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.

[RockBell]

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.

Since the government is undoubtedly gaining from Bitcoin, I believe that the government should assist those who are investing in the cryptocurrency. After all, they are taxing it in one way or another, so it has already been a part of the economy. Currently, some governments are investing in Bitcoin, and since El Salvador's example, many nations have become interested in it.

With good fortune, many investors are rushing to nations like Dubai, which even have no taxes. The government should take their investors into account rather than taxing them without giving them due regard because they have created a highly beneficial climate for their investors. And at first the government was fighting Bitcoin, but now they don't have a choice but to support it.

[Lexandroove]

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.

Yes, it's true that the view of governments on Bitcoin has shifted over time, but I'll need to call your attention to one fact: regulation is different from adoption. Classifying Bitcoin as property, a commodity, or another asset type doesn't necessarily mean a government is against it. It often determines how it's taxed and regulated.
Prior decisions in regions like Nigeria limited banks' involvement with crypto, but they didn't ban Bitcoin ownership or peer-to-peer trading. The US itself has generally treated Bitcoin as property for tax purposes while also allowing institutional products like spot ETFs.
What these scenarios demonstrate in my opinion, is that regulation is more about integrating Bitcoin into existing financial structures rather than trying to eliminate it. We're moving towards having clear regulatory frameworks for crypto. The long term expectation: institutional trust and adoption

[TheUltraElite]

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.

Since the governments have not been totally up to speed with what bitcoin and is and how it works, they are mostly staying in the ignorance is bliss and just tax it heavily to discourage people from investing in bitcoin or trading in it.

They are not willing to build a condition in which the people are able to use it freely and trade it while the government gets some nominal taxation from every transaction.

For now we should accumulate coins as much as we can. We dont know how in future governments will react and move, for the US it has been good and if the other countries follow suit then the biggest holders will be the richest.

[hd49728]

Since the governments have not been totally up to speed with what bitcoin and is and how it works, they are mostly staying in the ignorance is bliss and just tax it heavily to discourage people from investing in bitcoin or trading in it.

They are not willing to build a condition in which the people are able to use it freely and trade it while the government gets some nominal taxation from every transaction.

They are centralized and will be always centralized whereas Bitcoin blockchain is decentralized, so it's unrealistic to hope that governments will prefer to provide good conditions for Bitcoin to grow up more. They consider Bitcoin as threats to their centralized and censored financial systems, so that they know what they need to do for decelerating Bitcoin adoption growth.

They only have been forced to change their systems and legalize Bitcoin when it was strong enough and citizens will vote the leading party out if their governments want to kill Bitcoin. Fortunately, around the world the majority of nations have democracy than dictatorship so the general global political status gives Bitcoin great opportunities to grow more.

For now we should accumulate coins as much as we can. We dont know how in future governments will react and move, for the US it has been good and if the other countries follow suit then the biggest holders will be the richest.

Stacking more satoshis,  more bitcoins, holding them in secure non custodial wallets are what we have to do to secure our wealth against inflationary issues of fiat currency.
The purchasing power of satoshis/ bitcoins has increased strongly over time, and it's big mistake if we waste very great opportunity Satoshi Nakamoto gave us.
https://charts.bitbo.io/satoshi-per-dollar/

[MainIbem]

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.

Since the governments have not been totally up to speed with what bitcoin and is and how it works, they are mostly staying in the ignorance is bliss and just tax it heavily to discourage people from investing in bitcoin or trading in it.

They are not willing to build a condition in which the people are able to use it freely and trade it while the government gets some nominal taxation from every transaction.

For now we should accumulate coins as much as we can. We dont know how in future governments will react and move, for the US it has been good and if the other countries follow suit then the biggest holders will be the richest.

Since the government is not bringing something better to counter Bitcoin or make people believe it's not worth using i don't think tbeir effort would work out, more people are adopting Bitcoin and on the long run the numbers would be massive cause people are beginning to understand that it offers what the banking system controlled by the government can't offer. I wonder why sone government think their citizens would choose being enslaved by the bank over what offers freedom, control, privacy to an extent, inflation hedge, value and so on.

[r_victory]

In Brazil, the current government views it as a way to line its own pockets. Unfortunately, there are no incentives when it comes to cryptocurrencies, and the laws and regulations remain flawed, creating uncertainty among those who hold such investments.

[Smartprofit]

Any government is primarily interested in protecting its own national currency. 🙋

At the same time, many governments plan to fully launch central bank digital currencies by 2030, which would provide maximum control over the flow of funds within the country.

Naturally, given the above, governments are not interested in an international, decentralized, deflationary currency operating in parallel to a CBDC. After all, in that case, people would reject bad money and vote for good money, that is, Bitcoin.

Therefore, institutional investors and governments declare that Bitcoin is not money, but a digital asset, property, or commodity. In most countries, cash is not subject to VAT, but the sale of goods and other property is.

Governments are interested in making Bitcoin as inconvenient as possible for citizens. This is why I am, and have been, very skeptical of Donald Trump's statements about his love and appreciation of Bitcoin.  Donald Trump loves and values ​​the US dollar!🧏

[yudi09]

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.

From my perspective, the government’s collection of taxes on Bitcoin and cryptocurrencies is not an issue I need to complain about. This demonstrates that Bitcoin and cryptocurrencies are not criminal tools, as some negative claims suggest. The taxes the government imposes on exchanges for every transaction I make also benefit all the infrastructure I use in my daily life. The tax rates currently in effect for us in our country are still within reasonable limits—unless they set the rate as high as 50% of the transaction amount. That would be unreasonable.

[liasbaa]

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.

Since the governments have not been totally up to speed with what bitcoin and is and how it works, they are mostly staying in the ignorance is bliss and just tax it heavily to discourage people from investing in bitcoin or trading in it.

They are not willing to build a condition in which the people are able to use it freely and trade it while the government gets some nominal taxation from every transaction.

For now we should accumulate coins as much as we can. We dont know how in future governments will react and move, for the US it has been good and if the other countries follow suit then the biggest holders will be the richest.

Since the government is not bringing something better to counter Bitcoin or make people believe it's not worth using i don't think tbeir effort would work out, more people are adopting Bitcoin and on the long run the numbers would be massive cause people are beginning to understand that it offers what the banking system controlled by the government can't offer. I wonder why sone government think their citizens would choose being enslaved by the bank over what offers freedom, control, privacy to an extent, inflation hedge, value and so on.

The government is trying to innovate the banking channel. They have introduced digital transactions like cryptocurrency. The government of many countries in the world has launched CBDC through the central banker which provides cashless facilities without the need for cash transactions. This method can be used in the field of goods and services and you will get the convenience of transactions from home.

The government is not sitting still, they are trying to implement their strategy against decentralized currencies. But the funny thing is that the government of no country is taking effective measures to prevent inflation, so the people are turning towards decentralized assets such as Bitcoin.

[Versatile_choice]

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.

The government can only adopt bitcoin but they can't regulate it, you seem to have forgotten that regulating means having full control over bitcoin. But the decentralized nature of bitcoin makes it difficult for the government to regulate or even have control over bitcoin. However, even though nigerian government have not accept bitcoin or make it a legal tender yet There are people, company and / or business men who are making use of bitcoin just like you and I. The truth is that most of those wealthy nigerian Investors are not even interested to invest in bitcoin because if they do, they wouldn't wait for the government to adopt bitcoin before they will think of investing in it.

[Johnlomape]

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.

The government can only adopt bitcoin but they can't regulate it, you seem to have forgotten that regulating means having full control over bitcoin. But the centralized nature of bitcoin makes it difficult for the government to regulate or even have control over bitcoin. However, even though nigerian government have not accept bitcoin or make it a legal tender yet There are people, company and / or business men who are making use of bitcoin just like you and I. The truth is that most of those wealthy nigerian Investors are not even interested to invest in bitcoin because if they do, they wouldn't wait for the government to adopt bitcoin before they will think of investing in it.

What do you mean by the government can not regulate Bitcoin? Have you heard of the Clarity Act that is being agitated by the s
Senate house of the United States? You need to go and read about the Clarity Act of cryptocurrency so that you can understand how the government is planning to regulate the entire cryptocurrency space so the SEC can use the act to make decisions on anything that relate to digital currency like crypto. I don't really know if the Senate has approved the Clarity Act at this time but if approved by the Senate, their will be a new dimension to how we use cryptocurrency and how it will be considered relating to digital money.