Legalizing Bitcoin

[lordmick]

Without a doubt, if the cryptocurrencies start to be regulated by the state, this will only affect them in a positive way. First of all, it will create the basic for use of cryptocurrencies instead of fiat money, and in the second the media will begin to fully reveal the advantages of cryptocurrencies, which in turn will increase the demand for them hundreds of times.

[Morning honor]

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 need 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 legalize bitcoin, it will undergo a lot of process, regulations, and conditions for the welfare of the whole country. I guess it would not be easy to make btc legal because of some other important aspects. Of course, it will also help the people but there are also some certain conditions we need to consider.

[akukakeh]

I do not really understand what is happening in my country, a bitcoin purchase transaction is prohibited in my country when bitcoin will help the state economy, the government only needs to manage the taxes from our deposit and withdrawals, I am sure it will be very useful for the country

[bitkanu]

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.

It's the bitcoin users itself that will voluntarily reporting their capital gains to the government and then by that the government can tax them.
If they refuse to do so, there's also punsihment awaits and sanction aswell. It's like the government giving us a chance to tell the truth or lying.

[fianaindriati]

I do not really understand what is happening in my country, a bitcoin purchase transaction is prohibited in my country when bitcoin will help the state economy, the government only needs to manage the taxes from our deposit and withdrawals, I am sure it will be very useful for the country

that's the government's tactics, before they pull taxes from bitcoin then they make it difficult for us first, their reason because they do not want to lose in approving the bitcoin is outstanding.

[wave1002012]

I do not really understand what is happening in my country, a bitcoin purchase transaction is prohibited in my country when bitcoin will help the state economy, the government only needs to manage the taxes from our deposit and withdrawals, I am sure it will be very useful for the country

that's the government's tactics, before they pull taxes from bitcoin then they make it difficult for us first, their reason because they do not want to lose in approving the bitcoin is outstanding.

this is a good move of the government if they legalize bitcoin because it involved a  big amount money that they may earn from taxes of bitcoin transactions.

[wave1002012]

I do not really understand what is happening in my country, a bitcoin purchase transaction is prohibited in my country when bitcoin will help the state economy, the government only needs to manage the taxes from our deposit and withdrawals, I am sure it will be very useful for the country

that's the government's tactics, before they pull taxes from bitcoin then they make it difficult for us first, their reason because they do not want to lose in approving the bitcoin is outstanding.

[Ulan01]

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. 

illegal or not bitcoinnya, will not stop someone using bitcoin. and I think the government should support the use of bitcoin, but before that must prepare the law that the user must pay taxes from its use. maybe this will help the country's economy a bit.

[Pujangga]

I hope that more and more countries are legalizing bitcoin, this is because transactions with bitcoin are easier, more practical and cheaper when compared to transactions in banks.

[Friskaadew]

Everyone here would want bitcoin to be legal. But it all needs the support of the investors and us to believe in the government and all the countries of the world. However bitcoin will be legalized if the government sees the positive impact and corresponding function of the bitcoin.

[multimix]

Why do you need legalization? I can't understand. You used to live in obedience and without it can not? Bitcoin has provided you with the opportunity to live and earn money without the involvement of your government.

[Carreuh]

There are also some countries that legalize this bitcoin but more countries are banning it than legalizing, even though the government does not need to ban bitcoin but simply control it to avoid misuse and if the government approves bitcoin then the government will be able to withdraw taxes from bitcoin users.

[Nakedbitcoin]

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.  

Some other country's declared bitcoin as legal tender in their country's like japan is the first country that accept bitcoin as legal tender interms of all business transaction.This country's are very progressive because their governtment is not involved in corruption. If all country's are like this maybe bitcoin is not hard for them to welcome in their country's and many people around the globe will gain this binifits of this creation the bitcoin.  

[Bitcoinislifer09]

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.  

Some other country's declared bitcoin as legal tender in their country's like japan is the first country that accept bitcoin as legal tender interms of all business transaction.This country's are very progressive because their governtment is not involved in corruption. If all country's are like this maybe bitcoin is not hard for them to welcome in their country's and many people around the globe will gain this binifits of this creation the bitcoin.  

Yes its a good idea for me. Our country should legalized it because i didnt see something bad or illegal in bitcoin theyre just not know the features and the ability of bitcoin theyre not believing that bitcoin can give you big income in just a short period of time. Some countries banning bitcoin because maybe they dont want because they didnt know. And it is decentralized meaning no one managing it. So theyre not believing on it. Theyre thinking that its just a scam.

[bib24]

Legalization means government will have the power over bitcoin, the same principle applied to fiat currencies. Tax will be implemented in every transaction, this way government will have additional source of income for public fund. 

[paul gatt]

Bitcoin is currently the most widely used currency in the world in general and in Vietnam in particular, many Bitcoin investors in Vietnam when they first inquired about it always ask such questions as: Bitcoin is legal are not? Many countries use this currency but they do not accept BTC legalization. The Russian government has also stated: "Never legalize bitcoin."

[Bdstar]

It doesn't matter whether it legal or not, Day by day Bitcoin and blockchain system is becoming a popular and strong platform in the monetary world, people are becoming involved in this platform for the ready-made benefit. It's true that people usually want to make a rich person through the shortcut way. so they are taking this risk by investing money in the blockchain system. So legalization is not a big deal for this issue.

[Kusnechik]

The legalization of bitcoin will lead to an increase in investments in its assets from international investors, which can be used to strengthen the country's economy.

[Pier7]

Well, in the Philippines, bitcoin are now legal to use as payments and as investments. They are focusing on the legality of platforms exchange to protect the bitcoin owners and the national currency as they have noticed that millions of bitcoins are converted to our local money. I think government and the people could benefit if bitcoin will be declared legal, it can really help the people specially the jobless to earn income and boost the economy.

[CuriousGeorge]

Well, in the Philippines, bitcoin are now legal to use as payments and as investments. They are focusing on the legality of platforms exchange to protect the bitcoin owners and the national currency as they have noticed that millions of bitcoins are converted to our local money. I think government and the people could benefit if bitcoin will be declared legal, it can really help the people specially the jobless to earn income and boost the economy.

Good to hear that, the bitcoin hype has now turns reversed from negative to positive so many platform starts to accept bitcoin like we can buy the world cup ticket by using bitcoin and now phillipines trying to recognise bitcoin, maybe it's what affecting the price pump for bitcoin I guess.