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Author Topic: Why should governments accept Crypto currencies?  (Read 3683 times)
Kakmakr
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October 12, 2018, 09:21:32 AM
Merited by abstractednerve (1)
 #1

We are led to believe that almost all governments are corrupt and that most officials and even leaders of the world are bought.

We saw this for instance with the US elections where rumours are doing the rounds that massive amounts of money were channelled from foreign countries to influence the outcome of the election. This money had to be laundered through shell companies via Banks and complex money laundering systems.

All of this leaves paper trails and this can later be followed and investigated to find the true origin of this money.

Now think about this, why would "corrupt" governments want to appose Bitcoin and Crypto currencies, if they can use it to hide their "corrupt" practices? Would it not make sense just to allow it and then use it to further their political aspirations?

The push back from these corrupt governments does not make any sense. Could it be that they know that Bitcoin and Crypto currencies are not "anonymous" at all and that these transactions can be traced and for this reason they are apposed to it?

Curious to know what you are thinking.  Wink

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October 12, 2018, 09:54:59 AM
 #2

As regards bitcoin and cryptocurrencies been used by corrupt government officials to be safer with scrupulous transactions,i think you actually already provided the answer to that

Bitcoin transactions are much more transparent and considering the fact that everyone transaction is recorded on the blockchain technology for everyone to see,i think their conventional means should be a safer bet....

But I do not really feel that's the reason for a crack down on the system,its viewed as a direct threat to fiat,seen as a scam and a possible menace considering citizens could be in line to lose huge amounts of money,i think the government is trying to avoid that..
 Also nations with dwindling economy and poor currency value,wouldnt want the introduction of a digital currency considering the fact they are still struggling to uphold their national currency
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October 12, 2018, 09:57:07 AM
 #3

The Government will find it difficult to accept cryptocurrency because of it transparency and audit report done 0n the blockchain that can not be eraze. the Government control the centralized means of exchange where they tax banks and or other financial institutes illegally at the back door unknown to the public,this bribery and corruption of the Government is what leads to the crashing of financial cooperation downsizing and also leads to crashing down of companies who can't  meet up to their hidden terms and conditions .it will only take genuine leaders who are ready to be transparent to accept cryptocurrency .

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October 12, 2018, 10:53:05 AM
 #4

when you control banks and all the transactions it is not hard for you to hide the corruption either. so you wouldn't need anything else but the same system that is already corrupt itself.

additionally bitcoin leaves the worse trail behind because it is visible to public whereas a trail in banks is only visible to the bank and internal affairs not to the public! and even if it leaks some day they can simply put it down by calling it conspiracy or something like that.

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October 12, 2018, 11:06:19 AM
 #5

Government is not against crypto if they can regulate it. They need to get taxes from people hiding their wealth in crypto. The reason why bitcoin was created is to let go from a corrupt centralized system and yet, almost all of the exchanges are already regulated by the government and even crypto holders are being taxed.

When it comes to the government laundering money using crypto that would be a risk for them since blockchain technology is made public and everyone can view transactions being made.

Sometimes people can't accept changes in technology that can possibly ruin their ways of stealing money from the people.  Grin

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October 12, 2018, 11:06:34 AM
 #6

when you control banks and all the transactions it is not hard for you to hide the corruption either. so you wouldn't need anything else but the same system that is already corrupt itself.

additionally bitcoin leaves the worse trail behind because it is visible to public whereas a trail in banks is only visible to the bank and internal affairs not to the public! and even if it leaks some day they can simply put it down by calling it conspiracy or something like that.

Yes, you might control the Banks, but there are always some Whistle-blower that will come forward to expose the dark dealings or leak it out onto the internet. Why would you take that risk, if you can simply use a currency that guarantee your anonymity? How difficult will it be for some organization to create their own mixer service or even their own version of Dash with built-in anonymity to hide these corrupt practices?

We life in a terrible world, where money can buy you politicians and judges and police officials and even whole islands if you want to avoid paying taxes.  Roll Eyes  

A 100% anonymous global currency must be a answer to their prayers.   Roll Eyes

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October 12, 2018, 11:31:30 AM
 #7

Through blockchain payment will no longer be under the table. Blockchain could be the tool for transparency for the government transactions and the best thing is that we could trace it publicly without the hassle on going back and forth of the official in the their office. We can question some of the doubtful transactions.

The government could create their own crypto and it could be isolate the use exclusive for that certain country only for there will be a conflict if it will be introduce to other nations like the US congress who disapprove the ETF for bitcoin for they know that some of the nations will by bypassed the purchasing power of dollars. This will let the US government to fall down if dollars will be handed to other country. 

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October 12, 2018, 11:43:56 AM
 #8

Through blockchain payment will no longer be under the table. Blockchain could be the tool for transparency for the government transactions and the best thing is that we could trace it publicly without the hassle on going back and forth of the official in the their office. We can question some of the doubtful transactions.

The government could create their own crypto and it could be isolate the use exclusive for that certain country only for there will be a conflict if it will be introduce to other nations like the US congress who disapprove the ETF for bitcoin for they know that some of the nations will by bypassed the purchasing power of dollars. This will let the US government to fall down if dollars will be handed to other country. 

You are getting closer to the truth. Capital control is one of the main reasons why they want to stop Crypto currencies. They want to transfer "money" anonymously, but they do not want other people to do it too.  Wink

I predict a future where GovCoins will emerge. These coins will replace "public" Blockchains like Bitcoin and it will be private. <invite only>

It will be fully controlled by these governments and they will be able to "manipulate" or hide some transactions from the public.  Roll Eyes

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October 12, 2018, 11:52:38 AM
 #9

It is much easier to put pressure on a bank or other financial structure when it is necessary to hide the movement of illegal funds, and besides here corruption schemes have long been worked out and are more common for dishonest officials. Bitcoin is another matter, where, on the one hand, transactions can be tracked if desired, and on the other, there is actually no person or group of people on whom you can influence to hide transactions.

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October 12, 2018, 12:12:39 PM
 #10

The government is still checking the use of bitcoin, it is difficult to track bitcoin users because it is anonymous.
So the government must have a special team for this case, but this is not easy.

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October 12, 2018, 12:47:12 PM
 #11

the government should use bitcoin for the purpose of security, like avoiding money counterfeiting, and it is unhackable the best feature of it.
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October 12, 2018, 12:50:22 PM
 #12

Here are some strong reasons why the government must be willing to accept digital currency:

To increase net worth. Our cash will now gradually decrease its selling value if we keep it too long. Unlike the case if we hedge on Cryptocurrency, at least we can get the opportunity to increase the value of the money we save.
Technology. The technology behind Cryptocurrency is Blockchain, where no institution or country can control transactions and the value of the digital currency. Blockchain has a transaction log ledger that can be accessed by everyone without any cheating, because basically the Blockchain Ledger is managed by all users around the world.
Good track record. Since Bitcoin and other crypto currencies are released, investors are greatly benefited by price spikes from time to time. Therefore, investing in Cryptocurrency gives us the opportunity to increase our assets over time.
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October 12, 2018, 01:00:06 PM
 #13

Now think about this, why would "corrupt" governments want to appose Bitcoin and Crypto currencies, if they can use it to hide their "corrupt" practices? Would it not make sense just to allow it and then use it to further their political aspirations?

because they can not hide their corrupt practices on the blockchain which is a distributed and open ledger for the whole world to see. at least not with bitcoin they can't and also it is the problem that they can not have any control over bitcoin whatsoever.
on top of it all there is the problem with volatility and volume. the corrupt government w ants to make huge transactions and have stability not small amounts while losing money because of price falls.














 

 

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October 12, 2018, 01:16:20 PM
 #14

The point is, not everyone wants and accepts bitcoin, so they will have a hard time dealing with bitcoin and cryptocurrencies just to launder money, and to know that most governments are already watching the movements of such coins, it will even be harder to establish connections with cryptocurrencies rather than using the established networks of fiat and banks. Also, the trail can easily be extinguished in fiat rather than bitcoin and other crypto, so why make the rash decision of using a somewhat publicized transaction rather than something that's essentially hidden if you paid the right amount at the right people?

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October 12, 2018, 01:23:16 PM
 #15

the emergence of bitcoin is an extraordinary thing, because bitcoin currently doesn't know who created it
with the age of bitcoin that has been 9 years bitcoin I think it will continue to grow with its blockchain technology
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October 12, 2018, 02:04:32 PM
 #16

The government is still checking the use of bitcoin, it is difficult to track bitcoin users because it is anonymous.
So the government must have a special team for this case, but this is not easy.

In fairness with the government it only wants the welfare of the people. It does not want us to lose and be a burden to the government. That is why they see to it that the bitcoin is beneficial to the people.

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October 12, 2018, 02:17:04 PM
 #17

Because bitcoin price is unpredictable that the government is not confident in legalizing it. And also many people do not have knowledge about it, some people rejects it. The government should accept crypto for the security of transactions and other stuffs.
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October 13, 2018, 05:42:34 PM
 #18

The point is, not everyone wants and accepts bitcoin, so they will have a hard time dealing with bitcoin and cryptocurrencies just to launder money, and to know that most governments are already watching the movements of such coins, it will even be harder to establish connections with cryptocurrencies rather than using the established networks of fiat and banks. Also, the trail can easily be extinguished in fiat rather than bitcoin and other crypto, so why make the rash decision of using a somewhat publicized transaction rather than something that's essentially hidden if you paid the right amount at the right people?

Because the right people can turn into the wrong people. You only need to piss off the wrong people, for them to turn on you and to leak the information to the authorities and also the media.

When there is no intermediaries, then corruption is much easier. Only two people are needed in a P2P Bitcoin transaction and nobody will ever know where that money has gone.

Bitcoin is much harder to trace than fiat transactions.  Roll Eyes

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October 13, 2018, 05:51:24 PM
 #19

Governments are well aware that cryptocurrencies are future and that they have to keep the step with time. Still not without any condition and regulation is one of them. This is the process that has already started in many countries and I expect to be further developed more and more.
Cryptocurrencies can't be escaped any more and more and more people will use them so governments will have to find the way how to best implement them in economy.

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Marcel666
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October 13, 2018, 06:02:52 PM
 #20


Now think about this, why would "corrupt" governments want to appose Bitcoin and Crypto currencies, if they can use it to hide their "corrupt" practices? Would it not make sense just to allow it and then use it to further their political aspirations?

The push back from these corrupt governments does not make any sense. Could it be that they know that Bitcoin and Crypto currencies are not "anonymous" at all and that these transactions can be traced and for this reason they are apposed to it?

Curious to know what you are thinking.  Wink

Governments do not have to approve bitcoin or the blockchain technology in their states if they intend to use it for illegal activities.
They can easily run foreign accounts

The push back from majority of developing countries could be down to the leaders not being pro active. And refusing to change with the times.

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