discussion Does governments regard crypto as a legal asset after all?

[Teminali69 1081]

They could even be seizing those coins on purpose so that when the prices are too high they will turn to be the biggest holders, because it is clear that it is a matter of time until governments acknowledges crypto.

[Guru2050 8284]

3 hours ago, Mosab73 said:

in my opinion the problem is that the cryptocurrency is a decentralized currency that is difficult  controlling her

Been decentralized in nature and anonymity feature of Crypto currency system renders it free from government regulations, top individual and imposing tax.

[Projectcrypto 4382]

Despite seeing Cryptocurrency with a bright future ahead many countries are still going against it due to one reason or the other but i have the believe that crypto will dominate the world because even at present some countries are already making use of it and countries like Japan are impose tax on every trader in the country which i think is not bad because the government will earn some revenue from that and some people will be self employed through crypto.

[Moaz 7239]

This is absolutely true, that most governments realize the importance of crypto and the value of cryptocurrencies, but they deny this for fear on their national economy and the price of their local currency, that these countries will recognize the cryptocurrencies legally when they can control them and thus impose taxes on the users of cryptocurrencies  And take profits, but in the future I think these governments will accept dealing in cryptocurrencies as a fait accompli

[malik6314193 5449]

I think they should legalize the crypto in their countries. it will help their economy. The rate of poverty will decrease and income per capita will boost up. Hence legalizing crypto is better for their economy. 

[kyoukage01 3181]

12 hours ago, SuperCrypto said:

Governments claim that cryptocurrencies are above the law, money can be laundered through them, and they can be used in some countries to support terrorism, and they confiscate them while they do not know their value. If the government knew its value, it would accumulate a fortune from it.

Cryptocurrencies have been around for a long time now (around twelve years or so for Bitcoin's case) so almost every country must have known the value of cryptocurrencies by now. If a country can make a solid case for its own full-fledged cryptocurrency (not just a blockchain-based version of their fiat) and can somehow make it work wonders, it might induce a 'domino effect' on other more skeptical countries once they see what crypto can do for a country that embraces it. Venezuela's Petro falls flat from this ideal, and we have yet to see China-based digital currency's mettle.

 

Meanwhile, if countries that 'hate' crypto have somehow been keeping confiscated crypto coins all along and their policies governing it has shifted for the positive in the far future, what will happen once they realized they've turned into whales? (This is a what-if scenario.) Let's see what will happen by then.

 

[SuperCrypto 7193]

13 hours ago, kyoukage01 said:

Meanwhile, if countries that 'hate' crypto have somehow been keeping confiscated crypto coins all along and their policies governing it has shifted for the positive in the far future, what will happen once they realized they've turned into whales? (This is a what-if scenario.) Let's see what will happen by then.

 

In fact, governments' view of Bitcoin differs from one country to another, as there are those who see it as a great value and benefit to the economy, and on the other hand there are governments that do not want to recognize cryptocurrencies as a source of power because they fear that they threaten their authority over the people.

[Digital 387]

On 9/2/2020 at 7:48 AM, BrolySSJ said:

This is a great point of discussion and i have never before heard the argument from this side. I think you are absolutely right in what you are saying here. There are many governments that do seize a lot of crypto assets, the question lies in what they are doing with these assets after they seize them and i am very interested to see this. Perhaps this could be a stepping stone and a point of argument that could help in the legalization of crypto in many countries and states that will help to expand it in the future. The truth is that governments do use the seized crypto, then that would also be a criminal act if crypto is illegal in that country. 

You are right mate, if government would size some huge amount of crypto so as to deprive it citizen from participating  crypto currency which means they have something to do with it they recognize the value of it that is why they size it for their own benefit.

[Abdalrazig 1865]

Yes I agree with you governments are still fighting cryptocurrencies because they think it may affect economy because of their instability, but by time they will have to adapt because Crypto currencies are growing, sooner or later governments will acknowledge them.

[Captain Karim 0]

People want to deal with cryptocurrencies, and many governments have fully legalized cryptocurrencies in their countries, and some of them are still among the observers' audience, I think that during the next ten years, we will form a solid base for cryptocurrencies in the world, it is only a matter of time.

[JPCaMoney 404]

It seems to me that we are going there. Some governments are already taking into account, more and more, Bitcoin as an alternative for saving and capitalizing. It's important that this happens, but in a very orderly way.

[annayks 2314]

Governments can regulate and they can treat crypto as illegal asset. They can not seize Bitcoin though. Ross Ulbricht given his private key to the feds to reduce his sentence. 

Nonetheless there are cryptocurrencies that are centralized and they can freeze and seize the coins or tokens.

[1mstfcngz1 29]

Maybe not yet, but they seem to see it very soon. this is the trend. The proof of this is that some countries prohibit trading cryptocurrencies or some countries charge taxes from this market.

[Calvinpriva 17296]

A lot of countries still didn't legalize cryptocurrencies but many of their citizens are using crypto. Some developing countries already accepted crypto and there are many companies from those countries which are accepting crypto as payments. Maybe that will influence other governments to legalize crypto in their countries as well.

[bogdanoff 3173]

I don't care at all. Even if my government tells me I have to declare to tax me or that I  can't use Bitcoin I will still do it. Let them try and find. I am not a criminal and I don't earn a million or even thousands. I am very small user and their problem is with Bitcoin not with criminals. And they want to tax too. Tax the rich instead we are trying to survive here.

[kyoukage01 3181]

12 hours ago, eliottalderosn said:

@kyoukage01 governments know what's up, we should not underestimate them at all, not even 1% !!

if they know that selling them would benefit them right now then 100% they will sell do so, but governments always have hidden plans.

The U.S. alone has a lot of hidden skeletons in their closets, so it wouldn't be a surprise if they have been keeping some cryptocurrencies to themselves (knowable to a select few) all along. The same goes for other countries as well. The very least the governments should do is being honest and tell us ignorant masses the truth, but as always, things will not always go that way, for various reasons.

 

And they'd better not screw the crypto market with dumping coins if they ever hodl such a huge amount.

(Oh, wait... that might actually be a possibility.)

 

[percare 3192]

We need cryptocurrencies to be accepted this is true but we don't need regulations restricting what cryptocurrencies are. Every country decides differently and maybe it has to do with the means and knowledge they have in order to trade transactions but the main problem is that they are unable to block our wallets and this is why they are reluctant to accept them.

[Gluttony 1775]

I think you would say that there are governments who are sticking to what they are saying while there are governments also who are just a bunch of hypocrites. We could say that government who do not really wanted to acknowledge the crypto currency is because it is creating a conflict with the fiat currency that they have as their legal tender in their country but if they could liquidate it, they would surely accept the asset but the crypto currency itself would not be still accepted to be practiced with their countrymen. I think it would just be their remedy if ever financial crisis struck them but there are also governments that do not know the crypto currency existence which is why you could not say if it is allowed or not in their country.

[Tetrisreal 219]

I believe that not recognizing 100% cryptocurrencies as what they are digital money is only because it shakes their economy where they can control everything, what they do is so childish, they say they do not believe in God, but at the first tremor they pray to him without stopping, that is what they do and will continue to do until they can no longer support it.

[kyoukage01 3181]

14 hours ago, eliottalderosn said:

Governments never been honest to their citizens and they always act like they are the ones being misjudged.

Don't get wrong, we have a lot of criminals who use BTC for illegal stuff but governments also have plans going on behind the curtains

The next post I'll quote below sure adds a lot about your comment.

12 hours ago, Gluttony said:

I think you would say that there are governments who are sticking to what they are saying while there are governments also who are just a bunch of hypocrites. We could say that government who do not really wanted to acknowledge the crypto currency is because it is creating a conflict with the fiat currency that they have as their legal tender in their country but if they could liquidate it, they would surely accept the asset but the crypto currency itself would not be still accepted to be practiced with their countrymen. I think it would just be their remedy if ever financial crisis struck them but there are also governments that do not know the crypto currency existence which is why you could not say if it is allowed or not in their country.

Maybe the governments would rather keep their stand on cryptocurrencies' current status quo, as their economies might go in shock if they suddenly accept them. Maybe they are waiting for the right opportunity once cryptocurrencies are more widely accepted.

 

Or maybe they are really just what @Gluttony has said.

 

Whatever the reason they have, there is no mistaking the assumption that some prominent people working at governments already know the value of cryptocurrencies. It would have been better for them to just admit it, and not make any pretentious excuses, like criminals using them; for in the end, cryptocurrencies are a tool, and the ones using them for malicious purposes are the ones at fault.

 

[TimopheyKa 3900]

I think so! Because, in recent years, it has become very active, and many people are interested in using it. Therefore , I believe that we can consider the fact that cryptocurrency will soon become global and publicly available without any problem. In addition, in Europe, it is a very common active,and dostpna in fact everyone!

[Sykkuno 2887]

This is something that is changing as interest in crypto is sometimes stopping and then it comes back with higher numbers. The more people they use crypto it will be more troubles for governments as they don't have many ways to find what is happening and they fear for the illegal use of crypto.

[Viscount 1357]

There are government that treats cryptocurrency as illegal, but there are some countries that doesn't. Some countries like Russia, that country treats cryptocurrency as illegal. But now, the government recognizes cryptocurrency and made it legal, but with limitations.

[khan22 3478]

Crypto is ban this time in so many countries but i hope that soon in all over the world crypto is going to be legal in all over the world. Crypto is a great market in the world and so many peoples will invest in it from all over the world and they just wait for the good time.

[Shaza Ahmad 1682]

I think that cryptocurrencies will give a new source of income to governments, which is taxes, and if we look at the relationship of governments with cryptocurrencies, we will find that it is a tense relationship, and without taxes, some governments would not have thought of legislating cryptocurrencies in their countries.