What will happen if the government know bitcoin in your country?

[Sadlife]

In my country they've accepted bitcoin and even made a site that supports cashing out bitcoin from our fiat currency like coinbase, blockchain and xapo. There are also bitcoin friendly countries that would gladly accept bitcoin like japan with no regulations, Philippines, korea and even singapore i guess most countries that rejects bitcoin is from the west the controlled by bankers

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[engrshu]

Banning bitcoin is like, preventing your country to be progressive. I can see that if this trend of bitcoin is continous then there is no doubt that btc will be our future currency. Anyways, for the question in this thread, in my country, the government here is aware about the cryptocurrency. And all I can here is postive, even our central bank already recognize btc.

[Kakmakr]

Governments have nothing to fear, because they are still in control of local judicial structures and law makers. A government can make things very uncomfortable for a lot of people, if they seriously clamp down on Bitcoin users. A lot of these governments are not doing this, because they recognise the advantages of this technology.

You cannot throw away the baby with the bath water and they see that. You should work with these governments to make it a success in your country and if they want to work against you, then you use your vote to get people into power, who wants to work with you.

[zeze18]

Although the legality of bitcoin in my country is still illegal but the government in my country never forbid the use of bitcoin, even though the government in my country gave a positive response to the legalization of bitcoin but so far still in consideration and only monitor activity of bitcoin users and give direction to be more careful in business in bitcoin.

[Nameless27]

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.

Our country is currently studying about regulating it but as of now the status is cryptocurrency is not illegal and we’re open in transactions with banks. I believe our society is more open-minded to this kind of things than any other countries. We bitcoin investors and users is glad of our central banks officials are supporting and regulating exchanges to be legit. I’m fine in regulations if they can give good laws that is good for us all.

Bitcoin helps our life individually and if this will continue, it will be a big economic boost for one country.

[Frostyroar]

Nothing i think they will invest in it or even let people who cash them out pay tax because the government always wants money and that is why they would tax it everything but people would still invest in bitcoin.

[connesa]

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 philippines i think if they are already aware of what bitcoin really is,they will probably put tax,which i think is not a good one.the small earners like me will be the one really affected.every transaction will have tax plus the miners fee and add the widrawal fee.just think how much will they earn.while small earners like us almost nothing to left.well i think much better than getting banned right?

[Creepings]

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 bitcoin is not affecting the economy of one country negatively at all. Bitcoin adds fiats to the circulation of the country making the profits of certain people good without that stable job. And I think that the government in our country know it and they are letting us use it because it is not bringing any harm to the people and it's country. I just hope people know bitcoin and accept it more in our country.

[roseybanez]

It's ok , they accept bitcoin as a thing to buy or sell , it's ok to them but if you use Bitcoin as a currency for payment, so welcome to the "juventus" team.

[Getcoinsite]

Well in my country crypto is recognized by government specially bitcoin.there some issues of scam that happens this past weeks but only isolated cases of mis understanding about the dependent and now its cleared.so for that i think its respectful to those countries that has letting crypto in their countries and welcomed the computer age fairly

[Lady Coquet]

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.

If the government in my country knows about bitcoin, i think they would want to pay us taxes because many people in our country are earning money for free and the government doesn't earn any money from people who uses bitcoin, so they also want to earn money from it through taxes.

[junoreactor]

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 philippines i think if they are already aware of what bitcoin really is,they will probably put tax,which i think is not a good one.the small earners like me will be the one really affected.every transaction will have tax plus the miners fee and add the widrawal fee.just think how much will they earn.while small earners like us almost nothing to left.well i think much better than getting banned right?

Depends on the tax amounts obviously, but long term is good news IMO . Like you said, better apply taxes on transactions than banning cryptos.
Honestly, as far as I am concerned, if in the future my country is thinking about banning Bitcoin, I would have no problem moving overseas, probably to Malta or such a country close to my home and Bitcoin friendly. In Asia, there is Singapore but cost of living is way too high there to be a good option.

[Persiville]

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 philippines i think if they are already aware of what bitcoin really is,they will probably put tax,which i think is not a good one.the small earners like me will be the one really affected.every transaction will have tax plus the miners fee and add the widrawal fee.just think how much will they earn.while small earners like us almost nothing to left.well i think much better than getting banned right?

Depends on the tax amounts obviously, but long term is good news IMO . Like you said, better apply taxes on transactions than banning cryptos.
Honestly, as far as I am concerned, if in the future my country is thinking about banning Bitcoin, I would have no problem moving overseas, probably to Malta or such a country close to my home and Bitcoin friendly. In Asia, there is Singapore but cost of living is way too high there to be a good option.

Few from SEA countries are accepting bitcoin, while some are maybe planning to do so, or maybe they are just keeping ng their moves silently. In that case maybe for you it should be better to go to some countries which has low cost of living, its because i guess imposing tax would be better compared to banning it completely.

[carlfebz2]

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.

This would be on case to case basis on a certain country which they don't have similar views regarding on bitcoin. Some would see it as a beneficial thing but most of them would really see as a threat not only on the financial and taxation aspect but also on the possibilities on increasing on crimes since they are already aware on the negative effects which can bitcoin would possibly give on a certain state.

[oegarod]

Most of the governments have a positive thinking about bitcoin. In the past several countries have made ban upon bitcoin. Later when they found it potential took back the ban and and has started to support bitcoin. Some governments haven't accepted bitcoin, but show signs of adopting the blockchain technology.

[Yamifoud]

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.

Banning bitcoin or crypto is the biggest regret at all. Doing this doesn't give help to their people, instead it makes them from losing this great opportunity to improve their life. Realizing that, in this way many people will be given a chance to improve their social life and regains their trust towards crypto.
Although some countries are declined this just because of some personal interest that it will be conflict to bitcoin purposes. It is a greedy decision they made, not knowing that it could be a big help to the community.

[hisuka]

Most of the governments have a positive thinking about bitcoin. In the past several countries have made ban upon bitcoin. Later when they found it potential took back the ban and and has started to support bitcoin. Some governments haven't accepted bitcoin, but show signs of adopting the blockchain technology.

Yes other government already know bitcoin, actually they have an idea about it. Yet, some are banning it but some countries adopting the technology and the bitcoin. Bitcoin has many advantages to the users and it has a lot of opportunity so I dont think banning bitcoin will take place.

[13abyknight]

I guess by now every county's government would've known about Bitcoin by now because of its raise to fame in the past couple of years.
In India, the government initially took an aggressive stance against Bitcoin, condemning the idea of digital cryptocurrencies to be an outright scam and even made arrests of people trying to trade the currency. Later, the government realised the positives of cryptos which overshadow the negatives and hence currently have a neutral stand.

[beerlover]

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.

It seems some countries are still trying to view the population of the users before they can really see if it is enough for them to take any serious step or not. It is kind of reasonable and I would not blame them, however, it is even better to start regulating at this level by using some developed countries as a case study and implementing the same before it gets so huge.

With your final statement, that is pretty obvious and we all know the highest that can happen is for government to accept it sideways but giving up control be giving up fiat is something we can never see and the highest that would ever happen is for them to adopt the blockchain technology and create a centralized cryptocurrency of their own.

[ASHLIUSZ]

That's not really possible to keep track of the users as well to make the people stop the usage of bitcoin. These days governments too have the plans of making use of bitcoin, than abolishing it. Because people tend to use it one or the other way, so that it's not possible to abolish it. Expect more countries to get into bitcoin usage and make it grow higher same as that happened when Japan entered the community.