Legalizing Bitcoin

[bbcolex]

The few elite that control the masses.they will not give up control easily. Instead of adapting a new technology, they will try to suppress it, as it is a threat to their world order and control. Legalizing bitcoin would be good but it will be hard road to do it.

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[airdnasxela]

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. 

Legalizing bitcoin would surely bring great convenient to many in accordace with money. You can say that it will bring you good outcome but still there are some factors to be considered on how will bitcoin affect a nation negatively. The economic system will surely be changed and a lot of things will get into mess if this matter will not be analyzed properly. This may happen someday sooner and let's just keep on hoping that things would get better in bitcoin.

[bentong talong]

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. 

Here in our country, bitcoin is not announced as legal or not but still many people are using it and the influence is rising still as time passes by. I can see that it is near that bitcoin will be legalized here but as to what I've just seen in the news, some locals are trying to pull bitcoin's reputation down by brainwashing people's mind that it is a scam. I am hoping that the matter of bitcoin here in our country will be fixed and sooner be legalized for the better.

[bitcoinisbest]

The few elite that control the masses.they will not give up control easily. Instead of adapting a new technology, they will try to suppress it, as it is a threat to their world order and control. Legalizing bitcoin would be good but it will be hard road to do it.

One of the fear that govt of any country feels is that this cannot be controlled easily and due to which it cannot be governed. Thus they refer to ban them and might be they can introduce their own coin in their country which will be in their control and can be tracked easily.

[plaintiff77]

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 same situation is in my country, If they declare Bitcoin as Legal then they can get good income through Tax and trading commission. Apart from that their is service tax in my country for trading so they can gain that also.

Realistically though, it is extremely difficult for any country to reliably trace Bitcoin enough to be able to tax everyone that uses it.

I do agree with you. There would be a lot of process before bitcoin will become legal in ones country, so therefore it has to be analyze carefully and it does need the participation of the users before imposing some rules and regulations, it will be also hard for the users much likely when the taxes will be implemented.

On my own point of view, legalizing bitcoin is not so good idea since it will soon be controlled by the government. There will be a lot of requirements then. There will be limits and a lot of donts. Taxes might be implemented and might be high. Rate may be constant is decreasing its value. Therefore, legalization of bitcoin is of no good.

[lordquanta]

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.

Your information about bitcoin is NOT illegal in any country needs correction (no offense). There are at least four countries which have banned bitcoin completely. Namely Bolivia, Ecuador, Bangladesh,  Kyrgyzstan. 
* Here Bolivia banning bitcoin in 2014.
* Ecuador went one step further and banned the bitcoin and all other digital crypto currencies which are decentralized by the National Assembly of Ecuador
*  National Bank of the Kyrgyz Republic specifically mentioned the bitcoin while imposing ban on the virtual currency in its law.
* The law in the Bangladesh are very strict than above all combined as Bangladesh Bank said that "anybody caught using the virtual currency could be jailed under the country's strict anti-money laundering laws" .

From above we could see that out 195 countries in the world only four have banned the bitcoin. In countries where bitcoins is not declared illegal is deemed as legal. Understanding of law is such that if something is not illegal it is considered as legal. Because we can not mention or list everything under the Sun that is legal, but we could mention what is illegal.

[super5star]

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.

Legalization of bitcoin is going to being lot of good news not only for the bitcoin but also for the ones who will be living in that country. It will help more people to know about bitcoin, which in turn will help them in making their economic condition better. In addition to this, it will also bring a very positive impact in changing the economic condition of the country better. It will no doubt change the lifestyle of the people living over there.

[OrangeSeller]

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 have heard that many countries have legalized bitcoin and they are using bitcoin as a regular currency not only internationally but also in their local markets. Like south Africa, japan, India, Vietnam and now the Russia have also decided that in the next year they will also legalized bitcoin.

Then the Russian will also use bitcoin for their needs. I really appreciate this thing that now the world is turning towards legalization of bitcoin.

[ScaryMe]

To be honest to nake bitcoin as your legal money in once country is so difficult, we can see it, and me either can feel it how difficult it is to oublish bitcoin, as of now there is bad news on legalizing it here since there was a news in the philippines that bitcoin is just a SCAM whih is definetly not, it was publitize in television, which i am so disappointed with the one interviewed, because of this some people will make reguse to invest then.

[mOgliE]

Bitcoins are not really interesting for the moment for governments, and I guess this is why it is neither legal nor illegal in most countries. If a government wants to legitimate the bitcoin, then it has to admit that transparency is the only option. Most governments are not ready for that. 

The current and strange in-between situation allows government to just ignore it. If you want the bitcoin to be legalized, I guess the best way to go is through the people. In most countries, the direct votes made by the population can be completely ignored by the government. Yet, with enough people involved, btc can at least become an official subject, whereas today it is only a “geeky” topic. 

[d1ceplayer]

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.

It is very important because without legalizingbitcoin will never be the main stream of all the currencies of the world I the future and once it is legalized by all the countries of the world then no power can stop bitcoin from becoming mainstream of all the currencies. Therefore I think that legalizing and regularizing bitcoin is very mandatory for its implementation all over the world.

[calandra78]

I think a bitcoin can be hard to get in and on the legal right in a country or region because some of them consider that bitcoin impacted bad for society. whereas with bitcoin they could obtain additional revenue and help their economies. In addition bitcoin also cannot be controlled by the Government and prone to be used as a tool of crime such as money laundering transactions. and the Government is worrying if society simply using virtual money compared with paper money.
 

[sana gull]

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.

You are absolutely right some countries need to have a good economic power but they didn’t do anything because they don’t have a knowledge about bitcoin whenever they realized they will must legal bitcoin in their country and people will love bitcoin the most.

[doch]

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?

According to me this the best think will happened because bitcoin is the most popular cryptocurrency and also a lot of people hope that one day bitcoin will legal and their life will change so a lot of people lives are connected to bitcoin if that happened than the face of the whole world will change.

[Gabb]

For us as bitcoin users, we should not worry too much about the authorities remaining indecisive about the deregulated situation of bitcoin. We as users will continue to use it despite the uncertainty of governments. They are the ones who should take the first step towards regularization, since they are most interested in charging us more taxes.

[ROB18]

Legalizing bitcoin is better in order to have a safer transaction. Here in Philippines, it is legal but not yet considered as legal tender.

[nethan1btc]

Legalizing bitcoin is better in order to have a safer transaction. Here in Philippines, it is legal but not yet considered as legal tender.

It is already legalized transactions here in the Philippines. BSP, is officially regulating local Philippine Bitcoin exchanges as remittance companies and recognizing Bitcoin as a legitimate payment method. Bitcoin itself will give us the possibility to bypass banks, and regulation won't change this. Someday Governments will create ways to charge taxes out of Bitcoin income.

[DevilSlayer]

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 it is good if all of the countries will legalize the bitcoin. The cashless society will happen if all of the countries will legalize and eventually use bitcoins.  We should spread our knowledge about bitcoin to the other people for them to become aware to what is bitcoin.

[Janademir4]

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. 

actually not too many countries that legalize bitcoin in the country,
what governments need to do is monitor the use of bitcoin, whether it is bad for the country or not
the government's profit is one of them by setting taxes on bitcoin transactions if the country is legalized

[AmXProX]

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. 

Maybe what government can just do is to regulate its use. Make guidelines specially on converting it to fiat, how the taxes should be properly calculated. It will be hard for a country's government to support bitcoin totally specially declaring it's use for the economy.

Most of the countries are depending on loans that they are getting from banks to fund government projects and developments. Once they gave a statement favoring the trade of the coin then banks might refuse from giving them loans and as of now bitcoin can't replace the banks with this purpose.