Legalizing Bitcoin

[Inkdatar]

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 this is quite a good idea. The government will now acknowledge the use of bitcoin, so the people will do it as well. One thing can start as small and turn out to be big. It is the same with bitcoin. I believe it will dominate the world.

When bitcoin become well known it is not declared that bitcoin is illegal. In order bitcoin to legalized there are many things to consider and to follow. A government can help the economic system by collecting tax from all users. Yes it will acknowledge bitcoin and I think if this would happen there are many rules to follow as a user.

[streetlight]

You'll find that different governments will have different opinions on what to do and whether or not it will provide an economic benefit to it's nation. There are scattered results but ultimately all of them will want to start buying bitcoins and stashing reserves otherwise they're not going to have any wealth to go off of if they want to try and survive on the global market.

[Lampaster]

You'll find that different governments will have different opinions on what to do and whether or not it will provide an economic benefit to it's nation. There are scattered results but ultimately all of them will want to start buying bitcoins and stashing reserves otherwise they're not going to have any wealth to go off of if they want to try and survive on the global market.

I do not believe that will be at least one government that will agree to keep the state reserves in bitcoins. It's too risky. One thing is clear. with the emergence of bitcoin all governments think about what to keep state reserves in dollars is dangerous. It could trigger mass ignoring of the dollar and the drop in its value.

[PranDoW]

You'll find that different governments will have different opinions on what to do and whether or not it will provide an economic benefit to it's nation. There are scattered results but ultimately all of them will want to start buying bitcoins and stashing reserves otherwise they're not going to have any wealth to go off of if they want to try and survive on the global market.

I do not believe that will be at least one government that will agree to keep the state reserves in bitcoins. It's too risky. One thing is clear. with the emergence of bitcoin all governments think about what to keep state reserves in dollars is dangerous. It could trigger mass ignoring of the dollar and the drop in its value.

In my opinion its possible to see near future. Maybe it gonna like like trial period. Some countries are trying to show their development by such innovations

[sunsilk]

As long as a country doesn't declare something as illegal, it's legal.

This is right but there are people knows what's already legal and illegal. As long as there's no notification from the government if bitcoin is legal then they don't want to try it out.

No notification means no support so that's why they don't want to apprehend that bitcoin is legal so they choose to stay away from it and avoid anything that's related to it.

We've got different point of views on this thing but this is happening for most of the countries, no support - no notification - no law from the government it's not illegal nor legal.

[roddy5]

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. 

It will somehow be contradicting, once a government regulates the use of bitcoin that only means that the coin might be centralized and bitcoin's most popular characteristic is it being decentralized. Maybe the most that a government can do with the coin is to apply appropriate taxes once it is converted to fiat which may help to its economic growth.

[richardsNY]

It will somehow be contradicting, once a government regulates the use of bitcoin that only means that the coin might be centralized and bitcoin's most popular characteristic is it being decentralized.

Regulations are meant to somewhat 'adjust' this market so that the government doesn't entirely get outruled. It is some sort of an attempt to 'control' something that can't be controlled -- control is basically what a government cares the most about. After that we have to deal with tax that we are subject to in various ways of how we use Bitcoin, which of course is different per country. In no way do regulations impact Bitcoin's decentralized nature, so there is no need to worry about that.

[batang_bitcoin]

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.

It will be funny if a country will make bitcoin as an illegal coin and will proclaim and promote that their altcoin is legal, there's no sense of telling that to the intelligent citizens on their country.

So what would a government needs to do to regulate bitcoin in the country?   

They have to assign the Central Bank on this thing with the regulation. But the fight will be tough for them if they will not going to put any body of government on this thing cos' they might fail to regulate.

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

Taxation.

[stryker]

So what would a government needs to do to regulate bitcoin in the country?

I guess that governments shouldn't if we are talking about regulation.
In this case it should be watching. Perfect governments...
But in the real life any government's governance.
So any liberal liberties of the people are powerless.

[Flodemaga]

Each country is doing already some tests mooving forward to legalize bitcoin, i wouldnt be surprised if some more countries confirms their support to bitcoin into the next months. Countries doesnt need anything to make bitcoin legalized, the big issue is they see bitcoin as a competitor and recognize bitcoin as a decentralized currencie isnt easy at all, besides those it would help to open more companies to provide some service related to bitcoin.

[ramsdaj28]

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.  

It's actually not that hard for government to regulate bitcoin in their country. In fact, if they want to, they will. They just need to propose a bill and have a talk and agreement with the national bank about the regulation and legalization of bitcoin. Bitcoin is actually not illegal, but some people has a wrong impression on it being illegal because of those "deep web" stories. Countries like Philippines, USA, and Australia is already regulating bitcoin in their countries.

The issue here is not actually the bitcoin as cryptocurrency, but it is how and who use it. If ever government put tax in using bitcoin, I think the users or holders won't be the one who will suffer, but those businesses and exchanges that are running the bitcoin business in a certain country. In that way, the taxes from these establishments can be utilized by the government in creating projects that will benefit the country as a whole.

[Xising]

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 just simply needs to announce to it's people that bitcoin is safe, then that would guarantee the people of it's use. It will definitely affect a country's economy, but in a positive way, especially in trades and investments.

[KingScorpio]

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 just simply needs to announce to it's people that bitcoin is safe, then that would guarantee the people of it's use. It will definitely affect a country's economy, but in a positive way, especially in trades and investments.

i doubt governemts would love to legalise or applaud an energy wasting mining competition, claiming itself to be valuable, especially governments in poor countries like haiti would hate that, since they need energy for basic things to live.

[Cointertrade]

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.

Yes it takes a very long long time to legalize bitcoin because you must need to consider your fellows. We must consider peoples awareness about bitcoin. And they must be computer literate.

[Pasnik]

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 just simply needs to announce to it's people that bitcoin is safe, then that would guarantee the people of it's use. It will definitely affect a country's economy, but in a positive way, especially in trades and investments.

i doubt governemts would love to legalise or applaud an energy wasting mining competition, claiming itself to be valuable, especially governments in poor countries like haiti would hate that, since they need energy for basic things to live.

Government will not declared bitcoin is legalized right away. It takes a process to make it happen though are some countries bitcoin has been legalize already. Thus, people will adopts whatever happen in the future.

[Hamstead]

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 just simply needs to announce to it's people that bitcoin is safe, then that would guarantee the people of it's use. It will definitely affect a country's economy, but in a positive way, especially in trades and investments.

i doubt governemts would love to legalise or applaud an energy wasting mining competition, claiming itself to be valuable, especially governments in poor countries like haiti would hate that, since they need energy for basic things to live.

Government will not declared bitcoin is legalized right away. It takes a process to make it happen though are some countries bitcoin has been legalize already. Thus, people will adopts whatever happen in the future.

Not only of having tax is the reason why countries legalizing bitcoin, but also because they wanted to take controlled with it. But sadly, there intension towards crypto doesn't work. Of what happen to china is just because of their dark plan towards bitcoin, they banned crypto just because they are failed of taking control with it.
Of course there is a big money from crypto and most country leaders are planning to have it in their own hands.

[senne]

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.  

Bitcoin transactions cannot be tracked, government needs to come up with a solution so that both user and government are benefited with proper rules and regulations. Otherwise, Bitcoin will be banned by government if the state found themselves in loss happening due to untracked transactions. Is something likes this happen like banning across the globe then Bitcoin may eventually fade away.

[Isaak Bitcoin]

I think in 2018 most countries will legalize bitcoin.

[stryker]

I think in 2018 most countries will legalize bitcoin.

Do not be too naive. Far few governments are so progressive to be aware of the future of the Crypto-currency. I suppose in 2024 maybe.

[Nasty23]

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. 

Bitcoin transactions cannot be tracked, government needs to come up with a solution so that both user and government are benefitted with proper rules and regulations.

Yes this is one of the problems that every country have about Bitcoin because they don't want to make any illegal activities in their country that the Bitcoin can be used because of that activity they didn't track and they didn't know it.