Government+cryptocurrencies

[erikoy]

If governments adopted crypto currencies then more people will buy bitcoin which will dilute the bitcoins from huge holders which will eventually make their manipulating power less gradually.But government really care about the value? to save people from the dump.

Suppose you are a big bitcoin holding and if you are not willing to sell your coins how can that dilute the coins from your hands to others who are willing to purchase. Since the supply is limited and if there are more buyers than sellers the price would go up and that is the whole point for anyone to hold the coins much longer, adoption from government means regulation and taxing everyone who make a profit and it will get rid of the fake exchanges and other shady practices.

I do not think that this is the purpose of government holding cryptocurrency because as wha you pointed out that they all wanted it for taxing. There are ways that it could be done by the power of the government. As we all.that government can easily set rules and regulations for these. But for now it may seem difficult to accept due to the fact that it contradict to their system being cryptocurrency as decentralized system. However, if goverment can make their own cryptocurrency then higher chances it couls eradicate corruption because all transaction and expenses from.the government fund will be transparent through blockchain tech.

[romero121]

Cryptocurrency and Governments functioning together will happen in the future. As of now what governments think is, if cryptocurrencies were encouraged by them automatically the power of government will fall. Upon this fear majority of the country stand against cryptocurrency.

Another thing, few countries try to hold the cryptocurrencies believing in its growth. One of which holding a large volume of cryptocurrency is Bulgaria. Few countries have planned to digitise the traditional money.

[Findingnemo]

If governments adopted crypto currencies then more people will buy bitcoin which will dilute the bitcoins from huge holders which will eventually make their manipulating power less gradually.But government really care about the value? to save people from the dump.

Suppose you are a big bitcoin holding and if you are not willing to sell your coins how can that dilute the coins from your hands to others who are willing to purchase. Since the supply is limited and if there are more buyers than sellers the price would go up and that is the whole point for anyone to hold the coins much longer, adoption from government means regulation and taxing everyone who make a profit and it will get rid of the fake exchanges and other shady practices.

I do not think that this is the purpose of government holding cryptocurrency because as wha you pointed out that they all wanted it for taxing. There are ways that it could be done by the power of the government. As we all.that government can easily set rules and regulations for these. But for now it may seem difficult to accept due to the fact that it contradict to their system being cryptocurrency as decentralized system. However, if goverment can make their own cryptocurrency then higher chances it couls eradicate corruption because all transaction and expenses from.the government fund will be transparent through blockchain tech.

Government can get transparency if they implement their own blockchain currencies but do they let people to access it? Government never wanted the people to know about anything so they are trying to create closed economy while implementing own blockchain.And regulations are here to bring the restrictions to the users which completely goes against the decentralization but regulations will act as advertisement to the people so they might adopt to bitcoin if they regulate before creating their own CBDCs.

[Blackrain13]

If government will accept cryptocurrency and give freedom to the people to use it ,i think  many people will buy and invest in bitcoi. Also it be a temporarry solution in our current siruation now.

[tbterryboy]

If government will accept cryptocurrency and give freedom to the people to use it ,i think  many people will buy and invest in bitcoi. Also it be a temporarry solution in our current siruation now.

But, government are worried that legalizing bitcoins might also bring an increased number of hacks and scams in the market as right now hackers struggle to find a payment method that is untraceable and easily to accept from their victims. Bitcoins being decentralized are just too easy to use for hackers and once legalize they will be more easily available to everyone and hackers can just grow easily.

I do believe than if bitcoins payments are adopted it will help in the current situation but the government have made their own apps and there are payment processors like paypal which gives the government full control over their citizens because of the centralized paypal system and also makes it easy to pay virtually since payments in cash is becoming an issue now a days.

[Arkann]

If government will accept cryptocurrency and give freedom to the people to use it ,i think  many people will buy and invest in bitcoi. Also it be a temporarry solution in our current siruation now.

But, government are worried that legalizing bitcoins might also bring an increased number of hacks and scams in the market as right now hackers struggle to find a payment method that is untraceable and easily to accept from their victims. Bitcoins being decentralized are just too easy to use for hackers and once legalize they will be more easily available to everyone and hackers can just grow easily.

I do believe than if bitcoins payments are adopted it will help in the current situation but the government have made their own apps and there are payment processors like paypal which gives the government full control over their citizens because of the centralized paypal system and also makes it easy to pay virtually since payments in cash is becoming an issue now a days.

In any case, before switching to cryptocurrency completely, people should learn how to store it and how to use it, since every owner of a cryptocurrency is always at risk. But if cryptocurrency goes into the daily life of every person, then I very much hope that we will no longer have problems with the depreciation of our savings due to the fact that the government always prints large amounts of money, creating inflation.

[CarnagexD]

If government will accept cryptocurrency and give freedom to the people to use it ,i think  many people will buy and invest in bitcoi. Also it be a temporarry solution in our current siruation now.

But, government are worried that legalizing bitcoins might also bring an increased number of hacks and scams in the market as right now hackers struggle to find a payment method that is untraceable and easily to accept from their victims. Bitcoins being decentralized are just too easy to use for hackers and once legalize they will be more easily available to everyone and hackers can just grow easily.

Implications with cryptocurrencies is badly viewed by the government we can easily say this because if they don't they could have done it a few years ago. Scams are inevitable especially in a decentralized market, people can move without being traced and so their identities would not be publicly show unlike doing it with fiat that is highly governed and regulated. Let's just face it, crypto scam is part of its nature, what can we do about it is to spread awareness and guide for knowing everything around the circle of crypto.

I do believe than if bitcoins payments are adopted it will help in the current situation but the government have made their own apps and there are payment processors like paypal which gives the government full control over their citizens because of the centralized paypal system and also makes it easy to pay virtually since payments in cash is becoming an issue now a days.

As far as I know paypal is touching the bitcoins, they are trying to have it on their platform this is an innovation that the government should not be afraid to fight of, they got the power of the state.

[ashmodeus]

If government will accept cryptocurrency and give freedom to the people to use it ,i think  many people will buy and invest in bitcoi. Also it be a temporarry solution in our current siruation now.

believe me,its not a solution for current. just imagine by yourself,if a lot people put his money to one basket,what will happen ? for me,just one thing will happen,a bubble scheme, I think the 2018 bubble break is enough for crypto.
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and also about government + cryptocurrency, that is a complicated thing, considering that government is a sovereignty, it should be able to answer why they do not provide support to cryptocurrency

[gentlemand]

What does 'support' mean in this scenario?

Government support has been shown in quite a few cases. They've created legal definitions and frameworks to trade it. That doesn't mean they're going to endorse it though.

No government will encourage or facilitate its citizens to place their money outside their control. As long as there are governments they will pay and demand payment in currency that they control which means no crypto will ever fully take over while they exist, but they will always be keen to keep it in a box.

[cutesgirl]

Depend who will be the government in your country, I think if some one know with bitcoin will be interested for adopting bitcoin as legal currency payment transaction. But if your country have government low knowledge with technology and digital currency will be not interested with bitcoin and altcoin as digital currency payment.

[inoes]

Cryptocurrency not only overcome financial problems, but in its application can be for various things. economy, health, education, technology etc. If the government cooperates in adopting crypto, it is not impossible that there will be progress in various fields. venezzula, which had experienced a crisis, for example, can be helped. Can this pandemic crisis be helped by the adoption of crypto? the answer depends on the policies taken and the actions of the community

[darewaller]

Believe me, I like cryptocurrencies a lot but this is not the right time. Government won’t be so careless to introduce something so volatile to the citizens which there global/international markets aren’t doing so well. The last thing they want to see is money being laundered, illegal activities being carried out and scam/frauds happening because they gave permission to a decentralized platform to take over during the pandemic.

I agree to the fact that cryptocurrencies are capable of helping and saving a country’s economy in such times, but it is also capable of collapsing it even harder. The market is too volatile to be relied upon at such times.

[Cryptoreflector_666]

What does 'support' mean in this scenario?

Government support has been shown in quite a few cases. They've created legal definitions and frameworks to trade it. That doesn't mean they're going to endorse it though.

No government will encourage or facilitate its citizens to place their money outside their control. As long as there are governments they will pay and demand payment in currency that they control which means no crypto will ever fully take over while they exist, but they will always be keen to keep it in a box.

The government will be able to legalize cryptocurrencies only if it can control cash flows and receive tax from them. Tax is the blood of States. This is what they exist for in principle. If there are no taxes, there will be no States. Of course, now it all looks like a utopia, but who knows-maybe in one moment everything will change.

[abhiseshakana]

The government will be able to legalize cryptocurrencies only if it can control cash flows and receive tax from them. Tax is the blood of States. This is what they exist for in principle. If there are no taxes, there will be no States. Of course, now it all looks like a utopia, but who knows-maybe in one moment everything will change.

The problem is that tax instruments are not only aimed at sources of state revenue but are also used as a tool to regulate or achieve certain goals such as; drive investment, protect domestic production, and compensate for regulations, for example, the United Arab Emirates impose high taxes on the purchase of alcoholic beverages with the aim that only a few people can consume.

Many countries do not legalize bitcoin as a transaction tool but impose taxes on assets in the form of cryptocurrency even for cryptocurrency trading, the majority of almost all countries are taxed. We can reverse our mindset from not paying taxes because the government does not legalize cryptocurrency. Be paying taxes on our assets in the form of cryptocurrency and let's look at the changes captured by the government.

[deisik]

Many countries do not legalize bitcoin as a transaction tool but impose taxes on assets in the form of cryptocurrency even for cryptocurrency trading, the majority of almost all countries are taxed. We can reverse our mindset from not paying taxes because the government does not legalize cryptocurrency. Be paying taxes on our assets in the form of cryptocurrency and let's look at the changes captured by the government

What do you mean by legalizing Bitcoin as a transaction tool?

Maybe, you actually wanted to say that governments refuse to make it into a legal tender on par with national currencies so that everyone could pay taxes with it (since this is basically a definition of legal tender)? That's not going to happen, obviously. However, if Bitcoin along with its brethren is legally defined as property or property rights, digital or otherwise, you should kinda pay a property tax on it (at least, when you sell your coins and book a profit)

[Lorence.xD]

No government will encourage or facilitate its citizens to place their money outside their control. As long as there are governments they will pay and demand payment in currency that they control which means no crypto will ever fully take over while they exist, but they will always be keen to keep it in a box.

This is spot on, definitely the government will try their best not to give cryptocurrency a leeway when it comes to supporting their citizens because at the end of the day, decentralization is the perfect opposite of any government.

Believe me, I like cryptocurrencies a lot but this is not the right time. Government won’t be so careless to introduce something so volatile to the citizens which there global/international markets aren’t doing so well. The last thing they want to see is money being laundered, illegal activities being carried out and scam/frauds happening because they gave permission to a decentralized platform to take over during the pandemic.

I agree to the fact that cryptocurrencies are capable of helping and saving a country’s economy in such times, but it is also capable of collapsing it even harder. The market is too volatile to be relied upon at such times.

Volatility can be debatable because in my opinion because of the fully established cryptocurrency have a good price average, what I mean by that is that most of the prices will not go down real hard. In regards to money laundering and illicit activities committed through cryptocurrency, they are a problem but I think they can't be unsolvable.

[Police Indo]

Many countries do not legalize bitcoin as a transaction tool but impose taxes on assets in the form of cryptocurrency even for cryptocurrency trading, the majority of almost all countries are taxed. We can reverse our mindset from not paying taxes because the government does not legalize cryptocurrency. Be paying taxes on our assets in the form of cryptocurrency and let's look at the changes captured by the government

What do you mean by legalizing Bitcoin as a transaction tool?

Maybe, you actually wanted to say that governments refuse to make it into a legal tender on par with national currencies so that everyone could pay taxes with it (since this is basically a definition of legal tender)? That's not going to happen, obviously. However, if Bitcoin along with its brethren is legally defined as property or property rights, digital or otherwise, you should kinda pay a property tax on it (at least, when you sell your coins and book a profit)

Because after all the country wants to benefit. so the tax rules are enforced. How could there be millions of dollars worth of assets hanging around his country but the country did not feel the slightest benefit?
so for the time being there are only tax regulations because BTC is difficult to legalize in small countries because it will be a competitor with local currency.

[redsun114]

My take on this is that we will see it in the future, the coexistence of government, banks and cryptocurrencies. As the normal saying goes about beating, they'll join if they have no choice anymore. We're starting to see that there's equilibrium for most countries that started regulating it or no reaction at all but is ok with it and, those that don't like it or likely to ban it are not that many.

And for those countries that are going to label their digital local money as cryptocurrencies, they can do that as they wish but it won't change the fact that we know what cryptocurrencies really are.

Cryptocurrencies can never take over the traditional banking system to be honest. Both of them can start to coexist where cryptos are treated as assets and the INR/USD/EURO etc still as the official traditional fiat currencies.

The countries in which the equilibrium can be observed even after introduction of cryptos are the countries that have regulated it and termed it as an “asset” or as “virtual goods” and not as a currency or money. Government of no country wishes to be left behind in terms of technical advancement, so I don’t think that many countries will even give a thought about banning cryptos.

[deisik]

Volatility can be debatable because in my opinion because of the fully established cryptocurrency have a good price average, what I mean by that is that most of the prices will not go down real hard. In regards to money laundering and illicit activities committed through cryptocurrency, they are a problem but I think they can't be unsolvable.

I'm not sure what you mean by debatable

But it seems that you refer to squashing volatility into, say, single digits. This is possible if Bitcoin's value (or value of any cryptocurrency, for that matter) is determined not through currency exchanges (like now) but in real markets (like in a proverbial grocery store) where you can buy things with it and sell them for it. In this manner, people will have a solid frame of reference, i.e. they will know what one bitcoin is actually worth in real terms. Only in this capacity, i.e. Bitcoin as a real currency, it won't be as volatile as hell

[lixer]

I don’t know for other people, but there is a way I view this – there will always be countries that their economy is going down; when the economy of one country is progressing and moving up, there will be countries that will be seeing the opposite of that. That’s just how it is.

So, if you think that cryptocurrency can save your country, imagine that the whole countries in the world and everyone is making use of cryptocurrency, do you think that it will make every single person in the world rich and also make the economy of every country to be stronger? Well, I don’t think so. Economy being stronger is a whole different thing.