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Author Topic: What country do you think will recognize Bitcoin as an official currency?  (Read 1926 times)
dvyanc
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October 02, 2017, 09:07:28 AM
Last edit: January 15, 2018, 03:51:54 AM by dvyanc
 #1

I think for bitcoin to be a real currency, government have to accept it first.

So I ask what country do you think will recognize it as a currency?

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October 02, 2017, 03:45:28 PM
 #2

I think for bitcoin to be a real currency, government have to accept it first.

So I ask what country do you think will recognize it as a currency?

Bitcoin is indeed a real currency.  There are countries who are moving in positive direction of recognizing bitcoin as currency. For that matter Japan has already recognized bitcoin as currency. [1]
Russia is also trying to get hold of bitcoin. One big problem with the bitcoin as currency acceptance is bitcoins nature of decentralized. This lack of control is something bothering govts to act against bitcoin or trade water safely.

[1] http://www.newsbtc.com/2017/04/02/japan-officially-recognises-bitcoin-currency-starting-april-2017/
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October 02, 2017, 03:54:32 PM
 #3

What is your definition of currency? Japan already accepts Bitcoins as a legal form of payment, though that may not fit your definition completely. No country has really come close to that as far as I know.
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October 02, 2017, 03:57:18 PM
 #4

That is a massive turn of events in one country if they will truly use bitcoin as their main currency. It will be like deleting their history from the paper money that they have been used to.
I always think of it as a payment option but not the main one. But if this will happen then it can only be Japan who can answer to this kind of change. The technology that they have could deal with bitcoin ATM's and other stuff that will deal with bitcoin.

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October 02, 2017, 04:11:15 PM
 #5

No country will do this. Any currency must have its projected course. If the national Bank recognizes the foreign currency then there should be the exchange rate and all banks which have a license to operate in the country should take for a bitcoin exchange. How do you imagine banks will update the price. In my country the price of the national Bank shall appoint 1 times a day. Commercial banks have the right to change the price only by 5%. No cryptocurrency can not meet this requirement.
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October 02, 2017, 04:27:16 PM
 #6

I think for bitcoin to be a real currency, government have to accept it first.

So I ask what country do you think will recognize it as a currency?

Bitcoin is indeed a real currency.  There are countries who are moving in positive direction of recognizing bitcoin as currency. For that matter Japan has already recognized bitcoin as currency. [1]
Russia is also trying to get hold of bitcoin. One big problem with the bitcoin as currency acceptance is bitcoins nature of decentralized. This lack of control is something bothering govts to act against bitcoin or trade water safely.

[1] http://www.newsbtc.com/2017/04/02/japan-officially-recognises-bitcoin-currency-starting-april-2017/

I doubt that Russia will adopt bitcoin. For me they are anti crypto-currency. And all the things that they have said for bitcoin and crypto is always changing. So I bet that they are really against any crypto for now.
Its legal tender in Japan. But its not their official currency. It is still Yen. And for that matter, I doubt that any country would make bitcoin their official currency. Its decentralized, volatile. The government or Central Banks of any country don't want any of that nature because its can really affect them financially. They want something that is stable and can be control.

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October 02, 2017, 04:27:39 PM
 #7

No country will Smiley . All the countries will trust their own currency rather then depending on a currency whose price fluctuates a lot and even takes alot of time to confirm sometimes . So why to use such a currency when every country has its own well established currency
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October 02, 2017, 04:36:18 PM
 #8

I think for bitcoin to be a real currency, government have to accept it first.

So I ask what country do you think will recognize it as a currency?

I believe Japan and Australia is having the legal status for bitcoin in their regulatory system and they are being used mode of payment everywhere.

If you are thinking that currency means actual currency where bitcoin will replace the traditional currency then I'm sure no government will allow that. It will not be just possible to change the traditional currency which people are using since couple of hundreds years and that too so close to everyone that they will never accept new form of currency. May be that's why government won't go off the track.
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October 02, 2017, 04:52:35 PM
 #9

I thinks bitcoin will be more than a currency. Currency is a system of money in general use in a particular country. Since bitcoin can use in different countries. It would be more than that. Mostly like a gold which is recognize around the world because of its importance.

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October 02, 2017, 05:04:38 PM
 #10

Maybe in the future bitcoin is not known as currency, but it will be known as a tool to transact on the internet and in the real world, because the use of bitcoin is very flexible and very simple too fast. I do not expect bitcoin to be known as currency, but I hope bitcoin is known as a legitimate means of transactions around the world.

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October 02, 2017, 05:12:22 PM
 #11

It's Autraslia. I can give you a quote to improve this : " Lawmakers in Australia are reportedly pushing for the recognition of bitcoin as an official currency. According the Sydney Morning Herald, representatives from the country's centre and left-leaning political parties are behind the ambitious initiative, one that comes amid a broader call for the government to better accommodate blockchain technology and its evangelists."
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October 02, 2017, 05:17:58 PM
 #12

I would class a currency as something anyone would be willing to accept. I'm not very interested in whether government accepts it. You can't buy your morning coffee with treasury bonds.

There are examples of local government looking into accepting it. There's a canton in Switzerland doing that and a few US states have proposed it for paying state taxes. As ever, all they'd be doing is converting it so you're using BTC in the same way as a debit card which doesn't really qualify as accepting it.

I don't think a national government would ever give it that level of endorsement.

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October 04, 2017, 11:59:54 AM
 #13

I think for bitcoin to be a real currency, government have to accept it first.

So I ask what country do you think will recognize it as a currency?
This will only be in anyone's wildest dream if they think any government will decide to use bitcoin as official currency. The highest that will happen is for it to be adopted and also used as a means of payment alongside the normal currency which is still not a bad idea.

I do not see how such situation of using as an official currency can easily play out. However, some few countries are already shifting gear towards its adoption while some already have declared their interest.
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October 04, 2017, 12:54:37 PM
 #14

Official currency means a currency that's accepted by the government fully and all the transaction and everything that takes place in that country are through that currency only.
Quite frankly changing a currency takes a lot of time, documents , signature of various authorities and many more legal works as required by the government that we Don't even know about.
Firstly this action needs to be passed through multiples tires of the government and I doubt if every single one of them would agree to pass it, also for any commodity for the use of that bitcoins as currency you will also need to talk with the companies and ask them to write...0.00002 btc on the back of the chocolate that they make and it will be very hectic...the chocolate is today for 1 dollar oh no tomorrow it is for 5 dollars... Idk if you are getting it or not but.. thats practically impossible.
They can recognize it and make it legal but not use it as an official currency.



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October 04, 2017, 01:17:20 PM
 #15

I think for bitcoin to be a real currency, government have to accept it first.

So I ask what country do you think will recognize it as a currency?

Haven't Japan already done that? I believe bitcoin is accepted as legal tender in Japan, so it has to be recognized as a currency in order to have that status. So I think your question was already answered by Japan government. Although they are the most evolved when it comes to bitcoin regulation, I think bitcoin can already be used as a payment in many other countries as well.

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October 04, 2017, 01:42:53 PM
 #16

I think for bitcoin to be a real currency, government have to accept it first.

So I ask what country do you think will recognize it as a currency?

Bitcoin is indeed a real currency.  There are countries who are moving in positive direction of recognizing bitcoin as currency. For that matter Japan has already recognized bitcoin as currency. [1]
Russia is also trying to get hold of bitcoin. One big problem with the bitcoin as currency acceptance is bitcoins nature of decentralized. This lack of control is something bothering govts to act against bitcoin or trade water safely.

[1] http://www.newsbtc.com/2017/04/02/japan-officially-recognises-bitcoin-currency-starting-april-2017/

I doubt that Russia will adopt bitcoin. For me they are anti crypto-currency. And all the things that they have said for bitcoin and crypto is always changing. So I bet that they are really against any crypto for now.
Its legal tender in Japan. But its not their official currency. It is still Yen. And for that matter, I doubt that any country would make bitcoin their official currency. Its decentralized, volatile. The government or Central Banks of any country don't want any of that nature because its can really affect them financially. They want something that is stable and can be control.
In every country has their own standard currency I don't think that BTC is become their legal tender,but once BTC is recognizes it has a exchange value in different currency worldwide it will compete any currency in the world.

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October 04, 2017, 04:46:41 PM
 #17

Japan, Canada, South Korea, Philippines and some democratic countries, some of them already recognize it and some have doubts, the majority are all bitcoin free countries that have some regulation in terms of the ICO and some exchanges as the fraud and criminality are vulnerable because btc is the currency of anomity. To accept it as a real currency, the government should make a regulation or a system without compromising the primary attributes of the bitcoin by making the it safer and efficient to use as the criminals will tend to use it for their illegal transaction.

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October 04, 2017, 05:03:11 PM
 #18

I think for bitcoin to be a real currency, government have to accept it first.

So I ask what country do you think will recognize it as a currency?
If bitcoin can a real currency there many government who accept and they recognize bitcoin but there are many countries who did not recognize bitcoin one of one currency in all world
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October 04, 2017, 05:05:03 PM
 #19

I think for bitcoin to be a real currency, government have to accept it first.

Yes, very well said. They have to recognize it first before declaring it as a real currency just to show their support and interest to bitcoin for the public.

So I ask what country do you think will recognize it as a currency?

No one knows and this is impossible to happen, there will be no country that is interested of replacing their very own local currency in exchange for a decentralized cryptocurrency. That will be a risky market and economy for a country that will do that.


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October 04, 2017, 05:16:57 PM
 #20

I think for bitcoin to be a real currency, government have to accept it first.

So I ask what country do you think will recognize it as a currency?
Bitcoin is actually a real but digital currency. Why do you think that government should accept bitcoin for it to become real currency? As long as we use it as a form of paying for goods, it is a "currency".  Japan recognizes bitcoin as a legal payment method, and other countries will soon follow.


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