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Author Topic: Legalizing Bitcoin  (Read 5322 times)
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October 29, 2017, 03:02:11 AM
 #21

That is why bitcoin is not use in most of the country because of the reason that government cannot have anything in every transaction, and so with the economy, it may cause to lower the economy of one country because people will not going to use anymore a paper money but virtual. And some got the idea of bitcoin as a form of transactions for crime which may cause so bad to one country.
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October 29, 2017, 03:47:34 AM
 #22

It is legal once the government put tax on it. Or when it is still unnoticed. So one shall not let anyone know about bitcoin and keep it on yourself.

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October 29, 2017, 06:58:35 AM
 #23

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?

They needs more than a law that is equally beneficial to both side to government and bitcoiners..
Regulation is needed to stop bitcoin scamming and abusing it then use it in illegal things..

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And how can a government actually benefit from legalizing bitcoin in the country? How can it actually support the economic system of the country. 

Legalizing bitcoin will give the government more benefits than harm.. Taxation and monitoring bad elements to tracing them when they are unguarded for they thought legality will shoulder they’re anonymity..

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October 29, 2017, 06:59:30 AM
 #24

,as much as i am concerned, maybe the government are just being protective by thw citizens and for them also to be aware just because of this too many schemes that could lead also to corruption. Or maybe they not into it because they see it as their rivals in terms of implementing their own rules and regulations about currencies.

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October 29, 2017, 07:05:18 AM
 #25

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.

Supporting that when you have a traceable wallet identity, you can verify who and who is using bitcoin, incase anything happens, you can go to the company to get all the wallet and trace it to a user either through phone contacts, drivers licenses(especially where they were used for initial registration).

Moreso, regulations will help the economy because it should involve taxing and generating of money etc but the point is even money generated from fiat at the moment has not been judiciously used for the ultimate benefit of the masses.
So, what would be the need for regulations?

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October 29, 2017, 07:28:48 AM
 #26

We all know that bitcoin has positive effect on the economy of each country and people just need to know the proper way of using it and investing on it. Government should legalize bitcoin and not ban it in their country since it provides opportunity to the people who are jobless or already have a job but needs more in their financial needs. I also believe that bitcoin is one way to reduce poverty and increase the employment rate, even if it is not an official employment. People also learn to invest the proper way if they joined and referred their investment on bitcoin.

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October 29, 2017, 07:44:23 AM
 #27

As the Government will legalize this digital coin in their country they need to apply laws, rules and penalties to the exchanges because it is anonymous the benefit of this to the Government is that they can impose tax to every transactions like for example for every cash out there is a tax for more than $10k above imposing $5 VAT to the transaction. another thing is the implementation of blockchain technology to the Government sectors which is we know that the corruptions was taken place and we know that blockchain is transparent from the balance through  every transactions. proper legalization and regulation can handle this currency.

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October 29, 2017, 07:48:13 AM
 #28

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.
Yes legalizing bitcoin in one country should consider the number of bitcoin users and investor. It also takes time since there is disorientation about bitcoin and most people in rural areas dosnt connect with bitcoin. So i believe that if we want to legalize bitcoin we should start to raise the awareness about bitcoin to people.

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October 29, 2017, 07:59:33 AM
 #29

We all know that bitcoin has positive effect on the economy of each country and people just need to know the proper way of using it and investing on it. Government should legalize bitcoin and not ban it in their country since it provides opportunity to the people who are jobless or already have a job but needs more in their financial needs. I also believe that bitcoin is one way to reduce poverty and increase the employment rate, even if it is not an official employment. People also learn to invest the proper way if they joined and referred their investment on bitcoin.

Bitcoin has a positive effect on the country's economy, but it is a very volatile situation. Some oppressive countries are opposed to Bitcoin so that their tax system will not deteriorate.



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October 29, 2017, 08:17:45 AM
 #30

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 make bitcoin a legal payment, a country must calculate and learn about bitcoin (cryptocurrency) first, then they can make some written regulation and law for the bitcoin (cryptocurrency) itself, but it won't take a short periode of time, i guarantee it will take a long period of time to implement something new in a scale as big as a country. For a very basic things, Bitcoin and other cryptocurrencies can be applied  as a money if a country can make a profit of it. Yes, adding some tax to the using of bitcoin or other cryptocurrencies is an example of it. For example, if you buy things with bitcoin, you will be taxed at a fixed rate (maybe like 2-3%), just like normal money. If this applied to bitcoin, it can support both of the cryptocurrencies itself and the traditional economic system. That is what i thought, but i am still learning, and maybe i will read all of others answer in this topic.


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October 29, 2017, 08:23:00 AM
 #31

That is why bitcoin is not use in most of the country because of the reason that government cannot have anything in every transaction, and so with the economy, it may cause to lower the economy of one country because people will not going to use anymore a paper money but virtual. And some got the idea of bitcoin as a form of transactions for crime which may cause so bad to one country.
Bitcoin has a good impact when it comes to our economy. Most of us using bitcoin as a source of income therefore we need to exchange from bitcoin to paper money therefore we still help our economy by decreasing poverty. And it also decrease unemployment rate.

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October 29, 2017, 08:26:29 AM
 #32

Think, bitcoin doesn't need the legalization. Because the country legalization is a trying to control bitcoin in some case. IMHO
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October 29, 2017, 10:13:15 AM
 #33

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. 

I understand that bitcoin is decentralized and it was created to bypass governments, but I completely understand the need for regulation and I don't oppose it. We leave in society, so it's always good if we manage to find a mid term that works well for all. Bitcoin itself will give us the possibility to bypass banks, and regulation won't change this. Governments will want to create ways to charge taxes out of BTC gains, and I'm ok with it. They should allow us to pay taxes in bitcoin as well, but even if they don't it's fine. As log as they don't suffocate the technology and the innovation it provides I think regulation should be done.

Actually, if regulation is done well, it will boost BTC because it will attract institutional money. When that happens, investors will trust BTC and wont call it a bubble, so we will be seeing some heavy loads of money entering the market, and that will boost the BTC price.


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October 29, 2017, 10:25:02 AM
 #34

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 it the government will just request the congress to impose a law and policy that will regulate the bitcoin after that the president of the nation will sign it as a national law. When the bitcoin is declared legal in the country the most benefit that they can enjoy is to reduce the unemployment
rate in which most nations common problem. People that unemployed can now start bitcoin transactions in which a possible income will be observed.

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October 29, 2017, 10:30:33 AM
 #35

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. 
Yes. In my country, there has never been a legal existence of Bitcoin and it is unlawful to say bitcoin. However, the government recently issued a ban on bitcoin trading from January 1, 2018. I do not know why the Bitcoin transaction was banned, but they could not control Bitcoin.
( I 'm from Vietnam).

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October 29, 2017, 11:35:10 AM
 #36

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 it the government will just request the congress to impose a law and policy that will regulate the bitcoin after that the president of the nation will sign it as a national law. When the bitcoin is declared legal in the country the most benefit that they can enjoy is to reduce the unemployment
rate in which most nations common problem. People that unemployed can now start bitcoin transactions in which a possible income will be observed.

As far as i can see, there is no way the government will legalize it easily, not unless they can gain profits or money for each and every transaction people made by a certain nation. It is also quiet obvious that they would be imposing taxes to it, so i guess when this will be settled expect big fees and taxes from it.

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October 29, 2017, 04:00:57 PM
 #37


Making bitcoin/crypto currency legalised is going to be big task for the government before we can think on how it will benefit the government itself. The thing is bitcoin runs on the blockchain and everything is so anonymous that you can’t easily track wont he who’s transaction is what. I mean a man can create unlimited number of addresses on number of different wallets who don’t even ask for any singe document. To track down the every transaction would be difficult task as long as people don’t withdraw the money into bank. But if it got legalised then why people would withdraw it and get taxed? So many question and troubles before converting this decentralised service all into centralised one.







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October 29, 2017, 04:43:39 PM
 #38

Many countries are discussing about legalizing bitcoin.Most of them are still confused whether bitcoin is a currency or asset or a commodity.India has not yet decided about legalizing bitcoin.Some countries who have decided to legalize bitcoin could follow the japan model to legalize bitcoin.They could ask exchanges to strictly follow KYC to regulate bitcoin.By legalizing bitcoin,governments may imply tax over bitcoin earnings.

Also by legalizing,they could monitor and trace the transactions used for illegal activities and could control them.Also,they could avoid money laundering.


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October 29, 2017, 04:55:58 PM
 #39

Of course if bitcoin has legality it will certainly be a lot of changes that occur in bitcoin, such as the bitcoin income tax regulation will be applied by the government, although its impact will bring bitcoin to higher popularity with the bitcoin legalization.


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October 29, 2017, 05:49:03 PM
 #40

Of course if bitcoin has legality it will certainly be a lot of changes that occur in bitcoin, such as the bitcoin income tax regulation will be applied by the government, although its impact will bring bitcoin to higher popularity with the bitcoin legalization.
Its possible but government would really decide such stuff if they would decide to legalized or adopt bitcoin into their country.If we do try to see the situation of Japan i can say that it is really a good thing since they can utilize the fullest potential of bitcoin when it comes on payment system but yet doesnt mean they do abandon their own local fiat.Its still there together with the use of bitcoin. Colliding both things isnt really bad at all.

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