Legalizing Bitcoin

[Gintama214]

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. 

For the government to regulate bitcoin, they probably will put a tax on bitcoin if they will recognize bitcoin as a legit currency and is officially accepted by the government. They can have big benefits with just the tax and of course, they can control the flow of the bitcoin they can earn big time. Bitcoin can be a revolutionary currency, that can help the people and the economy of the country, there are many advantages of bitcoin that the government should think about and taking that advantage the economy of that country will surely increase.

[Purno99]

bitcoin may not currently be said illegal or legal, why bitcoin is now considered illegal maybe it's basically bitcoin digital currency so no one has acknowledged or authorized the bitcoin from the government, one day could be bitcoin so legal but must meet the requirements or any the ordinances of the government through legislation to be legal.

[fuer44]

I really agree if bitcoin is really legalized. because I judge, when people are doubt to invest in bitcoin, one of them is the problem of legalization.

[summer209]

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 think all governments should regulate bitcoin eventually, however, I don't know how government will handle the money(bitcoin and other altcoins) which already exist for a while but never was counted as any countries income or wealth.

[rickadone]

For most governments I think it is not that simple.

First because many people know the word "bitcoin" but not what it represents actually. Then, because allowing such currency means necessarily acknowledging the existence of the iceberg of transactions around bitcoin. Not that easy.

Legalizing bitcoin would be indeed really interesting but I think most governments are not ready 

Some government are not yet ready because because that a lot of negative connotation about it. But I really don't get my government is really avoiding bitcoin. It may be that they don't know what 'bitcoin' is, but there are already countries like Japan who have already set precedence. All they can do is follow the lead of Japan and I think it will be just fine.

I guess its really hard to removed the bad images of bitcoin that has been portrayed already. And it looks like it has struck to the government around the world. So we have to face that fact that some countries are going to be friendly, but majority of it as against bitcoin.

Some actually have decided to keep themselves out of the loop and fight it which to me they are not even doing themselves and the citizens any good by doing so. There is no bad image to remove, and as far as I am concerned, most governments are just not ready to accept the threat bitcoin may pave for fiats while some of them are trying to take their time not to be too much in a rush, but a lot is going on silently.

[Visbay]

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 think that Governments are not in the situation to take a lot of expensive measures to legalise Bitcoin, but the problem is, like in the oil industry, there are the big banks who rules the economic space of a country and they always have something to say, it is just a question of Bank profits.

Yes I agree with you I think bitcoin must be legalized in all over the world because those countries where bitcoin is legal so all the banks they are going to accept bitcoin and its transitions are also very fast that’s why in Europe bitcoin is going to come in newspaper as well so I wish that bitcoin will become legal everywhere because it’s a life changing currency and we want to use bitcoin any time any place and I’m very thank full to bitcoin for helping me.

[Budugbass]

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 be able to regulate bitcoin I think the government should really knows much deeper what's Bitcoin / other crypto currencies and blockchain's technology, as well as all various things related to cryptos.
If the goverment has been knowed or more deepen to learned all the these things, I'm sure the government wouldn't have any problems on regulating bitcoin and wouldn't worrying about the effect that would be experienced on the country's economic system.

[explosion]

I agree that legalizing bitcoin is a matter of time. It's evolution and a new generation of money. Governments will have to accept it over time

[White Christmas]

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. 

In my own opinion, legalizing bitcoin in a certain country will help its economy to grow more and develop. It is because, those people that are unemployed will still have the capability to earn their own money through bitcoin. As well as those people who experience financial problems in their life, bitcoin will help them resolve that kind of problem. Bitcoin can help a country to develop as well as its people.

[Vaskiy]

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. 

In my own opinion, legalizing bitcoin in a certain country will help its economy to grow more and develop. It is because, those people that are unemployed will still have the capability to earn their own money through bitcoin. As well as those people who experience financial problems in their life, bitcoin will help them resolve that kind of problem. Bitcoin can help a country to develop as well as its people.

That might be the true fact, but with bitcoin not everyone are interested in making an earning. So, even in countries were user community is big people always make an investment based earning similar to trading and other services. Legalizing will surely affect the community to some extent as government holds records of the users.

[jaocoincrypto18]

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 the bitcoin they will ask their congress or to make policies that making rules and guidelines for individuals who wants to engage to bitcoin. When it becomes a law the individuals should abide it or face concequences this is to ensure that bitcoin will not be use in illegal activities in which may ruin the country.Once a legal, the government can now benifits by collecting taxes during local exchanges and unemployment will be reduced if some citizens will earned thru bitcoin increasing purchasing power which resulting to boosting their economy.

[ihsanskanzaone]

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. 

If the government approves bitcoin then the government will definitely make bitcoin-related regulation and maybe the government will set bitcoin like bank only different system. I'm not sure that bitcoin will grow if the government participates in bitcoin settings because bitcoin is privacy and flexible. the government's advantage is that the government will be able to provide government-owned bitcoin storage or government wallets and every time a user makes a transaction then that's where the government's income goes.

[Jaya912]

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 country need bitcoin not so fluctuate to get legalize from government.
but in reality bitcoin is fluctuating so high it make government think twice to legalize bitcoin.

[googs84]

When bitcoin was introduced in 2009 all have welcomed it. Until start of 2016 bit was known to limited countries. After seeing bitcoins growing popularity many countries allowed bitcoin to function in their economy as a legal currency. These countries accepted its legal existence and promoted it. But later on these countries realised that it is quiet difficult to control or regulate this currency. Many criminal minds start using bitcoin in illegal activities. As a result countries like Japan China Australia put a ban on bitcoins activities in their country. Second thing, bitcoin can obtain legal status in these countries only after some regulations. These countries will start taxing bitcoin income. In USA bitcoin income is considered as a capital gain. So legal status of bitcoin will not come free it will come with strict regulation why may affect its popularity in future.

[upsidedown75]

Bitcoin is the world's first crypto currency. So,it's called the mother of all crypto currency.But it is a matter of sorrow that many country are not accept Bitcoin as a currency and some government had banned Bitcoin yet.But I think,it is not harmful for any country.It's a blessing for all country. For those reason, it is very needed for all country to legalize Bitcoin.

Most countries are seeing the benefit it can create right now if there can be so much awareness for bitcoin and cryptocurrency. It would end up bringing so much benefit to the citizens and hence help the economy and I feel the only thing keeping some of them back now is the volatility and uncertainty. Over time, things would change and now most of them are just silent to see how the event turns out. Legalizing will create more awareness and that is good to me.

[streazight]

If bitcoin system will be implement and soon this will happen taxation will be easy and many of people are saying that its anonymity will give problem to the government so their maybe a check on the transactions and this will really help to solve out this concern and more of it the governments who had accepted btc now they are doing progressive works in their regions and btc is best way to development.

Taxation will only be done when it comes to conversion into fiats and which would be regulated mostly on exchanges definitely.

Bitcoin serves as a capital gain in most countries and that is already being taxed. Fiats will still be in existence as obviously not the whole citizen of every country will be making use of the coin at least for now, and at some point, fiats will still be very relevant which would make government benefit a lot as well.

[BettingTips]

To legalize Bitcoin in any country, the government need to be able to collec the taxes for Bitcoin income and control the disadvantages of Bitcoin. But it's not easy for now cause Bitcoin is very secure so it's almost impossible to find out Bitcoin user so it's too hard to find out whom is using Bitcoin in any country to collect taxes from their income. Beside Bitcoin is very secure so there are a lot of people trying to take advatage of Bitcoin commit guilty like tax evasion, money laundering, drugs trafficking,...As long as the government can do all these things, they will be able to legalize Bitcoin in their country whenever they want.

[Purno99]

legalizing bitcoin may require a very difficult process and must meet the requirements set forth in government regulations, laws and banks that are institutions that are required to issue permits and authorize it.

[vinzanityyy]

I dont see a reason why they should ban bitcoin, I actually find bitcoin as something that could help shape the economy better.

[batang_bitcoin]

I dont see a reason why they should ban bitcoin, I actually find bitcoin as something that could help shape the economy better.

It's because you are a bitcoin believer, they can ban bitcoin as they wish if they can see it bad for their country or it can be used as a threat to the citizens. They are thinking about negative factors of what bitcoin can do, it can be used by terrorists and for money laundering which we are not going to be part of since we want bitcoin to be used as clean money and good plain investment.