end of 2018, hedge fund legend Novogratz says
"Bitcoin could be at $40,000 at the end of 2018. It easily could," Michael Novogratz says on CNBC's "Fast Money."
"Ethereum, which I think just touched $500 or is getting close, could be triple where it is as well," adds Novogratz, formerly a macro hedge fund manager at Fortress Investment Group.
But Novogratz doesn't recommend retail investors put any more than 1 to 3 percent of their net worth in cryptocurrencies, or wealthier investors to put more than 5 to 10 percent.

that's the point, but they virtually don't want recognize the fact there are more advantages than their fear

Strange statement. Do you agree? If he says that the price of bitcoin in late 2018 could reach $ 40,000 it seems to me that it is reasonable to put maximum of their savings in bitcoin to get a good profit. If he recommended to invest 1-3 percent it means he is not confident in their forecasts.

Diversification is a key of investments. Hedge funds ain't a casino and it's not like all or nothing game.

What you see is diversification? 1-3% of investment in bitcoin. Where are the others? In the Bank at 5-7% per year. Lol. This is not diversification. Is the loss of his chance. I understand that bitcoin cannot rise in price eternally. We are lucky that we live in a time when bitcoin was first born and developed. Then it will not lose its relevance but it will be more stable.

The governments can use the central banks to issue or destroy fiat money out of thin air whenever they want. They have complete control over fiat money. But, this control is lost when non-government bodies create their own currencies which then brings great concern to the government.So this lack of central body is the main reason the governments are afraid of Bitcoin.

Bitcoin can not use it in the state's economy. The duty of the government to regulate the economy and time to support a promising sector to the economy was on the rise. How is it possible to do with bitcoin? Loans also not really taking bitcoin. If you legalize bitcoin then it will start to withdraw money from the economy. Governments are afraid of this and will never legalise bitcoin.

As for me bitcoin should not be merged with the current economic system, because it has its own independent body that cannot be controlled by the government due to decentralized type of currency. I think the economy will be much more affected with bitcoin's volatility, and maybe that's the reason why governments are afraid of legalizing bitcoin. For now bitcoin is just a form of asset like a property and could not turn as currency for daily spending like fiat cash.

Yes it could be like that .. There are some cases why other country are afraid of bitcoin legality, first yes they could not regulate bitcoin . 2nd maybe it can be use to hide assets worth and wealth because of being decentralized of bitcoin . Regarding the taxes issue ,creating government official exchanger will really help a lot . maybe they could get taxes by increasing the transaction fee. Every country should also create and legislate law to protect government reputation and also attract bitcoin users and not push them away .

It seems to me that the main you missed. How much the government will receive taxes from bitcoin users if not more than 1% of the population? Governments are afraid that the country will be 1% more independent people. If your salary depends on the government you are subject to him. That's why bitcoin scares government. The richer the people the more difficult it is to manage them.

It seems to me that a government that bans the bitcoin have close ties with banks. Banks do not want the legalization of bitcoin. The legalization and promotion of bitcoin can lead to a shortage of working capital in banks. They just lose the source of their income. If Vietnam ban bitcoin so this country is ruled by bankers.

You are absolutely right, Bitcoin is like water, it is difficult to control the water, it is almost impossible to constantly control it. It's also a difficult situation to get tax from Bitcoin. Some governments are very concerned.

I agree, because the government is afraid of decentralization and anonymity, this prevents them from controlling the masses.

Yes, we can say; governments are afraid to regulate bitcoins because they can't control it or lack of knowledge to acknowledge the benefits of bitcoin which is better than their's fiat currencies.
Bitcoin isn't fully anonymous to do illegal transactions as most people trade cryptocurrencies on exchanges which require id verification. People can't evade taxes forever as every transaction are recorded on blockchain and bank system.
So, you'll always stay under the radar as long as you are never deal with exchanges and bank transfers to buy and sell bitcoin.

I agree if the government can not control and regulate bitcoin even for various purposes and so far they can only observe and monitor the development of bitcoin, and perhaps this factor also causes the government to always consider the legalization of bitcoin in each country.

Whether it is crypto or any other things we hesitate to adopt new things Say Bitcoin which is the present case. People in the 18th century hesitated to adopt democracy because it was disrupting the old order and It was people who drive the agenda of democracy. Bitcoin is making the same impact as of now the more people get aware of it and started adopting it the better in driving the legalization of Bitcoin. History has shown us the adopting new Idea do take times. So Bitcoin is here to stay and it is a matter of time legalization will be a reality.

governments afraid or not they cant do anything about it ..its eating away into the very fabric of our decaying society

Bitcoin legalization is possible because every year it develops and it helps many people
 

Government are afraid to legalize bitcoin because it was decentralized and they have no knowledge about cryptocurrency.They cannot imposed tax on it they need a deeply studies about bitcoin.The development of bitcoin is now increasing day by day and it was been popular by other country unlike before that only few of us known by bitcoin.

Your mistake is that you think you are smarter than others. I do not think the government are idiots. All they know and understand. They have no opportunity to prohibit bitcoin immediately. So they think how to legalize with minimal losses in order then to destroy it legally. The lack of control over the production of coins makes bitcoin unacceptable for use in the state economy.

BTC is legal unless goverments create laws against them, for me is this way how it works.

Is not, the thing is some contrys make them illegal by its means is not ilegal to hold or posses btc unless your gov says so.

Bitcoin is illegal in some countries but here in my country it is not illegal. For the countries that are implementing ban and illegality to bitcoin is because they can see some bad things about it and it's not new that there are too many countries that are starting to recognize bitcoin as a replacement to some payment methods.

I don’t know if this answers your question but recently Malaysia’s central bank has started to set guidelines and regulations regarding bitcoins. So I can see it will be declared legal in Malaysia.

Bitcoin is digital cash. Someone could avoid taxes in the same way they avoid taxes with physical cash.

The authorities dont have much trouble policing income tax with physical cash so I'm not sure bitcoin would be any different.

If you do try to see out on the features of bitcoin specially its anonymity then for sure you would able to say that it can really possibly hidden taxes if you do liked to since they cant really trace you out on whose the one who do hold up that certain wallet. They dont know your transactions completely this is why most people do prefer do store up their assets or money on bitcoin form because they dont really like to be taxed.Legalization would really still need to have of lots of debates for sure on a certain government.

the sole purpose of bitcoin is to earn money anonymously. I know that there are some countries that banned bitcoin for some purposes. Im glad that my country wasnt. Maybe if the case is to know the individuals worth and to tax them, the government will make some law that will benefit both government and investor, Else, there would be unequall rights to both parties.

It's not illegal but and we want to avoid to make it too much public because the whole purpose of Bitcoin is to not be controlled by anyone

It might be, because bitcoin is far more greater that fiat currencies which possess tax unlike in bitcoin, it is very hard to impose tax on it and the number of people that using it is unidentifiable. One manifestation also is that other countries banned bitcoin and one of the reason maybe is because of lack of control to the users. Come to think of it, people would prefer transactions that doesn't have tax compare to the other way around. In short, legalizing bitcoin is very hard.

Yes, that is the right reason. So far, no country has actually provided a rule on bitcoin. If there is one country that actually regulates bitcoin, and the government approves it, then another country will do the same and no longer need to be afraid.

I doubt that all countries will follow the example of the country which first legitimizes bitcoin. Now there are many offshore States. But the rest of the state is not in a hurry to reduce taxes. It is easier to lose profits from the richest people than to make a sensible tax policy for all citizens. Will also be with bitcoin.

In ten years a bitcoin will have increased in value by a factor of ten or more, or it will be worth nothing. If the world's governments engage in a concerted effort to close exchanges and to de-anonymize bitcoin transactions by regulating the block chain bitcoins will be worthless except as a moment in the history of money--perhaps a seminal one, because the idea of digital crypto currency is too sound not to survive in some (probably state sanctioned) form.

Some government opt to make cryptocurrencies illegal in their country because they do not like the nature of it being anonymous which would make it easier for those people who has illegal intentions to carry out what they are planning to do. Though it is hard to track the people who uses such coins but then the government can still have a way to know the people behind it by just having an access to the exchanges the people are using to buy or sell the cryptocurrencies.

The government can just require its local exchanges to pay them taxes or even ask them the names of the people who has funds in their accounts because these exchanges are still registered under the government. The exchanges can still contest what are the information they can disclose or not depending on what laws are applicable. People can still chose not be known though by storing their coins in their wallet and not on the local exchanges.

Well government knows that it won't be easy for them to regulate bitcoin use, because of it's anonymous nature. Also the risk involve in handling bitcoin and monitoring transaction through bitcoin user is difficult to handle. It will be hard for government to officially legalize bitcoin.   

Bitcoin legalization is possible because every year it develops

Not always the case on which a particular country would decide to follow another countries decision towards bitcoin since they do have their own views into things and would really differ on their decisions. They are not totally dependent into each other but somehow other countries decision would add up or affect another countries thoughts and might end up on having the same decision but well this would be on 50-50 chances though. Legalizing is good but it would really remove the features or things on how bitcoin should work on its way.

In other countries, legalizing of bitcoin are allowed they do this because they know that it was largely help the economics of each country. Even though government can't got an income thru jobs, because income in crypto world have no taxes. But in my sight it was largely helps people to increase the status of life. Maybe someday bitcoin will become fully legalize if the government of the whole world see the good effect of this coin to their economy.

Mostly right,, they don’t want cryptocurrency for that reason.. Controlling it,, that they can’t even manipulate the market for  political reason and used to blackmail investors for money or corruption that is obviously they wont know without personal information available.. Not like on stock market that they’re well-known and can be easy to asked for anything especially in election time..

Actually, the government are concerned about the use of bitcoin.
One concern governments is if bitcoin to be used for unlawful acts, such as terrorism, money laundering, prostitution, and drug trafficking.

That's mostly straight nonsense. If there is one currency in the world that's being used for the purposes you pointed out, then by far it's the us dollar. They should look at themselves first before pointing at Bitcoin.

Nothing comes even close to what level of damage is being done in the world with that currency. It's so globally infested, that it allows any entity in the world to use the us dollar as currency in illicit transactions.

But hey, the us dollar is issued by the world police itself, so that's not a threat or whatever to them. Bitcoin grants people too much financial freedom, which is their main concern when it comes to Bitcoin.

Technically Bitcoin is legal.
Crytocurrency is legal is a since you are free to do so.
It can only illegal if it bound by laws and you do beyond prescribe by the law.
As of now there's none government regulating the BTC and there is no law that will regulate BTC.
 

in addition, the government is still not ready to anticipate crime that uses bitcoin, such as black market, money laundering, drugs, etc.
but do not worry, some countries that do not legalize bitcoin just forbid bitcoin be used as currency, there is no prohibition to own and invest with bitcoin, just given a warning only.

Pot was of course first, now bitcoin is next haha

Bitcoin is said to be a decentralized peer to peer payment system that is powered by its people with no central authority or middlemen. Governments formulates monetary policy and control the finances of their country. Some reasons why they control the flow of their currency is to monitor it uses. their fiat might be used to sabotage their economy, use in money laundering and other crimes that might endanger their economy and their citizenry. Bitcoin lack of central authority is the main reason why governments are still apprehensive of legalizing it as one their currency.

I think the reality is that way. always about taxes.
even ... many warnings and directives from the central bank and the authority of financial policymakers in various countries who warn that Bitcoin has not been recognized by the state as an investment asset, means of payment, or a legal currency, and etc..
Some of these institutions are worried about the stability of country's financial system, if large-scale adoption of Bitcoin takes in the country.

Large-scale introduction of bitcoin into the economy never will be. Even the existence of such a phenomenon as the cryptocurrency cannot repeal the laws of Economics. For the successful development of the economy need constantly to make adjustments to monetary and fiscal policy. With bitcoin this is impossible.

yes bitcoin need to be legalized officially in all over the world so every one can use the same currency so that it can be use everywhere

may also be his reason like that.
but, I noticed that, most governments in different countries are not really serious in determining the law of bitcoin.
because if we look again, there are some countries has legalized and determine the law this cryptocurrency, Among other India.
the rapid development of virtual currency adoption in India has prompted the Ministry of Finance of India to form a committee tasked with examining the workings of virtual currency in India.
Similarly, the Swiss state regulates the legality of digital currency in the country.

Its really impossible. Not to be bitter with bitcoins usage and benefits but still it really differs with local fiat itself when we are talking on economic matters which we do know that bitcoins doesnt have the capability for such thing. This is why we do see that adopting and legalizing it would still debatable because government do already see the possible effects of it.

I have some problems with goverments regulations.
But I think, at all most cases their reason is same TO PROTECT THEIR CITIZEN. That's just insincere of the goverment policy. In the front of public, they said will banned anything about criptocurrency. But from behind they try to adopt blockchain technology for their monetery policy.

Additionally, It's better if the goverment protect their citizens with give learning about cryptocurrency, like how to make safety investation, give the citizens protect from cryptocrime, make sure their citizen can't be criminals in crypto technology, etc....

Guys, the technology can not be stopped or banned. We must follow the technology. If we don't follow the technology, we will dissappear in future. 

Government is very good in giving a solution to the problem. So I think that reasons can be solve in the perfect time when government will draw their interest in btc.

Only few goverment banned bitcoin, other rathered to make takes over it.

Indirect tax can be acrue from Governement when they legalize bitcoin but globally Government are skeptical as they cannot have access to the financial worth of it citizen holding Bitcoin,except they convert to fiat and they transact with bank.Hopefully in the near future some change will occur that will force government at all level to legalize BTC

perhaps in the future the government will find a way to be able to provide taxes, the government will not control the bitcoin because it is impossible because the bitcoin is decentralized. the government will give control to bitcoin users, maybe every user is required to have an account such as bitcoin bank or local exchange that requires data verification, where they have a complete system about the amount of bitcoins that owned by them so that the government can ask tax to bitcoin users, I think from that the government can provide legalization of bitcoin

Yes....you're right.
Government can't control the bitcoin. But the government can control regulation the industry and user who used bitcoin currency in their country.
They can protect the citizens from negative effect by bitcoin users who can damage their natonality economic system, and addtionally government must give learn to their citizens about how to use cryptocurrency and how to invest it in profitable zone, it is will be new national capital income in their country.

The simplest way for the government to declared bitcoin as legal to use is thru regulations in which they could monitor the accounts, transactions and bitcoin earnings of the individual in which they could impose to collect tax as part of income tax. It is not difficult to regulate bitcoin in every country because the government has every right to create and mandate a law in which it is hard for a certain individual to against it except if it is unconstitutional.

If legalizing would mean control by the goverment it also means protection to bitcoin users, i guess it would be good to both goverment and bitcoin users as well as the economy.

In government, no one has new ideas. They are the protectors of the existing clan system. They're doing fine. They don't want to change anything.

I guess the govenrment are afraid in legalizing the bitcoin because it can be use in some illegal transaction without trace.

That is not a point here, even fiat can used in illegal transaction.
I think because they do not controll the flow of digital currency which is all people can access and have this currency just having internet and gadgets.
However, government will find a way to make crypto currency will be under their rules. Not today but in the future.

In essence I think that some of the governments from each countries that are still unfamiliar with a crypto currency and hasn't deepened it.. certainly would still feel the worries will be bad impacts on the country and others impacts that will be caused from using or all activities that related to crypto currency especially bitcoin.
If the country's government has indeed succeed to delve deeper or examine in more detail everything that's related to crypto currency including blockchain's technology, I'm sure.. the government would have had an effort to regulating it and maybe even it will be have a good impact on the country and its citizen.

Very True...Govt haven't found any appropriate solution to regulate BTC. Because govt can't really control it or regulate it they don't want to make it legal. Bitcoin if not regulated can be used for the illegal transaction, money laundering and even tax evasion which may cause a remarkable loss to a NATION socially as well as financially.

Cryptocurrency circulation is very small in the scale of a country. Even if the users of bitcoin will not pay taxes at all it will not affect the state budget. I think the government is afraid of free and independent people. Such people are difficult to manipulate. Probably this is the main reason of the reluctance of governments of all countries to legalize cryptocurrency.

My government decide to ban bitcoin because it can be use for terorism funding,etc
It's reasonable since they want to protect us from bad things but in other side , bitcoin become the new way for transaction especially on this digital era where everything go with digital so there are significant demand for digital currency , nowdays !

For a government, it isn't profitable to legalize bitcoins. They don't have control over cryptocurrencies and don't earn money on them. Rather, they will try to ban bitcoin or make it difficult to use.

bitcoin users can control their own wallet and their bitcoin without anybody know their real asset in bitcoin and most people like bitcoin because use bitcoin is anonymous although not fully anonymous but people can avoid tax evasion with buy bitcoin so the government does not liked it and apparently they will never serious to legalizing bitcoin and always be figure out the way to ban cryptocurrencies because they cannot control them

Governments are afraid of legalizing because they might afraid that it would dominate their currency and for there protectionism they not are not allowing it and some governments have banned it. Bitcoin also can be used for illegal activities and transactions that is why they are afraid of legalizing it. And it is very hard for them to regulate this kind of currency.

There are many opinions and reasons why government is afraid of legalizing bitcoin or are they really afraid? Government control the currency, they intentionally increase or restrict the amount of money that circulating in the country to spur investment and spending, generate jobs and others methods that help the economy. Since the bitcoin is decentralized, the government sees no benefits in fully legalizing the use of bitcoin as an alternative currency because it value is determined by the users and not by central bank. Here in my country bitcoin exchanges are regulated by the government but there is still no law legalizing bitcoin but they are not restricting the use of it in online transactions.

it is well and done now that bitcoin have been legalize, and many of us is using bitcoin now, because bitcoin is the easiest way to transfer paying bills through online, and bitcoin also is the easiest way to become a rich person saying truthfully, so come and join.

There are two reasons to it. First is surely the one you have said that keeping track of money in circulation and money laundered will be almost impossible people will evade taxes by a large degree. Second reason is that widespread adoption of bitcoin will act like an axe on their foot. I mean their policies will end up as a waste if people begin to use other currencies which is what makes them reluctant of making such things illegal.

I don't think so the government will getting afraid of legalizing the bitcoin in their local or states. 
Bitcoin is not dangerous at all,  infact they help to establish a well-organized society for everbody wherein all of us we will benefited from this.  Bitcoin is such a wonderful blessing came from God that we should be thankful off.

In my country, a bill has been introduced to legalize the turnover of bitcoin and other crypto-currencies.
Thus, it is proposed to entrust the state administration in circulation of crypto-currency to the National Bank, which is given the functions of determining the procedure for creating and operating a crypto-exchange exchange, monitoring all crypto-currency transactions, the procedure for identifying a subject of crypto-currency transactions.It is assumed that the state is not liable, nor does it reimburse the cost of the crypto currency in case of its depreciation or loss for any other reasons.
Also in the document it is indicated that the crypto-exchange exchange is obliged to monitor all transactions, identification and personification of subjects of crypto-currency transactions in the order established by the NB. The income received by the crypto-currency exchange from the executive legislation.

I do not think that the government is afraid of legalizing bitocoins.
On this issue, a draft law has been drafted in my country and submitted to the legislature for consideration. Under the terms of the draft law, state administration in the sphere of circulation of crypto-currencies is proposed to be entrusted to the National Bank, which is given the functions of determining the procedure for creating and operating a crypto-exchange exchange, monitoring all crypto-currency transactions, and the procedure for identifying a subject of crypto-currency transactions.

Governments are not afraid of legalizing bitocoins.
With the help of legislative norms, it is possible to fully regulate state administration in the area of ​​crypto currency distribution, to identify subjects of crypto-currency transactions and tax operations carried out on the crypto-exchange market.

In my own opinion, I think yes. Bitcoin can close big establishments in the country because workers would surely pull out or resign from work. It would be harder to get some human force to work for their businesses.

since Crypto is the new trend... so there are no second thoughts required to be given to the fact that it has grabbed all the attention it deserves lately. governments of almost all the nations are thinking of legalization of he Crypto market but what fears them is not exactly the difficulty involved in regulation of Bitcoin and other cryptos but the illegal usage and transaction that people may get indulge into.

I don't think it'd be because they fear the difficulties. Governments no doubt would need to get certain new policy frameworks but that'd certainly be worth it.

My country for example does not think about blocking cryptocurrency at all, but they think about taxes from buying Bitcoin and another, they mind not-taxed money income to investors.

Why do you think so? I don't agree that bitcoin can stimulate the closure of production facilities. Owners of companies will have to compete on wages to retain workers. It is the market. Many States use the oligarchic model of the economy. People have become hostage to low wages. Bitcoin allows you to break this vicious circle.

Nope they are not afraid actually. Based from the news that I am seeing Bitcoin is illegal in some countries because of worthless and stupid leaders of that country not doing any good for it. For example the country like Indonesia has banned Bitcoin as a payment method because they think that it is some kind of currency for criminals as said by the secretary of their central bank, people like this one doesn't even have what it takes to hold office as for sure they don't know what the are talking about. Instead of adapting to what the people are using they will ban it and make it illegal instead based on their personal views about Bitcoin.

certainly not, if done correctly, and accompanied by the authority of the government
and in doing supervision, in order to avoid misuse bitcoin

It is quite impossible for the government to ban bitcoin for all its users because people are still going to use it secretly. Regulating it is the best option for them because they would get taxes in return. But it still is not sufficient enough to be far from being a threat to its economy system.

As a matter of fact, people will only rely on bitcoin and forget about banks which will go bankrupt in the end. Therefore, I think that the government will impose such strict taxes to avoid any loss.

Now you can without major problems to exchange bitcoins for Fiat. This allows you to use bitcoin for everyday needs. What will happen if banks prohibit such operations? The infrastructure to use bitcoin offline is missing. This can become a big problem. Never underestimate the enemy.

most nations have not yet declared bitcoin illegal. what they have done is just issue warnings regarding bitcoin price swings and that investing in bitcoin could result in diminished funds. so, as for fearing bitcoin legality in countries that hold an open mind about bitcoin, there's still nothing to worry about.

we're probably just affected by the news of countries that have declared it illegal. it has been declared illegal in algeria, bolivia, ecuador, kyrgyzstan, bangladesh, nepal, and just recently, indonesia.

algeria has prohibited bitcoin use (purchase, sale, and holding) as per their new finance law (2018). i have no idea regarding what is stipulated there which will probably shed light as to why they are prohibitting bitcoin use but i suppose that it has something to do with the financial crisis they are experiencing....

bolivia's central bank issued a resolution banning bitcoin and other unregulated currencies.

ecuador issued a ban on decentralized digital currencies becuase they have "a state-run electronic money system" which is tied to their own fiat. whether the electronic currency is operational is beyond me.

krygyzstan's national bank declared in 2014 that use of virtual currencies "will be in violation of the law of the state". the why is undisclosed.

bangladesh's bank warned that "anybody caught using virtual currencies could be jailed under the country's strict anti-money laundering laws".

nepal also declared bitcoin illegal.

indonesia issued a regulation prohibiting fintech and e-commerce systems/providers from accepting bitcoin in their transactions. according to indonesia's finance agency, the rupiah, indonesia's national currency, is the only authorized currency allowed for transactions. the ban emanates from bitcoin's volatility, speculative and unregulated nature.

countries that declared it illegal was primarily due to bitcoin's volatilty, decentralized nature, and the stereotype attached to its use -- a tool for money laundering. and so, for nations that previously proclaimed it illegal, perhaps it'll take some time for them to affirm its legality -- when they've come up with the means to regulate it.

That's why those government are planning on legalizing Bitcoin to be taxed, a lot of people are switching to Bitcoin and some of them are quitting their own jobs after finding a good profit in Bitcoin compared to their old job. Those oligarch people are the reason why most of us are suffering from an overlapping debt due to their financial needs everyday. Through Bitcoin it is the opposite of what those oligarch are doing.

I do not understand people's desire to achieve the legalization of bitcoin. Why this is necessary. Bitcoin is our way to freedom. We must learn to make their own decisions and be responsible for it. I think that the legalization of bitcoin are just waiting for people with a slave mindset. They are accustomed to always and everywhere to obey the government. I don't want legalization.

The governments are always afraid about Bitcoin and his presence at the summit of all cryptocurrencies and were surprised at the great development of  their value in recent years. On the other hand, despite the attempts of many governments to destroy Bitcoin, but always fails to achieve that , because that currency is very secure.
Otherwise,  the good news that some countries have begun to recognize Bitcoin as a legal currency ( like, japan..) and I think many countries will follow japan in that.

I think it is not possible because until regulators have not yet decided how to regulate Bitcoin and other virtual currencies.

i think for now bitcoin is real legalizing now because im always watch it in tv...how many news that i always watch and heard,its better if bitcoin is became legal to all nation because we were help to build our dream even we are only in our house....because bitcoin is not need to go in office and help also to unemployment....

Japan is the first country to legalized bitcoin not only for trading purposes but also for transaction or payment because it is also allowed as a legal tender. Other countries are still planning their steps on what to do with the cryptocurrencies and its exchanges. Some of the countries like China and South Korea are planning to impose a stricter regulations to control the use of bitcoin. Legalizing bitcoin will take time in many countries who use to control their own currency.

I think they are. They on the move of making an adequate regulations for this matter

I also think that the future is a crypto currency and this can not be avoided!

Absolutely yes. But we cam see some positive movements

http://www.bitlex.win/2018/02/us-arizona-senate-passes-bill-to-allow.html

It's not much, but it counts.

Probably, because bitcoin and virtual currency are hard to control. Bitcoin exchange rate up and down purely following the market mechanism. The government can not control the exchange rate. The government does not like something that can not be arranged.

I think so. Goverment try to understand how to stop Bitcoin  8)

In all aspect and as the song was written that it is really honesty is such a lonely work, of course if you have the chance to avoid paying your tax I know that we will all gonna avoid it as we want to see our hard earned money to just put in our bank account and not in other people's bank account. It is really hard to pay the right taxes as well as the to be an honest person.

Bitcoin can break financial system

Yes, I agree that it is hard for the government to legalise  cryprocurrency since its naturality is not advisable to give a fix amount of price for the tax. But I think this hardness can be solve by giving their fully attention to every exchange wallet. If the government can have a control over it then hardness will be solve. While an exchange will the one that take a control to the crypt hodlers, investors and traders. By this there will be a fair and smooth management.

I would say that most of the exchanges are under by the government and they implements a rules/law to it to every single person who did exchange any crypto currency to a fiat currency. Most of the government are planning on taking taxes to everyone who did use any exchanges that under them.

ligalizing will definitely result to task ivasion.funny enough but for me i don't think they should even look into it,government should be government and bitcoin should be bitcoin.don't nobody looking at each one,i'lll be cool with it that way 

Yeah obviously every government afraid to legalized bitcoin because of regulated its uses.

No, they are not afraid of legalizing bitcoin because of it's regulated use. They are afraid as
- it doesn't require information when transacting
- its irreversible
- it can be use to support illegal activities which is this is the main concern of governments why they are really afraid of it
- its a big threat to the bankers

yes exactly.
The countries of the world are so threatened by bitcoin just because they cannot print it out of thin air through inflation. Ridiculous really!

governments must update themselves and decide if they will regulate the use or not of bitcoin

China is one of the countries that contribute much to bitcoin development in addition to the largest bitcoin mining site and also the country that supplies the world's cheapest bitcoin, but the Chinese state limits its citizens using bitcoin

Some of them are definitelyaraid of this since the BTC still remins banned in many countries.

Of course that every governments are worried that Bitcoin gonna be legalized. After that they will not have control over it  .. just like now.

Gov't are still working on how they can get there piece in an easy way just like the physical money.  :D talking about corruption.  ;D

I think for countries that have not legalized bitcoin, it is because the government is still considering many risks that will be experienced by the state, such as those used for the transaction of illicit goods, and firearms.
or the use of bitcoin for negative things, such as gambling.
and many other things, why the government still forbids it.

Bitcoin is perfectly legal. If it wasn't there would be a lot of incarcerated people.

Let's hope it's never made illegal.

do you think there are chances that bitcoin will be legalized in Russia?

Yes theres still a chance for Russia. I have read an article last week about Russian finance ministry discussing about legalizing the trades and investment of cryptocurrency and its limitations ( It wasnt stated there what kind of limitations would it be.) i guess theyre still voting for the bill to formally legalize Bitcoin in Russia.

Governments are afraid of legalising bitcoin because they are afraid of not being able to retain full control over the cashflow of the country.

Bitcoin and other coins with time will become a regular thing, but USA, EU and other countries should discuss to find regulations for their people to protect them of all the scam...

I don't believe the government is interested in protecting people from fraud. I am confident that our governments are more pragmatic. They don't want to lose control of the money. Each of us must now have a Bank card. In any coins our account can be blocked. They can check our purchases at any time. We're being watched all the time. This is the main reason for the reluctance to recognize bitcoin.

Of course, the legalization of crypto currency from the point of view of the government has its difficulties. While in different states there is not even a common opinion about what the crypto currency is, it is money, or an asset, or securities, or just property. Crypto currency is so new in financial calculations that it really presents a certain complexity even for its classification. However, this stage will soon be passed and the crypto currency will be regulated and the profit from its activities will be taxed. Financial relations do not like rush.

Denmark is one of the most technologically advanced countries in the world, Denmark is also the most frequent campaigner and persuasion with the elimination of cash and in exchange for virtual money like bitcoin.
Although bitcoin is well received in this country, but the government does not give 100% of their support to legalize bitcoin

You know why the government did not legalize bitcoin in some countries? Because they think that this technology bitcoin may the biggest competitor in our country someday and the bank will be left behind on it. Central Bank of each country fully supports our government then they afraid that someday the bank will not have an investor because of bitcoin.
Another factor is bitcoin may use in illegal activities and may be abused in a terrorist group to purchase weapons and other prohibited by the government.

I think the government is not afraid. Let's say for example you are working in the government, what kind of mindset do you have, of course you will see Bitcoin in another angle. There is two parties, A and B. To simplify the discussion imagine that between A and B is the numerical number six (6), from the perspective of A it is six (6) whilst from B it is nine (9). We have different perspective and interpretation. If A insist that it is six, it doesn't mean B is wrong, A just doesn't see B from his position. If you are a strategic thinker, what advise you will give? For me, they should meet in the center. If government perceive Bitcoin as a threat, hire a person who  have knowledge on it. If the Bitcoin community is threaten by the government on the use of the system, make a way to communicate with the latter for them to understand the stand of the group. There is always a barrier, if both parties will not give a chance to hear each other, solution will not magically appear, it should be worked out.

My government afraid when bitcoin is being legalized, the criminal rate especially corruption case will increase because using bitcoin is a little bit difficult to trace their transaction.


That what I called inflation , the money that can't be control and it cause everything expensive !

I'm new to bitcoin but in our country i think it's legal but i'm not sure and i want to know it maybe in time

Maybe government are afraid because in terms of money bitcoin was always involve , they cannot handle it and regulate crypto.Bitcoin was decentralized and its hard for government to make it centralized to check transactions from it.Or as they say the reason of the government want to regulate digital currency they want it to secured and avoid from scammers or hackers for our safety.

Yes, all the opinions you say are true. The government is very afraid to legalize Bitcoin. Because according to the Government Bitcoin can replace the currency of their country.

Well yes they afraid on legalizing or implementing bitcoin because bitcoin is decentralized coin which no one can control it even the government will not able to control it. There's still countries that not implementing bitcoin because they see bitcoin as a threat on their society.

You are wrong with that kiddos, if you will notice banks now are supports bitcoin together with the other crypto currencies. "DEBIT CARD and CREDIT CARD" this is the sample of digital tools to make easily and faster our transaction they also used it because they just want to evolve, aside on that if the bank and other crypto currencies considers as competitors of them. Maybe until now were still using manually computation, because they can't used computer, calculator and different tools to make work in banks easily.

In additional, more counties now are starting to hugged the digitalization, actually in our country coins.ph wallet is partners of different banks because imagine they can easily deposits, withdraws and converting our money thru banks.

Countries not scared to evolve and become parts of digitalization or modernization the only thing they were scared are the following:

-Lack of education in terms of digitalities.

-Who's people leads us to become legalize crypto currencies? (I guess leader of each counties were not allowed each one to take the position, because controlling and decision were always on the hand of the people who will be elected.)
 
-Crypto currencies are not fully develop because until now systems are possible to hacked even there's a lot of securities.

-They scared because value of different crypto currencies will possible to become bubble and etc there's a lot of reason why crypto currencies were still not legalize.

Maybe until now governments together with the founder of crypto currencies are still studies the different factors that they can possible to consider before they legalize the crypto currency in each country.

I don't think they are "afraid" (well, we can talk about all governments in one). I believe there is general interest in trying to determinate the legal situation of bitcoin, but is going to take a while. It is not easy to determinate how new "money" is going to fit into the economic system of a country. It takes a lot of bureaucracy, and maybe is going to take more than a few years.

They are not afraid it is just that it is not easy to legalize bitcoin here in the world as it is just new to our system and in our life, and one point that they are having hard time due to many ponzhi scheme that are now out of the market, not only with that, nowadays illegal transactions are using bitcoin as mode of payment.

My government still afraid that bitcoin will lead into mass inflation on my currency ( that especially weak against dollar )
IMO, they need more time to adjust their regulation and hope they will adopt bitcoin as daily transaction

Actually no one knows when will it happen so I just believe it that it will happen ( I won't hold btc without valid reason )

It doesn't mean that bitcoin is decentralized the government is afraid of it. They can still use their authority to control trades that are involved with bitcoin.

That's why regulations are coming in and by this act they are gaining power to predict on what are the things that a trader needs to follow so that he won't violate the rules that was set for bitcoin traders.

Let those governments that are skeptic of adopting bitcoin, give them time to study if its beneficial to them. I'm sure of that they knew it that they can also take advantage by taxing bitcoin transactions through local exchanges.

That's all you say. But if Bitcoin is legalized in a country. Does not cause many pros and cons? So what if the people prefer to use Bitcoin than the currency of the country? Will the country be okay or vice versa? Maybe the Government is thinking like this.

Yup most governments are afraid of legalizing bitcoin and other cryptocurrency because of the financial risk that it can cause to its users and holders. With bitcoins pseudo anonimity, they are also afraid that it can be used in illegal activities such as purchase of illegal drugs, deadly weapon and the like. With this, they might not trace who the sender and the receiver are.

because it has not yet discovered the technology of how many bitcoin users and annual buy and sell transfers and tax laws about the official virtual currency and the protection of bitcoin use from governments and banks. perhaps it will further monitor the movement of stock and usage.