Legalizing Bitcoin

[Ranly123]

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. 

When you say to legalize bitcoin then the government should implement laws on how to manage and take taxes in bitcoin investments. Then again there should be penalties to those people with bitcoin who would not pay taxes in their earnings. So asking you back, would you prefer the government to interfere in out bitcoin community or let it be as what we have now, a free and taxfree earners in bitcoin?

[perfect999]

I think legalizing Bitcoin is unique in every State or country of jurisdiction. Its process varies. But one thing is for sure, it is more complex than it was imagined. Why? It is because Bitcoin (or other cryptocurrencies alike) came to existence whereby it totally changes the fiat system. It does away with the norm as regards regular banks, government back ups, among others. In short, it is a class of its own. Moreover, it changes over time because day by day there are new developments that come with it making governments unable to come up or foresee substantial changes. To legalize it would be tantamount to carrying the burden of studying it and carefully foreseeing how it is going to be in the next days, weeks, months, or so.

I am sure this is where the bone of contention has always been as so many people will be looking for opportunity to invade tax. However, there is just no way can fiats be discarded and with the use of exchanges, the government can easily control the income tax issue without stress.

However, if anyone decides to do a P2P transaction to purchase some things, remember, tax with still at some point come to effect.

[LJack]

Bitcoin is now used in correlation with a lot of new tokens and if it gets legalized the convertion to fiat money will be way easier. For me more countries should look to do that quicker

[Tegin92]

some countries are beginning to view Bitcoin and digital currencies with different perspectives, and try to enforce the rules of the digital currency. Regularly its regulation is not the cause that is supported by all parties. But in the case of Bitcoin, regulation is a gift. Bitcoin regulation is something that is supported by the Bitcoin community around the world.

[Netnox]

some countries are beginning to view Bitcoin and digital currencies with different perspectives, and try to enforce the rules of the digital currency. Regularly its regulation is not the cause that is supported by all parties. But in the case of Bitcoin, regulation is a gift. Bitcoin regulation is something that is supported by the Bitcoin community around the world.

Regulation can be a gift, as long as the users are not harassed by the government authorities. There are some countries where Bitcoin is banned (such as Nepal, Bangladesh and Kyrgyzstan). I would say that regulation is better than an outright ban. But still, if regulation means discouraging the use and harassing the users, then I am against it.

[Supercrypt]

Regulation can be a gift, as long as the users are not harassed by the government authorities. There are some countries where Bitcoin is banned (such as Nepal, Bangladesh and Kyrgyzstan). I would say that regulation is better than an outright ban. But still, if regulation means discouraging the use and harassing the users, then I am against it.

It is really a huge favor and it is really helping them and the economy as far as I am concerned.
Most people are able to make transactions outside, bet money to flow in the form of bitcoin and in that case even with the help of the exchanges, allow them to strengthen their own system. There is a lot to gain from it both by the government and the citizens and some are just still blind to see it.

[wawanwawan96]

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 country is still declared illegal and has not been acknowledged to gain profit bitcoin country will be in taxes in each country.

[yusupjatigumilar]

bitcoin is not legalized or illegal but in my opinion bitcoin is prohibited if, it is used as a medium of exchange other than currency in the country, because it will cause the decline of currency exchange rate of the country and could be economic crisis, that is where the illegal side of bitcoin, but if we use it only for digital assets to investing our money is legitimate because there bitcoin the same as other investment commodities such as share certificates, gold, and others

[dhrazzen]

Bitcoin gives us lots of opportunities to improve our way of living.  Legalizing bitcoin is a great news to anybody. It may help to solve the main problem in the society which is poverty.  Aside from that it also lessen the unemployed people. But,  we should also know its negative side, transactions of drugs, illegal products, scam and abuse will takes place.  So,  goverment must put an action unto this.

[nemesis_]

Once bitcoin is legalized, government will take control. Purchases will be taxed. Transaction fees will be higher than usual. And also, transactions will now be traced. However, once it is controlled, the number of illegal transactions may decrease. Also once it is legal, the number of users will increase. Investors and traders will also increase in here. The transactions will be easier and faster as it can now reach anyone in the world.

[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. 

Many of us are waiting for bitcoin to get legalized all over the world but before that we should consider first the negative effects it may bring to all of us. Bitcoin is not yet legalize throughout the world today because it is still innovating so that trouble will be avoided in the future. The government should regulate the use of blockchain technology within every banks so that we won't have a hard time adjusting as the way we hold money make its transition.

[charlemagne_15]

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 the government should not ban bitcoin within their area and improve the use of it by allowing blockchain technologies in the bank. The government will surely benefit from it for sure as the taxes from the transaction comes out within every investors and users. Obviously they will benefit a lot from it but that does not guarantee them that there will be no detrimental effects that's why bitcoin is not still legalized for some countries.

[CaterpillarRave]

Once bitcoin is legalized, government will take control. Purchases will be taxed. Transaction fees will be higher than usual. And also, transactions will now be traced. However, once it is controlled, the number of illegal transactions may decrease. Also once it is legal, the number of users will increase. Investors and traders will also increase in here. The transactions will be easier and faster as it can now reach anyone in the world.

I've heard about people are saying that Bitcoin has the advantage in transaction due to the low transaction fees. But it's gone for now ?

[Triffin]

Bitcoin gives us lots of opportunities to improve our way of living.  Legalizing bitcoin is a great news to anybody. It may help to solve the main problem in the society which is poverty.  Aside from that it also lessen the unemployed people. But,  we should also know its negative side, transactions of drugs, illegal products, scam and abuse will takes place.  So,  goverment must put an action unto this.

Bitcoin has a lot of other opportunities as well expect resolving the problem of poverty because bitcoin has provided jobs and make the unemployment got vanished, now I am happy from bitcoin and can say I am an employed person because of bitcoin so it is the reason it is good if bitcoin does exist in country and it is growing very fast with the passage of time and getting high because now I can say bitcoin is going to be a legal currency.

[YTBitcoin]

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 would be really nice if bitcoin was to be legalized because it would be really popular, and it will also give the people a sense of security that bitcoin is not really illegal and good source of income. The fact that other people usually don't trust bitcoin that much because it's not legal will change.

Legalizing it means Government will have a control over it, which is quite impossible since bitcoin is decentralized and anonymous, maybe just an awareness that btc exist will be fine but putting taxes is a no no.

I think it is not the same which you are saying as you can see that Japan has legalized bitcoin and they do not have took control on bitcoin. Bitcoin is still decentralized in their country and all over the world. By legalizing it will mean that people will be able to use bitcoin in the state affairs. Like in the documents of the state people will be able to deal in bitcoin.

[Triffin]

some countries are beginning to view Bitcoin and digital currencies with different perspectives, and try to enforce the rules of the digital currency. Regularly its regulation is not the cause that is supported by all parties. But in the case of Bitcoin, regulation is a gift. Bitcoin regulation is something that is supported by the Bitcoin community around the world.

I don’t know why governments are running after the regulation of bitcoin. They are simply interested in controlling it, they are not doing this for the betterment of public, rather simply want to snatch a good part of public earning in the name of taxes. When they are unable to do so because of high level technology of bitcoin and its decentralized nature, they simply start banning it in their countries by saying that it is something harmful.

[Sexie]

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 is no problem in legalising bitcoin if it is for the betterment of the country and to the people. It is a one way of paying services and even goods through internet  It is considered  as source of income when it is converted into flat currencies. So in every outcome of it, bitcoin gives benefits to the people and increase the economy of the country by reducing unemployment. As far as I know, bitcoin is free to everyone who knows how to use it and It’s benefits.

[d1ceplayer]

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 some few countries that has banned bitcoin. Having this fact makes it more difficult to have all the countries in the world to legalize bitcoin. Also, bitcoin is being used for some illegal transactions which convinces some countries not to legalize bitcoin knowing that it might just harm their nation. Amidst all of these reasons, I still believe that as innovations keep on going, the benefits all bitcoin would be enough to convince the world to legalize it.

The countries who have banned the bitcoin will suffer with the economic crisis in the future because bitcoin will be accepted by the every nation except them and this thing will distort their image as well and the countries who have legalized bitcoin in their region will enjoy the good economic health as well as their region will be more progressive and developed and any region which will deny the bitcoin will regret in future.

This thing is sure that including china who else want to impose ban on bitcoin will suffer a lot because in future this coin will be declared s the unique currency all over the world and all the import export payments will be made via bitcoin and then they will lag behind in the development as well so it is not late yet false countries may have to apology the bitcoin community and request for the join again to survive easily.

[expert4knowledge]

To make it legal removes all the purpose of the bitcoin, make it legal means it'll be controlled by the system ( banks), exactly what we don't want with cryptos

[stevano]

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 be profitable then the country should make its own coin which is used to transact daily in the country, if so I am sure the country will also get the benefits