How the government view Bitcoin

[Vaskiy]

Every government is fully aware of pros and cons of Bitcoin and they have imposed necessary restrictions due to some reasons. The authorities are not against Bitcoin but its core concept of decentralisation, which makes it an independent financial system that government can't control.

Government want to take control of  wealth of the people but Bitcoin did not give control to any government and people can do transactions easily and their name is not shown on the transactions and government can not apply taxes to these people. Their ID card is not shown on the wallet and government want to take hold but that is not possible,so in many countries Bitcoin is not legalized as people want to save their money in a better and they want to keep it secret,

Rather than having control over the wealth, it is much about lack of earning. Even with the traditional system people have got lots and lots of loop holes to avoid the tax. When it comes to bitcoin, surely this will be even harder. That seems to be the very first reason to avoid bitcoin or other crypto usage by the government or support it.

Very few countries are positive about bitcoin and the leaders are more futuristic than just thinking the moves happening around. Just like El salvador, there were criticism from the people but the leader have got a clear plan and slowly people realised the best of it as the profit out of the investment helped them make better school and other forms of infrastructure development. If the government is ready to think beyond taxation, only then the effective outcome from the bitcoin usage be experienced.

[alastantiger]

some governments who are stuck in the past will have a hard time accepting innovations such as bitcoin and anything that will come up in the future. some governments are not narrow minded but are very self centered and controlling of their citizens that they want innovations coming from their own country

The government need to understand that it can be Bitcoin that might help the economy of their country so instead of them fighting Bitcoin, they should welcome it as it becomes their saviour. If investing in their economy could not save them before what makes them think that it will be able to do so now, the government need to stop being proud and accept that their country needs help and invest in Bitcoin so they can adopt it to bring Investors into their country because many people are looking for countries that are friendly to Bitcoin for them to invest into.

[citywise2]

Furthermore, Religion has nothing to do with government labeling of crypto or bitcoin. It’s use by criminals or gangs who are demanding ransom was the excuse most governments used against bitcoin.

From the unset, almost all he governments saw Bitcoin and cryptos in general as a threat. Forget those calms that they were used by criminals and gangs for ransom except you are telling me that criminals and ransom never existed until 2009. What is happening today is that many countries are  now trying  to find their way round since their earliest attempt to stop or ban crypto proved abortive. If they had their way and means, crypto would have been history long ago.

Governments like control and that includes control of your money and they met their albatoir in Bitcoin and other cryptos, eventually they hooked it on regulation as a way to monitor  and supervise what's going on.

[gracreavix]

Since we are looking from the government lense, I will start with this. How the government classify Bitcoin is up the country where such taxable laws is under. The thing here is what ever laws or structure the government wants to build to tax her citizens for use of Bitcoin, is up to that country. But all those laws does and will not affect Bitcoin. Bitcoin is still producing blocks everyday and will continue to do so. I also think the government has exhausted all fight for Bitcoin and just went ahead to build a tax structure around it. Which is not bad. Bitcoin will remain Bitcoin regardless of any regulations or not.

[Doll2233]

Just wondering what role do religion plays in Bitcoin and government interactions, and the thing with cryptocurrency regulations is, the personality of the political office holder plays an important role to how the policie makers take an treat bitcon, Bitcoin/cryptocurrency volatilities and uncertainty, is from beginning to gain new attention the countries leaders have th responsibility to first guide and protect the citizens before implementations there are a lot of cryptocurrency fraud around but tht not the situations.

Yeah, the religion plays no role in government interaction with Bitcoin. Bitcoin the big boy is a neutral, mathematical equation. Bitcoin protocols don't care about religion, borders politics and our beliefs. And thinking like politician mood or personality dictate crypto is dangerous. Like look above, Nigeria's law that president personality doesn't affect or block crypto transactions. They were blocked when massive amounts were taken out from banks, which gives the government the upper hand in tracking, freezing and control over the money. Governments usually regulate crypto to collect tax, prevent money laundering and monitor financial system. They also say these rules help reduce frauds, protect user and maintain financial stability. Some people believe another reason is to protect role of the traditional fiat system.

[Joy- maker]

But now different changes has occurr in many of this country's perspective of crypto as a taxable investment.

A few days ago, a news report was published online stating that the Nigerian government want to officially begin to regulate virtual assets like Bitcoin in the country.

At first Nigerians were excited, because this move would definitely attract big investors and large businesses to the crypto space, because one of the major reason why wealthy Nigerian investors have not been investing in Bitcoin is because the Nigeria government has not been regulating virtual assets in the country.

However, Nigerians later realized that the motive of the Nigeria government was never to regulate virtual assets so that it can motivate big investors and businesses in Nigeria to start investing in Bitcoin and other virtual assets, instead the government intend to tax the citizens.

[Chinesebaby]

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's not new, because the government of Nigeria have always looked for an opportunity to exploit whichever sector they believe could generate them the most profit, and with regards to the drastic move of people's investments from Naira to Bitcoin over the years, and the fact that keeping your money in Bitcoin, it's safe and likewise you stand a better chance of having it increase value over time. The government have always seen it as an opportunity to be taxed. But the beautiful thing about Bitcoin is the fact that nobody has control over it, and it is independent on its own. And for that very reason the Nigerian government can only mention it's intended tax to companies intending to offer it's p2p services in Nigeria. Because apart from that. Bitcoin is independent.

[Churchillvv]

Furthermore, Religion has nothing to do with government labeling of crypto or bitcoin. It’s use by criminals or gangs who are demanding ransom was the excuse most governments used against bitcoin.

From the unset, almost all he governments saw Bitcoin and cryptos in general as a threat. Forget those calms that they were used by criminals and gangs for ransom except you are telling me that criminals and ransom never existed until 2009. What is happening today is that many countries are  now trying  to find their way round since their earliest attempt to stop or ban crypto proved abortive. If they had their way and means, crypto would have been history long ago.

Governments like control and that includes control of your money and they met their albatoir in Bitcoin and other cryptos, eventually they hooked it on regulation as a way to monitor  and supervise what's going on.

Exactly which is the reason they are killing whatever will help in the remover of this supervision like the mixers and other stuffs, looking at coins like monero they can’t survive the attacks right now and if they do they have to live like bitcoin if not it’s not easy for the control system to let anything that is opposite of their orientation to survive.

Bitcoin is an enemy of the government in their own lens but they had to call it a friend for its users to be more comfortable and not fight the government system or flee from the system.

[SPIDERMAN008]

Since we are looking from the government lense, I will start with this. How the government classify Bitcoin is up the country where such taxable laws is under. The thing here is what ever laws or structure the government wants to build to tax her citizens for use of Bitcoin, is up to that country. But all those laws does and will not affect Bitcoin. Bitcoin is still producing blocks everyday and will continue to do so. I also think the government has exhausted all fight for Bitcoin and just went ahead to build a tax structure around it. Which is not bad. Bitcoin will remain Bitcoin regardless of any regulations or not.

"All those laws does and will not affect Bitcoin"  I could not fully accept this statement. The Bitcoin network and people's use of Bitcoin are two different things. It is not possible to stop Bitcoin mining and blockchains according to any government rules and regulations, but the government can ban exchanges if it wants. And the government's strict policies and various negative decisions will reduce the acceptance among people. In this case, those who do not understand Bitcoin, those who were new to Bitcoin may lose interest. If the government approves Bitcoin or if it does not approve it, if it creates a positive rules regulation, the acceptance of Bitcoin will also increase. And I thought that even if the government takes a stand against Bitcoin, the popularity of Bitcoin will continue to increase, but it will take a little more time. And if the government decides to impose  tax on Bitcoin, they may naturally want to keep its use within a controlled framework by verifying identities and monitoring transactions. In this case, the original purpose of Bitcoin , the decentralized nature will not be okay. The government cannot easily control the Bitcoin protocol, but I think it can significantly negatively affect the privacy, cost and acceptance environment of Bitcoin users. But if the government approves it for good reasons, like normal currency, then the matter will be different.