What approach do you expect from the Government if your Country adopt bitcoin?

[pooya87]

I don't think that any governments should be refraining from Bitcoin as an investment but having such a high asset allocation into a risky investment vehicle (such as that of crypto) is not indicative of good governance.

I don't know much about El Salvador economy but is the amount of bitcoin they have really considered high allocation? Last I checked it was about $70 million worth of bitcoin and most of it was bought around $30k so they don't seem to have really lost money either.
I actually think this was a good move. Bought in some of the dips and they are going to hold it as a valuable asset. We all know how bitcoin's long term appreciation is and risking $100 mil on it could be a good investment.

[ranochigo]

I don't know much about El Salvador economy but is the amount of bitcoin they have really considered high allocation? Last I checked it was about $70 million worth of bitcoin and most of it was bought around $30k so they don't seem to have really lost money either.

Not really. I think that the bulk of it was actually bought at 50-60K or so. They've actually lost quite a substantial amount of money, despite their recent trades during the dip which did little, if at all to help their current standing.

Considering the aid and the current state of the economy in El Salvador, the costs for investing into Bitcoin, including the volcano(?) bonds has resulted in a largely negative impact on their economy, at a macro scale. Investments should either be safe, and generate sustainable income or for it to have the potential to be continuing to generate incoming in the future. $70Million might not be a lot in the perspective of those countries but if you consider that the possibility of losing it all and the fact that the money could've better improved their infrastructure, it'll be clear whether the investment was bad or not.

[Henrobakkara]

I really don't think that adoption mostly as a legal tender will be or will confirm that Bitcoin is the thing. Quite frankly I think we are still overlooking this Bitcoin being a legal tender thing cos I don't think there is any major media outlet that has not spoken about Bitcoin once in the broadcast and if Bitcoin was not what it is, why so much talk about it? 
Secondly, I don't think my Government will consider this in the nearest future so I am just going to leave that alone but I believe if there are places to spend Bitcoin online or some nearby merchants that is fine, others will catch up when they see the need to Including Governments too, but now I am not stressed.

[leea-1334]

I don't think that any governments should be refraining from Bitcoin as an investment but having such a high asset allocation into a risky investment vehicle (such as that of crypto) is not indicative of good governance.

I don't know much about El Salvador economy but is the amount of bitcoin they have really considered high allocation? Last I checked it was about $70 million worth of bitcoin and most of it was bought around $30k so they don't seem to have really lost money either.
I actually think this was a good move. Bought in some of the dips and they are going to hold it as a valuable asset. We all know how bitcoin's long term appreciation is and risking $100 mil on it could be a good investment.

Yes I think I remember reading that both Saylor and Bekele are even at just below $30k,,, they did manage to buy lower than that but because they are DCA like me they bought also closer to ATH. I would say excellent choice made as this is just the bear and they are stocking it up anyway,,, ATH return is doubling it.

Only I do not know why Salvadorian president keeps tweeting he bought more BTC in a vain attempt to influence price.

[davis196]

1.I don't expect my country to adopt Bitcoin as a legal tender.
2.I don't expect my country to waste any money on some kind of Bitcoin promotion or educating the people about the benefits of Bitcoin.
I don't think that this would happen in any country around the world(there might be some exceptions in the underdeveloped world, but they don't matter).
The governments would never waste any resources to teach the people how to use a payment system, over which the government doesn't have any control whatsoever. On the other hand, the CBDCs will definitely be promoted and I'm sure that their promotion will be successful among the ""average Joe" conformists.
We, as a community should NOT expect any help from the "powers that be"-the governments and the central banks.

[yazher]

More likely they will impose some taxes for both traders and owners of the exchanges so I prefer not to have them not regulate the bitcoins right now I'll wait until there will be lots of countries that already regulate it. I'm total with it right now. The way it is right now is something you cannot have any reason to stop unlike in the other countries where you force to pay heavy taxes which will hurt the little investors like us that only rely on a small income in the crypto industry.

[cryptoperkele]

Depends what you mean by adoption. In Finland it's traded a lot already, although trading and using it in anywhere is hard as everything basically costs 1.4 times more as you need to withdraw that much in order to have money for taxes when you are using it.

[KaliLinux]

I really don't see adoption as a thing if you are referring to Adoption in terms of being a Government legal tender. Let them just allow for trading/investment like it has always been and those that want to accept it for payments can do so because the Government of my Country as I know them, will be the worst with laws and regulations if they were to adopt Bitcoin. 

[noorman0]

On the other hand, what kind of approach did the government take when bitcoin was legalized? Because basically it has a lot of importance. And if government policies burden adopters who tend to take away financial freedom (against decentralized systems), then I think twice about including bitcoin in my business finance list.

[kotajikikox]

maybe what i wanna have my government when bitcoin was adopted ? maybe to let everyone has their wallet with privacy , I mean don't put strict rules towards KYC but what i wanted from my government firstly ? that is to ask people first openly , not like what EL Salvador does that pushes the adoption directly , so with those everything will be tackled and will put completely announced .

[Doan9269]

Starting from a topic started by Ratimov: Why has bitcoin adoption failed in El Salvador?

permit me to say this that bitcoin adoption "have not fail in El-Savador" its adoption is barely one year now and nothing but development about bitcoin in El-Savador.

would like to know what you think and expect if your country decides to adopt bitcoin as a legal tender.

there will be freedom, privacy, trust, accuracy, reliability, decentralization, secured asset, profitable investment, reduced poverty and unemployment, lesser cross boarder transaction fee, growth and development of a country and there will be expression of joy from citizens.

if one day your country also decides to adopt bitcoin as a currency and legal tender especially regarding the approach and steps your government should take?

they (government) should know that they can't regulate bitcoin, though task will be paid, its high time they realize that we can't confide trust in them anymore in our financial and economic lives, and all we are demanding is "freedom".

[Lucius]

Well, if El Salvador is considered to have failed with its bitcoin adoption so far ^{[perhaps they have never failed 100%]} then what do you expect if one day your country also decides to adopt bitcoin as a currency and legal tender especially regarding the approach and steps your government should take?

I don't know what miracles all those who ask questions about some kind of Bitcoin failed in El Salvador expected? Neither Bitcoin could or should have saved a country, nor could that country launch Bitcoin into some unrealistic mass adaptation. It is quite disappointing to see people who think that some very complex things can happen in just a few months, and realistically it takes years or even decades to do so.

Bitcoin does not necessarily have to be a legal tender in the way it is set up in El Salvador to work successfully. As far as I know, Bitcoin is not a legal tender in the Netherlands, but the city of Arnhem is literally called Bitcoin City due to the many shops, bars, and restaurants where you can pay with Bitcoin. Therefore, there is no need to wait for governments to declare a Bitcoin legal tender, nor is it realistic in most developed countries - the alternative should never become an obligation.

[DapanasFruit]

In case I am a president of a country and I am really in love with Bitcoin, then I would recognize Bitcoin more like a reserve currency and less as a currency that the people can use everyday for commerce. I will be promoting business that can be made with cryptocurrency and open up my country for mining and many related business connected with this expanding industry. This is because there is an extreme volatility in cryptocurrency and people may not love the roller-coaster ride of this currency...but definitely promoter this like a good investment opportunity option.

[peter0425]

Maybe letting Businesses to operate accepting bitcoin without High taxation , because this will hurt people constantly and will deny the use of crypto since fiat and crypto has same taxation or even more.

Depends what you mean by adoption. In Finland it's traded a lot already, although trading and using it in anywhere is hard as everything basically costs 1.4 times more as you need to withdraw that much in order to have money for taxes when you are using it.

at least it is tradable in Finland though there is no actual adoption?

[kryptqnick]

In my country (Ukraine), Internet penetration is higher than in El Salvador, and a much higher rate of banked population. And among those who have bank cards, 87% view a smartphone as an alternative to physical cards for payments. Digitalization is a huge thing in my country, and we have many services that people access online, usually via smartphones. All this makes my country very different from El Salvador, so adoption is likely to go better here than there. Adoption of cryptos is currently underway, and allowing payments in BTC is a part of the government's long-term plan. I expect reasonable crypto income taxes, useful infrastructure, and then I can totally see a successful adoption.

[Furious 7]

1.I don't expect my country to adopt Bitcoin as a legal tender.
2.I don't expect my country to waste any money on some kind of Bitcoin promotion or educating the people about the benefits of Bitcoin.
I don't think that this would happen in any country around the world(there might be some exceptions in the underdeveloped world, but they don't matter).
The governments would never waste any resources to teach the people how to use a payment system, over which the government doesn't have any control whatsoever. On the other hand, the CBDCs will definitely be promoted and I'm sure that their promotion will be successful among the ""average Joe" conformists.
We, as a community should NOT expect any help from the "powers that be"-the governments and the central banks.

It will be a little annoying when it comes to making bitcoin a legal payment because it is certain that there will be a bit of a shock caused by this because there will indeed be disputes in this matter which makes this a divisive one.
Bitcoin is still bitcoin and indeed he can be a means of payment but this will only be an option not as a core.

[suzanne5223]

[snip]
We all know that El Salvador boldly announced to the world that they adopted bitcoin as a currency as well as legal tender. Many of us agree that this is an expected development, but in the end we can learn from the country ^{[El Salvador]} that to achieve successful adoption, the country and its government must also have a good approach and take the right steps. It is clear that this approach will have an impact on the success of the adoption, but so far El Salvador has failed with the adoption because their approach is not as perfect as expected based on the research.

Well, if El Salvador is considered to have failed with its bitcoin adoption so far ^{[perhaps they have never failed 100%]} then what do you expect if one day your country also decides to adopt bitcoin as a currency and legal tender especially regarding the approach and steps your government should take?

There's nothing wrong in trying they said but trust no innovative concept that was introduced or implemented that didn't have a flaw and I will advise you did your research when Bitcoin was created it also has some flaws which Theymos was among those that fixed it. Besides, he even once speaks about how Satoshi will contact him for help.

The point is that since El Salvador is the first country to adopt Bitcoin as legal tender it's normal for everything not to be perfect and through their mistake, others will learn because they have acted as the bridge to link BTC legalization as legal tender. Besides, the legalization of Bitcoin is also something like Laszlo who bought 2 big pizzas with 10,000BTC because it will be remembered in the history of Bitcoin.

Having said that, the government of my adopt Bitcoin, what i expected is cryptocurrency taxation, regulation, and an increase in cryptocurrency users.

[sklopan]

I think that it would not be entirely correct to expect much from the government. Bitcoin is often used as a tool for tax evasion, so I would not count on much.

[_BlackStar]

It is important to understand what Bitcoin is and what is the point of Bitcoin. At this point in time, El Salvador is treating Bitcoin as nothing more than a quick get-rich scheme by publicizing what they're doing with it at every single opportunity that they get. Obviously, most people aren't buying it and rightfully so. Bitcoin shouldn't be treated as a precious asset for hodling and not for spending.

I don't know much about the reasons behind the president and government of El Salvador adopting bitcoin other than what the public told ^{[save remittances].} Really if they thought that bitcoin was a get rich quick scheme then I think by now they have lost a lot due to the price drop, and if they did it for that reason then I think it will fail to meet any good results especially regarding adoption.

I think the whole point of mass adoption is obviously not just about the government recognizing Bitcoin as a legal tender and for their own reserves. It is important to encourage businesses to adopt it as an alternative payment and adopt sustainable practices over the long term. It cannot be a distraction from the issues that the country is facing. Adopting Bitcoin while fulfilling an alternative agenda is just a farce in general.

Still understandable, get rich quick scheme is an alternative agenda that I can understand from your opinion. Maybe true, this is a farce in general and they should focus more on implementing the functionality of bitcoin itself as a sustainable alternative means of payment.

[Vaskiy]

Few years later we'll find the decision taken by El Salvador to be the best. There'll be people who take bitcoin adoption in the positive way as well as people considering it a threat to the economy.

I would like to connect this incident with the pizza buying. Just think, Laszlo bought two big pizza for a transaction of 10k bitcoins. If he haven't taken such a decision what will be the value of bitcoin by now. Now we appreciate what Laszlo have done. Same as that, after years we'll appreciate the decision of El Salvador. Maybe now they're suffering out of the market crash, but surely the country will progress out of bitcoin someday.