Will the government accept it?

[Vaskiy]

In an article, saw about bitcoin acceptance on official passport services of USA. This is done through a third party service service provider. However this is a step forward in the adoption and acceptance of bitcoin. Venezuela government took a step to create its own cryptocurrency keeping petroleum as the backing. In few countries already bitcoin usage is legalized. Maybe in the future we can expect more governments to accept bitcoin.

[msarro]

 If my idea proves to be correct, will the government of the country accept it?
 1. Will the government of a country ever want their banking sector to be abolished?
 2.  How will the government collect taxes from the people?
 3.  If the government can't keep track of people's legitimate money, won't corruption increase?

1. I don't think the government wants to abolished their bank if the banks were abolished their economy will crash too.
2. It would be hard for them to collect tax it's pseudonymous
3. Of course corruption will increase and this cryptocurrency will be the way to money launder.

I really don't think the government will going to accept cryptocurrency now there's a lot of negative effect of cryptocurrency to the government. 

[Kelvinid]

It is somewhat the best thing for the government to support crypto but not in such a way that they are doing this to make a huge change in the system, abolishing the banking system coz it not necessary and we know that still a lot of people are using fiat.

May taxes will be imposed as it was already been started in some countries. Well, we can't disclose this as it was an urge for us to pay taxes, and this is not a problem. But if we are talking about corruption, No, we have this a long time ago, and people who live with greediness will find their way to succeed and that was more possible having the use of crypto.

[fauzan123]

Here is my opinion on the matter.
1. Governments are there to see the whole ecosystem is functioning. So, I don't think the government could such a step because there are a lot of roles the banks provide in society.
2. There is already an effective system in place so this system can be improvised upon.
3. It doesn't matter; anyone involved in corruption makes a wrong step which can arouse suspicion and then it can be dealt with.

Currently in several countries, the government has started to try to give legality regarding this bitcoin, it is impossible to eliminate the existing bank system and it is very unlikely to be removed.

However, the policy to change a little system from conventional to digital can happen without having to eliminate bank payments, because all will continue to use banks as a legal means of finance in each country.

[goldade]

This is the reality as long as we are modern.  Think back to ancient times when people didn't know what money was.  They make transactions through products.  That is, one would replace the other's meat with vegetables.  And that was the process of their transaction.  People have changed over the course of the day.  At one time they used the leaves of the tree as a means of transaction.  Later, gold coins and silver coins were gradually introduced.  And today paper money has been created to make transactions easier.  But even 300 years ago there was no bank, and today we cannot go without a bank.  In the same way, 20 to 30 years from now, maybe the banking system will go up.  Because people don't want anyone else to know their bank account.  And people will choose digital cryptocurrency as an alternative to this bank.  Bitcoin may be his alternative.  Bitcoin is a decentralized process. This means that there is no need for a third party in this process.  There will come a time when people will no longer take the help of banks.  They will manage all the activities of daily life starting from shopping through digital cryptocurrency.

  If my idea proves to be correct, will the government of the country accept it?
 1. Will the government of a country ever want their banking sector to be abolished?
 2.  How will the government collect taxes from the people?
 3.  If the government can't keep track of people's legitimate money, won't corruption increase?

You've actually right about the fact that it is possible for bitcoin and other cryptocurrencies to become the order of the day in the next 20-30 years. I also believe eventually, sooner or later, the government will adopt cryptocurrencies and the Blockchain technology.
1. The only other course of action for the government is to create a government-backed cryptocurrency. A stable coin just like the USDT. That way, there won't be the need to abolish the banking sector as many of the transactions using this government-backed currency will still most likely go through the banks. I don't how this will done yet but I know the government won't give up its control of money just easily.
2. This is one of critical issues facing crypto users. The issue of government regulation and taxes. While the government may not be able to to control bitcoin, I believe it would be able to monitor and control the government-backed coin and thus taxes will be placed on it.
3. Of course, there will be increase in corruption especially among money launderers.

[CyberKuro]

The government will look for a way to regulate the blockchain industry and make use of it possibility government are already accepting crypto and we are still at the early stage of adaptation.

There is no doubt that the bank system will never be abolished as that is one way for a country to developing the economy and still able to supervise the outflow of money to make sure everything is going adequately.
If the government wants to regulate cryptocurrency in the country, it will develop a better way to collect the taxes just like in the US, although many things have to be fixed. Bitcoin and other coins that provide decentralized technology for people to manage their coins without the government recognizing, it is also not a completely wrong choice as bitcoin provides the freedom to control your funds, to transact as you want as long as you know what you are doing.

[mrongoz22]

Will the government accept it ,? The answer could be, because the currency in digital now has a very, very important role for the world, because when digital currency can be used like fiat currency, the government will automatically make its own policies to solve the problem of corruption and tax collection from bitcoin. , and we also hope that the government can accept bitcoin like other countries that already understand the advantages of bitcoin ..

[kolbalish]

If my idea proves to be correct, will the government of the country accept it?
 1. Will the government of a country ever want their banking sector to be abolished?
 2.  How will the government collect taxes from the people?
 3.  If the government can't keep track of people's legitimate money, won't corruption increase?
[/quote]

1- The government will never do that. Because all the financial activities of the government are implicated by the bank.

2- Yes it can. However, I can't confess exactly through which means the government will collect it. The government of each country will evaluate this task in its idea.

3- There will be corruption. Because Bitcoin is a virtual currency, it is difficult to track. So it can be asserted that corruption cannot be prevented.

[AakZaki]

~snip~

Bitcoin is a virtual currency it is true. But your opinion about bitcoin transactions that are difficult to trace, you are wrong. Bitcoin transactions will be easy to trace and where the money ends there will be traces of it. Corruption will not be safe if using bitcoin currency, traces will remain traced until the end where the transaction was carried out.

Bitcoin is a virtual currency that is not centralized and transparent, so no privacy is guaranteed on bitcoin.

[tabas]

Will the government accept it ,? The answer could be, because the currency in digital now has a very, very important role for the world, because when digital currency can be used like fiat currency, the government will automatically make its own policies to solve the problem of corruption and tax collection from bitcoin. , and we also hope that the government can accept bitcoin like other countries that already understand the advantages of bitcoin ..

In some countries, there are local governments that are already accepting it as a payment. They're putting those QR codes at their front desk and whoever prefers to pay it, they are allowed to pay their dues and taxes through it.
It's still limited but everything starts with little and soon that this is going to change and there will be more of them that will start accepting it.

[elisabetheva]

In some countries, there are local governments that are already accepting it as a payment. They're putting those QR codes at their front desk and whoever prefers to pay it, they are allowed to pay their dues and taxes through it.
It's still limited but everything starts with little and soon that this is going to change and there will be more of them that will start accepting it.

The existing technological advances should be able to be accommodated by placing and taking actions that might facilitate services to the public in general, especially during a pandemic like this, of course, it is clearly more activated for the purpose of controlling transmission. however, not all can and are able to implement it as happened in some countries, because the capabilities and situations of each country are clearly different, but for progress and improvement it is something that needs to be continuously supported.

[Kittygalore]

Will the government accept it ,? The answer could be, because the currency in digital now has a very, very important role for the world, because when digital currency can be used like fiat currency, the government will automatically make its own policies to solve the problem of corruption and tax collection from bitcoin. , and we also hope that the government can accept bitcoin like other countries that already understand the advantages of bitcoin ..

That's saying a lot, I mean there is a reason why countries have a central banks. Also, digital currency isn't that widespread yet so I don't think that we are going to be abandoning banks anytime soon. Also, do you think the banking magnates are going to let that happen? They will lose power and I don't think that they are going to like it and they are going to do anything to keep that power.

[tygeade]

1. Will the government of a country ever want their banking sector to be abolished?
 2.  How will the government collect taxes from the people?
 3.  If the government can't keep track of people's legitimate money, won't corruption increase?

1. There will be less possibilities for all 100% of one country's people are going to adopt bitcoins so that their central bank to be abolished. It might take decades of time for each and everyone to adopt bitcoin because bitcoin is highly technical one which may not be suitable for old agers and illiterate.

2. Only taxation based on how much you're earning might not be possible but there will be no problem on collecting taxes on buying and selling services and goods.

3. Corruption or money laundering or tax evasion are not new things just because of bitcoin payment system. Government must improve themselves to catch such incidents.

[Sowaz159]

I feel that the government is forced to eventually accept it, they have no way of enforcing for people to not use it without being authoritarian.

Countries like Canada already have PUBLIC exchanges like Netcoins, which means they are getting more and more integrated organically!

[MinoRaiola]

The Bitcoin price regularly reacts with markdowns as soon as government representatives announce that they will regulate the cryptocurrency in one way or another. Although radical measures against its use have been enacted in numerous countries, ranging from a ban on banks managing Bitcoin to a general ban, none of the laws have been able to exert a lasting influence on the Bitcoin price. And that is likely to remain the case.

[bounceback]

This of course will not be possible, because if the government eliminates the banking sector, automatically fiat currencies will no longer be produced, then of course there will be a massive economic crisis.
They will collect taxes through the exchange of each transaction.
Corruption is inevitable because it is inherent in human nature.

[isaac_clarke22]

The government still treats crypto as a fraudulent earning scheme and nothing more than a competitor to the traditional financial system.

Not all but through KYC regulations, they don't like a lot of people holding something that is way beyond their discretion.
That's why some Bitcoin ATMs are god-send if you don't have someone to do p2p transaction.

[Ozero]

This of course will not be possible, because if the government eliminates the banking sector, automatically fiat currencies will no longer be produced, then of course there will be a massive economic crisis.
They will collect taxes through the exchange of each transaction.
Corruption is inevitable because it is inherent in human nature.

The banking system must be considered as part of the state, since it is a product of the state and banks are directly involved in the regulation and maintenance of the state's economy. The states pursue their credit and financial policies through the banking system. Therefore, banks will exist because they are under the protection of the state.
States will be forced to regulate the circulation of cryptocurrencies and this should be treated as an inevitable process. The national money of states will also not disappear anywhere, they will exist as long as the states exist. Therefore, the cryptocurrency will circulate in society only along with the money of states.

[Sihab76]

People in some countries have been arguing about Bitcoin, but people in most countries are directly and indirectly involved in Bitcoin.  Although the governments of different countries have issued government administration rules to ban bitcoin, it is not at all possible for the government to remove it from the people.  Again, the governments of different countries are supporting Bitcoin in a new way.  However, I can say that Bitcoin will be the most accepted currency in the world in the future.

[tabas]

In some countries, there are local governments that are already accepting it as a payment. They're putting those QR codes at their front desk and whoever prefers to pay it, they are allowed to pay their dues and taxes through it.
It's still limited but everything starts with little and soon that this is going to change and there will be more of them that will start accepting it.

The existing technological advances should be able to be accommodated by placing and taking actions that might facilitate services to the public in general, especially during a pandemic like this, of course, it is clearly more activated for the purpose of controlling transmission. however, not all can and are able to implement it as happened in some countries, because the capabilities and situations of each country are clearly different, but for progress and improvement it is something that needs to be continuously supported.

Yes, each country has its differences in terms of technological advances and situation. But that only shows that if the others can do it, means, that the others can do it too.
Every country is going into that advance and no matter how they delay themselves into progress, someday they'll adopt it.