Governments are intensifying their focus towards bitcoin adoption

[Muba20]

The acceptance of Bitcoin is increasing in the world. Governments have not directly accepted Bitcoin as legal tender, they are currently allowing the use of Bitcoin. Especially those countries that are well aware that Bitcoin will be an alternative means of payment in the up coming world, so they are making extensive preparations so that they can stay ahead.



Recently, the Dubai government has taken a historic step. They have now allowed the use of Bitcoin in government services. Although we know the strategies of different countries around the world to reserve Bitcoin, we have heard less about these countries that have officially allowed the use of Bitcoin. Dubai is currently known as the second home of the world's richest people. The country can now pay for government services using Bitcoin. The country is now going to be more attractive for all Bitcoiners.

Dubai Finance and the famous crypto exchange platform recently signed an agreement where the public and businesses will now be able to pay through cryptocurrency wallets.

As far as I know Central African Republic ,Germany, Switzerland, UK, Netherlands, Canada, Australia, Japan, Singapore & ‍UAE the countries mentioned have legalized Bitcoin but have not yet accepted it as legal tender.

Bitcoin usage is increasing worldwide. It is enough if people enjoy all the benefits that Bitcoin is supposed to provide.

Do you think that if governments allow the use of Bitcoin in this way, Bitcoin will one day be approved as legal tender?

[HONDACD125]

Do you think that if governments allow the use of Bitcoin in this way, Bitcoin will one day be approved as legal tender?

It doesn't need to be approved as a legal tender, as long as it's legal for both personal and commercial use, it's as good as it can be. People can buy, store, and use Bitcoin for whatever they want, and vendors can accept Bitcoin payments if they want to, and that's what that matters, doesn't it? If a government allows people to use Bitcoin for government services or payments, then it means people are free to use it for anything in general within the country, and people don't need it to become a legal tender if that's the case.

Bitcoin keeps growing in value over time, and that's because of the increasing adoption worldwide. If governments stop putting restrictions on it and allow their people to use Bitcoin without any problems, we should be happy only for that. There will surely be regulations, because governments can't just accept decentralization and say that people can use it but are free from taxes and everything, some countries may do that though, but most of them will regulate it, and that's okay, imo.

[Jegileman]

Bitcoin being approved as legal tender despite the recent government intervention in them as a recognised financial entity, is not a certainty. It may be a legal tender in the future but we’re yet to see a big push to make is look convincing to become acceptable as legal tender soon in the future. But with the development seen in bitcoin so far, its mass adoption and legalisation will just be a matter of time.

Dubai is not only the second home to the richest people in the world, but also a hub for tourists. Accepting bitcoin payments is a big one to push for more tourism in their cities. Bitcoin folks and the rest of the world who are limited to the use of bitcoin will want to visit their more often. It’s a good development as it’ll boost their economy in that faction also.

[Ojima-ojo]

Do you think that if governments allow the use of Bitcoin in this way, Bitcoin will one day be approved as legal tender?

There is alot of controversy as regards to government adoption of Bitcoin and cryptocurrency, this is because most of them are currently focusing on the advantages of holding Bitcoin and none have really taken the step to implement development and policies that make Bitcoin usability to increase.


This have made a lot of us to refrain from the excitement that comes from government involvement in Bitcoin, if it a reserve fund so be it after their are all after the interest that comes from the price increase in the future and not the scalability of the Bitcoin ecosystem.

[sunsilk]

Do you think that if governments allow the use of Bitcoin in this way, Bitcoin will one day be approved as legal tender?

Possible but, we shouldn't look at that as the prize of this adoption to be a legal tender. While it plays a big part to the community, price and value of Bitcoin. Let's just be happy that whenever there's a country that adopts it and allows it as a payment, that's more than enough.

While Dubai is a good place for entrepreneurs and crypto related businesses. They're very open to all aspects and matters in the modern living and that's why many goes there to do business.

And so, this will increase adoption with their citizens and tourists and let us settle the idea first of having it as a legal tender because if it goes there, it goes there and will happen. But if not, adoption is already enough.

[Muba20]

Do you think that if governments allow the use of Bitcoin in this way, Bitcoin will one day be approved as legal tender?

It doesn't need to be approved as a legal tender, as long as it's legal for both personal and commercial use, it's as good as it can be. People can buy, store, and use Bitcoin for whatever they want, and vendors can accept Bitcoin payments if they want to, and that's what that matters, doesn't it? If a government allows people to use Bitcoin for government services or payments, then it means people are free to use it for anything in general within the country, and people don't need it to become a legal tender if that's the case.

I think that when I can use Bitcoin in all areas, then what is the need for Bitcoin legal tender? If the purpose of Bitcoin is achieved, then nothing else is needed. Currently, governments are allowing the use of Bitcoin. They understand that Bitcoin is the most secure medium for transactions. If governments have legitimized the use of Bitcoin in this way for everyday use, then what is the obstacle to allowing Bitcoin as legal tender at some point? I think there will time when governments will automatically allow Bitcoin to be legal tender. If bitcoin is allowed to legal tender or not, there is no harm.

[cr1776]

...

Do you think that if governments allow the use of Bitcoin in this way, Bitcoin will one day be approved as legal tender?

Some might, but a lot of governments won't be fans because it allows people to escape from the fiat system and all the immense problems that central banking fiat systems create.

[peter0425]

The acceptance of Bitcoin is increasing in the world. Governments have not directly accepted Bitcoin as legal tender, they are currently allowing the use of Bitcoin. Especially those countries that are well aware that Bitcoin will be an alternative means of payment in the up coming world, so they are making extensive preparations so that they can stay ahead.



Do you think that if governments allow the use of Bitcoin in this way, Bitcoin will one day be approved as legal tender?

Just because bitcoin is legalized doesn’t mean it will be a legal tender. Becoming a legal tender means becoming the national currency of a country and we can’t expect that from every country. Personally, I think that legalizing bitcoin alone sets a good precedent already and is a sign of fast approaching adoption

[Questat]

I would say yes. It will start with legalization process and once it’s been legalized, then accepting bitcoin as a legal tender will be quite easier in the next couple of years. However, for me, even if bitcoin won’t become a legal tender, that’s already good enough.

The most important thing is that it will be legalized and recognized by the government, then everyone will be free to use bitcoin as a currency and as an investment tool. With this, we can maximize the potentials of bitcoin without any restriction from the government, be it currency or as a hedge against inflation.

[Stepstowealth]

The country can now pay for government services using Bitcoin. The country is now going to be more attractive for all Bitcoiners.

UAE is already an attractive country for stay and visit, this will promote a new culture not just with the residents, but also visitors who will have the option of using their bitcoins to also pay for some specific government services. I am more concerned and happy about the culture that the government is promoting that is paying for services with the use of Bitcoin, it will soon fully become paying for products as well with Bitcoins. When that becomes a norm, it will contribute to the progress of bitcoin not just in the United Arab Emirates, but also in the world.

[Davidvictorson]

Do you think that if governments allow the use of Bitcoin in this way, Bitcoin will one day be approved as legal tender?

I think that government allowing the use of Bitcoin in this way it's not going to lead to it being approved as a legal tender one day. They are doing these for the present. They want to attract as much crypto enthusiasts as possible to their country. They know that these would bring in some revenue and boost the economic growth of their country. This is how I see it because it plus for them as well as for the crypto enthusiasts.

[uneng]

Bitcoin experiment as legal tender in El Salvador wasn't very successful after all... Actually, it's not really necessary to make Bitcoin legal tender. As long as people can use and deal with Bitcoin, it's fine. It doesn't even need to be legal, but grey area, like it used to be during the early years of this industry, when there weren't regulations towards Bitcoin and its altcoins pairs. Those were the best days to deal with Bitcoin, before all the bureaucracy, limitations and restrictions were imposed to crypto adopters and entrepreneurs.

[Felicity_Tide]

~snip

Do you think that if governments allow the use of Bitcoin in this way, Bitcoin will one day be approved as legal tender?

Is there a necessity for the government of every country to make Bitcoin a legal tender?, i don't think so because it was never going to happen. AFAIK, Bitcoin is legal in so many countries, but there is a level of usage that varies from one country to another. Just because some of these governments have introduced Bitcoin into their payment schemes doesn't guarantee that they are willing to make it legal tender. Take the USA for example. Trump has been committed especially when it has to do with making the US the Crypto capital, and also there were plans to create a reserve, which i feel is literally the highest level that can boost adoption. But does it guarantee that the US will make Bitcoin a legal tender?, no it doesn't.

So, I'm not surprised that governments are finding ways to implement the use of Bitcoin, and even creating a reserve, but i just feel that it doesn't guarantee the approval as legal tender. It seems regular adoption is enough for them.

[Ivystar5]

Recently, the Dubai government has taken a historic step.

I tried to open this link to the read the news myself, so I don't get the wrong information but it seems it's not opening from my end.

Does anyone else experience this issue?

Do you think that if governments allow the use of Bitcoin in this way, Bitcoin will one day be approved as legal tender?

Even in the countries where it has once been attempted as legal tender or in El Salvador, what is the percentage of people who make use of it as means of payment and not investment asset?

All I want to see is the core ideology of Satoshi Nakamoto of bitcoin come through and not to see bitcoin please the people or end up working for the government as a tool. Instead let it remain an alternative currency.

[suzanne5223]

Do you think that if governments allow the use of Bitcoin in this way, Bitcoin will one day be approved as legal tender?

To be sincere, most of the country won't approve the use of Bitcoin as legal tender, and what they want from it is the benefit their administration will get through the acknowledgment of BTC. However, for the Bitcoiner who understands and can maximize the features of the crypto platform/exchange, they partner with will know they indirectly make BTC a legal tender, they just want to give people to have the impression that will drift them away from the use of fiat currency, and institutional banking service to BTC.

An example based on the information you provided, the UAE finance and crypto.com platform, which will allow the flexibility of using BTC as payment. If we look into the usage of BTC, it will generate this technically means people from the UAE will indirectly use BTC as legal tender

[Gozie51]

Do you think that if governments allow the use of Bitcoin in this way, Bitcoin will one day be approved as legal tender?

If what you mean is for bitcoin to become a global currency where every country will approve it as their only legal tender and leave out their fiat, I don't think so. Even when El Salvador approved btc as legal tender, they were still using US dollar as official currency. The issue of identity is important for every country. So bitcoin can only stay as alternative.

Moreover, we are just seeing this new wave of acceptance in this circle of halving that is running with most of the countries current government administration. So by any means and at large, it may all be fulfillment of political promises. Lets wait to see if successive governments will follow the part that their predecessor had followed with bitcoin adoption and or legality. I'm not being pessimistic but taking a futuristic hopeful look towards the status as it could be.

Take the issue of Bukele of El Salvador
, who was all over bitcoin as legal tender in 2021 but as at today, bitcoin is not having such status now.




So it will always be the issue of identity and it will keep pulling the global legal status of bitcoin down.

These countries listed that are ready for the legal status of bitcoin, it is a matter of time for successive government to overhaul their bitcoin regime.

[BitGoba]

Governments dislike Bitcoin because it operates completely independently of central banks. Fiat currencies, like the dollar or euro, are constantly printed to finance budget deficits, public debt, and various projects. If people were to switch to Bitcoin en masse, governments would no longer be able to control money supply or use “printing money” to fund their expenses

Governments see Bitcoin as a threat because it operates independently of central banks and cannot be manipulated or printed at will, unlike fiat money. That’s why it’s unrealistic to expect governments to ever adopt Bitcoin and cut off the branch they’re sitting on it simply wouldn’t be in their interest.

[cryptoaddictchie]

I think yes it is, allowing Bitcoin for payments, especially in government services like Dubai is doing, is a major step toward wider adoption. While most countries stop short of declaring it legal tender, these gradual integrations make Bitcoin more normalized in daily life. Over time, if people and businesses rely on it enough, maybe thegovernments will change their minds and may have no choice but to recognize it officially as legal tender.

[TheUltraElite]

It will boost the adoption of bitcoin, that is for sure. Because the major countries which are adopting bitcoin for use will be among the first one who lead this movement most big economies will make sure to join in.

The UAE is typically interested in anything that is making money and so is the West. Hence they will always be in this scene.

Eventually as smaller countries also catch up to this the adoption of bitcoin will increase and like a legal tender it will be treated.

[_act_]

As far as I know Central African Republic ,Germany, Switzerland, UK, Netherlands, Canada, Australia, Japan, Singapore & ‍UAE the countries mentioned have legalized Bitcoin but have not yet accepted it as legal tender.

Most countries in the world do not ban bitcoin and this is what we need most. Also most countries make bitcoin legal in one way or the other.

Do you think that if governments allow the use of Bitcoin in this way, Bitcoin will one day be approved as legal tender?

No, I do not think countries will adopt bitcoin as a legal tender. Also bitcoin does not need to be accepted as a legal tender. What will need is government to be friendly with it.