Legalizing Bitcoin

[Funeral Wreaths]

Governments can easily legalize bitcoin by passing a law, but I think it would be difficult for them to control bitcoin transacctions since bitcoin is anonymous. For users it would be clarifying in order to change bitcoin to fiat, but if the network can function by itself and make transacctions p2p I don't see what the role of states will be and what justification they can invent to tax activities.

Actually this is main reason. Governments know better what the advantages bitcoin is carrying along are but they only waiting for the time that may be in upcoming future bitcoin’s feature i.e. decentralized would be changed and all these governments can control the yes and no of bitcoin. But we hope a time come in near future when all this happens and we would be enjoying the perks.

you also have a point, and it seems that it is actually true, but it could be no also. the big participation of the government and the most positive way to help bitcoin grow is by legalizing and actually accepting it as another method of payment, but as usual it will take too long before it will happen, besides there are lots of hindrances before they can pass a law and start to debate if it will be finalized or not.

[yusupjatigumilar]

The issue of bitcoin legality that I think will be quite difficult because in some countries fear bitcoin can weaken the value of their country's currency and will make a monetary crisis. I think bitcoin is better to be a commodity as it is today.

[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. 

There are already some few countries who legalized bitcoin while some banned it within their nation. They all have their reasons behind their actions so we cannot simply judge them by what we're seeing. The legalization of bitcoin may bring good benefits for the many but we should also consider the consequences of it. There's no such thing as wholesome goodness, everything has its bad side and the same goes with bitcoin.

[nl247]

Governments can easily legalize bitcoin by passing a law, but I think it would be difficult for them to control bitcoin transacctions since bitcoin is anonymous. For users it would be clarifying in order to change bitcoin to fiat, but if the network can function by itself and make transacctions p2p I don't see what the role of states will be and what justification they can invent to tax activities.

Actually this is main reason. Governments know better what the advantages bitcoin is carrying along are but they only waiting for the time that may be in upcoming future bitcoin’s feature i.e. decentralized would be changed and all these governments can control the yes and no of bitcoin. But we hope a time come in near future when all this happens and we would be enjoying the perks.

This is one reason why a whole lot of government have not really been saying much. My country have not legalized it officially yet, but it is not illegal as well. A lot of activities are being done revolving around cryptocurrencies and bitcoin, so many exchanges are being operational which are being silently regulated (that I am sure of), while the bank has been doing some pretty good moves at understanding the technology and seeing how they can benefit from it. Legalizing will create huge awareness most especially among the IT oriented people in the country which I believe is one awareness the government is not ready to create yet for some reasons best known to them.

[Fundalini]

The main reason why they can't seem to regulate bitcoin is that it will contradict it's design. It is quite easy for the government to profit from cryptos--just tax the users and be done with it. However, when you tax a user, his/her identity will be known so the anonymity that bitcoin provides would be overrun.

[jennywhzz]

Governments can easily legalize bitcoin by passing a law, but I think it would be difficult for them to control bitcoin transacctions since bitcoin is anonymous. For users it would be clarifying in order to change bitcoin to fiat, but if the network can function by itself and make transacctions p2p I don't see what the role of states will be and what justification they can invent to tax activities.

Actually this is main reason. Governments know better what the advantages bitcoin is carrying along are but they only waiting for the time that may be in upcoming future bitcoin’s feature i.e. decentralized would be changed and all these governments can control the yes and no of bitcoin. But we hope a time come in near future when all this happens and we would be enjoying the perks.

Governments will never legalize bitcoins unless they know have known how to make it a centralize one in their favor. No government is willing to give people the right of digital currency and making their hands cut from taxes and other things which is used by govt to run the country and other expenses.

Legalizing bitcoins is what people want but not governments.

[ghost424]

If bitcoin is legalized in most countries in the world, people might start asking on what terms they are legalizing bitcoin and from this, we need to educate the people around us why bitcoin is a helpful technology. Bitcoin is electronic money and carrying electronic money cannot be robbed from you. Governments must learn how bitcoin or cryptocurrency works before they legalize it.

[laxinternational]

Governments can easily legalize bitcoin by passing a law, but I think it would be difficult for them to control bitcoin transacctions since bitcoin is anonymous. For users it would be clarifying in order to change bitcoin to fiat, but if the network can function by itself and make transacctions p2p I don't see what the role of states will be and what justification they can invent to tax activities.

Actually this is main reason. Governments know better what the advantages bitcoin is carrying along are but they only waiting for the time that may be in upcoming future bitcoin’s feature i.e. decentralized would be changed and all these governments can control the yes and no of bitcoin. But we hope a time come in near future when all this happens and we would be enjoying the perks.

you also have a point, and it seems that it is actually true, but it could be no also. the big participation of the government and the most positive way to help bitcoin grow is by legalizing and actually accepting it as another method of payment, but as usual it will take too long before it will happen, besides there are lots of hindrances before they can pass a law and start to debate if it will be finalized or not.

They don't want bitcoin in their national economies. This is fact we need to see. They want to control all the economic transactions and they won't make bitcoin legal in the near future as it seems they will be going against bitcoin. Look at how china acts about bitcoin and ico.

[Dart18]

If bitcoin is legalized in most countries in the world, people might start asking on what terms they are legalizing bitcoin and from this, we need to educate the people around us why bitcoin is a helpful technology. Bitcoin is electronic money and carrying electronic money cannot be robbed from you. Governments must learn how bitcoin or cryptocurrency works before they legalize it.

And that is why it is hard to legalize it yet.
If I will submit a form that will tell everything about bitcoin and it is usage it must be all true and would also be a help for the economy of one country.
But that is the problem. Bitcoin secures us and its privacy is one of the reason that we are into it.
There will be no law to be passed if the government itself will not gain anything out of it.
It will also be faster that way instead of just being put in storage where no one will open it again.

[adiksau0414]

This is a good article to top up with your question. According to wiki, credits to them.
"The legal status of bitcoin varies substantially from country to country and is still undefined or changing in many of them.[1] Whilst the majority of countries do not make the usage of bitcoin itself illegal, its status as money (or a commodity) varies, with differing regulatory implications. While some countries have explicitly allowed its use and trade, others have banned or restricted it. Likewise, various government agencies, departments, and courts have classified bitcoins differently. While this article provides the legal status of bitcoin, regulations and bans that apply to this cryptocurrency likely extend to similar systems as well."
LegalIzing bitcoin in many country see bitcoin as a big opportunity for them and while those who banned or make it illegal find it as a threat maybe to their economy or any other factors that they think that their decision is the best option.

[gabbie2010]

Bitcoin creates a lot of opportunities but the only problem is that there is no regulatory body to control it's ecosystem.
In my country the banks are contemplating of legalizing it although the government is unconcerned about it, legalizing it could somehow pose a threat to the banking system as result of it's decentralization. The government had a set up a committee through the central bank to study the proposed legalizing of bitcoin.

[Cacingkemi]

Bitcoin creates a lot of opportunities but the only problem is that there is no regulatory body to control it's ecosystem.
In my country the banks are contemplating of legalizing it although the government is unconcerned about it, legalizing it could somehow pose a threat to the banking system as result of it's decentralization. The government had a set up a committee through the central bank to study the proposed legalizing of bitcoin.

Not much different from your statement I mean the same with the government in my country that does not care,but the central bank is afraid BTC lowered it's turnover so that it has blocked BTC circulation.By the way this will not last long because the government does not care about the bank leader's statement ,legality probably will not exist but still the government in my country does not bother people looking for money.

[gilangIDR]

Bitcoin creates a lot of opportunities but the only problem is that there is no regulatory body to control it's ecosystem.
In my country the banks are contemplating of legalizing it although the government is unconcerned about it, legalizing it could somehow pose a threat to the banking system as result of it's decentralization. The government had a set up a committee through the central bank to study the proposed legalizing of bitcoin.

This is indeed a polemic for bitcoin. Bitcoin has not been fully recognized and even its use is highly controlled. I think all sectors should be ready with all the infrastructure needed when bitcoin can be legal one day. There must be a bravery of the leaders of the country to make decisions quickly and accurately, I'm sure bitcoin can help all of us and I still can not believe why the government waited so long in making decisions about bitcoin. We can see that there are so many people who become successful when they use bitcoin, we will try together to see the bitcoin legally recognized and this will be a very important history for the development of bitcoin.

[el kaka22]

it is currently not too many who know bitcoin. because the bitcoin is still illegal so not too much in my country knows bitcoin. so the bitcoin we need to develop more so that people can know what bitcoin is.

The fact that some of the countries know about it and they have not stated their official stand on the digital currency does not make it illegal.

As far as I am concerned, it is legal just as the countries that have declared it. The thing is that some of these countries already know about it and they are just trying to make sure they do the right thing that would also pay them eventually instead of trying to create too much they can take in. One of the reasons they are not kicking against it and they are not legalizing it officially either.

[jassanpary]

If bitcoin is legalized in most countries in the world, people might start asking on what terms they are legalizing bitcoin and from this, we need to educate the people around us why bitcoin is a helpful technology. Bitcoin is electronic money and carrying electronic money cannot be robbed from you. Governments must learn how bitcoin or cryptocurrency works before they legalize it.

If bitcoin is legalised certainly by which a lot of advantages are there, it is helpful for people and also to the government, people will get benefit by earning decent money from the cryptocurrency by the same way government also get the tax money so that economical condition of the country also improves. No, hide and seek happens by the users once it becomes official, keeping all in mind government should think about legalising it.

[longyenthanh]

Legalization of bitcoin can be difficult because it requires the will of the government, the regulation and taxation. There is a lot of work to do. Also, the government would like to have control over the transactions.

[palle11]

With the rate that bitcoin is going, if legalized, it means bitcoin will definitely takeover financial transactions in the world because it is decentralized. The point however is that, "first world countries "are not bugging on the issue .

[SkyFlakes]

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. 

Since tha governmwnt here in my country has been allegedly recognizing bitcoin I see in the future that we can be productive using bitcoins credentials. Bitcoin is certainly fine here bit syill not has been legalized.

[tbterryboy]

Legalization of bitcoin can be difficult because it requires the will of the government, the regulation and taxation. There is a lot of work to do. Also, the government would like to have control over the transactions.

Maybe Bitcoin doesn’t need to be legalized, cause I think it’s legal in a way, it’s just left for every government to decide whether they need it or not. If they do, they can accept it, if not, they can ban. And this will be judging from whether it favors the country, or whether it does not.

With the rate that bitcoin is going, if legalized, it means bitcoin will definitely takeover financial transactions in the world because it is decentralized. The point however is that, "first world countries "are not bugging on the issue .

Meaning there won’t be any form of legalization, if that’s what you expect to see. Bitcoin is not a real Currency, I don’t know how many times that will be said, but still act like they blind to see what’s all about.

[vidprab5]

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.

Well I think legalization of bitcoin is very good thing and I think in some countries bitcoin is already legal and they are very happy that bitcoin is legal there because I think know they will pay tax also there and they will use its easily anywhere and bitcoin transition will be also more fast there so I think it must be legal in anywhere.