Legalizing Bitcoin

[JC btc]

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. 

Honestly, legalizing bitcoin for me would be a terrific idea. This would promote bitcoin itself to the world and for people to know and have the idea about bitcoin better. In addition, not only that it helps people earn a lot, it can also boost an economy of a specific country because of it's really high value when it's volatility hits right.

That is one thong most people will not understand. I have heard some saying it would cause government to control bitcoin. How for heaven sake? Bitcoin will always be decentralized and the only place the government can have control is in the aspect of conversion to fiat which would make it taxable and to me it is reasonable considering the level at which bitcoin is going to be affected positively in the long run.

You know what guys, even if here in our that bitcoin is not legal and was not tolerated by our government still they are finding it as an opportunity for their sovereign people so they are not removing it in our system despite the fact that they are always keeping us reminding of the risk associated with it.

[hastag_80]

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 thinks there so many advantages,of bitcoin if its been declared a legal in every country,first for me is the tax,the government will allow to tax the bitcoin for  the used of community infrastracture,and other civil service,second the processing fee of every trading platform sites will be centralized,and theres a control of pump and dump value in the block chain market,and the economy will continue to bloom especially in digital currencies bussiness,as just what happen in japan ,when they legalize bitcoin,there economy will continue to grow.

[illete]

Legalizing of Bitcoin will be a positive step from government it will encourage stable economy and also provide platforms to new investors and common people to secure financially and enjoy the freedom of transactions and free from hurdles of transfer money.

[reymartH]

A few countries have accepted bitcoin and have decided to actually create laws that govern bitcoin transactions. The first country to completely accept bitcoin was Japan. Starting on the 1st of April, bitcoin was considered a legal form of payment in Japan, with several public institutions accepting it as currency.

[betchay22]

Bitcoin is not illegal so why we need to legalize it. May be what they think is how to regulate it. Put some rules and regulations, policy and by laws. Can anyone do that? Let us see in the near future.

[jaredl]

My opinion is that every country will sees Bitcoin and cryptocurrencies with a different perspective:

1. Cryptocurrencies is threatening our economy and undermining our country's currency - these are countries that have a weak economy and a weak currency. Countries that are corrupted and have been printing money also fall into this category. Hence they see bitcoin and crypto in general as a threat. They will seek to ban bitcoin and crypto rather than regulate the industry. This is because bitcoin and crypto are favoured by their people and is slowly taking over the national currency. Zimbabwe falls under here.

2. Cryptocurrencies is undermining our control of the country - these countries are strong because they control their economy and people with a iron fist. They do not want to lose their control and want to make sure that any cryptocurrencies must be within their control and influence before they will allow it to survive. China falls under here.

3. Cryptocurrencies will lead us into the future and let us become the leaders of the world - these countries have a relatively stable economy and strong currency and want to lead this wave of cryptocurrency economic boom. They want to quickly become world leaders in crypto but they want to make sure that they are not lead to bust by crypto too. Reasonable regulations will happen in these countries. Japan, Singapore, Estonia falls under here.

There are other perspectives by countries about crypto too.

But a perspective from a angle of fear or wanting to control crypto will lead to a ban or overly tight regulation and such countries will fall behind in the new economy.

I think countries that fall into category 3 will put in place regulations to prevent money laundering and illegal money flows. But they will not tighten the crypto economy until it is stifled.

I think 2018 will see a lot of regulations put in place by countries but with the support of countries that sees crypto as the new economy, crypto currencies that can adhere to govt regulations will boom.

[Semaj123]

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 regulate you need to write laws and legislation in regard to bitcoin and that wouldnt be hard. What would be difficult is how a country stands to benefit from legalizing bitcoin and the main thing I can think of is taxation.

Not only do you tax people who make money from bitcoin which would be another revenue stream that was not their prior but you also tax bitcoin how you tax regular transactions. For instance if you buy a sandwich for $10

and 3% of that goes to tax when paying with fiat (0.30$) then you do the same tax scheme for bitcoin. When a shop accepts bitcoin and you pay $10 for the same sandwich the country still gets the (0.30$). This way you

keep the status quo for taxation for goods and services while adding a layer of previously not had revenue in regards to taxing bitcoin capital gains.

It is not hard to recognize the legalization of bitcoin aside from many people knows bitcoin but the progress of it. The boon that might people consider to all. Maybe it is queuing right now because we cannot deny that it is known all over the world and they acknowledge of what they might get from it. If it will be legal in many countries possible the tax will be rise of this because they knew what they can get.

[Nanot]

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 can consider bitcoin as a ligal thing because it is used now in many ligal transaction and it is used as a currency. But on the other side bitcoin is illigal because it is too expensive that it may possibly cover the country whose not have a high currency price. It is consider as a scam because it can get more money when your country has a low currency. It can also promote economic growth when bitcoin is ligalized because it can creates more funds and even investments. It also reduces unemployment so that it can help a country and its people that bitcoin can be able to used in any transaction because it is not limmited it is a intire universal currency.

[tannerchum]

There is a possibility that bitcoin will be legalize all over the world because it is known already and many people look forward to gain a lot of this kind of business because they oversee a lot of advantages that might bring through to their life. We gather ideas how to legalize bitcoin because we love to do it as far as we can get and we knew the usage of this. People love to do transaction so we do it.

[Morjana17]

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.

Everyone is hoping that bitcoin will legalize all over the world because if it will happen for sure it has a transparent for all. We love to do transction and for that we wanted to be open for all for the sake of everybody. If this will happen probably theie is tax which implies an amount for the country although it is helpful for all.

[yesuidanggan]

If the currency legal in China, I believe it is the currency of the great victory, because the Chinese market is too big, the currency in China already very enthusiastic, if the government support, the currency of the price will continue to increment, the application of block chain technology will be more and more widely!

[tranduc2101]

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. 

If the states want to legalize Bitcoin in their country and get benefits from it. First of all, their country must have a Crypto trading platform and accept it as a coincidence. This will help get a huge amount of money if they tax it.

[buternasek]

If a country wants to control the development of bitcoin in the country, then they need to issue laws and decisions about bitcoin
and in consultation with countries that have received bitcoin in their country, must make decisions that do not harm both parties
and this is the task of every agency in every country

[cloudbleron18]

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. 

that was also i want to make bitcoin  legal  in all the counties to make us feel comfortable and also make us free from fears to banning bitcoin that is my hope.

[Wilfrer]

I think some countries think of their interests in the face of the fact that it prohibits Altcoin because they think it's tax evasion. In addition, some nations think of the future and they almost have some measure of management and promote the growth of the Altcoin and their currency because they know that it is the currency of the future. . I hope that they will soon realize this

[ikipiye]

in my country for now, this bitcoin is still not legal, but my government has started paying attention to bitcoin and is already designing regulation for bitcoin. but this definitely takes a long process to legalize this bitcoin.

[bib24]

Since demand in cryptocurriencies are continuously increasing as well as its popularity, it gain attention from the government. They might legalized it in future and implement tax to help public fundings.

[fleda]

In our country, We don't need to worry because digital currency is legal. Our government is okay with that because they know that it is also a nice way to help those people who are in poverty. It is really to find a job in our country that's why I think the reason why government allows it is to give a opportunity to those people to earn.

[Batang Hambog]

In our country, We don't need to worry because digital currency is legal. Our government is okay with that because they know that it is also a nice way to help those people who are in poverty. It is really to find a job in our country that's why I think the reason why government allows it is to give a opportunity to those people to earn.

Yes, in my country also recognized bitcoin but then I dont think that it is already legalized because the government not stated it already just recognizing because they knew that people can create money with their own here. I think there are some speculations that the government wants to implement tax on bitcoin holders. That a bad news for me.

[longhair0418]

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.

I found a news saying that the Officials of the People’s Republic of China announced in 2017 that the country will use their own digital currency. If that's the case, it is quite possible that every virtual currency other than the "official' one will become illegal.