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Author Topic: Government & Bitcoin  (Read 70173 times)
romeo23
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April 20, 2018, 01:54:37 AM
 #1541

Governments have to provide bitcoin infrastructure in their jurisdiction, so that they can keep the network going. Just like operating banks, it will cost a large sum of money.Governments can pass a law enacting all the citizens to update their bitcoin address to the existing identification medium so that governments can trace the transactions.Governments can decentralise the infrastructure by franchising the process just like issuing licences to private banks.Recent announcement from some government indicate the similar approach for using Bitcoins in their Jurisdiction.Accepting similar strategies, governments can mitigate the above mentioned risk and contingencies associated with bitcoin transactions and ride with the next wave..
we cannot sell even cigarettes in streets with out paying tax to the government.When a block chain company able to operate with in the scope of law of land, they can do their duty amicably with out having any regulatory interference...Even a scrutiny check from department with the assumption of misrepresentation or mismanagement will affect the good will of the firm.I believe regulatory compliance block chain is the future. Ripple (payment network) is the one of the best example.Entrepreneurs should understand the purpose of business, we are doing it for the well being of our people and governments are an integral part of the society. We cannot just ignore them just because technology outperform them, they too are humans.
we should help them to find possible solutions for the problems that government face with legality and constitution. We should consider and respect government as guardians of our ecosystem. they are riding the Kingdom now!All of us should understand the difficulties that governments all around the world faces when they deal with Bitcoins and other cryptocurencies.
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rehydrogenated
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April 20, 2018, 02:11:46 AM
 #1542

Blockchain technology is the most amazing thing to happen for governments in ages. Every transaction stored permanently on the blockchain!!! What more could the government ask for? Oh yeah, the ability to reverse transactions or take money from people at will. Done and done.

Actually, what is incredible is how people don't realize that the thing lauded for privacy and decentralization will fuel the centrally-controlled future. Blockchain technology is a government's wet dream. People will oppose it for as long as they can, but the future will arrive.
Abiky
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April 20, 2018, 02:15:57 AM
 #1543

Governments are not able to track payments in bitcoins as anybody without a proper identification can open up an account and make the transaction. Even though exchanges are collecting KYC from their customers, it is possible to do transactions without using ID card issued by Government it becomes very much difficult for governments to audit transactions, and perform their obligations.

That is certainly true, mate. Because of the decentralized nature of Bitcoin, it's often hard to enforce regulation over every user of the same. Governments know this, which explains why some have banned Bitcoin and other cryptocurrencies from their region. However, governments that have accepted Bitcoin and other cryptos as legal form of payment, have been trying to enforce regulatory requirements within centralized exchanges.

Despite their efforts, Bitcoin will always be transacted in a peer-to-peer fashion which requires no KYC or AML requirements at all. In addition, trading cryptocurrencies at decentralized exchanges, further limits a government's ability to interfere at all. Therefore, Bitcoin and other cryptocurrencies will be able to stand the test of time and become stronger than ever, as they bring freedom to the economy for the first time in history. Just my thoughts Grin

clarky
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April 20, 2018, 04:10:23 AM
 #1544

Governments are in the meanwhile aware of the blockchain technology yet he renowned the dynamic that it holds then what it is operable in accordance with affect yet change the existing banking yet financial system. But he are no longer equipped in conformity with usage bitcoin animal something she hold no rule over. I'm assured they already hold some thing between plan in accordance with utilize blockchain however as i reported what it need is in accordance with bear something up to expectation execute exist alongside theirs system.
Yari_k
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April 20, 2018, 05:54:21 AM
 #1545

The sharing economy is just going to continue to grow, and governments will be challenged to understand and manage its implications while embracing its benefits. However, governments will be at a significant disadvantage if they wait too long and newer technologies and markets will have already been developed that do not follow traditional models. Think of the following: Uber is the world’s largest taxi service and owns no cars. Airbnb provides lodging yet does not own real estate.

How will local governments adapt to these new ways of doing business that are disrupting traditional business models? All we know now is that governments are a long way from even contemplating and accepting this new reality.
As to me, some of the government knows more about Bitcoin for all of us. They all understand - they just do not know how to properly adapt it to the economy of the country, to earn that.
And yet here Bitcoin's course floating, as for me it's an evil thing for an eco-label.
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April 20, 2018, 07:44:45 AM
 #1546

Actually the government is willing or not to accept this bitcoin, the government must continue to receive this bitcoin because even though the government prohibits the strongest any Community will not appeal it because people already know how the profit is bitcoin this, better enough government monitor and manage this bitcoin not to be misused by the people.

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April 22, 2018, 05:15:52 AM
 #1547

Bitcoin is the first enemy of great Banks , if bitcoin growth without the banks cooporate or found solutions to use it to earn more , there will be a big problem and i think the first reaction is that the government make high fees on bitcoin holders. We don't really have much issues with the government but mostly with the central bank,  they are also in charge of controlling the government.
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