possible government regulations?

[Slark]

About current political situation the US. I think Trump and his people are the best pro bitcoin establishment we had so far.
We can expect either pro bitcoin regulations or keeping status quo - which is not bad thing either.

I base my opinion on recent news that Trump hired known pro bitcoin investor Peter Thiel as part of his Presidential Transition Team:
https://www.cryptocoinsnews.com/donald-j-trump-bitcoin-peter-thiel/

[Yutikas_11920]

Correct me if I'm wrong anybody, but I believe the IRS wants you to put digital cyrpto currencies under taxable income if you have any type of significant amount of Bitcoin. Still, many people do not do this. It's a light governmental regulation, but nonetheless, it's a regulation.

Who knows, this may happen if the government agree bitcoin as centralized currency and centralized medium of money transaction. But bitcoin organization and miners will not allow this to happen as I know, because they are people get affected because of your mentioned future scheme in tax

To do it all then I think the Government also requires the confidential data in the bitcoin so they could freely to create a program that is the best and they could accept bitcoin as a whole. I think it is indeed something very fun and will give you a very good impact if all States accept bitcoin, subject to paying taxes. just wait for the future about this, hopefully very fun

[tee-rex]

Correct me if I'm wrong anybody, but I believe the IRS wants you to put digital cyrpto currencies under taxable income if you have any type of significant amount of Bitcoin. Still, many people do not do this. It's a light governmental regulation, but nonetheless, it's a regulation.

Who knows, this may happen if the government agree bitcoin as centralized currency and centralized medium of money transaction. But bitcoin organization and miners will not allow this to happen as I know, because they are people get affected because of your mentioned future scheme in tax

How can government agree to accept Bitcoin as a centralized currency if Bitcoin is a decentralized currency itself? Maybe, you wanted to say that government could agree to accept Bitcoin as a universal means of payment, along with their local currency? But why would miners ever want to prohibit this, and how could they actually prevent this even if they disliked such acceptance by government?

I think every miner would be glad if governments treated Bitcoin like currencies they issue.

[Dudeperfect]

In as much as we are happy that the popularity of Bitcoin is getting larger and larger and corporations coupled with countries are getting interested in what is happening in cryptoworld, then I tell you the regulation is coming and its closer than it seems. Because I tried registered on some exchange sites for trading, for verification alone that have taken away my anonymity in which Bitcoin rests upon that even when the regulation is not high. Maybe when its fully here, even this forum might start asking for KYC but hopefully the advantages will outweigh the cost.

I partly agree with you, I think governments will put regulations only if they find that bitcoin is being used for illegal purpose and the most common reason is tax evasion. Governments can just put ban bitcoin and other crypto currencies on the grounds of law but they cannot stop growth of bitcoin completely because bitcoin was developed with the encryption technology and it’s almost near to impossible to crack it.

[jondeen707]

The best case scenario would be if governments just tax whatever you are actually earning in bitcoin, but not regulate the Bitcoin's ecosystem. That looks like what the US government is doing with bitcoin license being one major exception.

Yes, regulating bitcoin usage as an illegal is not practically possible for any government as it would be too hard for them to stop people using bitcoins. We do here people from bitcoin banned countries are still using/saving bitcoins.

Still, taxes on bitcoin will be only possible when people are encashing it, when a bitcoiner spends bitcoin definitely does not need to pay taxes as using bitcoins is always possible by keeping his anonymity.

I think the weakest link in the Bitcoin chain is miners. Mining, and I mean real mining which involves large scale mining farms, is not like your online business which is hard to find but easy to hide. Such mining always has some physical presence, so the authorities could just levy taxes on every coin people are going to mine, and that would basically mean that all new bitcoins will be taxed.

Well, that could surely happen, but I still strongly doubt it's happening any time soon. China's stance has been quite favorable towards bitcoin all in all.

[Gyfts]

Correct me if I'm wrong anybody, but I believe the IRS wants you to put digital cyrpto currencies under taxable income if you have any type of significant amount of Bitcoin. Still, many people do not do this. It's a light governmental regulation, but nonetheless, it's a regulation.

I think you already have to pay it to government however it's an anonymous coin, you can hide and be happy.
There's a lot of thing in bitcoin that government hate, they have no control about it.

It wasn't until around 2014(?) till they added the regulation into the tax code somewhere. I only heard about it until last year that some of the big Bitcoin companies pay huge taxes on their income. This would include individual people to put Bitcoins they own when they file their taxes. To your point though, many people don't report them.

[deisik]

In as much as we are happy that the popularity of Bitcoin is getting larger and larger and corporations coupled with countries are getting interested in what is happening in cryptoworld, then I tell you the regulation is coming and its closer than it seems. Because I tried registered on some exchange sites for trading, for verification alone that have taken away my anonymity in which Bitcoin rests upon that even when the regulation is not high. Maybe when its fully here, even this forum might start asking for KYC but hopefully the advantages will outweigh the cost.

I partly agree with you, I think governments will put regulations only if they find that bitcoin is being used for illegal purpose and the most common reason is tax evasion. Governments can just put ban bitcoin and other crypto currencies on the grounds of law but they cannot stop growth of bitcoin completely because bitcoin was developed with the encryption technology and it’s almost near to impossible to crack it.

Dollars and other major fiat currencies are used for illegal activities on a significantly larger scale than Bitcoin, and tax evasion would look really pale in comparison with some of these activities. But I haven't heard that any government was going to ban its national currency just because it is being used by criminals. Ready money, otherwise known as cash, beats Bitcoin hands down in this respect. It doesn't leave a perpetual trace in some ledger like Bitcoin blockchain, it doesn't need Internet to function, and pretty big sums can be packed in hand bags and cases. On the other hand, the encryption technology that Bitcoin uses was developed by the NSA itself...

That is, by the National Security Agency of the United States, for those unfamiliar with the abbreviation

[Barbut]

I'm sure that governments will try to make some regulations. Bitcoin progress attracted big players and everyone like to make profit, and best profit is when you control something.
For me its just a question of time when we will see that, its been very quite for some time, big plans are made in secret just in one moment we will see explosion and we will ask ourselves where is that coming from.

[South Park]

A law like does not seem to be necessary since any income you have is supposed to be declared to the tax office in your country even if you end up paying no tax you must inform of all your income.

That is true. What I do not like with government sometimes is that they are making the citizens as a milking cow. They are always thinking how to get money the populace. Goverment may have a good intention but not now.

Most governments treat their citizens as nothing more than a natural resource to exploit and taking advantage of, it is unfortunate but it is the sad truth.

[deadsilent]

Here in my country, they will terminate all of the online casinos soon be implemented. But people will always find ways to play online casinos. But so far theres no law that prohibits from using bitcoin here. You can use bitcoin freely here and hope it will not change. Bitcoin here is not that poplular. Only few people knows bitcoin. So the government is not that serious about adding some rules about using bitcoin.

[X-ray]

Here in my country, they will terminate all of the online casinos soon be implemented. But people will always find ways to play online casinos. But so far theres no law that prohibits from using bitcoin here. You can use bitcoin freely here and hope it will not change. Bitcoin here is not that poplular. Only few people knows bitcoin. So the government is not that serious about adding some rules about using bitcoin.

some U.S states had made online casino illegal but the people still showing up somewhere on the site,even their access had blocked to such kind of site but they still can bypass it,i guess there's always a way,but if the government are doing it for the sake of their citizens' goodness,then it's fine i guess

[mirakal]

Here in my country, they will terminate all of the online casinos soon be implemented. But people will always find ways to play online casinos. But so far theres no law that prohibits from using bitcoin here. You can use bitcoin freely here and hope it will not change. Bitcoin here is not that poplular. Only few people knows bitcoin. So the government is not that serious about adding some rules about using bitcoin.

some U.S states had made online casino illegal but the people still showing up somewhere on the site,even their access had blocked to such kind of site but they still can bypass it,i guess there's always a way,but if the government are doing it for the sake of their citizens' goodness,then it's fine i guess

It was because of bitcoin where we are not able to gamble easily, before some license gambling sites operates outside US to continue their business but since the trend now is online gambling, it is already easy for us to gamble anytime as they are operating 24 hours a day.

[Aamir1]

I'm sure that governments will try to make some regulations. Bitcoin progress attracted big players and everyone like to make profit, and best profit is when you control something.
For me its just a question of time when we will see that, its been very quite for some time, big plans are made in secret just in one moment we will see explosion and we will ask ourselves where is that coming from.

Well, it may look like bitcoin is really attracting big players but i don't think that would be the case with governments as they would never like their countries economic or financial system to be out of their control and if bitcoin is admired by them that is surely going to happen.

[freedomgo]

Here in my country, they will terminate all of the online casinos soon be implemented. But people will always find ways to play online casinos. But so far theres no law that prohibits from using bitcoin here. You can use bitcoin freely here and hope it will not change. Bitcoin here is not that poplular. Only few people knows bitcoin. So the government is not that serious about adding some rules about using bitcoin.

some U.S states had made online casino illegal but the people still showing up somewhere on the site,even their access had blocked to such kind of site but they still can bypass it,i guess there's always a way,but if the government are doing it for the sake of their citizens' goodness,then it's fine i guess

It was because of bitcoin where we are not able to gamble easily, before some license gambling sites operates outside US to continue their business but since the trend now is online gambling, it is already easy for us to gamble anytime as they are operating 24 hours a day.

I agree with your statement, because of bitcoin I do not need to go to casino, I just sit in front of my computer and I am good to go and it's anonymous.

I'm sure that governments will try to make some regulations. Bitcoin progress attracted big players and everyone like to make profit, and best profit is when you control something.
For me its just a question of time when we will see that, its been very quite for some time, big plans are made in secret just in one moment we will see explosion and we will ask ourselves where is that coming from.

Well, it may look like bitcoin is really attracting big players but i don't think that would be the case with governments as they would never like their countries economic or financial system to be out of their control and if bitcoin is admired by them that is surely going to happen.

Whatever there decision is, it should be for the benefit of everybody especially the bitcoin holders.

[South Park]

Here in my country, they will terminate all of the online casinos soon be implemented. But people will always find ways to play online casinos. But so far theres no law that prohibits from using bitcoin here. You can use bitcoin freely here and hope it will not change. Bitcoin here is not that poplular. Only few people knows bitcoin. So the government is not that serious about adding some rules about using bitcoin.

some U.S states had made online casino illegal but the people still showing up somewhere on the site,even their access had blocked to such kind of site but they still can bypass it,i guess there's always a way,but if the government are doing it for the sake of their citizens' goodness,then it's fine i guess

I disagree a little bit with this, I understand of the governments need to take decisions about what is best for society, but I think that gambling is more a moral issue than anything so I don't like the idea of a government doing those decisions for me.

[deisik]

Here in my country, they will terminate all of the online casinos soon be implemented. But people will always find ways to play online casinos. But so far theres no law that prohibits from using bitcoin here. You can use bitcoin freely here and hope it will not change. Bitcoin here is not that poplular. Only few people knows bitcoin. So the government is not that serious about adding some rules about using bitcoin.

some U.S states had made online casino illegal but the people still showing up somewhere on the site,even their access had blocked to such kind of site but they still can bypass it,i guess there's always a way,but if the government are doing it for the sake of their citizens' goodness,then it's fine i guess

I disagree a little bit with this, I understand of the governments need to take decisions about what is best for society, but I think that gambling is more a moral issue than anything so I don't like the idea of a government doing those decisions for me.

Personally, I wouldn't consider gambling as a moral issue (rather purely psychological one), though I see what you mean. It is very much like alcohol, which was prohibited in many countries for some years in different periods. But then the laws banning it were ultimately repealed in most cases since they only led to the growth in crime rates connected with the clandestine production and sale of counterfeit alcohol. In short, such laws caused more harm themselves than prevented...

And I'm inclined to think that gambling fits well into this pattern

[Catlonid]

possible government regulations?

I think bitcoin will also affect the economy of a country. therefore if bitcoin make economy become the worse, the government certainly prohibit bitcoin and vice versa if bitcoin make an economy profit so the government will support a bitcoin remain.

[Dudeperfect]

In as much as we are happy that the popularity of Bitcoin is getting larger and larger and corporations coupled with countries are getting interested in what is happening in cryptoworld, then I tell you the regulation is coming and its closer than it seems. Because I tried registered on some exchange sites for trading, for verification alone that have taken away my anonymity in which Bitcoin rests upon that even when the regulation is not high. Maybe when its fully here, even this forum might start asking for KYC but hopefully the advantages will outweigh the cost.

I partly agree with you, I think governments will put regulations only if they find that bitcoin is being used for illegal purpose and the most common reason is tax evasion. Governments can just put ban bitcoin and other crypto currencies on the grounds of law but they cannot stop growth of bitcoin completely because bitcoin was developed with the encryption technology and it’s almost near to impossible to crack it.

Dollars and other major fiat currencies are used for illegal activities on a significantly larger scale than Bitcoin, and tax evasion would look really pale in comparison with some of these activities. But I haven't heard that any government was going to ban its national currency just because it is being used by criminals. Ready money, otherwise known as cash, beats Bitcoin hands down in this respect. It doesn't leave a perpetual trace in some ledger like Bitcoin blockchain, it doesn't need Internet to function, and pretty big sums can be packed in hand bags and cases. On the other hand, the encryption technology that Bitcoin uses was developed by the NSA itself...

That is, by the National Security Agency of the United States, for those unfamiliar with the abbreviation

I can understand it sir but every government has its own currency and they will never ban it completely but on the other hand bitcoin is anonymous currency and deemed to be a foreign currency (which is not local currency) so there is no hassle for the government to take action on other currencies.
Yes, encryption is used by NSA and similar organizations but again, it’s backed by government but anyone using this technology against government (to evade tax) then any government will not entertain it.

[dothebeats]

I see that the main concern of the governments is to tax bitcoin and try to find a way to get a hold of it or at least get the least bit of authority or control over it. So as I see it, any gains made with bitcoin would be considered as a capital gain, which would then be subject to be taxable. Also, if the government goes batshit crazy, they would ask you to sign up your name at a single bitcoin address so that you won't be able to evade taxes that they impose.

[deisik]

In as much as we are happy that the popularity of Bitcoin is getting larger and larger and corporations coupled with countries are getting interested in what is happening in cryptoworld, then I tell you the regulation is coming and its closer than it seems. Because I tried registered on some exchange sites for trading, for verification alone that have taken away my anonymity in which Bitcoin rests upon that even when the regulation is not high. Maybe when its fully here, even this forum might start asking for KYC but hopefully the advantages will outweigh the cost.

I partly agree with you, I think governments will put regulations only if they find that bitcoin is being used for illegal purpose and the most common reason is tax evasion. Governments can just put ban bitcoin and other crypto currencies on the grounds of law but they cannot stop growth of bitcoin completely because bitcoin was developed with the encryption technology and it’s almost near to impossible to crack it.

Dollars and other major fiat currencies are used for illegal activities on a significantly larger scale than Bitcoin, and tax evasion would look really pale in comparison with some of these activities. But I haven't heard that any government was going to ban its national currency just because it is being used by criminals. Ready money, otherwise known as cash, beats Bitcoin hands down in this respect. It doesn't leave a perpetual trace in some ledger like Bitcoin blockchain, it doesn't need Internet to function, and pretty big sums can be packed in hand bags and cases. On the other hand, the encryption technology that Bitcoin uses was developed by the NSA itself...

That is, by the National Security Agency of the United States, for those unfamiliar with the abbreviation

I can understand it sir but every government has its own currency and they will never ban it completely but on the other hand bitcoin is anonymous currency and deemed to be a foreign currency (which is not local currency) so there is no hassle for the government to take action on other currencies

In many jurisdictions (for example, in the US), the income earned from foreign currency conversion is taxed. I guess we can safely assume that there are people who don't want to pay this tax, and that would be illegal and punishable. Does this justify banning foreign currencies from circulation? There is no such evidence. In fact, in many developing countries the circulation of foreign currencies is either limited or outright banned. Because people would stick to dollars, pounds, euro, or whatever currency which is known to keep its purchasing power over time (more or less) instead of using a local currency, which might get devalued every other day...

So why would governments want to ban bitcoin just because someone is trying to evade taxes if they consider Bitcoin as a foreign currency?