Government & Bitcoin

[shield132]

Governments cannot control bitcoin. My guess is that most of them will not like it for that reason. Most of them will probably try to obstruct it in some way similar as we can see what is happening in China lately. Other way would be that they try to regulate it in such manner that they have direct benefit from it. Nor really sure how this would look like, but once the bureaucrats start to loose the ground beneath their feet, we can expect some real attempts from their side.

If goverment wants, they can control it as they wish. But there are more important things for them. I even think that goverment wants bitcoin but they don't say yes publickly. Bitcoin is a great eay for money laundering and it's accepted in most places, well, it's number one by popularity.
Even china's decision to ban bitcoin proves that some big groups can affect price a lot.

[FJNuñez]

I see government and Bitcoin working to the extent of however much the governments of the world decide. China is banning it right now for example, and that is not beneficial for them at all. They will lose out.

[nightways]

With the way things are going, governments cannot sit on the fence for long and sooner or later, it will happen that they will be force to an action whether to support bitcoin of go against it with full force. Either way, when it happened, its going to be a landmark for bitcoin whether to the positive or the negative. Let us all hope for the best to come.

Governments soon have to take an action either to support bitcoins fully or go against them but we know there are two blocks in the world who are antagonist and I believe if China has banned bitcoins, America is going to support them. In short bitcoins are never going to disappear forever.

This is the need of time for governments to either legalize bitcoins in their country or not. Government should make a clear stance about bitcoins like Chinese have banned bitcoins in their country which has been the major cause of price dropping of bitcoins, there are more chances that other countries will start making their stance for or against bitcoins which will cause an economic war between those countries who are in support of it and those who are totally against it.

[Mrsmants]

Summary is that different government companies, departments have categorized bitcoin in a different way. I read someplace that governments may possibly fear bitcoin lead to price is established by consumers and not central governments.

[kevpantof]

I see government and Bitcoin working to the extent of however much the governments of the world decide. China is banning it right now for example, and that is not beneficial for them at all. They will lose out.

I will very much agree with you in this regard that China is on wrong path this time and she should make bitcoins legal again because they are the emerging strongest currency of the world.

When rest of the countries are thinking about making bitcoins legal, it is beyond comprehension why China is banning bitcoins even when it makes the largest portion of bitcoins market?

[Ajan08]

Bitcoin is not a fiat currency in that no government declares by fiat that it is legal tender for any particular use.  But it is fiat in the sense that it is created in the cybersphere out of nothing more than imagination, with no inherent value, unlike gold or silver coins, or currencies backed by precious metals.  In the book Rethinking Money, former EU monetary official Bernard Lietaer reports that 6,000 to 7,000 such private, alternative, competing and complementary currencies are currently in use around the world, the great majority not backed by anything of inherent value except the willingness of market participants to trade in them.  The number of such currencies has shot up from an estimated 5,000 in 2005.

The public reason for the attention of government officials and regulators to this development is the potential for malevolent use of Bitcoin, and other such currencies, by criminals and even terrorists, to transfer funds for illegal activities and worse, and for money laundering.  The Senate Homeland Security letter states regarding these currencies, “Their anonymous and decentralized nature has also attracted criminals who value few things more than being allowed to operate in the shadows.”

[abyaby123]

The Indian government could make a decision on the legality of Bitcoin as early as the end of the month.

According to a report , a government official close to developments says that a new committee has been created to study cryptocurrency. The source adds that the new group has been given a deadline for its findings of 20th April 2017.

Bitcoin buying, selling, trading or mining is not illegal in India, and the report’s source notes that a rule on illegality would shut down an already flourishing cryptocurrency industry.

[ViperCS]

Bitcoins may be considered money, but not legal currency.  The Ecuadorian government has issued a ban on bitcoin and other digital currencies. The National Assembly of Ecuador banned bitcoins including other decentralized digital/crypto currencies, due to the establishment of a new state-run electronic money system.

[Yarskdave]

It is hard at this moment r local government to monitor as me transactions of the cryptocurrency but in other to control this the government can strengthen it financial institutions in terms of proper monitoring through it institutions and policy to checkmate the activities of any kind. This is the only way the local government institutions can monitor and checkmate the activities of any kind within it jurisdiction.

[Jake052478]

What the government do is to regulate the use of bitcoins and find a way to tax it... because if the government will not impose tax on the use of this currency...  they will like lose a lot of income because as of now.. there are no taxes in the use of bitcoins...

[Rinder]

The big issue government will have is they cant control bitcoin neither crypto market, they can even join and try but we wont allow them to assume without a fight, crypto is a way to say hey i dont like what you done with my country. Each countrie will have issues to legalize bitcoin, now even more since most of the countries are facing financial problems, and people are investing into crypto soo less money into circulation fo them, unless they consider legalize and see the impulse it can give to the economy, as crypto isnt just trading.

[lordquanta]

government is already adapting and working with banks, there are some of them which are using blockchain technology to overcome probably bitcoin

i doubt it will stay there and watch bitcoin sucking its fiat(scam) currency

Exactly many Govt and Banks are collaborating to develop banking system based on blockchain technology. There were some news about some govt like china may introduce their own digital currency. About the later part not much information is available for confirm. Fiat Currency is a weapon of banks or govt to control the general populous. And nobody likes to let go their cash cow to somebody else. Bitcoin has proven its potential as digital currency. Some added capabilities like microtransaction will enhance the prospect of bitcoin a lot.

[ask]

goverments wants to implement blockchain technology to their own system more then us. But they are not brave enough to take that action.
I believe India-Estonia and more goverments going to announce their own coin soon.

[robchch]

Unfortunately governments make the rules so they don't have to do anything. Look at the Chinese ban on bitcoin exchanges. Ultimately if governments don't like something they can make laws against it, or laws that make it much less attractive. If you invent a smart contract coin called TaxCoin which everyone has to use and deducts tax automatically then I am sure governments will line up to adopt! 

[erikmatik]

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.

what the government could do us review all the aspects of those new business that keeps sprouting everywhere. Every business must coincide with the established law. If it complies, allow it. If not, try to restrict it. That is the way as can be seen on the recent ICO bans on China and South Korea, govetnment in action against on wht they see as threat on the less knowledgeable citizens prone to scams.

[bakunawaaa]

I think a lot of governments will try to regulate it, and they will be able to, however i dont think they will be able to completely regulate it, because the internet has a lot of different functions to preserve privacy.

[pendekar cinta]

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.

Perhaps after the plans of many societies who put pressure on the government to be wise in improving the economy of the population so that more advanced again so that with this the government immediately provide quick action in formulating new regulations.

[CheeseZineSlash]

Government won't undertake bitcoin they have dollar and they managing it.But we people can decide on.

[cotton ball]

I still do not understand many governments, including in the Russian parliament who do not want to support bitcoin, they consider bitcoin just as a monopoly game that try to exist without going through state legal procedures.

The state also can not intervene when bitcoins have uncontrolled volumes and potentially destroy capitalist civilization.

I think there needs to be a middle ground from both sides, because banning bitcoin is the same as rejecting innovation that will make the current economic system very outdated. countries that do not recognize bitcoin will be very far behind with future civilization.

[Misshi]

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.

There is a reason behind why governments are not yet accepting totally the use of Bitcoins. It is because Bitcoin is a threat to them. If Bitcoin replaces our conventional currency, Government cannot control them anymore. Actually they knew the benefits of Bitcoin, they knew how this thing works. They just don't want to accept the fact because Bitcoin is decentralized.