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Author Topic: Legalizing Bitcoin  (Read 5327 times)
shamzblueworld
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October 28, 2017, 06:43:44 PM
 #1

So in the most countries, bitcoin is neither declared legal or illegal. In some it is declared illegal and some are actually allowing it and also promoting their own alts.
So what would a government needs to do to regulate bitcoin in the country? And how can a government actually benefit from legalizing bitcoin in the country? How can it actually support the economic system of the country. 
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yinyangwinwang
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October 28, 2017, 07:23:49 PM
 #2

So in the most countries, bitcoin is neither declared legal or illegal. In some it is declared illegal and some are actually allowing it and also promoting their own alts.
So what would a government needs to do to regulate bitcoin in the country? And how can a government actually benefit from legalizing bitcoin in the country? How can it actually support the economic system of the country. 

To regulate you need to write laws and legislation in regard to bitcoin and that wouldnt be hard. What would be difficult is how a country stands to benefit from legalizing bitcoin and the main thing I can think of is taxation.

Not only do you tax people who make money from bitcoin which would be another revenue stream that was not their prior but you also tax bitcoin how you tax regular transactions. For instance if you buy a sandwich for $10

and 3% of that goes to tax when paying with fiat (0.30$) then you do the same tax scheme for bitcoin. When a shop accepts bitcoin and you pay $10 for the same sandwich the country still gets the (0.30$). This way you

keep the status quo for taxation for goods and services while adding a layer of previously not had revenue in regards to taxing bitcoin capital gains.

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Dexter44
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October 28, 2017, 07:27:10 PM
 #3

There hasn't been a country who said that bitcoin is totally "illegal" those who made some regulations are China, Usa and probably the India, but they didnt said that bitcoin is ilegal, a regulation is something completely different. Just remember that China is not killing anyone just because using bitcoins, they are only shutting down some exchanges in their countries, but nothing more.
Bitcoin is legal in most countries all around the world.
gredisgold88
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October 28, 2017, 07:34:03 PM
 #4

legalizing cryptocurrency in country is a difficult, it depends on users cryptocurrency and bitcoin, "how cryptocurrency users participate in state regulation, and demands legalization, by judicative means.". cryptocurrency legalization statistics is very dynamic, and when you see some effort to start receiving bitcoin, it signifies the global elite has received bitcoin as a means of payment.

Terry05
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October 28, 2017, 07:43:49 PM
 #5

So in the most countries, bitcoin is neither declared legal or illegal. In some it is declared illegal and some are actually allowing it and also promoting their own alts.
So what would a government needs to do to regulate bitcoin in the country? And how can a government actually benefit from legalizing bitcoin in the country? How can it actually support the economic system of the country. 

1. In order to regulate the bitcoin, They need to pass a law which specifically to serve as a guide for the people regarding what is the do's and don't s.

2. after legalizing the bitcoin , the government will have the authority to monitor any transactions and they can able to determine and nabbed the person behind the suspicious or illegal transaction aim to fund terrorism activity. aside from that the government will be benefit also in putting tax on every bitcoin transactions which is very in-favor for the possible economic growth of a country.


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October 28, 2017, 08:28:40 PM
 #6

legalizing cryptocurrency in country is a difficult, it depends on users cryptocurrency and bitcoin, "how cryptocurrency users participate in state regulation, and demands legalization, by judicative means.". cryptocurrency legalization statistics is very dynamic, and when you see some effort to start receiving bitcoin, it signifies the global elite has received bitcoin as a means of payment.
Honestly there are many countries right now are legalized bitcoin like in brazil, paris, india , japan and here in philippines and i think there are more  country right now are using bitcoin locally and they are not experience of any problem using bitcoin as payment the only problem that i think  i can see in bitcoin is the price is not stable  and bitcoin transaction is anonymous but as bitcoin payment there is no problem using it..
So legalization is not difficult as you said..


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Akash1243
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October 28, 2017, 08:42:46 PM
 #7

I dont think so that in any government has banned bitcoins yet but there are some countries 's governments who support bitcoins and has legalised them and its prime example is Japan.Even China hadn't banned bitcoins but had banned few bitcoins exchanges.Well how government would be benefitted from bitcoins is i think is only from putting tax on bitcoins trading.
CoolSkeleton
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October 28, 2017, 08:48:49 PM
 #8

there are allways some ppl in government who want to get free money from us to their wallets, is this possible to make bitcoin transactions fully anonimus? becouse i'm pretty sure that russian politics are too greedy to not to stole some cryptocurrency for no real reason
jossiel
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October 28, 2017, 09:06:30 PM
 #9

So in the most countries, bitcoin is neither declared legal or illegal. In some it is declared illegal and some are actually allowing it and also promoting their own alts.
So what would a government needs to do to regulate bitcoin in the country? And how can a government actually benefit from legalizing bitcoin in the country? How can it actually support the economic system of the country. 

Regulating bitcoin in a country? That's possible if they are going to focus or if they will have a body or agency in their government to look into bitcoin focusing to transactions and everything about crypto.

And the benefits a country that it may get from bitcoin is having a good another source of income through taxation from the transactions and other crypto businesses.

A country that supports crypto will be showing interest to it's citizen and there will be no restriction except using it into illegal things. Look on how Japan accepted bitcoin, their gov't is supportive and the price did surge.

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October 28, 2017, 09:14:49 PM
 #10

I think until something is declared illegal it is legal. That's how the law works. People need to understand the difference between being legal and being a legal currency, a legal currency will mean that it has to be accepted within the country by law.

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October 28, 2017, 10:43:42 PM
 #11

there are allways some ppl in government who want to get free money from us to their wallets, is this possible to make bitcoin transactions fully anonimus? becouse i'm pretty sure that russian politics are too greedy to not to stole some cryptocurrency for no real reason

i think rusia country is ready regulate bitcoin same with japan
so if youre from rusia, use bitcoin without problem and safe
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October 28, 2017, 11:16:28 PM
 #12

I know legalizing bitcoin is the next step to be make by other countries as to support crypto. But facing the problem in terms of regulation  is take a long process to come-up a proper resolution and policy, since bitcoin is being decentralized. Having its anonymity can make the government into a big challenge for them.

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October 28, 2017, 11:49:05 PM
 #13

Legalizing bitcoin would be a very long process for common country, mainly because of law, legislation, banks and people. Every part of that should cooperate due to have new payment standart. For sure in European Union the country will probably need to ask the European Parliament for premission.
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October 29, 2017, 01:47:33 AM
 #14

So in the most countries, bitcoin is neither declared legal or illegal. In some it is declared illegal and some are actually allowing it and also promoting their own alts.
So what would a government needs to do to regulate bitcoin in the country? And how can a government actually benefit from legalizing bitcoin in the country? How can it actually support the economic system of the country. 

 The government should be  regulated bitcoin in order to have a benefits in terms of tax and to legalized all transaction in accordance of law.Bitcoin helps  a lot in terms of development in technology  it can give an unemployed person to have an earning ,if the government will accommodate and legalize  bitcoin more & more people will benefited and & the economy of our country will continue rising .
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October 29, 2017, 01:51:10 AM
 #15

Do we really want the governments to regulate bitcoin though? I thought the point of bitcoin was that it was money for the people, decentralized, and that no one had control over it.
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October 29, 2017, 02:00:32 AM
 #16

I do not know if government will regulates bitcoin, for now theres no law in digital currency that is why this is open for all people but there are some country already banned bitcoin because they only know this is a scam and make ruin their economy anfd they do not see the good benefits of bitcoin.
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October 29, 2017, 02:03:39 AM
 #17

So in the most countries, bitcoin is neither declared legal or illegal. In some it is declared illegal and some are actually allowing it and also promoting their own alts.
So what would a government needs to do to regulate bitcoin in the country? And how can a government actually benefit from legalizing bitcoin in the country? How can it actually support the economic system of the country. 

Well, in countries like Japan where the interest rates are negative having some overseas investment is always good and bitcoin essentially facilitates that. But previously if i remember correctly, it was taxed wrongfully and now that they've removed that.

You're right, in most countries bitcoin is just sort of a neutral figure.

It doesn't really have anything to do with the central bank, since it is completely independent anyways.














 

 

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shoreno
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October 29, 2017, 02:20:50 AM
 #18

So in the most countries, bitcoin is neither declared legal or illegal. In some it is declared illegal and some are actually allowing it and also promoting their own alts.
So what would a government needs to do to regulate bitcoin in the country? And how can a government actually benefit from legalizing bitcoin in the country? How can it actually support the economic system of the country. 

most countries these days are now legalizing bitcoin because they believe that bitcoin can add innovation to the current state of the country and it will greatly improve the economy by using it as an alternative medium other than fiat money but i dont actually like the idea of government controlling the  bitcoin because it might lead to corruption just like what happened to fiat money. so i guess it is just better for bitcoin to stay decentralized online.

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October 29, 2017, 02:31:04 AM
 #19

Making bitcoin addresses traceable can be the solution, Imagine that there's a wallet provider, in which you have to verify your ID to get a bitcoin wallet.
then you can use this wallet to send bitcoin to other people who have wallet from same wallet provider. the price may be a problem in this case.
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October 29, 2017, 02:36:10 AM
 #20

In many countries doesnt say propaly that bitcoin is legal or illegal it means they can do transaction with bitcoin without any barrier .many of government now start to finished the unnecessary barriers for bitcoin .
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