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Author Topic: What will happen if the government know bitcoin in your country?  (Read 4284 times)
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November 06, 2017, 12:56:41 AM
 #1

I think they will ban bitcoin because of the fearful that may affect of the economics of my country but i disagree there opinion because working bitcoin is very helpful for me especially the support financial.

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November 06, 2017, 02:50:48 AM
 #2

Hi shainasaz.
There are some countries forbidding any activity related to cryptos, recently Nepal. Venezuela (from what I know).
But some other countries are Bitcoin friendly, Korea taxing transactions, obviously Japan very friendly towards Bitcoin, Singapore as well. Australia willing to regulate, which means they are accepting Bitcoin.
Where do you live?
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November 06, 2017, 03:03:22 AM
 #3

I think they will ban bitcoin because of the fearful that may affect of the economics of my country but i disagree there opinion because working bitcoin is very helpful for me especially the support financial.

The government in my country recognized the used of bitcoin even though it was not yet declared legal. People here arr are using it as a form of payment, so far we dont see any sign the government would ban it.

There were countries who sees bitcoin as a threat to their economy such as Venezuela and China, those government sees the larger picture. Once newbie like us looks at bitcoin we would think that this would affect nothing but instead it is beneficial for us. But the fact is that, even we could gain profit from this,some Government dont see anything that this benefits them. Simply because they dont have the full control over it, because they dont have the full control, people could  and tend do illegal activities which then becomes a threat for the government.

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November 06, 2017, 03:20:05 AM
 #4

I think they will ban bitcoin because of the fearful that may affect of the economics of my country but i disagree there opinion because working bitcoin is very helpful for me especially the support financial.

It totally boils down to the discretion of the country regarding its legality or illegality. There are some countries in Asia that ban the usage of bitcoin since its decentralized nature makes it the perfect medium under the dark web for transacting illegal drugs. If the government of that country thinks that bitcoin contributes to the increase on their drug-related crime rates, prohibiting it may seem the obvious choice. But there are also countries that recognize bitcoin's potential to the market in terms of providing opportunities to people regardless of their status, and makes the economy liquid enough.
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November 06, 2017, 03:20:28 AM
 #5

I think they will ban bitcoin because of the fearful that may affect of the economics of my country but i disagree there opinion because working bitcoin is very helpful for me especially the support financial.
I don't think that they can take any strong/strict action against the bitcoin because bitcoin is decentralised cryptocurrency currencies , and the person who can access internet can access bitcoin also , so here we can say any government can make rule to not to use the bitcoin but can't make any rule to stop the transaction of the bitcoin Because no one has the control in the bitcoin transaction between p2p.
Here we can see that many big economical countries allowed bitcoin to use with better rules of taxation , so here we can understand well that no other countries will ban it , Because bitcoin is not only a way of income for the common people but also a thing for the better growth of the economy of the country .

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November 06, 2017, 03:30:45 AM
 #6

I think they will ban bitcoin because of the fearful that may affect of the economics of my country but i disagree there opinion because working bitcoin is very helpful for me especially the support financial.
I think if they use to search about the status of their citizens when it is not yet encountered bitcoin to encounter bitcoin is has a big difference from the improvement of like with the help of bitcoin. I think in our country they will not going to ban bitcoin because it helps many lives here.

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November 06, 2017, 03:31:06 AM
 #7

Well they do know that Bitcoin is within the country, though I've developed a theme that I think the government doesn't think that Bitcoin isn't enough of an issue yet to go forth and ban / do things that will limit the growth of Bitcoin through massive waves of regulation. But as I said, they're not going to do it unless Bitcoin is a real threat - as they don't want to make people angry when they really don't have to do it yet.

It will happen though, NY has already done it and so has the state of Washington. Sadly enough, Government isn't going to give up control and they will stop at nothing to keep control.

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November 06, 2017, 03:37:10 AM
 #8

Quote
What will happen if the government know bitcoin in your country?
Well everything depends on their behaviour. I'm always getting concerned when governments a putting their sight on cryptos and not doing anything. If this question is discussed is discussed on the national level then the it will be good if there will be any way to gently regulate it. If governmen won't perform any moves while discussing cryptos then it mean that there is a high chance that someone is looking on your crypto income, which means that you might have to deal with your tax department without any legal basis for your side.

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November 06, 2017, 03:52:35 AM
 #9

I think the government is very surprised that bitcoin is spread across all countries, is very well developed, it can help all the people who have no fixed income. So the government will not ban it, the people use bitcoin with good intention.

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November 06, 2017, 04:01:13 AM
 #10

I think they will ban bitcoin because of the fearful that may affect of the economics of my country but i disagree there opinion because working bitcoin is very helpful for me especially the support financial.

Government would not ban bitcoin unless they see it as a threat to their economy. Not all country who knew bitcoin banned this cryptosystem, in fact even some countries does not recognized it as legal they still accept it as a form of payment. In my country, most of the basic transaction accepts bitcoin. Bitcoin is not really a threat for the economy, its just that it was being used in some illegal activities which makes bad impression for the Government. If government would take time studying the crypto system, bitcoin would definitely be an asset for the country and maybe a catalyst to boost the economic status.

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November 06, 2017, 04:09:05 AM
 #11

We could see that countries having smaller economy like bangladesh,equador,bolivia ban bitcoin while bigger economic countries take a safer move.They mostly neither want to ban it nor to leave it uncontrolled.

They either want to legalize it or to just regulate it so that people using bitcoins would not be totally out of their control.But surprisingly,after china took severe actions against bitcoin and ICOs,south korea and vietnam have immediately followed it.

In our india,it has not yet been legalized,regulated or banned.Government decision is still unknown.

I think that it would be better to regulate bitcoin instead of totally banning it.

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November 06, 2017, 04:11:37 AM
 #12

I think they will ban bitcoin because of the fearful that may affect of the economics of my country but i disagree there opinion.

What you think Bitcoin is, an undercover agent? Most of the governments are well aware of Bitcoin and its impact on economy but all major decisions require patience and time to take so they haven't taken any step yet.
Also not all governments have negative outlook towards Bitcoin. Some have already endorsed it by legalizing in many spheres.
But on the other side, Bitcoin indeed has negative impact on economy in long term. What if everyone steps in billion dollar unregulated Bitcoin economy? Will government able to collect anything in tax? What will happen to development of country?
It is always desirable to use Bitcoin over fiat but it is recommended that Bitcoin economy should regulated and legalized.

Quote
because working bitcoin is very helpful for me especially the support financial.

If you are earning few bucks in BTC writing posts here, that doesn't make Bitcoin to be financial saviour! It is just medium of campaign payment and nothing else.

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November 06, 2017, 04:20:54 AM
 #13

I dont know if the government in my country know about bitcoin but most of the large companies here are adopting bitcoin.
I think they will investigate first and pass a law about how to tax bitcoin users i hope they wont to that.
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November 06, 2017, 05:49:31 AM
 #14

That depends on the government's understanding of bitcoins. If it's a bad idea they will definitely be against it. But they can not do anything because they just hit the wind. If you just explain the bitcoins that are good, it's definitely not a bad idea for people who do not know it yet. It's just because people think about it because they're using bad things. Similarly, online investment is that the main funds are bitcoins.

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November 06, 2017, 06:09:56 AM
 #15

I think they will ban bitcoin because of the fearful that may affect of the economics of my country but i disagree there opinion because working bitcoin is very helpful for me especially the support financial.

I would say that every country has some knowledge of Bitcoin at this point. The only countries that I could see full fledged banning it are those that depend heavily on the government taxes to keep running and those that want to maximize how much they make with taxes off their citizens. As of now, it seems like many first world countries don't have much of a choice but to accept what Bitcoin is.

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November 06, 2017, 06:26:57 AM
 #16

I think they will ban bitcoin because of the fearful that may affect of the economics of my country but i disagree there opinion because working bitcoin is very helpful for me especially the support financial.

some countries actually ban bitcoins just like in china and in ruusia because they see bitcoin as a great problem that might have affect thier company because as we see bitcoin is already dominating all over the globe and some countries are now legalizing it but i suggest they must legalize it because bitcoin can add a lot of innovation to our economy today due to its cool feautures and uses that can surely improved our daily lives.
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November 06, 2017, 06:39:35 AM
 #17

I dont know if the government in my country know about bitcoin but most of the large companies here are adopting bitcoin.
I think they will investigate first and pass a law about how to tax bitcoin users i hope they wont to that.

I'm pretty sure that they do know about it (I guess 99% of them). Governments are not just a single entity. They are entirely made up into pieces by which they work correlated to each other, thus they also have a body that represent for research and development. There is a minimal chance that they haven't heard any about bitcoin. As for the taxing, it would be pretty hard to regulate considering how blockchain works.
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November 06, 2017, 06:49:12 AM
 #18

I think they will ban bitcoin because of the fearful that may affect of the economics of my country but i disagree there opinion because working bitcoin is very helpful for me especially the support financial.
In my country government have no intention to ban bitcoin,new ICOs are frequently launched and the government do not prevent ICOs from continuing process.
I think countries that are financially weak, will not ban the bitcoin or ICO because they know cryptocurrency businesses can help them financially by implementing tax.
Russia and china have mighty financial backup, therefore they don't need bitcoin


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November 06, 2017, 06:55:33 AM
 #19

I think they will ban bitcoin because of the fearful that may affect of the economics of my country but i disagree there opinion because working bitcoin is very helpful for me especially the support financial.

What you are telling is because you country is worried about the freedom to the bitcoin users who can do what ever they want through bitcoin and government cannot control them. Their are two ways if the bitcoin is used in legal way then government can legalize it so that users can use bitcoin freely. second is government banning it in fear of usage in illegal activity, but for that government can make some rules and regulations on bitcoin usage so that users dont use it for illegal activity. In my country their are no rules as government is still to decide what to do with cryptocurrency and bitcoin. So until their are any rules we can use it freely.

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November 06, 2017, 07:09:11 AM
 #20

Government in most countries already know about bitcoin, while some have declared their status on adopting it, some are still just looking at the situation of things and gradually seeing how it can be utilized, while quite few have declared it illegal. My country does not have any problem with it and I doubt if there ever will even though they have not declared their state on it, but the CBN and some banks are already looking into the technology and how it can benefit the country.
Now, that some powerful countries are already adopting and regulating it, it may help smaller countries to at least have a reason to do the same and look out for the benefits they can derive from it.

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TrustedCars
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Changing Car Ownership Forever
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Lightpaper
ANN Thread
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