The "Demonitization" attempt to flush out undeclared wealth, has failed according to this article :
http://www.bbc.com/news/world-asia-india-41100610The subsequent result of this was actually catastrophic for India's economy. A lot of people lost their jobs and the real estate sector look some huge knocks.
In a proper regulated "Bitcoin" environment, people will find it difficult to hide their wealth. Yes, it is a problem in the unregulated environment, but it will be easier to monitor it within a regulated environment.
~~ What would your solution be, if you were confronted with this problem?
~~ Can Bitcoin regulation help to solve this problem?
~~ Should Bitcoin support governments in monitoring wealth and honesty in tax reporting?
~~ What will happen if Bitcoin is used to circumvent measures to hide wealth?
~~ Will full transparency destroy financial transparency?
Share your thoughts on this matter please. I am curious to see how honest Bitcoin users can be with their views on this.
Please don`t put the words "regulated" and "bitcoin" in one sentence.It`s horrible.
I don`t know what exactly are you trying yo say with "regulated Bitcoin environment".What is this?
The whole consept of bitcoin and cryptos is to create a "regulaiton free" environment,away from governments and banks.There are easier methods to find and catch people who are hiding their wealth.
Demonitization is not one of them.The Indian government should increase VAT and decrease all the other taxes.
I also hate regulation, just look back at what damage BitLicence brought to the businesses in New York. The thing is, we either change the governments with our vote or we adapt to the government regulation that are forced onto you. The government will not just sit idle and relinquish control to a unregulated currency that is in direct competition with their local reserve currency.
We should find ways to work with them or to replace them with Bitcoin-friendly governance. < at the next elections >
I think there will be hardly any Government which will keep its people out of the things which are helping them. Bitcoin is no less than a miracle changing the lives of people. It will take time and all the things will be in favor of Investors and users. There is hardly anything to worry about Government.
Government, presently they are upto digitizing India fully. So Bitcoin will surely be a great option as both currency and investment.
But it will surely take time, as most people are unknown to this, and also ignorant who knows about it. Regulations if induced with BTC, it might cripple some key features.