Government and Bitcoin

[coinriver]

The government does not believe that it is not important. People who buy Bitcoin believe that it is OK.

[marcosfx]

It seems that government fear bitcoin because of the lack of understanding and knowladge, due to this some countries are accepting it too

[digroske]

Why, until now, government all over the world still doesn't trust bitcoin?

Banks are used to controlling and letting all financial flows through themselves and this is all under the control of the state.
The loss of such profits and control from banks, of course, will cause bitcoin rejection. This is a war for the sphere of influence.

[Goozzi]

In the meantime, the next round of the struggle against currency and government came from the side of the cryptocurrency exchange Bitfinex. They has announced that the company is required to share customer data with the British Virgin Islands’ (BVI) government, a move that has been a hot topic of debate on social media.

Pursuant to the laws in place in the BVI, Bitfinex is required to report a “certain account information” to the BVI government, something that was always the case, but likely not enforced until now. As the announcement states:

“The government of the BVI may then exchange that information with the tax authorities of the customer’s country of residence.” Bitfinex

As the announcement states, this is consistent with the U.S. Foreign Account Tax Compliant Act (FACTA). It’s possible that pressure from increasingly more organized U.S. regulators is behind the announcement, which Bitfinex likely wouldn’t have opted for voluntarily taking into account the predictable community backlash, which has been swift and strongly worded.

Hundreds of people liked the idea of a protest and boycott on that tweet alone, and similar sentiments have been echoed throughout libertarian elements of the community who have turned to crypto as a means of governing themselves and their own finances.

To many, this is an ideological issue, and the ramifications may well reach beyond the Bitfinex incident and serve to stir up debate among the diverse community of enthusiasts, investors, and anarchists among other factions about what purpose cryptocurrencies are destined to serve.

Users have until May 24. 2018 to comply by submitting the stated documents (FACTA self-certification form in the case of U.S. citizens). Bitfinex ended the announcement with a reminder that users had technically already agreed by signing up to comply with laws and regulations such as this one.

Source: https://www.cryptoglobe.com/latest/2018/05/bitfinex-asks-customers-for-tax-data-which-can-be-shared-with-local-tax-authorities/

[alexflow]

because bitcoin and other crypto currencies severely undermine the stability and necessity of banking structures, which is why banks can not take huge commissions for remittances. through blockchain technology, you can bypass unnecessary bank charges and transfer money between people through smart contracts. faster, safer and cheaper.

[st tiger]

Government don't have the power to control bitcoin now. Now a days in many countries government giving permission to invest in digital market. Bitcoin is now legalized in many countries. When ever government aprives bitcoin it will help to the main economy of the government.

[GeorgiyBilyk]

Why, until now, government all over the world still doesn't trust bitcoin?

different countries are beginning to change their minds about the crypto market! only recently was the G20, and a lot of topics were on the discussion about the crypto market! G20 even forced southern Korea to reduce sanctions against the crypto world and ICO! legalization is going on, slowly but happening! I'm sure that soon bitcoin will be a payment system on a level with the dollar!

[Polly.Nochka]

Because it's still new. And actually a solid percentage of bitcoin users still don't 'trust' bitcoin.

The government will not win if their people start using crypto currency. The government can no longer manage our finances, it will lose control over us. All for a long time already know, that in our material world, unfortunately, everything is solved by money.

[iqlimasyadiqa]

Right now we are all on the way to digitalization. The first step to go is how the government can support the current development of Bitcoin.
When the government can support then we will all be able to feel that the era of cryptocurrency will get better.
The government is still reluctant to acknowledge and now everyone should keep trying to keep the government recognizing the circulation of digital currency.

[adheesha]

Bitcoin is still a new to most parts of the world so many do not have a clear understanding about bitcoin. That is one of the main reasons for this. Also govenments cannot control bit coin as easy as regular money.

[T.TAYLOR]

Governments fear of bitcoin which is the major thing leading to the increased regulation of bitcoin and other cryptocurrencies. This won't change in the short term, because governments fear that their economy might get affected due to usage of bitcoin. If each and every government give support similar to that of Japan surely now it could have reached above $30000 by now.

[taranbam]

Because bitcoin can not be controlled, it does not lend itself to state manipulation, even though it is influenced by the general policy of the countries. Bitcoin is able to destroy any state currency - in my opinion this is a strong reason not to trust this system

[Afobaje48]

I will advise for all government to go for Bitcoin it help in future

[Jessica1234]

Why, until now, government all over the world still doesn't trust bitcoin?

Some government of different countries don't trust bitcoin but not all. Japan and some european contries support bitcoin.

Bitcoin is still young and blooming. Let's just wait for them to understand it.

[littlepig92]

I hope in the near future the government will have a more positive view on the bitcoin, trusting and creating momentum for bitcoin development.

[lehamay]

Bitcoin is not easy to control. It is not created by any central bank nor regulated by any government. Regular people still don't understand Bitcoin and think of it as some kind of scam. Some countries understand that using bitcoin can improve the economy and some have not realized this.

[cah ndablek]

I think this country is still very worried if bitcoin can be bad for the future so that evaluation is needed to make the government and the population mutually beneficial and make the country can grow rapidly.

[uwouw0]

Because the government thinks bitcoin will disrupt the economy and the government thinks they can not control the bitcoin so that's why. But if the government that legalizes bitcoin I do not think it will think that way

[muhdede]

Why, until now, government all over the world still doesn't trust bitcoin?

Some government of different countries don't trust bitcoin but not all. Japan and some european contries support bitcoin.

Bitcoin is still young and blooming. Let's just wait for them to understand it.

perhaps because such a country uses a liberal government system that every individual or company is free to access external systems and information to form systems different from other countries. that's why European countries have implemented the Blockchain system

[Cryptocb]

Bitcoin has been function perfectly with out any government official needed, as other online transaction have been going on. Government should stay away from bitcoin, because bitcoin has created job opportunity to many youths in different countries, which government can not do.