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Author Topic: Why haven't governments illegalized bitcoin transactions?  (Read 779 times)
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September 10, 2019, 08:41:23 PM
 #81

A government can't just jump in and make bitcoin transactions illegal. This would just show how incompetent the government is. But yeah, there are countries that have made bitcoin transaction or other crypto currency transaction illegal though if you look deep, you will notice most of those governments are the most corrupted ones in the world.
The Government knows the potential of bitcoin but they also know the dangers behind it. Banning bitcoin transaction because of those dangers is not a solution for them. It is like suggesting to chop off the head if someone is suffering from bad headaches.

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September 12, 2019, 10:31:36 PM
 #82

Government do not have the capacity to illegalized bitcoin as it is an online token and can only be traded through the internet, the beauty  of technology, thou with it own disadvantage, as some individual takes advantage of the privacy platform and source arm and amunition, drug and other illicit activities, BTC is the currency of this age, government does not have capacity  to illegalize it.

Exactly. They only have X amount of work hours behind them and they have to distribute it in ways that serve the country. Running around chasing transactions is a waste of time and tax payers money and brings no benefit to anyone. Even if crypto was only used for crime the amount it would cost to "police" it would far outweigh any loss due to crime.

 
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September 12, 2019, 11:32:59 PM
 #83

Expecting Bitcoin to be illegal across the country, this may be very difficult. Because there are already some countries that prohibit the use of Bitcoin. I will give an opinion that happens in my country.

In 2018 with the popular Bitcoin, many people pressed the government to legalize Bitcoin. However, the government is also unable to do so because the country already has a legitimate local currency.

However, we are still lucky because Bitcoin is not banned as long as it is not used for money laundering, financing terrorism and used for payment.

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September 13, 2019, 02:51:48 AM
 #84

Let me clarify on a few things here. Till now, none of the countries have banned the possession of Bitcoin and till date no user have been arrested for possessing Bitcoin or any other cryptocurrency. On top of that, transacting Bitcoin is also not a crime in any of the UN member states. Anyone can transfer his coins to anyone else's wallet. The issue arises when the user want to convert his cryptocurrency to some other asset, such as fiat currency or bullion. This step is not yet fully legalized in many of the countries, and in a few third world countries such as Nepal and Bangladesh, Bitcoiners have been arrested for doing Bitcoin to cash or cash to Bitcoin conversions. But in today's world, it is not practical to ban a digital asset.



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September 13, 2019, 04:48:38 AM
 #85

The Government may not fully know the crypto work system. And they try to set up Bitcoin, but Bitcoin cannot be controlled. This bitcoin is controlled by all existing Bitcoin users around the world. Large demand can make Bitcoin rise very high. But Bitcoin can also experience a very sharp decline. Until now, the government does not legalize Bitcoin because the selling value cannot be stable.

Although Bitcoin hasn't been authorized yet, we can still access it and can make great profits.

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September 13, 2019, 07:10:36 AM
 #86

they just shouldn't
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September 13, 2019, 07:37:04 AM
 #87

For a simple reason, they can't go against the people who put them in the position.

The government has to be concern for the majority of people, bitcoin is not harmful to people, it's just a payment system but it's valuable, in fact the government can also benefit this while it helps is people, so banning it proves that the government that are governing our country are incompetent.

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September 13, 2019, 08:18:23 AM
 #88

As per my knowledge in Canada one can pay tax in crypto and in new zealand also allowed to give salaries in crypto

https://www.coindesk.com/new-zealand-tax-office-makes-it-legal-to-pay-salaries-in-crypto
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September 13, 2019, 09:49:52 AM
 #89

Thats true no govt has made Bitcoin transactions illegal. Even China where BTC mining has been banned I believe people are doing BTC transactions. This may be a big manipulation. BTC value is stable for last many days after touching year's low, there is no new money flowing into BTC, any statement in favor of BTC can increase its value drastically and there may be situation which may get out of control. Bitcoin will not be declared an illegal asset I believe.Lets see what is written there for its future.

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September 13, 2019, 05:06:36 PM
 #90

I suspect the "unregulated" internet is one of the major obstacles. I guess the way the internet functions today would make controlling  Bitcoin and other decentralized cryptocurrencies very difficult.

They probably calculated that people would resist any "early" attempt to take full control of the internet for better regulation of cryptocurrency. Just my opinion.



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September 13, 2019, 06:10:21 PM
 #91

With all have that talks already and the government are looking into the most convenient place that their people would stay. Legalizing crypto isn't a big problem but concerning how it creates a drama and losses to their citizens, it actually holds the legalization process.

It will found great that even crypto isn't legalized but our country never been thinking of banning it. We can still enjoy using crypto.


It is the ideal picture or world where government think about or take care of its citizens. ))))) In my opinion all governments of different countries first of all think first about the interest of governmemt and people who have such an authority in order to have an affect on different processes in country - political, financial and so on. Bitcoin and Blockchain is a high risk for lots of government institutions and is a bit risky for lots of citizens as well, the first are afraid to lose control of different processes, the second are afraid to lose their assets. Too many factors do not work or organized for real legalization of BTC and crypto in whole. But lots of countries do not forbid the crypto and people can buy it or sell in some way.
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September 14, 2019, 10:52:15 PM
 #92

Some government use distracting method to talk more on blockchain and never mentioned bitcoin. However, everyone is getting to know the importance of blockchain and gradually seeing the benefit of bitcoin. It could be very difficult to control bitcoin if illegal; though they can make measures to control fiat to cryptocurrency exchange,prevent media advert on crypto, control of crypto related project within their community and publicly punish any individual that is caught breaking any of these laws, but cryptocurrency can be an asset kept for years.
Maybe even the government see the benefit of it that is why they cannot illegalized it, also it is hard to do so because it works all over the internet. People are transferring and making transactions more faster. Though some used it on illegal terms, there are more who used it legally that could be affected when the government illegalized it.

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September 14, 2019, 11:01:46 PM
 #93

Maybe even the government see the benefit of it that is why they cannot illegalized it,
they cant illegalize a thing that they cant be owned  . bitcoin transactions are not owneable by someone else but its pubic and only being recorded on the blockchain . no cant modify its datas or values  not even the governments ,

when it comes to benefits  , bitcoin is indeed beneficial   . this is also the reason of why governments agree and help bitcoin to be adopted on most government related businesses like banks and other finance sectors  .

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September 14, 2019, 11:09:17 PM
 #94

I have heard some stories about making bitcoin transactions illegal. It's all been a humor and I don't think any government have officially made bitcoin transactions illegal. Why is that?
Many governments are trying to regulate bitcoin, control exchanges and force people to be authorized. But I am sure government wish bitcoin was not created and there was no trouble of regulating bitcoin. They  prefer their fiat to any other currency.
Why no government have made bitcoin transactions illegal?
I think they want to avoid creating an underground market.They don't want bitcoin to be traded like Alcohol and drugs. They have to accept bitcoin as they cannot stop a decentralized network and now they can only try to regulate it. Do you agree with me? Is there any other things have caused governments to not make bitcoin illegal?

remember prohibition and moon shiners? Same logic apply - if you ban BTC it would significantly help adoption.  It would be the dream for those who cash out coins and buy coins illegally on main street.  Only this time, enforcement would be alot more difficult, dangerous and cost prohibitive.

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September 14, 2019, 11:27:36 PM
 #95

Do not. Listem fud news mate, the proof I always make transaxtion bitcoin converting into from my online wallet through bank, regulation is under studying how bitcoin regulate to control the givernment their value and how to collection taxes if the regulation implemented.
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September 15, 2019, 12:04:27 AM
 #96

they just shouldn't

More like they couldn't. Despite them banning bitcoin and crypto currencies in a country, they can't stop tgese users in their country since they can' track or pinpoint who's who. They should just let it be since it is an unstoppable force they can't deny. They can ban the way it want it, it will keep on going.

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September 15, 2019, 01:23:48 AM
 #97

Whenever a government legalises a currency, it is practically stating it an acceptable means of exchsnge and settlement. Governments operate centralized currency systems controlled by the central bank, legalizing cryptocurrency which is decentralized is accepting a shift from their centralized financial structure to a decentralized one. This could significantly affect the fiat currency of that country.

Yes, just look at Japan... Nope, not affected. And their people know their coin is devalued 2% every year...

Meanwhile in Venezuela... ok lets not talk about this place (the coin lost 5 zeroes in 9 months, and its getting faster).



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September 15, 2019, 02:06:55 AM
 #98

Bitcoin and the Blockchain technology were designed to be decentralized, thus no single authoritative body owns full control over the technology hence makes them almost utterly impossible to be stopped especially with their transactions. Bitcoin transactions are not controlled by governments and in fact no governments will have control over them. The transactions are controlled by the senders and receivers of Bitcoin on the market.

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September 15, 2019, 06:32:21 AM
 #99

Whenever a government legalises a currency, it is practically stating it an acceptable means of exchsnge and settlement. Governments operate centralized currency systems controlled by the central bank, legalizing cryptocurrency which is decentralized is accepting a shift from their centralized financial structure to a decentralized one. This could significantly affect the fiat currency of that country.

Yes, just look at Japan... Nope, not affected. And their people know their coin is devalued 2% every year...
Meanwhile in Venezuela... ok lets not talk about this place (the coin lost 5 zeroes in 9 months, and its getting faster).

When talking about Japan, you can't ignore the fact that the Japanese Yen has been one of the most deflationary currencies in the world. During the past five decades, the exchange rate of JPY (against the United States Dollar) has increased by approximately 200% (from 1$=300 JPY, to 1$=118 JPY). The Japanese Yen is a rare exception in the world, where most of the national currencies are inflationary in nature. This gives them enough freedom to accommodate Bitcoin.

In Venezuela, they have a highly inflationary national currency (which is worth less than the paper which is used for its printing). For this year, the inflation rate was estimated at 8,000,000%, and the government is desperate to get people use the national currency rather than alternatives such as the US Dollar, gold or Bitcoin. And this explains the hostility shown by the Maduro regime towards cryptocurrencies.



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September 15, 2019, 11:39:46 PM
 #100

Whenever a government legalises a currency, it is practically stating it an acceptable means of exchsnge and settlement. Governments operate centralized currency systems controlled by the central bank, legalizing cryptocurrency which is decentralized is accepting a shift from their centralized financial structure to a decentralized one. This could significantly affect the fiat currency of that country.

Yes, just look at Japan... Nope, not affected. And their people know their coin is devalued 2% every year...

Meanwhile in Venezuela... ok lets not talk about this place (the coin lost 5 zeroes in 9 months, and its getting faster).

2% of devalue is not bad. Inflation is +5%

Whenever a government legalises a currency, it is practically stating it an acceptable means of exchsnge and settlement. Governments operate centralized currency systems controlled by the central bank, legalizing cryptocurrency which is decentralized is accepting a shift from their centralized financial structure to a decentralized one. This could significantly affect the fiat currency of that country.

Yes, just look at Japan... Nope, not affected. And their people know their coin is devalued 2% every year...
Meanwhile in Venezuela... ok lets not talk about this place (the coin lost 5 zeroes in 9 months, and its getting faster).

When talking about Japan, you can't ignore the fact that the Japanese Yen has been one of the most deflationary currencies in the world. During the past five decades, the exchange rate of JPY (against the United States Dollar) has increased by approximately 200% (from 1$=300 JPY, to 1$=118 JPY). The Japanese Yen is a rare exception in the world, where most of the national currencies are inflationary in nature. This gives them enough freedom to accommodate Bitcoin.

In Venezuela, they have a highly inflationary national currency (which is worth less than the paper which is used for its printing). For this year, the inflation rate was estimated at 8,000,000%, and the government is desperate to get people use the national currency rather than alternatives such as the US Dollar, gold or Bitcoin. And this explains the hostility shown by the Maduro regime towards cryptocurrencies.


Unfortunate, because it would be a perfect opportunity for Venezuela to make crypto a reality and show what it is capable of. Giving it value since it has actual use and being the first country to use it.




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