How the government view Bitcoin

[Ayers]

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.

It doesn't matter if any govt recognize Bitcoin as currency or not. This will not reduce the value or functionality of Bitcoin in any way. In addition to bitcoin, you will find many asset that were first recognized as property, commodity or investment and later gained importance.

Many govt are hesitant about Bitcoin because it operates outside of their traditional monetary control system. Bitcoin can be an alternative financial tool for people in countries like Nigeria when they face problem of banking restriction, inflation and capital control. Can people's needs be stopped by just banning? no way,

Other hand, USA is now not only looking Bitcoin as speculative asset but also as strategic reserve asset. However govt should focus less on trying to control Bitcoin and more on creating clear regulation that protect us while allowing innovation.

[uneng]

Right now governments see Bitcoin as a mean to extract extra money from citizens through taxes over this category of investment. Governments aren't against Bitcoin anymore, like they used to be in early years. As most of you can already see, Bitcoin has become an official alternative of investment provided by traditional banks (even though they don't allow you to cashout your BTC to a self-custody wallet).

Only very narrow minded governments still understand Bitcoin as a threat.

[laijsica]

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.

Governments fear that the country's assets will be stolen/smuggled. They think that legalizing Bitcoin will attract a large number of investors to Bitcoin. However, it was necessary to make provisions to legalize this digital asset and keep an alternative economy running. Has our government been able to reduce the number of Bitcoin holders in Nigeria? No, because they could not influence individual decisions. A decision can be imposed by force but it cannot be implemented properly. Bitcoin is being bought and sold regularly through exchanges and this number is increasing gradually. The US government has realized that Bitcoin is a store of value, so they have legalized Bitcoin in parallel with their own economy.

[ArabBTC]

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 am still in limbo when government say they want to tax crypto especially Bitcoin, given the decentralized nature of Bitcoin, if I decide to hold for a long time, how possible will it be for government to be able to tax my crypto especially when it's not on centralized exchange. What really tickles my fantasy in this discussion of taxing crypto is the fact that, this is an asset that has a liquidating ability, and I bear the risk alone as an investor, so at what point does the government have the right to tax me when we don't share risk.

Most government are really funny how would they want to tax what they don’t support, they are concerned about making profits from bitcoin through tax but they ain’t concerned about making it a legal tender or creating more awareness that will aid its widespread acceptance. Even advanced countries like China etc that should have a lot of awareness about Bitcoin has still refused to accept it legally as a means of transaction and i wonder why? could it be for political reasons? Or could it be because of bitcoin’s decentralized nature. Why are government so skeptical about bitcoin despite the level of popularity it has gotten in recent times.