Government+cryptocurrencies

[hunter7519]

Governments around the world — including the U.S., China, Japan, Canada, Venezuela, Estonia, Sweden, and Uruguay are either actively working on some form of digital currency.

But governments have very different priorities, and decentralization a main feature of most cryptocurrenices including bitcoin doesn't tend to be one of them. In fact, government digital currencies could herald a new era of centralization, posing serious questions about privacy and the viability of true cryptocurrencies like bitcoin.

There's important differences between true cryptocurrencies and what are generally called "centralized digital currencies" (CDCs). One of the main qualities if not the central feature  of cryptocurrencies is that they're decentralized. This means no single person, government, company, or group can control them. CDCs, on the other hand, are on the opposite end of the spectrum. They are as centralized as can be.

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[Mame89]

for me the government can support cryptocurrency as a legal currency. but it doesn't fully support it as an economic path. a thing for example cryptocurrency is supported by the government from my thinking .....?
-Crypto currency is indeed successful as a small part as a means of payment, which requires it to have value. and superior to fiat money in terms of security, speed, low transaction costs, easy storage and closely related to today's digital developments....
that's from the point of part of my thinking

[chip1994]

It's just your positive thinking about this issue, but you have not yet analyzed the negative factors that crypto will cause on their economy in the future. Many countries that prohibit Crypto from circulating in their country have their reasons. You see that making money in the crypto market is easy but you have not seen people suffering heavy losses. The majority of traders are losers, only whales that manipulate the market always win.

[Salauddin1994]

There are many differences between government and cryptocurrency. Crypto is decentralized and it can never be legally administered you should be able to trade Bitcoin, Litecoin or Etherium without any problems. Cryptocurrencies are characterized by high volatility and therefore have ample opportunity to make some gains.  Naturally, this has some effect but what is more important for the price of cryptos is the need of the population. So the price is controlled by the demand in the market.

[Febo]

The Governments and central banks will never fully adopt cryptocurrenices,because:
1.Cryptocurrencies are making tax evasion easier.
2.Central banks will lose control over the monetary supply.
3.Governments will lose the "inflation tax" extra revenue.
There are more reasons on the list,but this topic has been discussed before,so there's no point of starting it again.

Governments are to work for its people. Nothing what you said in favours people. It only in favours politic elites. Communities will need to collect taxes. They will simply collect them different way. tax different things as now if needed.

[abhiseshakana]

China and North Korea I consider lost cases, they have been torturing their citizens , the news of government oppression is everywhere , it's not a government it's a joke.

I do not think even for a second that any governmental except *Democracy* is considered government.

In addition to de facto and de jure, China and North Korea respect the country and have proven power to be reckoned with in world politics.

Democracy means the power of the people or people's government, by the people, for the people. But in practice democracy only creates oligarchs that fight for personal or group interests rather than the interests of the people. The practice of democracy is the practice of the interests of the majority rather than representing the interests of the people.

What is read now democracy is "just talking". Although the authoritarian system also provides experiences of suffering, but the case in China, with this system, successfully brought China into a global power. Many authoritarian leaders see democracy with doubt and inefficiency because the tendency is manipulation by individuals or groups who want to dominate.

If they start accepting payment in Bitcoins for example , no one would question them , they won't have any problems with the government and bank too if the selling volume runs high. At the same time it will make the market better for them , considering they encash after timely intervals.
People can also sell things internationally since with Bitcoins we don't have to pay this fee , that fee , currency conversion fee. One can literally take their business internationally if they want to. It was just an example but there are many more ... You can use Bitcoins and other cryptocurrencies in the way you want to use them.

Have you ever practiced this directly and personally?
Transactions using bitcoin require trust between seller or buyer or each party can ensure their rights will be fulfilled by the other party. Maybe if the transaction value of USD 1000-2000 we can think easily. But if the transaction value is USD 100,000 we will rethink using bitcoin and will choose to use a letter of credit.

When I receive payment using swift, the bank correspondence fee is only USD 38, besides that the swift system is now faster. The risk of foreign exchange loss is more acceptable than the risk of loss in bitcoin fluctuations.

[bitgolden]

I think it would be a great way for two organization that can do this. One is government, who could watch you spend all your money very closely, they would basically know where and how the money goes, in fiat world there is cash and you can't follow cash that easily (unless you give numbered marks) so at the end of the day bad guys can do whatever they want (and even good guys that government dislikes) so it is not easy to cover your money in digital currency and it will be known what you do and that is scary.

Secondly for companies, companies that care about data and user numbers instead of companies that care about selling something, the facebooks, googles, instagrams of the world and they would want (Libra) a currency that they could give to you and if you spend it on something they will send you insane amount of ads on all over the internet because of it.

[verita1]

I agree that cryptocurrencies must be accepted by governments for their correct use. The crypto community has realized that it is a digital asset that could support economies in these times of crisis and we are sure that we can provide our knowledge to our local communities for rapid adoption.

[TheUltraElite]

I agree that cryptocurrencies must be accepted by governments for their correct use.

Do you understand the consequences of that? It is bad for the governments to accept bitcoin because a lot of people are against it and it would be a highly politicized case. The ruling party would be heavily blamed for accepting something that has been used according to them as a mode of money laundering and thus seeing the biased opinions about it governments would not venture into such process if it is avoidable.

The crypto community has realized that it is a digital asset that could support economies in these times of crisis and we are sure that we can provide our knowledge to our local communities for rapid adoption.

Realized what? How many countries out there actually allow crypto on their grocery shops? Other than the North American and few first world and some third world countries, the biggest and most densely populated countries do not allow cryptocurrencies to be used. So your logic is false in the sense that it does not have any proof. Of course digital payments may have increased in frequency but that is fiat payment systems not bitcoin payment systems.

[oleg8791]

How can cryptocurrencies save the economy right now? And what do you mean saying that the government should give cryptocurrencies the full support? Switching from a traditional form of money to cryptocurrencies will be beneficial only for crypto investors.

[TimeTeller]

I agree that cryptocurrencies must be accepted by governments for their correct use.

Do you understand the consequences of that? It is bad for the governments to accept bitcoin because a lot of people are against it and it would be a highly politicized case. The ruling party would be heavily blamed for accepting something that has been used according to them as a mode of money laundering and thus seeing the biased opinions about it governments would not venture into such process if it is avoidable.

The crypto community has realized that it is a digital asset that could support economies in these times of crisis and we are sure that we can provide our knowledge to our local communities for rapid adoption.

Realized what? How many countries out there actually allow crypto on their grocery shops? Other than the North American and few first world and some third world countries, the biggest and most densely populated countries do not allow cryptocurrencies to be used. So your logic is false in the sense that it does not have any proof. Of course digital payments may have increased in frequency but that is fiat payment systems not bitcoin payment systems.

Why do you think it is bad for the government to accept crypto?
I don't think because a lot of people are against it and politics involved will be the reason why it will give bad image to the government.
If both parties will educate themselves regarding crypto and blockchain technology, I don't think they will think that crypto is only used for money laundering purposes.
Even without crypto, money laundering is everywhere. They just need to learn how to avoid potential money laundering in crypto.
There are so many benefits involved if they can just uncover the potential of crypto.

[tbterryboy]

How can cryptocurrencies save the economy right now? And what do you mean saying that the government should give cryptocurrencies the full support? Switching from a traditional form of money to cryptocurrencies will be beneficial only for crypto investors.

Please remember individual investors' betterment again build the nation's economy. If government care about individual's freedom and economic betterment then they can allow them to transact cryptocurrencies like how they allow to deal gold or investing in other countries' real estate or bonds. Government allow me to swap my rice for wheat of another farmer then why not they allow to swap my BTCs for groceries or same wheat.

All I mean, governments never need to worry or get fear of opening cryptos for their people to adopt legally. It is very similar to allowing them any property but in digital format. They might be bothering about impact of taxation but if they work on intensively they can find all possible solutions as well.

The crypto community has realized that it is a digital asset that could support economies in these times of crisis and we are sure that we can provide our knowledge to our local communities for rapid adoption.

Yes, we must need an asset which is secured against global or local crisis; it is a basic rights of every human. So, governments must realize about the real application of cryptocurencies and then must work on the way which helps its each and every individuals. Hopefully in next few years many countries may unveil their stand on cryptos.

[mersal]

How can cryptocurrencies save the economy right now? And what do you mean saying that the government should give cryptocurrencies the full support? Switching from a traditional form of money to cryptocurrencies will be beneficial only for crypto investors.

Please remember individual investors' betterment again build the nation's economy. If government care about individual's freedom and economic betterment then they can allow them to transact cryptocurrencies like how they allow to deal gold or investing in other countries' real estate or bonds. Government allow me to swap my rice for wheat of another farmer then why not they allow to swap my BTCs for groceries or same wheat.

Governments will never care about the individuals, they only build nations economy by various form of taxes, if a government really wants to help their citizen then they should reduce the tax rate for middle class people and increase it for the millionaires but they only living though the tax made from salary class people but doing all the favours for the people who is giving employment to those salary class.

[coolcoinz]

How can cryptocurrencies save the economy right now? And what do you mean saying that the government should give cryptocurrencies the full support? Switching from a traditional form of money to cryptocurrencies will be beneficial only for crypto investors.

Not really. It would be beneficial also for newcomers who are not yet into cryptocurrencies.
It of course depends on your country's political and economical situation but in general having some part of your money in Bitcoin works as a hedge against local disturbances. Bitcoin is not a hedge against world economy so if we have a world war or a global pandemic it won't help you, but if your country goes bust like Venezuela, Zimbabwe, or happens to become a warzone like Afghanistan, Crimea, you will have some emergency funds.

[Sanugarid]

Governments around the world — including the U.S., China, Japan, Canada, Venezuela, Estonia, Sweden, and Uruguay are either actively working on some form of digital currency.

But governments have very different priorities, and decentralization a main feature of most cryptocurrenices including bitcoin doesn't tend to be one of them. In fact, government digital currencies could herald a new era of centralization, posing serious questions about privacy and the viability of true cryptocurrencies like bitcoin.

Different priorities? I guess not, I think all of this ongoing trials in their own digital currencies is to combat decentralization. The government does not want things to go off their hands, they can't do that as it would just cause chaos to their land, worst in their financial structure. Now that bitcoin is emerging these past few years, it is not surprising at all that we see a lot of countries be coming to it, digital currencies is the future of currencies, we can't deny the fact that we are going to be technology reliant in the future.

There's important differences between true cryptocurrencies and what are generally called "centralized digital currencies" (CDCs). One of the main qualities if not the central feature  of cryptocurrencies is that they're decentralized. This means no single person, government, company, or group can control them. CDCs, on the other hand, are on the opposite end of the spectrum. They are as centralized as can be.

If we are govern by nothing, we would be nothing trust me. You can't just walk in the dark because you love it, we need to be centralized at some point and that's we are heading into.

[Axelseseclevz]

Government don't really want a decentralize money because they can't control it and it may cause a lot of trouble on the government and to the economy. But on the other side if the government allow and accept cryptocurrency and legalize it, im sure it is a big help to the people especially those who have no work and just stay at home. Also it will convince business establishmentvto accept bitcoin as payment for goods and services but the problem always is the volatility of bitcoin that we can't change because it was designed as investment and not store of value.

[stompix]

How can cryptocurrencies save the economy right now?

It's pretty simple
- I create a token
- You create a token
- We swap tokens
- We hodl the tokens
- We will either get rich or sarcasm will kill us 

The Bitcoin revolution in Nigeria is something that everyone knows about. There are so many examples to state but not enough words.

Yeah, too bad I've never seen any signs that would even remotely point to a "revolution"

Plus , how it can be a solution :

We can directly scrap out the middle man both in terms of selling goods and both in terms of receiving payment , which would mean that the benefits are going directly to the farmers or common man who is working day and night .

Oh yeah! Please tell me about it!

I'm pretty interested in how my family could scrap the middle man
- every week we will have to take our truck to the closest refinery and get gas or rely on the middlemen
- every week we would have to go across the country to buy corn for the pigs and the next day the other direction to buy the soy mix.
- every day we would have to go to the market and sell the goods by ourself and get the money
- and thousands of more examples, culminating in calling a plant on the other continent to buy a replacement for a hydraulic lift and wait 2 months for it.

The agriculture or manufacturing idea of doing all by yourself is so yesterday!
Intermediaries exist because they are more efficient, you contract them because you can't do the job yourself!
If we revert back to that kind of middle ages economy good luck getting a coat in summer cause you will have to wait till winter when the shepherds come back from the mountains to get wool.

And all of this would be solved with cryptos!
Who would have thought?

I went to the factories near my house and they paid not even 1 Rs to the workers to make a mask of 40 RS , therefore what it means is that all this profit or 39 Rs is going in the pockets of rich who have 1000 factories like this .

Yeah, slaughter the rich, those damn kulaks.!!
It worked flawlessly in the past, Zimbabwe is a prime example of it.

[TheUltraElite]

Why do you think it is bad for the government to accept crypto?
I don't think because a lot of people are against it and politics involved will be the reason why it will give bad image to the government.

The governments run democracy and in a democracy everyone's opinion becomes important. So now think like this, you are politician who wants to win the vote so you allow crypto in your country but the opposing party comes with a campaign against crypto turning most of the votes against you. What I mean is a politicization of the acceptance of crypto and that can be bad for the ruling party.

If both parties will educate themselves regarding crypto and blockchain technology, I don't think they will think that crypto is only used for money laundering purposes.

The world would have been much better if educated people were chosen as politicians and the countries would be run by them. Sadly that is not the case in most countries. Hence educating them is not really an option unless them themselves understand the importance.

Even without crypto, money laundering is everywhere. They just need to learn how to avoid potential money laundering in crypto.

Very likely a impossible thing to do. We would need strict regulation of coins and exchanges and mixers. That would end up driving a lot of the whales away from crypto too and become nothing different from how fiat is regulated. Its a two edged sword but maybe in future there can be better alternatives.

BTW, congrats to @TimeTeller for reaching 5years on this forum yesterday.

[goaldigger]

People are still afraid to adopt cryptocurrency because it is not supported by many government and there's no legal law that protects the user of cryptocurrency. There's a war between these two and we all heard many countries banned bitcoin so many times but we are still lucky that we are still here and still trying to convince many government to make bitcoin and cryptocurrency legal.

Cryptocurrency can save the economy by providing good services that can make businesses more effective and efficient, it can also create jobs, and since many cryptohodlers will benefit by this, they tend to spend more which can save the economy. We just need to have the support of the government and we will surely go up and surpass many financial instruments.

[Kong Hey Pakboy]

People are still afraid to adopt cryptocurrency because it is not supported by many government and there's no legal law that protects the user of cryptocurrency. There's a war between these two and we all heard many countries banned bitcoin so many times but we are still lucky that we are still here and still trying to convince many government to make bitcoin and cryptocurrency legal.

Cryptocurrency can save the economy by providing good services that can make businesses more effective and efficient, it can also create jobs, and since many cryptohodlers will benefit by this, they tend to spend more which can save the economy. We just need to have the support of the government and we will surely go up and surpass many financial instruments.

Governments are afraid of the use of bitcoin because they think bitcoin is always being use for illegal activities such as money laundering, scam projects, Ponzi scheme, etc. But the truth is the use of cryptocurrencies has a lot of benefits to a country's economy that it could lessen unemployed people, it could help business and big companies to make fast transactions, and it could prevent massive virus cases without making physical contact to other people when going to the groceries.