Advise on Bitcoin Ban/Regulation to the US government

[hatshepsut93]

I doubt that any government cares about two Joes sending each other $100 in Bitcoin as payments for goods/services. What they want to do is to prevent the use of crypto as loopholes for bypassing sanctions or evading taxes by large companies and other big players. If they will control the gateways between crypto and fiat - the centralized exchanges, they will effectively regulate crypto in their eyes. And because fiat is centralized, it will always be possible to regulate such gateways.

[1715146861]

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[tulusikhlas]

I doubt that the US government will thread the same path as China. US government might seek to fill the void China is creating with their ban and in that way have an advantage over China. US might be listed as Cryptocurrency-friendly country soon. 

If you look at the history between the US and China, brands will always have different directions of economic thought. Because this involves digital competition, some of the US and Chinese government policies have similarities when viewed from a general perspective. But behind that, both of them are competing to become world leaders.

[verita1]

I have been reading an article that talks about the IRS in America.
"Yes, the IRS can tax bitcoin and other cryptocurrencies."
After reading it, I told myself that I must prepare myself for when it happens in my country that there is some regulation that forces me to pay it.
It is worth informing us and getting used to the idea that one day we will pay taxes on the profits obtained by bitcoin and crypto.

https://www.cnn.com/2021/09/08/success/cryptocurrency-taxation-feseries/index.html

[alviemery96]

I believe that the US government will not trade the path that China has taken and that single action will put the US on the list of top crypto-friendly countries in the future. The United States could go the other way by not having strong regulations. But there are distinguishing features between China and the united states, the main allegation of the united states being China, a single economy. The booming economy has deliberately devalued its domestic currency. They do not arrange to determine the value of the local currency based on market demand according to the sources in the main free market economy so they will never completely ban like China.

[7788bitcoin]

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We don't need to listen to opinion of Elon Musk to know that governments can not ban Bitcoin. Give me the Internet and Bitcoin is unbannable.

We do not need to listen to any influencers in the cryptocurrency space but there is a lot of new investors who would listen to them and you cannot deny the fact that Elon Musk attracted many investors to the cryptocurrency market.

Governments can not say ASICs are equipments for criminals, can they? I believe it is unrealistic thing they can do.

Governments will not ban ASIC machines but the angle they are looking is that these ASIC machines are creating enormous waste and the amount of electricity consumed is bad for the climate and other than that they cannot come up with any other excuses.

I doubt any major country will ban Bitcoin, we will see them regulating them but a blanket ban is impossible considering the billions invested in the market.

[Assface16678]

I don't think they will ban it for now because there are gaining from btc. Rather if they ban it they will just regulate it, unlike China who likes to control its people and in order to do this is to restrict them from using other fiat.

[RILWAN]

I don't believe the US will go in the same direction the China government went, the United States will regulate cryptocurrency there is no doubt about that but even that will not work on decentralized digital currencies so they can only adjust and work with the system as it is. Elon Musk is right on his advice because trying to regulate or suppress Bitcoin will only slow down the economic growth of the countries.

[pjwaffle]

It is decentralized in nature but naturally it can be regulated and it has been done in almost every country in the world. I think you are confusing verbose and control. Governments cannot check Bitcoin the same way they can check a company based in their country. I think They won't do it openly like China but trust me, no matter what. whatever China does, I do it secretly. Remains rusty Edward Snowden's NSA, where checks confirm that the NSA is spying on their primary users. precisely because America is a free country and in many ways it is difficult to check them all.

[MrcMrc]

Elon Musk is a businessman and as a businessman, he will always project whatever cause to grow interested in the area of his investment and we are all aware of how much Elin musk have invested in cryptocurrency and if the US government should place a strong regulation on cryptocurrency it will affect him as an individual and as a company because of the investment.