Legalizing Bitcoin

[jamids]

Legalized means that a regulation must be made. How proper regulation for a decentralized currency system is even contrary to a regulation and legalization. The freedom of transactions of bitcoin users will be disturbed by the legalization of a government especially if the legalization is included with the obligation to pay taxes for bitcoin holders. I agree if the tax applied to crypto but the tax should be addressed to people who are business actors with bitcoin payments so as not to affect the bitcoin holder.

If you earn income from your cryptocurrency transaction then it is just right that you should pay tax because you still have an obligation as a citizen of your country and you are using as well the projects of the government which is from taxes of the people given that the funds are used properly so paying tax shouldn't be a burden. I still believe that regulation is needed because there are people who abuse the freedom by defrauding others since they knew that they cannot be held accountable. Besides, more people would trust cryptocurrency if it will be legalized since they know the point person or department when they have some concerns about it.

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[ChConcept]

I think what the government needs to regulate Bitcoin is the strict but fair rules and regulations, clear understanding and black and white documents of the guidelines and the laws. Also we have to ensure that they will do necessary actions plans and activities in order to cascade and keep their citizens informed about it. On of the things why Bitcoin is loved is because of its transparency and decentralized nature, so hopefully, once the regulate it, they don't do anything that will defeat that feature. Plus I know they will be able to get a lot since they can get some taxes on Bitcoin exchanges and transactions.

[hashshashin]

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 accurately answer this question, it is necessary to know the economy of the country well and on what basis it is based. I believe that bitcoin with its blockchain technology can help in the development of individual spheres of activity.

[nurbay]

Bitcoin is still a hot conversation between countries in legal or illegal contexts.
The government considers Bitcoin to have many risks if it continues to be used, one of which is unpredictable and volatile.
And many countries forbid the use of Bitcoin.
Meanwhile, if the government allows the use of Bitcoin then the government will earn revenue for the state through Bitcoin by applying taxes for Bitcoin users.
We see the current Bitcoin price is very expensive, you can analyze the amount of tax for the State.

[Lucas Riley]

the amount of tax owed by American citizens in crypto is around the 35billion mark! To put this into context, the whole amount of tax owed the the us government is around 130billion. Countries will soon begin to realise that this can line their pockets and I think that will signal a change in sentiment

[Beabtc11]

Very few countries have gone as far as to declare bitcoin illegal. That does not, however, mean that bitcoin is "legal tender" - so far, only Japan has gone as far as to give bitcoin that designation. However, just because something isn't legal tender, does not mean that it cannot be used for payment - it just means that there are no protections for either the consumer or the merchant, and that its use as payment is completely discretionary.

Other jurisdictions are still mulling what steps to take. The approaches vary: some smaller nations such as Zimbabwe have few qualms about making brash pronouncements casting doubts on bitcoin's legality. Larger institutions, such as the European Commission, recognize the need for dialogue and deliberation, while the European Central Bank (ECB) believes that cryptocurrencies are not yet mature enough for regulation (although with bitcoin almost 10 years old, one is left wondering when we will know it has reached sufficient maturity). In the United States, the issue is complicated further by the fractured regulatory map - who would do the legislating, the federal government or individual states?

[c++btc]

I guess it will be difficult for bitcoin to do because bitcoin is so much more than anyother currencies in the world and if the bitcoin cryptocurrency will be legalized for sure it will make a very big changes in so many markets . Bitcoin will be difficult to buy.

[karik1987]

Undoubtedly, the correct approach to the development of the Internet was "do no harm." I think, similar considerations are valid in the case of blockchain technology

[TN0904950]

Legalizing bitcoin is one of the topic that all bitcoiners ask. Legalizing bitcoin can contribute bad and good effect in our economy, so it takes long time to approved it, some countries are legalizing it some are not. In my own opinion, i am favor in legalizing bitcoin ,but before it happen we need to accept it.

I think Statistics of cryptocurrency legalization is very dynamic, and when you look at some attempts to start receiving bitcoin, it denotes the global elite has received bitcoin as a means of payment
the legalization of cryptocurrency in the state is difficult, it depends on the users of cryptocurrency and bitcoin, "how users of cryptocurrency participate in state regulations, and demand legalization, by judicative means.

[romeo23]

Bitcoin is not exactly illegal, but it is very difficult to use in a legal manner, and most utilizations will be questionable, if not actually illegal. However, I think the concern about governments shutting down currency is a red herring, at least regarding the US government, which actually subsidized the Ithaca Hours system of alternative currency, via its Vista program. Governments aren’t nearly as emotional about currency as currency geeks think, and the issues they have are much more situational than philosophical.The problems with Bitcoin will largely derive from tax reporting issues and the impossibility of an integrated relationship with the United States’ national taxation authority (IRS). A core element of Bitcoin is that there is no central tracking of transactions (or rules for usage); unfortunately for BC, though, for transactions involving sales of commercial services or physical goods with value of a dollar of more executed via a virtual currency, the IRS specifically requires reporting from the transaction-authorizing entity, via form 1099b. Since there are no controls on usage of Bitcoins, all transactions would need to be considered commercial (commercial will contaminate non-commercial if they’re in the same system), and subject to a $15 per transaction fine, in addition to taxes. There are other alternatives for integrating physical currency (like community currencies) into the overall economy, and bypassing this issue, but I don’t see how they could do it online.So, you start with this piece (that it will exactly be out of compliance with bitcoin gambling regulations) and then you add to it that, as with e-gold, even if you start out with great intentions, these sorts of anti-fiat-currency initiatives aren’t really interesting to citizens outside of a committed core group, you can see that usage will veer toward those for whom the negatives of inconvenience and a lack of liquidity are less important than is secrecy. And while a lot of the best people could fall into this category, there are a lot more of the worst sort of people, with a lot more reasons to participate in the system. And this latter piece is where they will come into most direct conflict with authorities, especially in this era.

[setialovers]

Legalized means that a regulation must be made. How proper regulation for a decentralized currency system is even contrary to a regulation and legalization. The freedom of transactions of bitcoin users will be disturbed by the legalization of a government especially if the legalization is included with the obligation to pay taxes for bitcoin holders. I agree if the tax applied to crypto but the tax should be addressed to people who are business actors with bitcoin payments so as not to affect the bitcoin holder.

Indeed, I am agree with your opinion. Its hard to make regulation when bitcoin is decentralized. If government want to collecting taxes, better applied on bitcoin trade in exchange

[SuperFruit]

 

[rowel21]

bitcoin is especial cause of its decentralization system once they make it legal the government can manipulate or penetrate it the especiallys of btc will be vanish I don't want to  legalized  it if the tax will implemented and the greedy politician will ocure in the way

[MoonWhale]

The state simply can not control the bitcoin network, people around the world use it. So it is necessary to try to legalize crypto-currencies and collect taxes.

[Iblis 02]

Organized or unlikely there are many people from some countries who love it and are ready to support it full despite the state ban.
The best thing should be a rule that controls bitcoin so that not many people lose, but it also does not guarantee because everything happens so fast.

[rutherford]

Actually it is simple. The government just have to make rules about Bitcoin. What's allowed and what's not. That's how you regulate things. And if the government legalized Bitcoin, the government could get benefits from Bitcoin, such as taxes payment.

[sangungaji]

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 with or without legalizing, bitcoin will exist and keep going. If government want to collecting taxes, better applied on bitcoin trade in exchange.

[Indai24]

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

I would say that bitcoin is not legal nor illegal, shall we say it's not accepted by the government nor recognized. But I guess it's not possible because it's a big threat to all banks.

[Max.junior1]

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

I would say that bitcoin is not legal nor illegal, shall we say it's not accepted by the government nor recognized. But I guess it's not possible because it's a big threat to all banks.

Each country has its own rules in the country. So, if Bitcoin wants to be legal and used as a legitimate transaction tool, it must enter into their rules. Actually, the government does not benefit from bitcoin. As from the tax sector and others.

[Cult]

Actually it is simple. The government just have to make rules about Bitcoin. What's allowed and what's not. That's how you regulate things. And if the government legalized Bitcoin, the government could get benefits from Bitcoin, such as taxes payment.

But who would want to pay those taxes and how will governments be able to collect them and control. Even with bitcoin's pseudoanonymity that is nearly impossible as you cannot alter the blockchain in any way.