Legalizing Bitcoin

[s31joemhar]

In my own opinion, I think yes. Bitcoin can close big establishments in the country because workers would surely pull out or resign from work. It would be harder to get some human force to work for their businesses.

[Preclus]

Do you think governments are afraid legalizing bitcoin because it's difficult regulating its use, circulation, determining individual's worth, earnings and may lead to tax evasion?

If the governments are afraid to Bitcoin maybe they are just protecting their citizens for the wrong usage of Bitcoin as a digital money, I think every government in the world must make a specific department like for example 'Department of Cryptocurrency' to study the benefits and negative impacts of Bitcoin and other cryptocurrency in future of their country because it is now a trend and more new people in different countries are in these Bitcoin scene.

since Crypto is the new trend... so there are no second thoughts required to be given to the fact that it has grabbed all the attention it deserves lately. governments of almost all the nations are thinking of legalization of he Crypto market but what fears them is not exactly the difficulty involved in regulation of Bitcoin and other cryptos but the illegal usage and transaction that people may get indulge into.

I don't think it'd be because they fear the difficulties. Governments no doubt would need to get certain new policy frameworks but that'd certainly be worth it.

[AltT25]

My country for example does not think about blocking cryptocurrency at all, but they think about taxes from buying Bitcoin and another, they mind not-taxed money income to investors.

[Kronos21]

In my own opinion, I think yes. Bitcoin can close big establishments in the country because workers would surely pull out or resign from work. It would be harder to get some human force to work for their businesses.

Why do you think so? I don't agree that bitcoin can stimulate the closure of production facilities. Owners of companies will have to compete on wages to retain workers. It is the market. Many States use the oligarchic model of the economy. People have become hostage to low wages. Bitcoin allows you to break this vicious circle.

[Harlot]

Nope they are not afraid actually. Based from the news that I am seeing Bitcoin is illegal in some countries because of worthless and stupid leaders of that country not doing any good for it. For example the country like Indonesia has banned Bitcoin as a payment method because they think that it is some kind of currency for criminals as said by the secretary of their central bank, people like this one doesn't even have what it takes to hold office as for sure they don't know what the are talking about. Instead of adapting to what the people are using they will ban it and make it illegal instead based on their personal views about Bitcoin.

[renggileh]

certainly not, if done correctly, and accompanied by the authority of the government
and in doing supervision, in order to avoid misuse bitcoin

[Aikidoka]

It is quite impossible for the government to ban bitcoin for all its users because people are still going to use it secretly. Regulating it is the best option for them because they would get taxes in return. But it still is not sufficient enough to be far from being a threat to its economy system.

As a matter of fact, people will only rely on bitcoin and forget about banks which will go bankrupt in the end. Therefore, I think that the government will impose such strict taxes to avoid any loss.

[matuson]

It is quite impossible for the government to ban bitcoin for all its users because people are still going to use it secretly. Regulating it is the best option for them because they would get taxes in return. But it still is not sufficient enough to be far from being a threat to its economy system.

As a matter of fact, people will only rely on bitcoin and forget about banks which will go bankrupt in the end. Therefore, I think that the government will impose such strict taxes to avoid any loss.

Now you can without major problems to exchange bitcoins for Fiat. This allows you to use bitcoin for everyday needs. What will happen if banks prohibit such operations? The infrastructure to use bitcoin offline is missing. This can become a big problem. Never underestimate the enemy.

[care2yak]

most nations have not yet declared bitcoin illegal. what they have done is just issue warnings regarding bitcoin price swings and that investing in bitcoin could result in diminished funds. so, as for fearing bitcoin legality in countries that hold an open mind about bitcoin, there's still nothing to worry about.

we're probably just affected by the news of countries that have declared it illegal. it has been declared illegal in algeria, bolivia, ecuador, kyrgyzstan, bangladesh, nepal, and just recently, indonesia.

algeria has prohibited bitcoin use (purchase, sale, and holding) as per their new finance law (2018). i have no idea regarding what is stipulated there which will probably shed light as to why they are prohibitting bitcoin use but i suppose that it has something to do with the financial crisis they are experiencing....

bolivia's central bank issued a resolution banning bitcoin and other unregulated currencies.

ecuador issued a ban on decentralized digital currencies becuase they have "a state-run electronic money system" which is tied to their own fiat. whether the electronic currency is operational is beyond me.

krygyzstan's national bank declared in 2014 that use of virtual currencies "will be in violation of the law of the state". the why is undisclosed.

bangladesh's bank warned that "anybody caught using virtual currencies could be jailed under the country's strict anti-money laundering laws".

nepal also declared bitcoin illegal.

indonesia issued a regulation prohibiting fintech and e-commerce systems/providers from accepting bitcoin in their transactions. according to indonesia's finance agency, the rupiah, indonesia's national currency, is the only authorized currency allowed for transactions. the ban emanates from bitcoin's volatility, speculative and unregulated nature.

countries that declared it illegal was primarily due to bitcoin's volatilty, decentralized nature, and the stereotype attached to its use -- a tool for money laundering. and so, for nations that previously proclaimed it illegal, perhaps it'll take some time for them to affirm its legality -- when they've come up with the means to regulate it.

[Oceat]

In my own opinion, I think yes. Bitcoin can close big establishments in the country because workers would surely pull out or resign from work. It would be harder to get some human force to work for their businesses.

Why do you think so? I don't agree that bitcoin can stimulate the closure of production facilities. Owners of companies will have to compete on wages to retain workers. It is the market. Many States use the oligarchic model of the economy. People have become hostage to low wages. Bitcoin allows you to break this vicious circle.

That's why those government are planning on legalizing Bitcoin to be taxed, a lot of people are switching to Bitcoin and some of them are quitting their own jobs after finding a good profit in Bitcoin compared to their old job. Those oligarch people are the reason why most of us are suffering from an overlapping debt due to their financial needs everyday. Through Bitcoin it is the opposite of what those oligarch are doing.

[Lampaster]

I do not understand people's desire to achieve the legalization of bitcoin. Why this is necessary. Bitcoin is our way to freedom. We must learn to make their own decisions and be responsible for it. I think that the legalization of bitcoin are just waiting for people with a slave mindset. They are accustomed to always and everywhere to obey the government. I don't want legalization.

[Baoo]

The governments are always afraid about Bitcoin and his presence at the summit of all cryptocurrencies and were surprised at the great development of  their value in recent years. On the other hand, despite the attempts of many governments to destroy Bitcoin, but always fails to achieve that , because that currency is very secure.
Otherwise,  the good news that some countries have begun to recognize Bitcoin as a legal currency ( like, japan..) and I think many countries will follow japan in that.

[reighbut2017]

I think it is not possible because until regulators have not yet decided how to regulate Bitcoin and other virtual currencies.

[daddypastes]

i think for now bitcoin is real legalizing now because im always watch it in tv...how many news that i always watch and heard,its better if bitcoin is became legal to all nation because we were help to build our dream even we are only in our house....because bitcoin is not need to go in office and help also to unemployment....

[Seeker#9]

Japan is the first country to legalized bitcoin not only for trading purposes but also for transaction or payment because it is also allowed as a legal tender. Other countries are still planning their steps on what to do with the cryptocurrencies and its exchanges. Some of the countries like China and South Korea are planning to impose a stricter regulations to control the use of bitcoin. Legalizing bitcoin will take time in many countries who use to control their own currency.

[TIN1114]

I think they are. They on the move of making an adequate regulations for this matter

[xatrup21]

I'm new to bitcoin but it's still plain to see that the government will eventually have no bearing over it. In fact, they never did, just think of all the things people can get their hands on. It's the governments job to regulate and bitcoin practically regulates itself. If said gov't had a lick of sense, they'd embrace the bitcoin revolution.

I also think that the future is a crypto currency and this can not be avoided!

[Taltic]

Absolutely yes. But we cam see some positive movements

http://www.bitlex.win/2018/02/us-arizona-senate-passes-bill-to-allow.html

It's not much, but it counts.

[fuding12]

Do you think governments are afraid legalizing bitcoin because it's difficult regulating its use, circulation, determining individual's worth, earnings and may lead to tax evasion?

Probably, because bitcoin and virtual currency are hard to control. Bitcoin exchange rate up and down purely following the market mechanism. The government can not control the exchange rate. The government does not like something that can not be arranged.

[LisMan1000]

Do you think governments are afraid legalizing bitcoin because it's difficult regulating its use, circulation, determining individual's worth, earnings and may lead to tax evasion?

Probably, because bitcoin and virtual currency are hard to control. Bitcoin exchange rate up and down purely following the market mechanism. The government can not control the exchange rate. The government does not like something that can not be arranged.

I think so. Goverment try to understand how to stop Bitcoin