Bitcoin and governments

[setifien19]

Hi btkers , discussion about the relationship between governments and cryptocurrencies.
Why don't governments officialise the use of cryptocurrencies .
Can these cryptocurrencies affect countries economy?

[n4poleon]

It is already affecting economies, when government officials are using cryptocurrencies for personal reasons they don't have tell to anybody. Cryptocurrencies in general are for financial inclusion so it is free for everyone to use it. And It may transpire as a defeat from their end when governments opt to using cryptocurrencies and they'll never accept defeat.

[wearepoor]

Hi btkers , discussion about the relationship between governments and cryptocurrencies.
Why don't governments officialise the use of cryptocurrencies .
Can these cryptocurrencies affect countries economy?

Many countries government have already started the studies for the possibilities of regularizing the bitcoins. As the bitcoin is decentralized currency, there is no control of any government which is the main problem for the government approval. There is also fear among the governments regarding parallel economy which has no control of government.

[malikusama]

Government don't want that their people use a decentralized currency with anonymous transactions because government can't keep an eye on the money of public and there will be also taxation issues. Many countries have already legalized bitcoin but they regulated it first. Yes they can strongly affect the economy of a country if majority of the people in a country use them.

[Janation]

Hi btkers , discussion about the relationship between governments and cryptocurrencies.
Why don't governments officialise the use of cryptocurrencies .
Can these cryptocurrencies affect countries economy?

I think they don't want to legalize bitcoin because they don't want people to use this digital currency in their country. We all know that bitcoin is not stable, it is volatile because it changes it's price every single minute. Think of it, if the government accepts this, it will greatly affect the economy of one's country. Maybe it will be accepted as a payment but more than that, it won't.

[setifien19]

Hi btkers , discussion about the relationship between governments and cryptocurrencies.
Why don't governments officialise the use of cryptocurrencies .
Can these cryptocurrencies affect countries economy?

I think they don't want to legalize bitcoin because they don't want people to use this digital currency in their country. We all know that bitcoin is not stable, it is volatile because it changes it's price every single minute. Think of it, if the government accepts this, it will greatly affect the economy of one's country. Maybe it will be accepted as a payment but more than that, it won't.

Logic analysis ... 😉😉

[YuginKadoya]

Hi btkers , discussion about the relationship between governments and cryptocurrencies.
Why don't governments officialise the use of cryptocurrencies .
Can these cryptocurrencies affect countries economy?

I think they don't want to legalize bitcoin because they don't want people to use this digital currency in their country. We all know that bitcoin is not stable, it is volatile because it changes it's price every single minute. Think of it, if the government accepts this, it will greatly affect the economy of one's country. Maybe it will be accepted as a payment but more than that, it won't.

Bitcoin surely is centralize it is uncontrollable but secure, not even the government has an authority over it but the government can surely implement a tax over transaction with it, simply some government would want bitcoin to be legalize in their country and some are not there are different things that some are thinking about how bitcoin will affect their country on how they will surely earn towards bitcoin and how their economy will be save by it, and I think it depend on what situation a country would legalize bitcoin there is a lot of aspect that they surely consider.

[Jet Cash]

Governments have been using virtual currencies ever since they allowed fractional reserve banking. All Bitcoin has done is to decentralise virtual currencies. It has also shown governments a way to dump their old toxic debt at the expense of the taxpayer, and to create a new cashless currency under their control.

[Skieleton]

All indications are that, in the wake of Japan and South Korea, the European Union is also in the process of regulating cryptocurrency. For now, it is less about granting them money status, and more about imposing obligations related to the identification of customers to the stock exchanges and other entities that turn cryptocurrency.

[SirgulioB]

The government does not care what you use, the main thing is to monitor your money and get taxes. Bitcoin does not interfere with this on its own.

[nrvasquez]

Government don't want that their people use a decentralized currency with anonymous transactions because government can't keep an eye on the money of public and there will be also tax issues. Many countries have already legalized bitcoin but they regulated it first. Yes they can strongly affect the economy of a country if majority of the people in a country use them.

Yes, this is because no one is able to cope with the transactions that occur, even the government even though it will be difficult to keep track of who is doing the transaction and with such, the government is difficult to decide how much tax must be paid by someone.

[mondobitcoin]

Hi btkers , discussion about the relationship between governments and cryptocurrencies.
Why don't governments officialise the use of cryptocurrencies .
Can these cryptocurrencies affect countries economy?

I think that governments cant officialise cryptomoney because they are without any tracking and trace, and goverments need have control of what are you doing
If you pay with your bank, there are all informations of you, if you pay with crypto there arent any information
And crypto transactions cant be used for demonstrate legal affair/deals

[AK47-]

Where Bitcoin is legal, Government has already officially allowed its usage in the country. But where it is not yet made legal or illegal, Governments are more concerned about a decentralized currency gaining a major part in financial landscape that in turn can effect the economy. Bitcoin is uncontrollable by any central organisation, is hard to tax(there are numerous ways of evading tax), is highly volatile and for most of the part is anonymous. These all factors are not suitable for a dominant national currency. So, they can't really support it or propagate it to make it more popular.

[osmo]

I think the government does not authorize crypto probably because crypto is not the same as money and not physical, in fact in many crypto countries still not yet legal unlike money because a country can not regulate the circulation of crypto.

[GreenBits]

Hi btkers , discussion about the relationship between governments and cryptocurrencies.
Why don't governments officialise the use of cryptocurrencies .
Can these cryptocurrencies affect countries economy?

Sweet Jesus yes. Bitcoin is pretty much the literal antithesis of Fiat. Besides the lack of centralization, and it's deflationary nature, the pseudo anon nature is probably the kicker. Bitcoin enables capital flight; no gov wants that. They can't effect the protocol in a meaningful way, and a fair amount of criminality has attached itself to bitcoin because of the aforementioned points. Govs don't really have a reason to like bitcoin, it doesn't really jive for what has been pushed as sound monetary policy up to this point.

But, bitcoin is still a bit undercapitalized as far as subverting a nations fiat. Maybe a teeny, tiny country

[mobnepal]

Quick answer to this is because bitcoin transactions can't be monitored or controlled by government authorities and they can't stop money laundering with bitcoin.

But there are lots of other hidden agenda governments/big banks have which can be affected by introduction of bitcoin. Many countries have legalized the use of bitcoin but it is still not accepted as official currency like other fiat.

[coolcoinz]

Government don't want that their people use a decentralized currency with anonymous transactions because government can't keep an eye on the money of public and there will be also tax issues. Many countries have already legalized bitcoin but they regulated it first. Yes they can strongly affect the economy of a country if majority of the people in a country use them.

Bitcoin's transactions aren't anonymous! They only seem to be anonymous, but you can track every single coin and at some point somebody will have to exchange it for fiat or goods. At this point he will become a target if somebody decides to put enough effort into finding him. Cash is more anonymous and almost impossible to track.
Governments are trying to ignore it for now because they don't need it. They have their currency that works and implementing unstable Bitcoin would mean a lot of work.

[cryptworld]

Governments and big World Banks will make their own coin or something like that. They don't like cryptos because profit isn't going to theirs pockets.

[BTCdoaA]

Hi btkers , discussion about the relationship between governments and cryptocurrencies.
Why don't governments officialise the use of cryptocurrencies .
Can these cryptocurrencies affect countries economy?

it is not that easy for government to accept cryptocurrencies anytime soon in official way because the idea of crpto against some regulations made by them , at every country government need to control money resources and weapons which is not possible in our worlds .  

[Reid]

It will take down everything they worked hard for and their grand grand fathers.
Fiat money or let us make USA as an example which is using the USD. It is their history and we know how patriotic every country is. With that, changing their currency is like just demolishing their own patriotism. The paper money tells their heroes or great presidents and should mot be stepped down.