Should countries accept coins at governmental level?

[Sethrey]

How do you think should countries link Bitcoin and other currencies to their major industries?
And how will it affect its rate?

I've heard that Malaysia started to do that already. Is it bad or good step?

[Destico]

For my own understanding, it will be a little difficult because, every government has their own official currency, despite the popularity of crypto currencies,no government will like to loss her own currency to foreign one, and this has been the underground war going on with some country, that's while some country are still struggling to accept coin.

[xWolfx]

For my own understanding, it will be a little difficult because, every government has their own official currency, despite the popularity of crypto currencies,no government will like to loss her own currency to foreign one, and this has been the underground war going on with some country, that's while some country are still struggling to accept coin.

This is a pretty deep point of view, because it describes in fact what the government of every country stand for - Which is supposedly their own people first. With exceptions of course, in one side and the other.

It would be an interesting switch to accept both, but they would need to have a very good reason to do so. Right now i don't think it's possibly to do it in a widely accepted level. Maybe in the future things would be different.

[fillippone]

Forget that.
Money is one of most important tool to govern a country. Every national State is very cautious about everything could mine his ability to disposeof that money at his will. Think how long it took to get to a monetary union like the Euro: it was an unprecedented process, even more thinking about it was a peaceful one.
So basically everywhere in the civilised world you  are obliged to accept national currency from someone paying  your debt, and you must use such a currency to pay your debt towards the State.
Of course that means the State has the big advantage of regulate the value of the money (I.e. inflation) to adjust the weight of his own debt).
So why on hell would the State lose this incredible power?
Put it on another way: what’s the poin of paying your debt in Bitcoin? Are you sure you don’t want instead to spend the bad money (FIAT currency) and keep the good one(Bitcoin)?

[avikz]

How do you think should countries link Bitcoin and other currencies to their major industries?
And how will it affect its rate?

I've heard that Malaysia started to do that already. Is it bad or good step?

Probably you are daydreaming standing at the current context. Majority of the governments didn't even recognize cryptos as a legal tender so linking it to their major industries seems really very difficult, at least at the current moment.

I doubt Malaysia has started taking any such initiative. Can you quote a credible new source supporting this news?

[fillippone]

How do you think should countries link Bitcoin and other currencies to their major industries?
And how will it affect its rate?

I've heard that Malaysia started to do that already. Is it bad or good step?

Probably you are daydreaming standing at the current context. Majority of the governments didn't even recognize cryptos as a legal tender so linking it to their major industries seems really very difficult, at least at the current moment.

I doubt Malaysia has started taking any such initiative. Can you quote a credible new source supporting this news?

Giving legal tender to bitcoin  would literally be the last thing a government would do.

Giving legal tender to a centrally issued and centrally controlled crypto-money... well, what’s the point? EUR and USD are good enough for this.

[udidrone]

How do you think should countries link Bitcoin and other currencies to their major industries?
And how will it affect its rate?

I've heard that Malaysia started to do that already. Is it bad or good step?

If government really do that, it will be good for crypto. But maybe we can see it for long time in future or maybe like people said, it is only in dream that government will fully accept and adopted crypto in their country.

[Artemis3]

Forget that.
Money is one of most important tool to govern a country. Every national State is very cautious about everything could mine his ability to disposeof that money at his will. Think how long it took to get to a monetary union like the Euro: it was an unprecedented process, even more thinking about it was a peaceful one.
So basically everywhere in the civilised world you  are obliged to accept national currency from someone paying  your debt, and you must use such a currency to pay your debt towards the State.
Of course that means the State has the big advantage of regulate the value of the money (I.e. inflation) to adjust the weight of his own debt).
So why on hell would the State lose this incredible power?
Put it on another way: what’s the poin of paying your debt in Bitcoin? Are you sure you don’t want instead to spend the bad money (FIAT currency) and keep the good one(Bitcoin)?

There are some countries that don't have their own national currency, and are in fact using someone else's. Panama, Ecuador and Zimbawe use the USD. In those countries they have already lost any control, in fact its worse because they are tied to the whims of the actual controller. At least with a crypto like bitcoin, no one is. The other temptation is to issue their own. which of course could be abused to no end like a traditional fiat.

So yes, they should accept it. They could have dual fiat/and crypto for a transitional period; but that also means abandoning the school of chicago or other economy schools that stimulate debt and inflation. And that is probably the biggest obstacle.

[fillippone]

Forget that.
Money is one of most important tool to govern a country. Every national State is very cautious about everything could mine his ability to disposeof that money at his will. Think how long it took to get to a monetary union like the Euro: it was an unprecedented process, even more thinking about it was a peaceful one.
So basically everywhere in the civilised world you  are obliged to accept national currency from someone paying  your debt, and you must use such a currency to pay your debt towards the State.
Of course that means the State has the big advantage of regulate the value of the money (I.e. inflation) to adjust the weight of his own debt).
So why on hell would the State lose this incredible power?
Put it on another way: what’s the poin of paying your debt in Bitcoin? Are you sure you don’t want instead to spend the bad money (FIAT currency) and keep the good one(Bitcoin)?

There are some countries that don't have their own national currency, and are in fact using someone else's. Panama, Ecuador and Zimbawe use the USD. In those countries they have already lost any control, in fact its worse because they are tied to the whims of the actual controller. At least with a crypto like bitcoin, no one is. The other temptation is to issue their own. which of course could be abused to no end like a traditional fiat.

So yes, they should accept it. They could have dual fiat/and crypto for a transitional period; but that also means abandoning the school of chicago or other economy schools that stimulate debt and inflation. And that is probably the biggest obstacle.

Bigger obstacle to a BTC peg  would be the extreme volatility of their national currency versus rest of the world. This would be bad for an third world country.

[kiansantan]

At present I don't think that might be done at a widely accepted level. Maybe in the future everything will be different. This will be an interesting change to accept, but they must have a very good reason to do it.

[Halmater]

If a country prefered to be pioneer to accept certain coins and let companies which are from different sectors to use these coins, positive effects of this decision could override. Because foreign investments to this countries will increase and foreign nationals will also benefit from the products and services offered by these companies to provide additional income for this country.

[Indrawan77]

Until now I don't think the government is ready to accept crypto into their major industry, there are a lot of considerations that need to review before accepting crypto, crypto got the potential to make the economic become better but it also can be dangerous to the economic, so the government really need to think and do a lot of research before adopting crypto

[Artemis3]

Bigger obstacle to a BTC peg  would be the extreme volatility of their national currency versus rest of the world. This would be bad for an third world country.

No i didn't mean pegging, just that it would be legal to pay and be paid in either. I believe Peru has had such a system with the PEN and USD for a couple of decades.

For example, assume you want to pay the equivalent of 100$, that day you calculate how much that is in local fiat OR bitcoin, and you could pay with either (or be paid with either). Of course bitcoin and the fiat would fluctuate separately, as the usd, gold or anything else does.

[pooya87]

i don't know whether they "should" do it or not but it is something that is going to happen anyways. bitcoin is being adopted and that is a growing matter. sooner or later it will be considered an alternative form of payment in a lot of countries and most part of the world will see it that way. you can already see the multiple countries that have accepted bitcoin as a currency such as Japan.
i guess another way of asking this question is whether a country wants to do the opposite of what the rest of the world does or not?

[Kakmakr]

Government acceptance just make things so much easier for adoption, because people do not have to use "Black markets" to buy & sell bitcoins and to buy products and pay for services at online merchants. We do not have to have government acceptance, because Bitcoin can still be used borderless without their acceptance, but the majority of people want to use it without having to go that route.

A lot of us want to pay taxes and use Bitcoin legally.  

[mitsos2017]

Accepting a crypto that wouldn't control?
Forget it.
It would be easier (for a country) to issue an own controlled crypto, as Venezuela did with Pedro.
Do not forget, that National Banks (who issue currency) are private institutions.
Do you get the point ? 

[St4yInTh3D4rk]

Personally I don't want any governments to accept bitcoin which makes taxation for the crypto currencies as well and it may leads to huge taxes and the countries who were accepted having much taxes but it may help the people to trust more and will increase the adoption but personal benefits will get shrink if crypto was legal in our country.

[bitbunnny]

To accept Bitcoin and other cryptocurrencies on a governmental level would give some other dimension to them. That would mean they are formaly recgonized and regulated and thus introduced into economy system. That would give people more confidence and security to deal with cryptocurrencies. Still in practice that will not be so easy to performe and every government has its own attitude towards Bitcoin.
Some see only bad sides of government recognition, like taxation, but this you have now already because Bitcoin transactions are taxed in majority of countries. But we mustn't forget that formal adoption would bring many good sides and further progress for all cryptocurrencies and some obligations should be accepted, that is inevitable.

[jerry7788]

How do you think should countries link Bitcoin and other currencies to their major industries?
And how will it affect its rate?

I've heard that Malaysia started to do that already. Is it bad or good step?

It is hard to tell. Bitcoin was created based on decentralization. But currently, the influence that centralized organization put on Bitcoin is so much. From the long run, it is not a good step.

[bitfocus]

as many countries are accepting crypto as payment for tax and donations - I guess governments will accept in time.