How huge is the job of the legislature in the improvement of Bitcoin?

[kaya11]

Improvement in what? in price or something else like adaption? We already acknowledge Bitcoin as payment here in our country, the thing that it is not banned across our nation is one the proofs it is acknowledge. Well if it isn't they would jail people who have BTC and other crypto currencies including me. My accounts and my other fellow country men our open in the public, you see we follow rules here, submitting KYC procedures to prove we are not doing anything wrong. It is very important that the government supports Bitcoin and it's technology, but if you say the government should declare Bitcoin as the currency will be used in the country then it could probably start a civil war here.

[qwertyup23]

It depends on what country are we talking about. Here in the Philippines, the development of regulations and legislation regarding bitcoin and other cryptocurrencies (which are aptly termed as 'digital currencies' by the SEC) has been somewhat warm and receiving, with just a few notices here and there regarding potential scams and other things related to money laundering and other illicit activities. While the spread of information regarding cryptocurrencies here is somewhat slow, the framework is being built, and rightfully so with the government and private entities cooperating with each other.

My colleague actually interviewed the representative lawyer in BSP (Central Bank) and asked questions regarding cryptocurrency. They mentioned that the government does not view bitcoin as a threat but only cautions investors regarding it. But our government does not view bitcoin as legal tender, thus cannot be used as a payment for debts, etc.

In terms of tax, bitcoin mining falls under the category of "other source of income" which is then taxable accordingly to our laws.

[DreamStage]

Sometimes it's a matter of politics rather than legislature.
If the legislature toughts combination is not agreeable with everything then it doesn't comes forward and that's the reason why most of countries have issues on trying to regulate Bitcoin.

[magneto]

The administration assumes an imperative job in the advancement of Bitcoin in a nation. For instance, an administration declares that it will acknowledge Bitcoin in that nation, so I'm certain the improvement of Bitcoin in that nation will be quick!
What do you think, the Government or the network who assume a critical job in the improvement of Bitcoin?

If there are positive legislations implemented in a particular nation, then it would be no surprise if bitcoin activity surges within that region because it essentially incentivises bitcoin businesses to set up shop within their jurisdiction to take advantage of the positive legislations.

However, as to the actual improvement of bitcoin, I really don't think that legislations are going to do much. Development isn't dependent on a government agency co-operating or stuff like that.

If you're talking about the other end of the spectrum where governments can choose to ban bitcoin, then again, businesses are what is going to be affected, not bitcoin itself, since it is decentralised.

[Snaic]

The administration assumes an imperative job in the advancement of Bitcoin in a nation. For instance, an administration declares that it will acknowledge Bitcoin in that nation, so I'm certain the improvement of Bitcoin in that nation will be quick!
What do you think, the Government or the network who assume a critical job in the improvement of Bitcoin?

The existence of a cryptocurrency on its territory is unprofitable for any state as a whole, since the cryptocurrency is not yet fully understood and presents a lot of risk for the state. States can and will allow the circulation of cryptocurrency on its territory, given the great interest of citizens in it, however, they will never actively support a decentralized cryptocurrency. States will only support their own currency, that is, what they can fully control. This is quite logical and logical. Cryptocurrency will be introduced into our life only through the interest of people in it.

[Kakmakr]

The government can have a big impact on the direction that Bitcoin follows in the future. They can over regulate it to make it difficult for Bitcoin to flourish, like what happened with the BitLicense fiasco OR they can take Japan's approach and just apply the necessary regulations to stimulate innovation and increase job opportunities and increased taxes.

It all depends on their agenda and how protective they want to be to protect their reserve currency and access to their economy. Governments use regulations to create a barrier to entry for some people to go forward in life. <Poor & Dumb people are easier to manipulate>  

[BitcoinPanther]

What do you think, the Government or the network who assume a critical job in the improvement of Bitcoin?

I think  Government is very critical for adoption once Bitcoin is accepted warmly.   It will give way for Bitcoin to be openly accepted by merchants and masses.  Government acceptance will also remove doubt and hesitation of people.

The existence of a cryptocurrency on its territory is unprofitable for any state as a whole,

I do not think it is not profitable.  Imagine crypto start up booming in a country, it will create jobs for its citizen.  Investors and capitalist taking advantage of the technology and setting up companies would greatly improve the states revenue in form of taxes and gives opportunity to those jobless that are qualified for the job.

[Argoo]

Of course, the role of the state and its legislative power in relation to the development of Bitcoin and other cryptocurrency is very significant. If the state does not support cryptocurrency and it remains not legalized, the infrastructure for using Bitcoin as a means of payment will not develop. She will remain at the level of her circulation between citizens.

[yesyes18]

It is a very simple thing to do in my perspective. They have to do just one thing: that's to accept that Bitcoin is money. With that, many of the monetary policies will apply and we're all going to have a nice time. But there's one unfortunate thing making it a difficult job for them, and that is that they are finding it very difficult to accept that Bitcoin is money. But for that, everything would've been awesome.

[Argoo]

The administration assumes an imperative job in the advancement of Bitcoin in a nation. For instance, an administration declares that it will acknowledge Bitcoin in that nation, so I'm certain the improvement of Bitcoin in that nation will be quick!
What do you think, the Government or the network who assume a critical job in the improvement of Bitcoin?

Governments will never have anything to do with Bitcoin improvements. They can only allow it to circulate on their territory, but they will never actively support the decentralized cryptocurrency. In general, governments are not interested in the development of decentralized cryptocurrency.
However, for the further development of Bitcoin, it is necessary that the states legalize cryptocurrency. Only after that can it actively develop as a means of payment.

[laids201905]

The administration assumes an imperative job in the advancement of Bitcoin in a nation. For instance, an administration declares that it will acknowledge Bitcoin in that nation, so I'm certain the improvement of Bitcoin in that nation will be quick!
What do you think, the Government or the network who assume a critical job in the improvement of Bitcoin?

I think most countries are cautious about Bitcoin and it is difficult to introduce policies.

[recaph]

It seems to me rather strange when the government does not come to an agreement that it is time to regulate the status of cryptocurrency. After all, they see the process of their distribution is taking long strides. And a matter of time when cryptocurrencies will become massive.

[rpnzla]

It seems to me rather strange when the government does not come to an agreement that it is time to regulate the status of cryptocurrency. After all, they see the process of their distribution is taking long strides. And a matter of time when cryptocurrencies will become massive.

I think we r on the way. Of course, a lot of work is up to do, but many countries accept btc as a payment method. So not so far to succeed. But most of ppl just don’t want to understand the power of crypto, it’s a pity

[jonesst]

It seems to me rather strange when the government does not come to an agreement that it is time to regulate the status of cryptocurrency. After all, they see the process of their distribution is taking long strides. And a matter of time when cryptocurrencies will become massive.

I think we r on the way. Of course, a lot of work is up to do, but many countries accept btc as a payment method. So not so far to succeed. But most of ppl just don’t want to understand the power of crypto, it’s a pity

Cryptocurrencies will not only have to adapt, but look for ways, how to come to greater legalization. But it takes time for positive changes to pick up pace. Including it is necessary that more people get an understanding of the benefits that cryptocurrency and blockchain technologies can bring.

[scoobydo70]

It seems to me rather strange when the government does not come to an agreement that it is time to regulate the status of cryptocurrency. After all, they see the process of their distribution is taking long strides. And a matter of time when cryptocurrencies will become massive.

I think we r on the way. Of course, a lot of work is up to do, but many countries accept btc as a payment method. So not so far to succeed. But most of ppl just don’t want to understand the power of crypto, it’s a pity

Cryptocurrencies will not only have to adapt, but look for ways, how to come to greater legalization. But it takes time for positive changes to pick up pace. Including it is necessary that more people get an understanding of the benefits that cryptocurrency and blockchain technologies can bring.

I agree, so far the Internet is full of articles that confuse people more than help to deal with cryptocurrencies. But recently, a taklimakan project appeared, where there is a selection of training materials and articles for those who want to understand the basic concepts of a cryptocurrency market and investment, or want to get more in-depth training.

[jonesst]

It seems to me rather strange when the government does not come to an agreement that it is time to regulate the status of cryptocurrency. After all, they see the process of their distribution is taking long strides. And a matter of time when cryptocurrencies will become massive.

I think we r on the way. Of course, a lot of work is up to do, but many countries accept btc as a payment method. So not so far to succeed. But most of ppl just don’t want to understand the power of crypto, it’s a pity

Cryptocurrencies will not only have to adapt, but look for ways, how to come to greater legalization. But it takes time for positive changes to pick up pace. Including it is necessary that more people get an understanding of the benefits that cryptocurrency and blockchain technologies can bring.

I agree, so far the Internet is full of articles that confuse people more than help to deal with cryptocurrencies. But recently, a taklimakan project appeared, where there is a selection of training materials and articles for those who want to understand the basic concepts of a cryptocurrency market and investment, or want to get more in-depth training.

I will not say that I am experiencing severe difficulties in understanding all the processes in the market, but you have intrigued me. You will need to visit the site and see what they offer for beginners in our common business of distributing cryptocurrencies around the world, haha