Legalizing Bitcoin

[erasheed28]

I think it will comes down to the wallet that they could use to cash out the cash they received from bitcoins including its gains so they could assess the tax because if they put some regulation at the start which is the ico i think it will be unfair for the investors and bounty hunters.

[Supercrypt]

to legalize bitcoin I think is very difficult. because bitcoin is a crypto currency, while the legal one is fiat currency. especially with countries that disagree with bitcoin.

If some countries are showing disagreement for bitcoin then it does not mean bitcoin is not at the top and it will not affect the price and the importance of bitcoin. In my country bitcoin is high and the demand of bitcoin is high because of high use and huge level of investment so if you are a part of bitcoin you are good and just think positive because soon only bitcoin payment will be acceptable in all countries.

Legalizing or not legalizing, bitcoin has been doing well. While some countries did not state it as a legal entity, but they classified it as a commodity which is taxable. So far everything went good, some countries are already taxing bitcoin and I do not see what else they really want to do worse than to keep up with the tax.

Legalizing however, is more like an official statement which I believe will create awareness for bitcoin but bitcoin in itself is so gallant enough to create awareness by itself.

[KrisAlex18]

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. 

We all know that bitcoin is not yet legalize in all the countries of the world and the use of it is not that fully spreaded yet. One of the things that the government may do to help bitcoin is to accept blockchain technology and don't stop their people from using bitcoin. Through this way, inches by inches, bitcoin will make its way to being legalized and will be accepted by people since it brings convenience and money to everyone.

[Kevin77]

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.  

We hope so that bitcoin be legalize to all country's even in our country because right now bitcoin was illegal here in my country and they broadcast to all television and radio program that if you are joining in bitcoin they well arrest you so thay many of the bitcoiner was afraid on what happen. So that we hope the government officials was declared bitcoin legal in my country.

Well, for now we just have to keep hoping. However, we need to also understand that the government not legalizing it does not make bitcoin unusable. Bitcoin is already a huge part of the system and it is doing pretty well for itself while the government already recognized it and that is why in some countries, taxation is already occurring.

Hence one way or the other, bitcoin to me has been legalized in most places and it does not have to be until the government of each country has announced it.

[Hasbro27]

I think bitcoin is better on legend because the government can get taxes from bitcoin, because the current bitcoin transacons are very large and bitcoin prices are also getting more expensive. so the state can benefit from bitcoin by legalizing it

[resty]

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. 

First of all legalization of bitcoin means it is beinh taxed by the government and it is regulated. If we look on the positive side bitcoin can help our economy and every individual in a certain country because of its tax. On the other hand normal bitcoin users will not be able to be like they are before and cannot get what they can get before for it is being limited by the government. Therefore it is not only positive but has negative too..

[bitgolden]

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 bitcoin technology is very good and sangta transparent, nothing is hidden, all can know transactions ever happened, but still many do not know and some countries do not agree with this, I do not know why a country prohibits or rejects good technology like this bitcoin.

Good is an understatement, at least it is better than fiat and its usage is better than the traditional banking system.

Most of these governments already see it as a threat, so they are trying as much as possible not to give it too much recognition which I believe that is what legalization will end up doing. Bitcoin is gradually becoming usable and it is about time for the global world to see its importance even without it being legalized.

[justspare]

Legalizing such currency thats not from the government and just from rich and some regular people would be hard there will be tons of process and waiting time and consideration thats needed to be evaluate but it will come by time

You seriously need to get your facts straight. Bitcoin is not just for rich, it is the currency which is mostly used by poor people just for sake of making some good livelihood. Bitcoin has never ever dodged any middle class or poor people. This is public currency, anyone who knows computer skills or knows how to operate laptop can easily work with bitcoin no matter from which social class he/she belongs to.

[Direwolve735]

In my country Bitcoin is not officially recognized. Legalization of crypto currency will allow our government to establish official rules for declaring income received on the territory of the country and paying the appropriate taxes. But there is a certain risk that our authorities are not yet able to resolve - it is not so much connected with the crypto currency itself as with the absence of specific rules of law governing its circulation. But I believe that the legalization of crypto currency will allow us to change our financial market faster and more qualitatively.

[migolmigol]

In our country, the Philippines, the legality is not really an issue or a hot topic because bitcoin activities are just feel free to operate. The government even made a statement in weeks back that they will support bitcoin as they think that it will contribute in the economy of the Philippines. They also are promoting bitcoin in some aspects but also reminding the public to trade or invest in their own risk as these kind of investments carry out a big risk with it.

[wvasko]

Bitcoin is an independent currency. I think the government will not be able to subdue. It would be bad for everyone.

[mobilestrike]

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. 

We all know that bitcoin is not yet legalize in all the countries of the world and the use of it is not that fully spreaded yet. One of the things that the government may do to help bitcoin is to accept blockchain technology and don't stop their people from using bitcoin. Through this way, inches by inches, bitcoin will make its way to being legalized and will be accepted by people since it brings convenience and money to everyone.

Bitcoin is worldwide famous currency. I think no one is hardly single country who can deny the importance of the Bitcoin. Bitcoin have its own importance and more and more people want to know about Bitcoin. Mostly countries use Bitcoin in their countries at different situations. People want Bitcoin because it give them income and profit for their businesses. Bitcoin is so powerful; it has attraction so match that people un- intentionally attracts towards it.

[futile-resistance]

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.

Well I think bitcoin will be lucky when all the countries make bitcoin legal because its will be good for bitcoin if bitcoin become legal so the users will be increased and some investors and traders will also be increased and as some countries have already make bitcoin legal so their benefits are high than any other countries because bitcoin is accepted in their banks and transitions are also very fast so I wish bitcoin will be legal in rest of countries soon.

It will really be good for bitcoin and as well good for the country. Obviously, anything that makes a country legalize bitcoin now, would really create a huge awareness but the thing is no country will be willing to commit herself right now as they cannot really say much about how certain bitcoin is going to keep on and what most countries will do now is to just silently regulate the activities and then see where the future leads in the long run.

[Payne976]

In the news today (UK) two houses sold for bitcoins. Great publicity!

[bitgolden]

Governments will have to legalize it in order to at-least monitor the flow of funds otherwise there is a threat of the increase in the black market and it will create a huge nuisance for the government and the country. I am not against taxation or monitoring but I oppose the control of my wealth. Legalizing would allow the government to legally seek the information about cryptocurrency market and flow of funds but that too without any right to control the things. It will be like healthy market environment without losing the freedom.

There are many regions who joined the bitcoin community and by following already bitcoin countries many regions are willing to accept it in coming days and all this delay is because of lack of bitcoin advertisement and many people are still unaware of bitcoin so information should be given to them so that they can also use bitcoin and their countries must legalize bitcoin and in future legalization will be mandatory.

Bitcoin does not need any advertisement by any country as it is easily doing that by its own.
The level at which the media is taking bitcoin personal is enough to keep the community rolling in as so many learned ones are trying to see what they have been missing all these while. There is so much room for everyone in this space and sure, legalization will create a huge awareness for it.

[Cosbycoin]

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.

Absolutely correct,most of the countries across of the globe haven't taken a firm stand for or against bitcoins, they are just speculative about it

There is a strong reason behind this that why most of the countries are just speculative and that is the nature and existence of the bitcoin structure. This is decentralized currency which need not to be monitored by any central bank.

Also the transactions are being noted down world wide but the information about the individuals doing the transactions is kept encrypted, so if some country gives it’s stance against or in favor of bitcoin, that she has to give the logic about these things.

[lordquanta]

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

The governments are not required to make their own coin because they can just study the existing cryptocurrencies in the internet and accept it and make it as a fully legalize cryptocurrency or another form of money. It will be easier for them since they are already existing and they have a lot of different projects that the government can get benefits.

Every government is not as generous as Japan’s government. There are certain set of rules to be followed by the currencies creators (which usually are countries) and by the users of the currency. It is not easy for any government to allow a cryptocurrency as a legal currency because government always demands for the identity of the person owning a currency also government demands for the proof of the currency one has to be proved as white i.e. not earned though any unfair means.
Government always want a command and control in its own hand instead of anyone else, cryptocurrency don’t meet this requirement of government which makes it challenging for the government to legalize it.

There is nothing as government being generous toward anything. If they are getting tax then there should be no problem for them. For bitcoin some countries have started taking initiative to track the holders of coin and verify whether they have declared the coins in possession in their tax returns. In way I think this is better that government is going after those who have bitcoin or other alt-currency and not disclosed it in tax return. At least government is ready to recognize this whole bitcoin matter as legal. This will again help the bitcoin community. Many govt and economists, bitcoiners think bitcoin and crypto is best way to hide their wealth. thus giving bitcoin a bad reputation. This will start to stop now.

[RavenHood]

In my opinion, the legalization of bitcoin is very low. Also, I read some article that saying bitcoin is banned in some countries because of some issue, acceptance, capability, and jurisdiction. But bitcoin has a chance to be legalized in another community because some state, establishment or company already accepts bitcoin as a digital currency.

[Shendy23]

Here in the Philippines bitcoin is already legal but not yet regulated. Legal because people here can have and earn income without trouble or doing it against the Law of a country. Not yet regulated because it is not yet stated in law or being stated that the government will be deducting taxes from our income from bitcoin. Government can earn more taxes depends on how much they want it to be if it is regulated.

[randal9]

In my opinion, the legalization of bitcoin is very low. Also, I read some article that saying bitcoin is banned in some countries because of some issue, acceptance, capability, and jurisdiction. But bitcoin has a chance to be legalized in another community because some state, establishment or company already accepts bitcoin as a digital currency.

I also don't see a great likelihood that it will be legalized, because the state has no reasons to do it, too little profit for the country's economy