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Author Topic: Government Exchanges  (Read 288 times)
entrepmind23
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July 24, 2018, 03:17:54 AM
 #61

I don't think governments want to involve into this kind of market. The only thing that concerns them is how they get tax. The other thing, Will they accept it as a currency or as an asset? They seem to be quite confused about this.

There are still some issues as to how they would recognized it so that they can levy tax appropriately. For the exchanges, they don't need to create their own because they can just grant licenses to private companies and then tax them for it. The companies then would just require the users to have KYC and then apply tax to their transactions so that they would just accumulate the tax collected and they will be the one to remit it to the government.

I think it depends on the level of trust of the citizens towards their government. Why not issue licenses for already existing exchanges instead? The government shouldn't be engaging into business and the creation of an exchange would be a conflict of interest. They could generate revenue from that and that would be unfair for the market because they have control. That would monopolize the business of exchanges. It's not always best to have a government owned service provider, unlike what many people think. They can just tax the exchanges if they want to generate revenue.

This is what I have been saying. Instead of doing it themselves, they would just let the exchanges - existing or not yet - to take care of the business of trading and they would just collect taxes from it. Some people might not trust the exchanges if it's handled by the government especially if it has already an issue of graft and corruption.














 

 

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August 11, 2018, 05:57:57 AM
 #62

If Govt. open up or add crypto in stock market asset trading than crypto should be in centralized in nature and more secure. BTW govt. exchanges is great concept. it can give security to the trader because govt. recognize crypto and make system centralized. 

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August 11, 2018, 06:13:07 AM
 #63

If the government still doesn't know how to put down all cryptocurrencies(or maybe they're still figuring how to tax users), why wouldn't they create an exchange and get some profit from it?

We know how B.S some exchanges are, they needed KYC but in the end, you won't be able to withdraw your funds.

Instead of spreading FUD, I hope government from all over the world knows that running an exchange can add funds for their country, and their pockets! Grin

I know it will be making cryptos centralized but look at those exchanges asking for our pretty faces and names just for their KYC/AML purposes.


If I am not mistaken, I think some government are already doing that in other countries. That is a good thing to do also if they want to tax the users of cryptocurrencies. Instead of banning the cryptos in their respective countries, why not look for a way that can benefit both the crypto users and the government. FUD is not a good thing also because it will keep away the crypto investors and the government must not engage with that just to lessen the users of crypto, instead they must encourage the using of crypto because it may help to grow the economic state of the country.

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August 11, 2018, 06:52:12 AM
 #64

If the government still doesn't know how to put down all cryptocurrencies(or maybe they're still figuring how to tax users), why wouldn't they create an exchange and get some profit from it?

We know how B.S some exchanges are, they needed KYC but in the end, you won't be able to withdraw your funds.

Instead of spreading FUD, I hope government from all over the world knows that running an exchange can add funds for their country, and their pockets! Grin

I know it will be making cryptos centralized but look at those exchanges asking for our pretty faces and names just for their KYC/AML purposes.
Well it will not happen because the government is smart and will not held an exchanges because they do not want to be held liable for any loss but instead the government will going to license a local exchange wherein they could control and implement taxation on every crypto you will going to purchase.
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August 12, 2018, 06:13:47 PM
 #65

the better idea is that governments create their own crypto currency that allow every one to invest in it. it will assure the better transactions of business with low fees of administrations. they deserve taxes for it. But Banks will resist it, of course. why do we care about banks  Grin
Bank under management of government and state management. It is in the orbit of the state apparatus of any country in the world. Before the appearance of electronic money, the bank is the mainstream of the market. And when electronic money arrives the bank is no longer favored, because the interest rates are too low. The bank has reduced its profitability over the electronics market. That's what banks are not happy about.

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August 18, 2018, 02:58:54 AM
 #66

then the government must close another exchange, right? because if there is still another exchange with a small fee, surely everyone will still choose it rather than the exchange from the government which might be a bigger fee.

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August 18, 2018, 05:58:02 AM
 #67

In free market, government can not create their exchange because investor think government will involve on price. If government want to collect taxes from cryptocurrency transaction, government can regulate crypto transaction with obligate KYC for customer in every exchange.

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August 19, 2018, 04:43:33 PM
 #68

You spelled "banks" wrong.
Governments will not have exchanges but governments may help banks to get a legit exchange and make it as legal as possible and you can have your bank account with bitcoin, that way banks can make it really easy for you to own bitcoin or buy/sell bitcoin.

Currently you can buy foreign currencies from your bank, back in the day currency exchanges was mainly business all by itself but now banks are making it a lot easier, if banks are allowed to do that on bitcoin, they can make bitcoin known by a lot more people and it can have amazing companies (banks) behind it so the trust issues with exchanges will go away right away, it could be amazing for bitcoin and for all of us that already owns bitcoin.

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August 19, 2018, 05:20:23 PM
 #69

Lolz. I barely doubt that they will do anything like that and create the exchanger because they want to take the profits from it. I mean government is already rich enough and they keep getting huge profits from the taxation that is done every time you buy a stuff. Why would you expect them to create something like that and trouble us and get even richer on the same money for which they are going grab the taxes too. Its like paying them double money and thus making them more greedy for it. Big lol.

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August 19, 2018, 05:27:24 PM
 #70

The creation by the government of the exchange is the automatic acceptance of crypto-currencies and, as a consequence, the need to write regulatory laws for them. I think that Japan, Singapore, Switzerland could do it first. This is really the right step on the part of the government.

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August 19, 2018, 05:29:49 PM
 #71

If the government still doesn't know how to put down all cryptocurrencies(or maybe they're still figuring how to tax users), why wouldn't they create an exchange and get some profit from it?

We know how B.S some exchanges are, they needed KYC but in the end, you won't be able to withdraw your funds.

Instead of spreading FUD, I hope government from all over the world knows that running an exchange can add funds for their country, and their pockets! Grin

I know it will be making cryptos centralized but look at those exchanges asking for our pretty faces and names just for their KYC/AML purposes.

That is a nice idea from the point of view of government. But as an investor, I will be very doubtful on using that exchnage because:

1) Most of the government operated sites are vulnerable to hacking attempts. They do not enough experience to handle this and it will put my investment at risk as well.

2) They will also track the investments very closely and it can result in huge problems in future.

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October 19, 2018, 07:34:42 AM
 #72

There are main 1 plus and 1 minus:
plus: the state exchange will be the most reliable, probably it will guarantee the safety of funds, which is very important.
minus: citizens will have to pay income tax.

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October 19, 2018, 08:28:35 AM
 #73

There are main 1 plus and 1 minus:
plus: the state exchange will be the most reliable, probably it will guarantee the safety of funds, which is very important.
minus: citizens will have to pay income tax.

The government is collecting taxes even without their own exchange but I think there would be less evaders if they have their own. They just aren't sure if people will be using the exchange if they announce its a state exchange. Of all the exchanges coming out these days, there must be few of them are run by  the government. Its not going to be publicize.

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October 19, 2018, 08:41:26 AM
 #74

Government agency concern about cryptocurrency were smart. They will not brought cryptocurrency in their own hands and take advantage on it. This because there could be some problem that may arise regarding on national security interest.

So, they will going to implement taxation discreetly. Maybe now your crypto holdings are being taxed by the government agency. This by getting a part on the transaction fee in the local exchanges. In return they will give the local exchanges a license to operate. Again the government will take part on the transaction fee being done to every client on local exchanges for cryptocurrency.

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