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Author Topic: D.C. Financial Services Law: Bitcoin is a form of money  (Read 170 times)
spike420211
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August 22, 2020, 03:32:01 PM
 #21

On the one hand, the news is good as bitcoin is gaining legal status.
On the other hand, everything that has a legal status should be regulated. If bitcoin is money, then it must be regulated in some way.

The question is how they are going to do it or they will simply determine its status legally on the occasion.

This is also partially good for me. At least the legal recognition that Bitcoin is indeed money is there. It's a good start. It may bring together with it some regulations but those regulations are part of legal recognition. There is no getting away with those. It's either you will not be recognized at all or be recognized and regulated at the same time.

What do you mean how they will do it?

I mean the fact that their recognition is only local. Bitcoin can be called international over the state currency. It is everywhere.
The fact that it was relatively accepted in the United States only means something for the people of the United States but not for the rest of the world.
If the whole world completely legalizes bitcoin, then the United States will have problems, because they will have to make a decision and vice versa.

In addition, it is not so easy to regulate bitcoin; it does not carry with it any informational data regarding the identity of the owner.
It cannot be locked unless it is on a platform you manage, so it is difficult to call it managed.

How to regulate what is not manageable?

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August 22, 2020, 05:07:54 PM
 #22

It might be money but it will never be the government's money. It was issued by us the people. They cannot subject it to any laws. We can simply choose to reject fiat and use crypto. They can't touch us.

Why does anyone even care what America thinks? America hates its own people all hell is breaking loose there. Their police force it out of control and there is so much racism. They cannot agree on anything and are cut right in the middle. They elected Trump. Do I really have to go on?

To the goverment if you not using USD you are a criminal. They are the criminals. America should keep their problems to themselves. They sensationalize and exxagerate everything.

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August 23, 2020, 01:25:11 PM
 #23

yes, bitcoin should be considered as money that can be used as a medium of exchange, but at this time there are still many countries that do not use bitcoin as a means of exchange. some countries use bitcoin only for profit by way of trading and investing and not for use as money or a medium of exchange. I hope that in the future Bitcoin can be used like money so that I can buy something with bitcoin in any country.

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September 08, 2020, 08:16:42 PM
 #24

BTCBTC Now we (bitcoin) are officially called money,  Smiley...

We can compete with fiat now though it would take a lot of time before the world will completely rely on cashless system.
I'm wondering, what are the countries who declare bitcoin as a property? Maybe they can change that decision and declare bitcoin as money so there will be a uniform treatment when it comes to taxing it.
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