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.

[Reatim]

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

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

[aioc]

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.

That's the same scenario here in our country; the government is always looking for an industry to tax, and our local cryptocurrency industry is their target. They want only local exchanges to operate so they can monitor the volume of transactions and the people making them.
They impose strict regulations and licensing requirements on global exchanges that want to operate in our country; they are afraid that if a global exchange operates here, they will have a hard time monitoring these transactions if the global exchange refuses to cooperate.

[MainIbem]

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

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

I don't think it's about being stucked in the past, they just can't give citizens the freedom of banking their money by themselves, they want total control of citizen's money and Bitcoin stands as threat to that which is why some are still very strict with it but some are beginning to understand that they can adopt it into the system and still have partial control by regulations, mostly through exchanges, they can still benefit through tax policies as well.

[SPIDERMAN008]

They see Bitcoin as a rivary, a challenge and treat to their traditional currency existence, and it prevents fraud in the system, Bitcoin stands transparent and outstanding in all it's activities which will be difficult for the government to achieve unlike traditional currency.

Bitcoin digital currency has helped it out performed it's functions with this limited time of existence, growing far and wide for financial freedom which no currency have being able to achieve.

The government does not like the independence of Bitcoin. The government always wants the people of that country to control the financial system on which it operates. Even though the popularity of Bitcoin has increased a lot around the world, not everyone still knows about Bitcoin or there are still many who cannot trust Bitcoin. That is why the government has not yet come under such pressure from the people that they will be forced to create any positive rules and regulations regarding Bitcoin. That is why the government has not taken any direct action so far. Initially, the governments of many countries directly presented Bitcoin negatively, but now due to the increase in popularity, many powerful countries of the world are discussing about Bitcoin, many shops in some countries are accepting Bitcoin for transactions that we see in social media , all in all, the government is still in a moderate position. There is no situation where they will make Bitcoin illegal now because even if they create a policy against Bitcoin, people will use, hold, and invest in Bitcoin regardless of those policies and rules. But due to many economic complications, many countries are positive but are not able to directly approve it. So now there is no competitive relationship between Bitcoiners and the government like before. Because this increase in the price of Bitcoin is also forcing many governments of the country to think. If Bitcoin becomes one of the most valuable currencies in the world and acceptable in the future, then the countries that have Bitcoin will be ahead in the modern economy. Considering this aspect, maybe in the next few years we will see many countries thinking more positively about Bitcoin.