How the government view Bitcoin

[MorganaX]

The view of some government on Bitcoin as not a currency but taxable property or a commodity is tremendous outspoken especially in a countries with religion and high volume of Crypto transactions, the government monitored the inflows and payments made through this digital assets like in Nigeria during the former President of Nigeria, no deposit was done from your account to crypto wallets or crypto wallets to your account because of the huge transactions deviating from physical Banks to internet but some others saw Bitcoin has added value assets like US where they delegates part of funds from government treasury bill was invested to boost the economy of the country through solid digital assets like Bitcoin. But now different changes has occurr in many of this country's perspective of crypto as a taxable investment.

I wish to know how religion affects Bitcoin. Do some religions condemn Bitcoin as something harmful? I am just curious to know.

Even as governments are beginning to recognise Bitcoin as something meaningful, the government will rather see it as taxable property than as a form of money. All of these regulations are not with the intention of making Bitcoin an alternative means of payment, but as an avenue for the government to generate income through taxation and through reserves. There is no point in restricting Bitcoin usage when people still use it despite government bans and restrictions, as it still is in some countries. More countries will join the trend, including Nigeria, but the aim will still be to tax Bitcoin whenever it is being spent

,

Religion has always been at the forefront of many government decision-making processes, especially in countries where they uphold it so tightly,

Ref link: https://www.coingecko.com/learn/countries-ban-bitcoin

Here is a link to some of the bans and restrictions by different countries, and if you read the reason for some of the causes, you will find out that some Islamic countries did so under the thought that it's against their religious beliefs. Countries like Egypt and Afghanistan

Definitely not a currency that will compete with the country's local currency.

I tend to believe that in due time, many countries will move towards a greater state of Bitcoin awareness and acceptance, I mean if El Salvador as country can use Bitcoin as it's legal tender there is definitely the possibility of others also replicating this.

[Ahli38]

The view of some government on Bitcoin as not a currency but taxable property or a commodity is tremendous outspoken especially in a countries with religion and high volume of Crypto transactions, the government monitored the inflows and payments made through this digital assets like in Nigeria during the former President of Nigeria, no deposit was done from your account to crypto wallets or crypto wallets to your account because of the huge transactions deviating from physical Banks to internet but some others saw Bitcoin has added value assets like US where they delegates part of funds from government treasury bill was invested to boost the economy of the country through solid digital assets like Bitcoin. But now different changes has occurr in many of this country's perspective of crypto as a taxable investment.

You can’t expect much in terms of their support for Bitcoin. Most of them simply view Bitcoin as an asset that will significantly boost their revenue through the taxes levied on it. And it seems they’ll always be that way by given that none of them have ever supported Bitcoin as a whole. But I’m confident that someday the government will change its perspective on Bitcoin once it recognizes that Bitcoin is the digital version of gold or even gold 2.0 which is far more profitable than gold itself. Perhaps this will happen when Bitcoin’s market cap approaches that of gold in the future. We cannot be certain when that will happen. But I personally believe that in about twenty years it will be very likely that Bitcoin will be viewed in that light. And I’m confident that demand for Bitcoin will surge as the modern era increasingly requires Bitcoin for various purposes. I’ve already predicted this since the United States has begun to include Bitcoin as one of its reserve assets. And I’m sure the time will come when many countries will recognize Bitcoin as the most valuable asset.

[Donneski]

As a Nigerian with first hand experience of how difficult it was to use Bitcoin in the country especially when making transactions with traditional banking system of the country when the former administration was in power, the government didn't wake up one morning and suddenly became pro-Bitcoin. I think they had to make changes to their initial stance when they realized that banning Bitcoin didn't stop Nigerians from using it. They simply got tired of fighting a borderless network that didn't need a third-party approval to function so they shifted their focus on regulating it.

[Oluwa-btc]

Bitcoin won't be legalized by any country if they cannot benefit profitable income from it. Since people are into bitcoin investment, then the government will just ride with the huge demand of bitcoin as an investment. Bitcoin has been taxed significantly, which leads to the growth and progress of the country's economy, aside from those countries who are secretly hoarding bitcoin for their financial reserve.

Same thing may apply if bitcoin will be allowed to act as an alternative currency globally.

The Nigerian Government are simply naive and a lot backwards. Great nations are progressing into the future speedily but they have choose to be a pain in the ass. They can still make good fortune and profit but they choose to always exercise control over the people. El Salvador should be a case study  for nations like Nigeria. It will not be at the  moment, but there'll be a lot to gain in the future eventually.
Religion is just a tool they use to control Nigerians,  cheers to the pals with awareness.

[bhadz]

but some others saw Bitcoin has added value assets like US where they delegates part of funds from government treasury bill was invested to boost the economy of the country through solid digital assets like Bitcoin.

You may want to correct this, and ambatman is right about that there's no Treasury bill fund of the US government that has been put into bitcoin. It's a separate investing offer by the government that sticks to what it can offer as t-bills to its people. They won't mess on how they're going to use the money that comes from there or else they'll be scrutinized heavily for that. And if you look at the data on how much bitcoin helps the huge economy of the US, you'd see that it's not even a percent.

[Bit-Mj1014]

It really feels like governments are playing catch up. One day they are trying to block transactions, and the next day they are figuring out how to invest treasury funds into it. At the end of the day, people are going to keep using digital assets because the utility is there. The politicians are just going to have to adapt to the reality on the ground.

[Floxynice]

I wish to know how religion affects Bitcoin. Do some religions condemn Bitcoin as something harmful? I am just curious to know.

Even as governments are beginning to recognise Bitcoin as something meaningful, the government will rather see it as taxable property than as a form of money. All of these regulations are not with the intention of making Bitcoin an alternative means of payment, but as an avenue for the government to generate income through taxation and through reserves. There is no point in restricting Bitcoin usage when people still use it despite government bans and restrictions, as it still is in some countries. More countries will join the trend, including Nigeria, but the aim will still be to tax Bitcoin whenever it is being spent

,

Religion has always been at the forefront of many government decision-making processes, especially in countries where they uphold it so tightly,

Ref link: https://www.coingecko.com/learn/countries-ban-bitcoin

Here is a link to some of the bans and restrictions by different countries, and if you read the reason for some of the causes, you will find out that some Islamic countries did so under the thought that it's against their religious beliefs. Countries like Egypt and Afghanistan

Thank you for this clarity. I only asked out of curiosity, and I least expected Bitcoin to be at the forefront of religious scrutiny. I see that the talks about it being used by criminals for illicit activities could be part of the reasons some religions may kick against Bitcoin. Although, such judgment against Bitcoin is unfair.

Definitely not a currency that will compete with the country's local currency.

I tend to believe that in due time, many countries will move towards a greater state of Bitcoin awareness and acceptance, I mean if El Salvador as country can use Bitcoin as it's legal tender there is definitely the possibility of others also replicating this.

It will take a long time for countries to see Bitcoin this way. Even Bitcoiners as individuals are yet to accept Bitcoin as money rather than as an income-generating asset. El Salvador, which you just made reference to, has relaxed its rules concerning bitcoin acceptance in the country. Even though Bitcoin is legal in the country, merchants are not mandated by law to accept bitcoin as a means of payment, as they would with legal tender. It will take a long time for governments to fully accept Bitcoin.

[Furious 7]

It seems like bringing religion into this reason is not very good to do because in this case I think when the government does not make crypto as a transaction tool this is because from the beginning bitcoin was contrary to the fiat system that the government developed and uses until now.

Then it will be quite natural when there are restrictions and regulations on this matter because they know when making bitcoin as a means of payment indirectly they recognize that bitcoin will be useful and indicate that fiat is not really worth it which of course things like this will not be rejected.
Although this is not a competition but we certainly know that bitcoin is one of the opposition to fiat so surely the government will behave more carefully towards bitcoin including not making this as a means of payment in some cases.

[MorganaX]

Definitely not a currency that will compete with the country's local currency.

I tend to believe that in due time, many countries will move towards a greater state of Bitcoin awareness and acceptance, I mean if El Salvador as country can use Bitcoin as it's legal tender there is definitely the possibility of others also replicating this.

It will take a long time for countries to see Bitcoin this way. Even Bitcoiners as individuals are yet to accept Bitcoin as money rather than as an income-generating asset. El Salvador, which you just made reference to, has relaxed its rules concerning bitcoin acceptance in the country. Even though Bitcoin is legal in the country, merchants are not mandated by law to accept bitcoin as a means of payment, as they would with legal tender. It will take a long time for governments to fully accept Bitcoin.

Well time is all we have 😎

It took the USA time to now actually have a Bitcoin reserve.

It took time for the growth of Bitcoin to get to this stage.

It took time for many countries to lower their ban on Bitcoin usage in their nations.

[Lida93]

If we come to think of it, would the US government had actually put in some budget to create their own bitcoin reserve if they had not got the seized Bitcoins?

No. I think if they actually have the intentions then it would have been done by now. Either they would have began building on the existing seized bitcoins by buying new bitcoins to add up. Or is there any records on ground stating otherwise which am not aware of?

I think this is something worth considering. Like other countries, they still fear the capability of Bitcoin. the government either doesn't want a technology they can't control or a technology that would give people freedom from the old system ( banks).

You've wrapped it yourself, and it's a reality we don't need to keep sleeping on it, debating if they might likely make a budget to buy bitcoin anytime soon other than only making reserve through forfeited/seized bitcoins.