Bitcoin Forum

This is the reality as long as we are modern.  Think back to ancient times when people didn't know what money was.  They make transactions through products.  That is, one would replace the other's meat with vegetables.  And that was the process of their transaction.  People have changed over the course of the day.  At one time they used the leaves of the tree as a means of transaction.  Later, gold coins and silver coins were gradually introduced.  And today paper money has been created to make transactions easier.  But even 300 years ago there was no bank, and today we cannot go without a bank.  In the same way, 20 to 30 years from now, maybe the banking system will go up.  Because people don't want anyone else to know their bank account.  And people will choose digital cryptocurrency as an alternative to this bank.  Bitcoin may be his alternative.  Bitcoin is a decentralized process. This means that there is no need for a third party in this process.  There will come a time when people will no longer take the help of banks.  They will manage all the activities of daily life starting from shopping through digital cryptocurrency.

  If my idea proves to be correct, will the government of the country accept it?
 1. Will the government of a country ever want their banking sector to be abolished?
 2.  How will the government collect taxes from the people?
 3.  If the government can't keep track of people's legitimate money, won't corruption increase?

1. I do not think that they will ever do that, they benefit from it and most countries have central so that will be far from happening, crypto will set people free from banking institutions but governments will try their best to get a piece of the pie.
2. Tax collection is already happening for most people, buying items and equipments already has a tax in it. Internal Revenue have their way to crackdown on tax evaders and they know that they can't be messed with.
3. If a person who does not pay taxes gets a lot of properties or assets in general, it will raise suspicions, and most people who gets a lot of money are not expert in tax evasion so most of the time, they will be caught, it is only a matter of time besides people will not become corrupt if they know that fucking the government will only lead to them getting bled dry from penalties for tax evasions.

Why do people only reach the conclusion that once Bitcoin grows the only end would be the abolishment of the banking sector? There's quite a clear cut difference imo, most of it lands upon the QoL improvements crypto and the bank could give. Bitcoin, or crypto in general, provides anonymity as well as international transfers without much issue, but you manage your own funds yourself, safeguard it yourself, handle the fees (calculate when pool is free or not if you want to skimp on it) and stuff like that, while Banks do get your info, but in return makes transactions more automated (supposedly). It's like the fight between having privacy and manual, and no privacy but automated transactions imo.

1. No
2 and 3. a centralized government that keeps tracks of the general BTC addresses of most people, which basically defeats the logic of decentralization tbh, which is why I doubt banks would get abolished.

1. It is not easy to remove a bank in government, because a bank has its own system for managing a country's finances, in my opinion this is also against the principles and vision of bitcoin at the beginning, because bitcoin itself has the principle of an alternative financial transaction system. conventional.

2. In fact, the government can make a policy to deposit a portion of taxes when using bitcoin, this of course will be used when the government has really legalized bitcoin as an alternative means of payment.

3. I think we now know that there is KYC that is always needed in every exchange and to stop the rate of money laundering, of course this is also an obligation when we are going to use an exchange, such as binance or others, even on my country's local exchange, KYC too applies.

Answers:
1. Possibly not. Also banks are private sector, government revenues also come from these and no wonder all will be against on abolishing it. Its not about the community decision but also some government considered tax way more than others.

2. This will be a long debate. But there are countries already established tax system on some crypto activities. But seriously not all are favor with this especially the anon guys.

3. Corruption happens everywhere. Tracking every users asset and fund will be a game of cat and mouse. Some of those will always find a way to hide or evade tax payment no matter what.

Never! Banking is the backbone of the economy because the current economy is a debt based economy. Banking sector is also the biggest investor of the government infrastructure projects. So government wouldn't ever want to replace the banking sector with something that is not within their own control.


As there will be no change in the banking sector, government will collect taxes as they are doing now. The process may get more digitalized and less cumbersome over time. But fiat will rule here!


Yes! That's why every government is trying to impose various laws and trying to include the banking sector within the process. If people transact in cash, then it is little difficult for the government to track such transactions. So every government will slowly move to the digital currency system which will eventually replace the physical cash system. Chinese government has already started testing their digital yuan in some cities. This way government will track each and every transaction made by their citizens. Digital central bank currencies are designed to get more visibility on their citizen's finances!

1. Historically speaking, there were two types of banking in the past: loan banking and deposit banking. Both of these are one of the greatest inventions of humanity, and, obviously, they were not created in a vacuum. People needed banking services, and wanted loans and safe deposits. The problem is not in banks per se, it is essentially a business like any other. The problem is the money they are using. If money, for example, paper receipts, could be easily inflated, debased, counterfeited, that leads to fractional reserve banking and a flawed system we have today. If banks and governments start to use bitcoin instead of unbacked paper, the banking sector will be more healthy.
2. Aren't they collecting crypto taxes today?
3. It is a common fallacy. Government control over money only increases the level of corruption.

That will depend on their regulations to accept bitcoin or will not accept it because they are the ruler of that country. If the government can see bitcoin's advantages and learn about bitcoin, they can accept it and change their banking sector.
1. But I don't think that the government will want to abolish their bank from their country because, with the bank, they can grow their economy.
2. The government will have its ways to collect taxes from the people, even if they need to force their people to pay the taxes to grow their country.
3. I don't think too far, but no matter if the government can track each people's money or not, corruption will exist, and maybe that will still grow in many places.

But we will see what every government will do, which does not already accept bitcoin later, and we can hope that the government can accept bitcoin like the other country.

So in the end we can say that our society is useless without banks.  Isn't that so?
Isn't it true that Bitcoin is incomplete without a bank?

These aforementioned are already the case in loads of nations. People are finding it difficult to undersand the why the government is making sanctions (although in some nations) concerning crypto and also some countries are accepting crypto as they now know it is almost impossible for people to be kept away from crypto related transactions therefore there arises the need for them to make regulations as concerning the event of blockchain related operations so as to also keep track of their transactions.

Bitcoin is incomplete if there are no people willing to use it, support the network, innovate on it, make transactions with it. Bitcoin is decentralized, which means it relies upon people providing that decentralization. Bitcoin as a software co-exists with people using that software; it's a mutually beneficial relationship. However, people are different, there is a huge diversity among humans. They pursue different ends, have different opinions, mindsets, beliefs, priorities, etc. That is why some of them will choose to keep their bitcoin keys in the bank's safety boxes, instead of employing self-custody solutions, for example. Banks are an essential part of our society, and the goal of bitcoin is not to destroy the banking sector but to improve it.

The world is moving forwards to digitalization. Peoples have been using digital currency without a banking system even they aren't familiar with cryptocurrency. For example, there is much mobile banking where you don't need to carry paper money, and you can use that digital currency everywhere the same as paper money. I think we aren't too far when peoples will use cryptocurrency for daily needs. It would be or wouldn't be Bitcoin, government would create their own cryptocurrency backed by fiat. I don't know if we will live up to that time, but as a part of global mobilizations, the digital currency would role the world.

The government can not let go of what makes or give them control over their citizens, that can never happen. It is quite true that money has evolved over the years, but from the look of things, paper money or fiat will last a bit more, because they have a central bank managed by the government, hence making them in charge of everything. Also, I read where most countries are already making moves to have their own digital currency, but we should know that, even at that, the digital currency will be heavily centralized and controlled by the government as well.
To answer the questions;
1. The government will never abolish their central bank or banking sector, as that will make them lose a lot of control they have been enjoying.
2. The government can't be messed with once it gets to tax, they will always get a way to collect those taxes.
3. First, banks will always in operation, now any deposit made to the account can and will be monitored by the government.

Many of the government are still ignoring BTC even now they think it as a Ponzi scheme because the price is phenomenal only the super power countries are accepting and accumulating this technology for people's interest. Banks are their first priority because they are benefitting from it by the way you can't expect the same in crypto that's the big difference I think in my point of view, let them have regulations but they should not BTC or another crypto.

1: banking shouldn't be abolished, even the old ways still goes on, I recently traded my old headset for bracelet I liked, it still can be like that, banking system, crypto-coin and many other forms, some which haven't even been born.

2: in my country with banking system is still hard to collect taxes, I know grown men that hasn't payed their tax all their lives, it might take a kick-in before tax collection in crypto-coin can be at normal, but I think it can be worked-out.

3: this I really don't know, I would leave it to everyone integrity, good would do good/right, corrupt won't do that better.

IMO I don't think this is reasonable to think that bitcoin will cause the abolition of banks. They can be option to each other because they play different roles. Banks are tradional and bitcoin is the digital aspect of the traditional. The two have different function to the financial institution. Some people have needs to meet on internet transaction and can easily do that through bitcoin.

At least you did not start the story from the APE's time lol

Actually those are the questions why until now Bitcoin is still not accepted by majority of the world.

But you forget to add this " How Would the Corrupt Politician earn from Bitcoin" because this is also the concern why they are hindering the acceptance of bitcoin.

I am not sure the government will abolish all banks in a country, because if the government removes banks, of course all banks will take action in this regard and the government will definitely lose the tax taxes that have been applied by the existing regulations. So for the idea that you are giving here it is very difficult to accept with the governments of all the existing countries, it will be a very big consideration and it will take a very long time for them to make up their minds and say about this.

I believe that the big problem of bitcoin that make many governements and people ignore bitcoin is it instable price and also the fact that many people arround the world consider bitcoin as kind of investment more than a payment methode

I think the government will at some point accept Bitcoin for what it is and for all of its benefits.   
We are already starting to see noticeable changes with Bitcoin being recognized.
As the world is turning to "digital" for many things, its only a matter of time before governments accept that Bitcoin is here to stay and not going anywhere anytime soon.

I couldn't think that it permits everything and the government will change their behavior.
1. They can't stop the banking sector to continue their business because they are also contributing a lot to our economy

2. Taxes has been executed a long time ago and the fact that it was also governed by the law, everyone has been entitled to pay their taxes unless they belong to exemptions.

3. Corruption? We all know that word already. It simply we can't eliminate those devil acts as it was been practiced and passed by from generation to generation.

The government will never accept this because the tax that the government collects from the banking sector is used by the government for the betterment of the country and there are many people who earn money illegally through corruption. If the government does not lead them, their wealth will increase. Will continue to grow.

When there is bad news like what is happening at this time I think there is no more hope for bitcoin and of course with the action of Paypal returning to stop transactions using cryptocurrency will only make the government think not to use cryptocurrency anymore.

Yes one day, Many will create huge wealth by evading the government. That is why the government has imposed this tax and the rate of increase in tax collection is much more important than revenue collection in money. This is because if the growth rate of tax collection slows down, it will have a direct impact on the government's income.

The government won't like to support it. If they do it can lead to people having control by themselves to do what they like. People need to be controlled and also be led to avoid different abnormal attitudes in the government. Money is one wah that government ensures that there is control.

Most likely not. I think governments are in favour of centralised banking so they wouldn't be in favour of abolishing them. I do think though that reforming and restructuring of today's banks need to happen to accommodate for the ever increasing rise in digital assets.

The government wanted to retain its authority, so no, they won't abolish the current financial system but to cope with the changing fintech, they will try hard to adopt changes without losing their control.

As stated on the early reply, we pay taxes every time we buy goods and services.


Depends on the moral of the people who sit in power.  I believe it doesn't matter whether they will track all the financial flow or not, if the people in the government wanted to do corrupt things, then tracking legitimate money is useless. 

No, it's not possible as the government will never abolish the bank system, moreover they consider bitcoin's growth as a threat to banks that's why you will see so many restrictions laid out on bitcoin from many countries and we cannot compare bitcoin with traditional barter method as far as barter system is concerned it should be backed by any physical entity. Bitcon can be an alternative to banks but cannot replace banks.

1. The answer to this one is obviously no.. Government wont really be allowing for such thing to happen. Centralization would always be preferred.
2. The only way i do saw for government to collect taxes for those who get involved to crypto is via exchangers or platforms where they can able to ask out if they wanted to.
3. Possible! This is one of the cons about anonymity but since it can be shown on a public ledger then most likely they would really hesitate on touching it out.

Remember, the changes didn't take place within few days. It took decades for the barter system to be abolished. Again, it took decades for people to make paper money/fiat which is backed by nothing a mainstream currency. Similarly, we can expect few more decades before crypto currencies become a mainstream monetary system.

1. I doubt. The government needs a centralized system to control everything and banks are just the perfect system for them to have control of the monetary system.
2. If crypto currencies do become mainstream, it will be centralized and heavily regulated. Taxing won't be an issue.
3. How?

Indeed, there is still the essence of why they are not abolishing the bank system since it is the traditional way of making transactions and since bitcoin is not yet innovated well to be used worldwide, it is still not possible to replace the bank system. There are still countries that are not accepting the usage of bitcoin because of some reasons like they are thinking that it is a scam which is actually not, and just like what5 you have said, the growth of bitcoin is a threat to banks.

Bitcoin is the most violent coin in the crypto world.So anytime it price can be high like a moon or sometimes it will be down, as a result, most of the government do not take the risk for this. Government controls the banking financial system but bitcoin never Contro. Our government rejected bitcoin because they think bitcoin using for gambling,drug, corruption. And they also add money laundering cases for users.  If the government can control like  a banking system and  learn more about bitcoin hope the government can accept

It is impossible for the government to accept Bitcoin as a substitute for fiat,  as long as Bitcoin cannot be controlled by the government
it is impossible for Bitcoin to replace fiat. So it is likely that 20 to 30 years from now, fiat will still exist and will be impossible to replace.
Because I believe it is impossible for the government to abolish the banking sector, because the bank system benefits the government.
So what makes the most sense is Bitcoin only as a payment alternative, but not to replace fiat.

I'm not sure this is ever going to happen, we all know right from time the government prefer a centralized system cause they can be able to monitor their citizens, so i don't think they will ever say yes to decentralization, cause they are against it and everyday they keep looking for a good reason to ban or regulate it,too bad bitcoin can never be regulated.
I don't think it's write to abolish the banking system just because of crypto, I believe both crypto and the traditional banks can coexist and satisfy the needs of the society.
Haha, the traditional system is already corrupt and the people in power (government) are the cause of it.

Will the government of a country ever want their banking sector to be abolished - No never


If the government can't keep track of people's legitimate money, won't corruption increase - corruption will not end unless money tracking system.

1. In most countries the major banks are usually run by the government, so it's unlikely that the govs will want the banks abolished (they'll lose both money and the ability to track money flow)

2. That depends on their attitude toward cryptocurrencies. If they see it as a currency - they won't charge any taxes, because how can you put taxes on a currency? That's nonsense. However, I doubt that'll be the case. In the US the IRS considers cryptocurrency as assets, rather than currency and I think other countries hold the same view. 

3. I think the government itself is the major source of corruption and so far they've succeeded in it even without cryptocurrencies, so it's more of a moral question: will they allow the corruption to go on, or will they finally try to do something about it. Bitcoin can be traced, we all know that, so it's only a matter of willingness.

And regarding this:

In the meaning of transactions, it's not like there's absolutely no third party, don't forget that transaction fees go to the miners, so, in a way, they're the third party.

Barter is the name of that ancient times trading.

1. Nope, it's a heavy part of the government and they won't allow that to happen.
2. It's easy for them to collect tax as in for everything including crypto gains.
3. For individuals, they can't. But they are also hardly accepting it if most transactions are in crypto/bitcoin. That is the reason why there is regulation.

Mass adoption of bitcoin today is a major change as long as bitcoin was born until now. With so many major American companies accepting bitcoin,
it's already showing confidence in bitcoin and the existence of bitcoin is increasingly being trusted by many in the world.
It is possible that someday bitcoin will be accepted by many countries. We can only wait for that.

Governments will never accept the abolishing of the banking sector. One of the major revenue generator is the banking. In terms of taxation and through other forms of interest it is the one to make big money and circulate. In the early days people had the mind to share, and now the scenario is different. If you're in need you can't request a neighbour for a help or exchange of money for a short time. The same you can get money providing collateral to the bank. Same as the changes in the currency form there is change in human minds which is the first thing that need to be considered before taking about the acceptance from the government.

1. Of course not the economy will collapse.
2. I really don't think they can tax people easily with that unless there would be a public info of public address and their owner.
3. Of course the corruption will increase.

I don't think as of now the government is ready to accept cryptocurrency, what I see is that the cryptocurrency or digital coins is still a threat to them maybe to the whole country if they managed to use it since it is not regulated, no central authority and anytime it is volatile.

ya.ya.yo!

No, because bitcoin is a decentralized currency which is not control by the president of the country. Bitcoin is different from fiat money which the government will just request for a huge amount of money from the central bank to make them available in the country for the government to use to grow the economy of the country. Government cannot control bitcoin currency because they don't have a good idea on bitcoin which really surprised many other currency that devalue during the pandemic. Many citizens rate bitcoin as the most stable during the lockdown that caused so many cryptocurrencies decrease in the process.

in 2020 banks are still there and can still be used for loans and can still be used for digital transactions and payments so I am sure if banks are still in use and banks are still needed for a long time, in my opinion bitcoin makes it easier for us to transact money or payments but nowadays there are even bitcoin hackers and it's hard for us to track them down and bring the matter to court so it's still going strong and always related. this is mutually influential

1. That's not going to happen and they are not going to make that happen, the banking system is a big cash cow of the government on all their projects, it's their extension, you kill the bank you paralyze the government.

2. There's no point in time that they stopped collecting taxes to people, even in ancient they always impose

3. We are in modern times they have the means, the people, and the technology to track people's money whoever is holding them

First of all who is government? And the answer is a Group of elected peoples.

If people want crypto then the government cannot do anything.

Even cannot ban it, because they don't produce it, supply it, or even control price volatility.

So better way the government has to make policies to create a framework for taxation with cryptocurrency and explore blockchain technology for more businesses.

As long as the cryptocurrency is not taxed (I do not mean a tax on transfers between wallets, but a tax on cashing out), the government will not be able to legalize it in any way, no matter how much we would like it. Of course, the world is very unpredictable and everything can happen abruptly at one moment, and it will seem to us quite logical and expected action, but so far, in the presence of the laws that we have now, as well as with all the corruption of the financial system, we will not be able to transfer cryptocurrency to the sector of official use at the household level.

Banking sector is one of the biggest tax payer of a country. And it gives a lot of job. So I think no government will abolish banks. As long as there is money involve there will be corruption everywhere.

Begin for this happening when many people will move to digital currency as transaction payment is the reason why government not accept bitcoin and altcoin as legal payment currency right now, they try how to keep people stay on bank as transaction and saving money without publish with bitcoin and altcoin become most safety for saving assets and no one know with how much money and bitcoin we have, with the bank government will know how much money we save in the bank but is not happen for currency, if you have million USD and save in your wallet not any one know you are rich.

In an organized society there is not way to live without a *third party* regulating and controlling everything, that is the centralized government. We could use bitcoin or any other crypto currency, but it doesn't mean we get rid of middlemen, as the government would be still enforcing rules towards us and our money.
A life like the one you mentioned thousands of years ago isn't possible anymore. On that time I believe we could live freely without middlemen, but now it's different. The modern society is fully centralized and although technology is very helpful and makes our lives easier, it also makes possible for governments to control us with more efficiency.

Governments don't have to accept anything. We as citizens must do what they want and without complainments, because they are at the control, not us.
It means banks aren't going to disappear, neither taxes are and your funds will be still on the track, being closely watched by the big brother.

Banking sector will not be abolished. The uses can be less or decreased as people are using crypto and various online payment method to store or use those like they in bank. But It will not be abolished because Crypto like bitcoin  is a decentralized currency so the government cannot trace and collect taxes.

300 years ago and we have now banks and maybe it takes another 300 years again ( not 20 or 30 ) for all people to start using crypto and banks will be no more  .

 to your other 3 question .

 number 1 is no , governments dont like banks to go because they can benefit on it but im not saying that they cant get benefit on btc but banks are different . there is a special bond between banks and governments .

number 2 is , like i said earlier govts can benefit from btc in a way that they can still collect tax . i dont exactly know the process but it was discussed here before  .

 number 3 is , corruption will still be there depending on the government officials

It is now understood that the world is moving towards digitalisation because we are now using everything in the world of digitalisation as we are now using Visa cards to take money from one country to another country through that Visa card we are now enjoying crypto in almost all countries.  We can use coins, now we can take classes, we can shop online and we do the digitization that is so important in our lives, so I think helping each other will make our world much more digital.

Governments are currently discussing the idea of ​​introducing CBDC (central bank currency). CBDC will allow not only to efficiently collect taxes, but also to control all cash flows in the country.

IT companies want to create their own currency too.  Facebook plans to implement the Libra project as early as 2021.

https://www.ft.com/content/cfe4ca11-139a-4d4e-8a65-b3be3a0166be

Bitcoin will have to compete with both CBDC and the stablecoins of large corporations.

The government to accept crypto?, nah not yet,I don't think they will ever accept it, since it is a decentralized currency since they can't track or have control over it, they will never allow their citizens to freely use crypto in their country.
Corruption has always been there, even before cryptocurrency was introduced, scammers have been using the fiat for a long time to commit several money laundering and theft, just that since transactions done on cryptocurrency can not be tracked, alot of scammers will see it as a safe heaven to hide their stolen funds.

Of course, states will never abandon the banking system.  In fact, state-owned banks are part of the state.  They ensure the circulation of the national currency and help serve the country's economy.  For the states, there is still no alternative to national money and the banking system.  It is unlikely that states will use a decentralized cryptocurrency.  They intend to issue their national digitalized central bank currencies for now.  The cryptocurrency can move in parallel with them.

1.Government of a country never wants its banking sector to be abolished. Even Banks have implemented the Digitalization Tren on their systems.
   Several banks have been doing digital banking services for their customers since 2018.

   Even some central banks in the world will make their own electronic money, this is likely to happen early before it goes altogether the bank.
2.Of course, there is a way for the government to implement taxes. To support banks towards digital banking, usually, some interested parties will coordinate with the
   Director-General of Population and Civil Records of the Ministry of Home Affairs.

3.The reason is, the technology is transparent. With the advantages of transparency, every transaction can be accessed publicly, this makes Blockchain potential in the
   prevention of corruption.

This is one of the sources of income for the government. Why would they want it to abolish? The possibility that the government will ban bitcoin is much possible than abolishing the bank sector.

They will implement too many regulations to collect taxes from the people.

It depends on the government officials if they increase their corruption because we all know there's a lot of money involved in crypto-currency. Hence, their chances of increasing their corruption are very high.

yes you are right, many countries do not accept bitcoin because the price is unstable so that it can harm the people who hold it when the price drops.  Besides that, the delivery process is very long, so it is not good if it is used as a legal means of payment at this time.

Come to imagine living in a world where there is no bank and what you have is Bitcoin or whatever digital currency you have to store the same way you’re storing Bitcoin, do you think it’s going to be easy? Like all your money and everything you have stored in just your mobile phone or computer or hardware or whatever you have decided to use in storing your wealth? Don’t you think it’s kind of risky?

For me, there should be banks and also there should be cryptocurrency, we store a part of our wealth in banks and then store the rest in cryptocurrency, that’s perfect for me, I can’t be relying on one.

I agree with you.  Of course there are some risks here.  But I was saying that at one time we were not so modern.  We did not know what money was.  But today we know the use of money or currency.  We have become much more modern than before.
 Isn't that so?

 Before there was no banking system but now there is.  I mean, will the banking system remain the same or will it improve in the future? Will we keep paper money in the bank in the future?  Or will paper money disappear from the world one day?
 Can't we think of alternatives without paper money?

 Now people are able to do the necessary work using credit cards.  Can't this process be further improved?
 If so, how?

Indeed. Third party institutions won't exist for no reason and those reasons probably includes benefit to the people. To how I see other replies being against on the concept of Banking, is biased. Banking promotes security over one's wealth including benefits of convenience. Just think of it, storing your salary into something which involves risk of losing money because of volatility, if we would base in the characteristics of crypto. Convenience won't cover the aspect involving risk of loss, right? And if the price of cryptos would be stable at some point, will it still be admired if other digital currencies are still offering the same benefit? Let's accept the fact that people are now into cryptos not because of transaction advantages but profitable concerns.

Whenever a government makes any form of decision associated with its citizens, it needs to take into consideration different circumstances. Upon the same, governments should have alternate plans ready. Governments find new techniques to benefit directly to the user, but the reality got exposed recently on a government scheme in my country.

Governments never let banks get abolished, because through them a large revenue is made. Governments most of the time create policies that benefits the corporate networks. Corruption increases when the need of people weren't fulfilled by the government.

1. I don't think the government will abolished the bank because as of now, bank is the central based system of a country. More problems will come if they decided to abolished it.
2. taxes is already imposed in crypto specially to other countries. In my country, btc is kind of invisible so there are no taxes still. But if you would use btc to buy something online, then that would require taxes.
3. corruption already exist even though they can track it right now, there are other means of hiding it even in fiat. So we all are not sure if corruption will increase if we can't track people's money

Abolishing Banks are not necessary because Just like US who wants to use crypto actively and There are People that Will Never transfer to crypto  as those are what Fits them The Fiat.

depend  in which country you live Because if you are living in mine?for sure You will Not Be asked about the Policy because The Politics is really Noisy and throwing words from politician to another politicians,Thats why How would they associated when it will only Make issue in social media and community.
And Banks will Still Be in need and won't leave till time comes that we are fully adopted and crypto can be use all over that world.

1. This is a tough question as nobody can tell what is in the future but from the look of things and how crypto is spreading fast,I think digital currency will play a vital role in shaping the way people transact and do business in the future while bank will still operates but it will be question of choice from the people.

2. Government can only collect tax if your transaction still goes through the bank and not through p2p method, if you are doing transaction through centralise exchange and have your information taken, there is no way you won't pay tax since the government can easily get hold of your info,

3. If people have free access to their funds without any control this will definitely result to corruption and oppression, the wealthy will oppress the poor and nothing would be done, decentralisation has its good side and bad side we shouldn't forget that.

Well, It is impossible to cut the bank system,the growing development of digital technology, online payment systems require third parties such as banks.  Logically, where can we have fiat money if there is no process through the bank.  And of course the financial industry will continue to develop following technology.  Likewise, the government may change regulations by adjusting the circumstances and minimizing the occurrence of money laundering I guess

There has a lots of chance. I think government can't irregulated this technology. Because we see that lots of countries government makes a different Department for blockchain technology. By which government gives permission to the best crypto project. So i think lots of coucountry also doing this same thing. So there is a chance if government aprove this then bank will definitely make a sector for government.

1. Certainly the government of a specific country or any won't allow banks to get abolished for it have become already a part of the system built for many years and even Bitcoin is existent, there are still people who are reliant on banks so it won't be possible for the government to abolish the banks.

2. The government is always on track of people's wages and even on commodities purchases were VAT is included so there are so many ways that taxes can be collected whether you are aware of it or not. Government can only be accessible on collecting taxes with regards to crypto upon doing transaction on centralized exchanges that practically have their concern with.

3. If the government cannot keep on track with the people's legitimate money, there would be a higher chance of committing corruption for there are no certain regulation to take control of how money is being transacted or earned and because of that other related crimes may arise.

I don't think the government of any country will ever accept to abolish the banks because of cryptocurrency, cause this banks helps them to track their citizens, unlike cryptocurrency that is a decentralized currency which the transactions cannot be traced, and I don't really think the government should abolish the banks because of cryptocurrency, I believe the bank and crypto can co-exist instead of killing the bank to make a point.
Corruption originally started with fiat and up till now there's still corruption, yes it might add but let's face one fact corruption will always be there, no matter how hard we try to eradicate it.

The truth of the matter is, you can't regulate bitcoin. It doesn't matter what the government does in the end of the day. Bitcoin is likely to be accepted by the community, but not by the government. This is Bitcoin's current status.

This is what the government will do for transactions using bitcoi, namely there must be an institution that is responsible for bitcoin transactions, must use swap to fiat currency when transactions and also one more that must have transaction speed
In other words, there must be a platform such as online banking that uses internal transactions in it to create faster transactions and limit bitcoin wallet ownership plus taxation.

1. Government don't like a decentralized currency which the don't have full control on it, so I think bank will remain bank even cryptocurrency will continue to exist.

2. If ever government accept cryptocurrency I they they will collect tax true the help of every crypto exchange and everyone will be obliged to take KYC.

3.I think corruption is anywhere either in fiat or in digital currency as long as it it involves money. People are always do corruption just to get more money and become wealth and powerful.

It is important if the government will intervene or have interest in bitcoin. This give confidence for those who are new to it. Government can also be part of the community as they play a huge role.
Although it's not mainly for them but once they started to talk about it and gives people their positive thought on it, you'll see an enormous welcoming from people who doubted bitcoin.

what about if governements just shuttered exchanges ? or if they forbid exchanges from selling bitcoin ?...

1. The government cannot allow such. Fiat must be printed. Imagine a government without real time money(i can't even imagine this).
Question 2 and 3 are also part of the reasons why the government cannot abolish fiat. However, the violent taketh it by force.

I seem to believe that a government accepts and validates cryptocurrency in their country for some reason. It could be true if:
They must have the aim of legalizing it whether they are really aware of the technology, don't want to miss the chance to join the party, or even hidden goal for the further and later regulation? I think taxes are very reliable to be considered because they may also have been considering about this.

Maybe the government needs a process that will validate to accept cryptocurrency because what if a country legalizes cryptocurrency it must be considered because of how the blockchain technology works.

In legalizing, of course, the government must legalize it, but this does not interfere with legal currency because it is evident in reality, but still in the collection of tax fees, it must be discussed again, what if the money is stored in crypto the government must also be able to control what they control.

1.  I like the question, but I would reword the question.  I think the real question is will the government transition cryptocurrency into their current banking system or will the government seize complete control of cryptocurrency?  The answer is either one or the other will happen.  Government will likely not want to anger the entire population, so they will adopt certain software and policy to control cryptocurrency.  Which leads directly to your second question.

2.  They already are collecting taxes and phasing certain points in, as far as the US government.  Look at the newest Paypal phenomena.  Now you can buy and sell (sorta, not our idea of selling) some cryptocurrency on Paypal.  Why would the government be so keen for Paypal to take this angle.  Biggest reason, Paypal already has taxes embedded into their system.  The current structure of Paypal forces KYC so now they have all of your information.  They can force taxes, seize assets, and do all of the fun stuff they like to do.  Paypal is massive in US, it provides the government the easiest way to track BTC purchases and sells. 

3.  See answer to question 2, lol.  They can track you no matter what.  Corruption will come and go just like anything else, there will be increases and decreases.  The real concern is what "corruption," or whatever you want to call it, will the government employ to tax, track, and seize.  My guess is it will be more of a collusion. 

Here is my opinion on the matter.
1. Governments are there to see the whole ecosystem is functioning. So, I don't think the government could such a step because there are a lot of roles the banks provide in society.
2. There is already an effective system in place so this system can be improvised upon.
3. It doesn't matter; anyone involved in corruption makes a wrong step which can arouse suspicion and then it can be dealt with.

Hey OP, ask yourself that question: if there should be no banks anymore are you going to be able to stay without them? What’s the best way to store your money safely if not behind that vault? I don’t think you will have lots of money and still want to store it at home , like where you going to be storing, in your bedroom in the wardrobe? Or is it going to be your kitchen, or the parlor?

Bitcoin is good for storing a part of your wealth and not all. Storing all your assets by yourself is some kind of risks, and you shouldn’t be doing that, it’s best to store in the banks, although they do so many wrongs.

Maybe He was just curious about the sentiments of every people here as The Question is Indeed truly,those are rightful question and we a Bitcoin and altcoin Holder must admit.
But at the same time you ask Him the right question,Let banks have their client and Bitcoin has their Investors.


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This is Good point because almost every newbie are trying comparing Bitcoin to Fiat and Even Looking for disappearance of the said Paper wallet.

Storing Crypto while Having bank accounts and funds is what i think the best way in staying Neutral towards the issue,Because Bitcoin is nit created for vanishing of Paper wallet instead both will Help the world in Financial aspect.

In an article, saw about bitcoin acceptance on official passport services of USA. This is done through a third party service service provider. However this is a step forward in the adoption and acceptance of bitcoin. Venezuela government took a step to create its own cryptocurrency keeping petroleum as the backing. In few countries already bitcoin usage is legalized. Maybe in the future we can expect more governments to accept bitcoin.

1. I don't think the government wants to abolished their bank if the banks were abolished their economy will crash too.
2. It would be hard for them to collect tax it's pseudonymous
3. Of course corruption will increase and this cryptocurrency will be the way to money launder.

I really don't think the government will going to accept cryptocurrency now there's a lot of negative effect of cryptocurrency to the government. 

It is somewhat the best thing for the government to support crypto but not in such a way that they are doing this to make a huge change in the system, abolishing the banking system coz it not necessary and we know that still a lot of people are using fiat.

May taxes will be imposed as it was already been started in some countries. Well, we can't disclose this as it was an urge for us to pay taxes, and this is not a problem. But if we are talking about corruption, No, we have this a long time ago, and people who live with greediness will find their way to succeed and that was more possible having the use of crypto.

Currently in several countries, the government has started to try to give legality regarding this bitcoin, it is impossible to eliminate the existing bank system and it is very unlikely to be removed.

However, the policy to change a little system from conventional to digital can happen without having to eliminate bank payments, because all will continue to use banks as a legal means of finance in each country.

You've actually right about the fact that it is possible for bitcoin and other cryptocurrencies to become the order of the day in the next 20-30 years. I also believe eventually, sooner or later, the government will adopt cryptocurrencies and the Blockchain technology.
1. The only other course of action for the government is to create a government-backed cryptocurrency. A stable coin just like the USDT. That way, there won't be the need to abolish the banking sector as many of the transactions using this government-backed currency will still most likely go through the banks. I don't how this will done yet but I know the government won't give up its control of money just easily.
2. This is one of critical issues facing crypto users. The issue of government regulation and taxes. While the government may not be able to to control bitcoin, I believe it would be able to monitor and control the government-backed coin and thus taxes will be placed on it.
3. Of course, there will be increase in corruption especially among money launderers.

There is no doubt that the bank system will never be abolished as that is one way for a country to developing the economy and still able to supervise the outflow of money to make sure everything is going adequately.
If the government wants to regulate cryptocurrency in the country, it will develop a better way to collect the taxes just like in the US, although many things have to be fixed. Bitcoin and other coins that provide decentralized technology for people to manage their coins without the government recognizing, it is also not a completely wrong choice as bitcoin provides the freedom to control your funds, to transact as you want as long as you know what you are doing.

Will the government accept it ,? The answer could be, because the currency in digital now has a very, very important role for the world, because when digital currency can be used like fiat currency, the government will automatically make its own policies to solve the problem of corruption and tax collection from bitcoin. , and we also hope that the government can accept bitcoin like other countries that already understand the advantages of bitcoin ..

If my idea proves to be correct, will the government of the country accept it?
 1. Will the government of a country ever want their banking sector to be abolished?
 2.  How will the government collect taxes from the people?
 3.  If the government can't keep track of people's legitimate money, won't corruption increase?
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1- The government will never do that. Because all the financial activities of the government are implicated by the bank.

2- Yes it can. However, I can't confess exactly through which means the government will collect it. The government of each country will evaluate this task in its idea.

3- There will be corruption. Because Bitcoin is a virtual currency, it is difficult to track. So it can be asserted that corruption cannot be prevented.

Bitcoin is a virtual currency it is true. But your opinion about bitcoin transactions that are difficult to trace, you are wrong. Bitcoin transactions will be easy to trace and where the money ends there will be traces of it. Corruption will not be safe if using bitcoin currency, traces will remain traced until the end where the transaction was carried out.

Bitcoin is a virtual currency that is not centralized and transparent, so no privacy is guaranteed on bitcoin.

In some countries, there are local governments that are already accepting it as a payment. They're putting those QR codes at their front desk and whoever prefers to pay it, they are allowed to pay their dues and taxes through it.
It's still limited but everything starts with little and soon that this is going to change and there will be more of them that will start accepting it.

The existing technological advances should be able to be accommodated by placing and taking actions that might facilitate services to the public in general, especially during a pandemic like this, of course, it is clearly more activated for the purpose of controlling transmission. however, not all can and are able to implement it as happened in some countries, because the capabilities and situations of each country are clearly different, but for progress and improvement it is something that needs to be continuously supported.

That's saying a lot, I mean there is a reason why countries have a central banks. Also, digital currency isn't that widespread yet so I don't think that we are going to be abandoning banks anytime soon. Also, do you think the banking magnates are going to let that happen? They will lose power and I don't think that they are going to like it and they are going to do anything to keep that power.

1. There will be less possibilities for all 100% of one country's people are going to adopt bitcoins so that their central bank to be abolished. It might take decades of time for each and everyone to adopt bitcoin because bitcoin is highly technical one which may not be suitable for old agers and illiterate.

2. Only taxation based on how much you're earning might not be possible but there will be no problem on collecting taxes on buying and selling services and goods.

3. Corruption or money laundering or tax evasion are not new things just because of bitcoin payment system. Government must improve themselves to catch such incidents.

I feel that the government is forced to eventually accept it, they have no way of enforcing for people to not use it without being authoritarian.

Countries like Canada already have PUBLIC exchanges like Netcoins, which means they are getting more and more integrated organically!

The Bitcoin price regularly reacts with markdowns as soon as government representatives announce that they will regulate the cryptocurrency in one way or another. Although radical measures against its use have been enacted in numerous countries, ranging from a ban on banks managing Bitcoin to a general ban, none of the laws have been able to exert a lasting influence on the Bitcoin price. And that is likely to remain the case.

This of course will not be possible, because if the government eliminates the banking sector, automatically fiat currencies will no longer be produced, then of course there will be a massive economic crisis.
They will collect taxes through the exchange of each transaction.
Corruption is inevitable because it is inherent in human nature.

Not all but through KYC regulations, they don't like a lot of people holding something that is way beyond their discretion.
That's why some Bitcoin ATMs are god-send if you don't have someone to do p2p transaction.

The banking system must be considered as part of the state, since it is a product of the state and banks are directly involved in the regulation and maintenance of the state's economy. The states pursue their credit and financial policies through the banking system. Therefore, banks will exist because they are under the protection of the state.
States will be forced to regulate the circulation of cryptocurrencies and this should be treated as an inevitable process. The national money of states will also not disappear anywhere, they will exist as long as the states exist. Therefore, the cryptocurrency will circulate in society only along with the money of states.

People in some countries have been arguing about Bitcoin, but people in most countries are directly and indirectly involved in Bitcoin.  Although the governments of different countries have issued government administration rules to ban bitcoin, it is not at all possible for the government to remove it from the people.  Again, the governments of different countries are supporting Bitcoin in a new way.  However, I can say that Bitcoin will be the most accepted currency in the world in the future.

Yes, each country has its differences in terms of technological advances and situation. But that only shows that if the others can do it, means, that the others can do it too.
Every country is going into that advance and no matter how they delay themselves into progress, someday they'll adopt it.

Lol, did you really say 'abolish' in your first question? Lol, that's really impossible.
The government can never do such to the banks, at least not the sector that they earn from;
The government earns a lot from the banking sector so, not happening in such way.

The banking system is a private-company, the Federal Reserve Bank is a private company.

What's most fascinating is that essentially the same old geriatrics that run the FSB, are the same kind of people that control BTC-CORE.

The original Satoshi narrative said "We're our own bank, we're bypassing FIAT", we we find out that BTC is controlled by the same people, with the same end goals.

Where is the Freedom-COIN?

The 'banking system' scam is now 400 years old in the West, China tried paper-money some 2,000 years ago and quit because of the scammers destroying the currency. We were told in the BEGIN that BITCOIN was going to solve this problem, now we find out that today's BITCOIN make USD-CASH look like honest money. At least with the 'banking-system' there is recourse, with bitcoin when you get robbed, you can't even seek retribution.

Will the GOV accept it? Let's see the GOV is not of the people, the GOV is of the CORPORATIONS; The Corporations would like nothing more than to generate their own company-scrypt to be spent at the company store, that was where jack-ma was taking his empire, before CCP shut him down.

No in the USA wild-west capitalism, the bitcon company store model, especially under the MUSK paradigm is a wet-dream for the likes of BIT-CORE & FSB.

If you look at it critically you would realize that we all know why Bitcoin or cryptocurrencies in general has not been fully adopted by most Governments. We can say for a fact that no Government will want to abolish their own Central Bank or any other privately owned bank in their country for obvious reasons (Taxes) which is the major issue to governments IMO and we know that the nature of cryptocurrencies, if you cant track the monies then people are free to do what ever they like and of cause crime might increase. 

From the first bitcoin was created by Satoshi Nakamoto, the price of bitcoin was still very cheap, even some bitcoins were only one burger, the government did not respond to bitcoin and when the price of bitcoin was getting expensive, to be precise in 2017 the government blocked bitcoin and now the price of bitcoin is very expensive, the government has not responded to bitcoin, maybe bitcoin cannot accepted by the government maybe they have their own reasons why they can't accept bitcoin.

1. I don't think the government will abolish taxes, in every country in the world they would want taxes because it is a source of income.
2. For tax collection, it can be done in a simple way, such as charging the goods purchased by the community, including taxes, vehicle taxes, building land and many more, these are sources of tax to the government.
3.To track who owns the money from BTC, KYC can be done on each government exchange can coordinate with the exchange for easy tracking.

as they often say, that Bitcoin cannot be controlled...
the reason the government doesn't like Bitcoin is that it is decentralized, meaning that no one will be able to control Bitcoin. if Bitcoin can be controlled then I believe the government will like it and manipulate its value to stabilize it. currently, many governments in various countries are directing Bitcoin to investment assets, even recently China through their central bank said 'Bitcoin is an alternative investment asset'.

If the government finds profitable in terms of taxation why not?

Thats the problem must be solved before formally that Bitcoin will be accepted.
It will continue corrupted , because corrupt people will always be corrupt.

In my opinion, it is very difficult for the government to accept bitcoin because bitcoin is decentralized, where all transactions made cannot be known by other people so it is very difficult to track the person who made the transaction. the government is still hesitant about bitcoin because the people who created bitcoin until now are not clear about its existence.

A good topic starter and question now I would like to start and share about something connected to this.

I know that there who already post before me but I just want to share that the local Government in the Visayas region of the Philippines accepted Cryptocurrency and it is amazing how there accepted it that possibly saw the future and good use of Cryptocurrency but there is a concern from the OP who started the previous topic I answered.

When there is a piece of good news and to shorten it there will always be bad results from it.  

My idea was that there Govemenr saw something special that they could put and might or possibly get money for their own expense.



1. This local Government that I am talking about can possibly prove that the banking sector can accept hope

2. That is my concern as well But I thought maybe this local Government make more money and fewer taxes from the city or local government.

3. Possible and might affect the Government but still, they can fond a life hole friend.

It's hard to 1 government, the country accepts Bitcoin. Because they cannot control Bitcoin. They cannot retrieve transactions of people to tax. This is what they don't want it to happen.

The government is likely to continue to oppose any crypto and blockchain technologies. And this is their big mistake.