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

[Leviathan.007]

This question can have many answers depending on your aspect of view, for some people the most people including myself important thing about bitcoin adoption and regulation by the governments is the privacy of bitcoin investors because usually, the most important thing the governments want is to ask people for confirming their identity before each transaction also they want to know how many bitcoins their people have after that they can have plans for milking money and taking tax from the bitconers.

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[KingsDen]

.

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?

If my country is to adopt bitcoin as a currency and/or legal tender, from what I observed in El Salvador situation. I would advice that my country should first use a minimum of 1 year for sensitisation.
You must have to enlighten the masses, especially the uneducated who uses money to buy bread and butter from groceries and street shops. These are the real users of money. In the case of El Salvador, it was this group of people that staged protest against bitcoin because they were misinformed that bitcoin will be the only means of payment. Proper sensitisation would have evaded that incident.

Secondly, I will advice that my country should employ slow adoption. This can start by building a national exchange and make all civil servants create accounts and start recieving salaries with bitcoin, pay their tax in bitcoin.
From there you can start expanding to other sectors and gradually bitcoin will become part of the people.

[Bitstar_coin]

Starting from a topic started by Ratimov: Why has bitcoin adoption failed in El Salvador? so my inspiration to start this thread suddenly appeared where right now i really am would like to know what you think and expect if your country decides to adopt bitcoin as a legal tender.

If my country's government ever thought of adopting btc as a legal tender, I would expect them to start by education, they endeavor to educate the whole citizens about btc, the good, bad and the important aspect of it. Education and understanding are very important, if the citizens lack the basic and more technical knowledge about btc they won't be able to use and they will free to go back.
So government should first educate its citizens with full knowledge.
Deploy the btc as a legal tender gently bit by bit and give citizens the time to use it and make their own decisions base on it.

[GeorgeJohn]

From my perspective government will fined it very difficult to adopt the system of cryptocurrency, and especially the country that fails to recognize cryptocurrency as a legal tender. I believe that before countries Will start making cryptocurrency proper adoption of currency thet most be collaboration that will give values from Bitcoin to fiat currency, because since Bitcoin has been created it's few countries that understand it validation and adopt its values.

[Asiska02]

There is a need to a right approach for bitcoin adoption in a country. El Salvador failed to used to right approach to it and hence the failure they encounter now.
El Salvador was in debt, the president still went further to increase government expenditure much higher, the deficit went from 3% to 8.19% and then to 9.20%. After Covid-19 many other country was seeing their deficit going down but he still pushes more spending. El Salvador might have seen bitcoin as a get rich scheme which is never so. The government shouldn’t have invested what can’t be afforded to be lost or from the country’s financial budget. If only they can get out of this dip currently without any effect on the country’s welfare can we say they’ve achieved their aim.

[hyudien]

Starting from a topic started by Ratimov: Why has bitcoin adoption failed in El Salvador? so my inspiration to start this thread suddenly appeared where right now i really am would like to know what you think and expect if your country decides to adopt bitcoin as a legal tender.

I personally think that if the country I live in is planning to adopt Bitcoin, the most important approach is the support of the entire community that really understands Bitcoin as a whole. In the first sense there must be some kind of learning that is commonplace where Bitcoin is used as a subject. It aims to find out the roots of how Bitcoin works.

This introduction process took a while, so seeing what El Salvador was doing was too hasty. Because there is an opposition that turns out to be a big enough role in the rejection. The conclusion is the approval of all elements of society as users who will later use Bitcoin. If support for Bitcoin adoption in a country is divided between pros and cons, it will be difficult to achieve the ideal Bitcoin adoption goal.

[milewilda]

Starting from a topic started by Ratimov: Why has bitcoin adoption failed in El Salvador? so my inspiration to start this thread suddenly appeared where right now i really am would like to know what you think and expect if your country decides to adopt bitcoin as a legal tender.

I personally think that if the country I live in is planning to adopt Bitcoin, the most important approach is the support of the entire community that really understands Bitcoin as a whole. In the first sense there must be some kind of learning that is commonplace where Bitcoin is used as a subject. It aims to find out the roots of how Bitcoin works.

This introduction process took a while, so seeing what El Salvador was doing was too hasty. Because there is an opposition that turns out to be a big enough role in the rejection. The conclusion is the approval of all elements of society as users who will later use Bitcoin. If support for Bitcoin adoption in a country is divided between pros and cons, it will be difficult to achieve the ideal Bitcoin adoption goal.

Everything should be planned or well organized and not really to be that hasty because it would really be resulting into not so effective in terms of recognition specially into its citizens.
SO whenever they do make out such decision in terms of adoption then it should really be spread evenly although there would be some opposition but its better that  citizens
are really that fully aware about its pro's and cons which would really neither be resulting into some good consideration or being ignored and stick into those
traditional  ways which we cant really able to tell.

[coolcoinz]

I don't see a reason for any EU country to adopt bitcoin. They are all too scared to do it because this could potentially be seen as a weakness, an attempt to find other means of making money, a risky investment made by a country that desperately needs to make money. They will allow it to go on, but they won't officially adopt it.

Central banks see it only in black and white. Black - they adopt it and it and it fails costing them money and proving they were naive thinking it could help in any way. White - it becomes popular and undermines their fiat currency, weakening it and allowing people to use something the banks cannot control and make out of thin air. Both options suck for them.

[Fortify]

Starting from a topic started by Ratimov: Why has bitcoin adoption failed in El Salvador? so my inspiration to start this thread suddenly appeared where right now i really am would like to know what you think and expect if your country decides to adopt bitcoin as a legal tender.

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?

Only weak countries that have no influence over their own economic situation have adopted it so far (no offense intended to any El Salvadoreans here). As it was, El Salvador had nothing to lose by adopting a secondary currency because their first currency was the US dollar - which left them at the whim of US government policy. Most competent governments, who pay their debts, have a central bank which seeks to control their own currency to benefit the national interest. They can print more if it is advantageous, or tighten the budget by trying to soak up excess cash if people are spending too frivolously. No country that has a choice will seek to allow it as an official currency, it pretty much a quirky experiment for the one country to do it so far and it hasn't served them much good.

[24Kt]

I don't see a reason for any EU country to adopt bitcoin. They are all too scared to do it because this could potentially be seen as a weakness, an attempt to find other means of making money, a risky investment made by a country that desperately needs to make money. They will allow it to go on, but they won't officially adopt it.

Central banks see it only in black and white. Black - they adopt it and it and it fails costing them money and proving they were naive thinking it could help in any way. White - it becomes popular and undermines their fiat currency, weakening it and allowing people to use something the banks cannot control and make out of thin air. Both options suck for them.

Most advanced countries I think would only accept the existence of bitcoin and other alts. But making it as legal tender? I don't think that will happen. They are already doing great with the use of their local fiat and when they venture in bitcoin, which is a very volatile market, they would find it very challenging in their system. Aside from the fact that they have no full control of its circulation, which most governments are not in favor of.

But in any case my country will decide to have bitcoin as legal tender. I guess, they will find ways now how to tax their citizens who are into crypto. Wherein, a lot of crypto users in my country are still enjoying for not paying tax with their crypto earnings.

[TribalBob]

What I hope is that if the government legalizes bitcoin in my country, it should provide education to its people in detail about crypto, my country can be quite strange, they want taxes from crypto transactions, but they turn a blind eye to providing education to the public, in their brains they are only taxes from the people, without think about the gaps in society

[jaberwock]

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?

People only think what El Salvador did is a failure because their government introduced a centralized wallet but for me it wasn't a big deal at all because its only just a wallet and I think people on their country is not forced to use that wallet. If we think about, we also have centralized exchange and people are in fact loving it over decentralized exchange.

Anyway, if ever my country have adopted btc the way el salvador did, then that's nice. I can now finally spend my bitcoin directly anywhere I like. I expect that a bitcoin city is also going to be made and then we will be seeing bitcoin atm's around, and maybe more optimization and innovation related to btc's are going to come.

[sklopan]

The main thing I would like to get is adequate taxes and the ability to keep my money in the form of bitcoins in a safe account. For me, this would be the best option.

[franky1]

what many forget is that there are TWO economic plans...

the government investing in bitcoin is not a short term thing. they are not looking for a quick 'doubling' to then exit. the plan is to buy btc and hoard to hedge against the dollar on a 5-10 year strategy where the first few years is the buy up.
meaning no need to be checking the sell price of btc and value their hoard any time soon.
this means when the price goes down in the next few years, thats discount to buy more.. and is good for the country.
they are not valuing the hoard. they only see the price for opportunity to buy more
in short. you dont lose value on BTC unless you decide to sell at a loss.. no sell=no loss.
hoarding = dont look at the price for now. dont value you hoard at now prices if your not going to sell now.
...
the second economic plan is the citizen use of crypto/alternative to dollar.
this if educated well with the citizens could have gone a hell of alot better. aswell as having a good wallet/system in place without bugs/flaws to make citizens happy to use it.

the chivo wallet didnt give citizens 0.000588 btc upfront. instead it gave them a poorly designed wallet balance of $30 which could be converted to different things, by a poorly designed and under-educated system that had problems, via its altnet method of 'payments'

this citizen use of crypto economic plan is where the 'failure' happened. all because of many flaws in its inception, mainly due to the mis-understanding of what citizens were actually using and also integrating poorly made altnet that had its own flaws, bottlenecks and bad liquidity

this was not a 'bitcoin failed' scenario. it was a 'wallet/altnet failed' scenario, becasue citizens were not actually using btc on their own privkeys at the time.
in 2022 el salvador changed its wallet/payment method away from being related to the altnet (you know which one im talking about but i wont mention because it makes certain people cry when i mention it)

[serjent05]

I think the Philippines government had shown its approach to Bitcoin adoption.  Philippines Banks welcome Bitcoin purchases, while the government also acknowledges Bitcoin as a medium of exchange.  Aside from that, the Philippines government is currently implementing regulations on crypto exchanges under BSP and possible taxation of the crypto asset is possibly under discussion.

[Gyfts]

Starting from a topic started by Ratimov: Why has bitcoin adoption failed in El Salvador? so my inspiration to start this thread suddenly appeared where right now i really am would like to know what you think and expect if your country decides to adopt bitcoin as a legal tender.

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?

El Salvador hasn't failed. Bitcoin adoption takes years, if not decades, to come to fruition. I don't understand why people believe it is reasonable to expect someone to give up fiat currencies, something they've depended on for ages, for a digital currency with technology they most likely do not understand. Education is the biggest hurdle once government bureaucracy has been surpassed.

Give it time before calling El Salvador's experimentation with Bitcoin a failure. Perhaps the bitcoin community could benefit greatly with patience.

[Falconer]

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?

It is unlikely that my country's government will adopt bitcoin and that makes me pessimistic. In fact, however, my country's government started targeting taxes from trading activity on every centralized exchange that has obtained their current license and is now coming into effect.

I firmly believe that in the next 10-20 years the government of my country will probably not adopt bitcoin as a legal tender, but if circumstances change then I expect bitcoin to only be used as an alternative not a major currency as there are many factors they have to take into account. Many citizens still don't know about the Internet and how to access the internet, this is the smallest issue that may need to be considered before adopting bitcoin.

[_BlackStar]

This question can have many answers depending on your aspect of view, for some people the most people including myself important thing about bitcoin adoption and regulation by the governments is the privacy of bitcoin investors because usually, the most important thing the governments want is to ask people for confirming their identity before each transaction also they want to know how many bitcoins their people have after that they can have plans for milking money and taking tax from the bitconers.

Governments don't like privacy and they will try to find out who owns bitcoin if they start adopting it. Decentralization will become centralized when its holders deal with the government especially when they start using centralized exchange. You also have to report your tax obligations to the government if the government makes tax rules, it will more or less make your privacy open.

Can someone tell me about the Chivo wallet, is it also centralized as it is El Salvador's national bitcoin wallet?

[The Sceptical Chymist]

This discussion has been an ongoing one for years now IIRC, because I've seen threads like this many times before.  I'm just not sure how any country could "adopt bitcoin", meaning make it their own currency--and their only form of currency. 

Why would any country even want to do that?  CBDCs make sense because a government could keep track of who's spending what and where, so it would severely cut down on tax cheats, extortion, money laundering, and a whole bunch of other financial crimes.  But if a country made bitcoin or any decentralized altcoin their legal form of money, that pseudo-anonymity that bitcoin provides would be just enough such that none of those problems would be solved.  Alleviated, perhaps, but not eliminated.

Then there's the question I have about government spending.  Is the government going to be using bitcoin as well?  If that were true, it would be a security nightmare, because then everyone in the world would be able to see what the government is spending their money on.  And I'm sure there are about 1000 more dilemmas just like that which I haven't thought of that would preclude a decentralized crypto from being any country's sole currency.

[tygeade]

So I am not gonna way in on personally my country, but I would say that what makes adoption have more of a chance to succeede is how few interventions it has to have on it's economy before it. What I am going at is that if a country has a lot of economic distress, social priblems and huge wealth gaps (poor countrys in general / developing countrys) will likely fail with the adoption because it will not cure the underlying issues. The better the economy of a country, themore chance it has of making it happen.

We are also talking about multiple sizes when we are talking about these nations. So for example, El Salvador may not have a huge income and investment chance, hence why it may look like "failed", which is something that bitcoin haters wants you to think, they invested only like a year ago, maybe not even that long ago, what happened to "long term investment"? Maybe they will benefit from this immensely in 10 years? Who knows?

This is why we should be considering this not as a failure yet. However, even if we do, my nation could make this much purchase per month, and that shows you how different nations could approach differently and could have different results.