How does the government of your country view cryptocurrencies?

[MrSpasybo 1049]

The Vietnamese government has been somewhat hostile to the adoption of the crypto industry in recent years, despite its apparent endorsement of crypto’s underlying blockchain technology. After banning cryptocurrency as a means of payment back in 2018, Vietnamese authorities have continued to urge the population to avoid crypto.

Article: Vietnam’s finance ministry warns about crypto trading risks

 

In our country Vietnam, we have the right to mine, own, buy and sell crypto, but cannot use crypto for payment instead of fiat, which is VND. Even in crypto transactions on P2P exchanges, when making bank transfers, we must avoid mentioning sensitive words like "coin, token, crypto, blockchain, virtual money, digital money...".
The Vietnamese government continues to hold hostility towards crypto & delay the enactment of the legal framework for this new sector. The good projects of Vietnamese in crypto such as Tomochain, MidasProtocol or KyberNetwork must also register in Singapore for legal reasons. I don't really understand the reason why they're so scared of crypto, but it looks like we're going to have a CBDC on the way since China is implementing CBDC :)

 

What is the view and attitude of the government in your country towards crypto / blockchain? Are you satisfied with that and what do you want in the future from them?

[Stiffen white 827]

In my country cryptocurrency have valuable. Because everyone would like to get in cryptocurrency.  So government making good decisions about cryptocurrency.  So with this government can create the maximum number of job. So let see what would happen. But i hope for best.

[chris smith 950]

Some countries have some fears to activate the cryptocurrencies dealing there because maybe some people will use them to make bad things like the terrorist or the drugs but in the same time there are people who like the investing in these currencies .

[Angeln20 513]

    Well, I think it's sad to see governments to be specific in some of the third world with the most fragile economy tend to ban cryptography as they view it as a scam or money laundering machine.

[SelimAbi 339]

When 13 million people start using crypto in my country, the state sees crypto as a tax gate. I heard that they will also impose taxes and withholding tax on crypto. This situation will affect us. That's why I think the number of cryptocurrency users will drop a lot.

[kryptonick 2659]

Each time cryptocurrencies are accepted there will be some cost to pay. It could be privacy, taxation, less decentralization in the network, force of using third parties and others. But what we know already is that cryptocurrencies don't need regulations if they are decentralized. It means the network won't stop running at anything. Whatever happens it will keep running as the thousands miners are located around the world and it will be impossible for a government to stop all of them.

[Whited35 15285]

On 3/5/2021 at 10:41 AM, MrSpasybo said:

What is the view and attitude of the government in your country towards crypto / blockchain? Are you satisfied with that and what do you want in the future from them?

Cryptocurrency mining is being encouraged even from the government's end in our country and using crypto as a mean of payment is also allowed but tax has to be paid for the government. Blockchain based companies are finding their way massively in 2020 and still so many companies are coming into the existence. Everything is looking fine except some regulatory oversights in EU-based countries. 

[MrSpasybo 1049]

@kryptonickOf course, governments cannot ban blockchain, but with crypto, they can enact very harsh rules that make the crypto community less viable. The simplest way is taxation: taxes on crypto profits will be very high, and if you evade taxes, you'll go to jail 🙂

@Whited35I hope countries will take a better look at crypto and see it as part of the economy. By taking advantage of its benefits, governments will have more tax to operate, and the country's governance will become easier as ecosystems are transparent on the blockchain.

 

[Whited35 15285]

7 hours ago, MrSpasybo said:

@Whited35I hope countries will take a better look at crypto and see it as part of the economy. By taking advantage of its benefits, governments will have more tax to operate, and the country's governance will become easier as ecosystems are transparent on the blockchain.

So those countries which are still imposing the ban against cryptocurrencies, have not realized the brightest sides of blockchain technology. According  to the pace of technology, so many advanced blockchains are come  into the existence to face the real-world problems. Government can allow crypto to solve the economic crisis and systematic blockchain adjustments can open the doors for an endless possibilities. 

[Msh9 84]

In fact, my friend, we work in our country with these cryptocurrencies and we earn daily profits and we have not been subjected to any accountability by the state. Perhaps this is against the laws, but we have not yet confirmed that.

[Dadouasaad123 902]

In my country, the government has not announced any position towards cryptocurrencies, but there is nothing we can buy through it, they do not only support it, I hope that my country will trust cryptocurrencies and become able to buy and trade in cryptocurrencies, because it is the future of this nation.

[Samer1997 715]

I do not understand why governments are hostile in most countries with this wonderful technology, perhaps some of them are waiting for the establishment of their own digital currency for the government and allow its circulation only to support it, if this is the reason then it is logical, but it must be done as soon as possible

[MrSpasybo 1049]

@Whited35 @Dadouasaad123 @Samer1997The power of blockchain & crypto scares governments, they fear that they cannot continue to manipulate the economy, fear that their fiat will lose value and indirectly affect their economic interests. Their concept of money is still very outdated and not easily receptive to the concept of crypto.
Most countries still prohibit crypto payments, which is the ultimate way for them to protect fiat. But we still use crypto to easily send money abroad, the government can't control this trend.

[Oliver james 0]

Every country should also start a good setup on cryptocurrency because crypto is a world wide programme which is used in all over the world amd there are several people attached to this site and earn a very good and valuable profitable earning from this online earning platforum. So i also advised to all members to keep well connected to this site and earn a very good profit from this site.

[MrSpasybo 1049]

@Oliver jamesWhat is the state of crypto in your country? Does the government ban crypto? I hope that governments will soon see the potential of crypto and allow crypto to exist in the economy, thanks to which everyone will benefit from crypto.

[Whited35 15285]

11 hours ago, MrSpasybo said:

Most countries still prohibit crypto payments, which is the ultimate way for them to protect fiat. But we still use crypto to easily send money abroad, the government can't control this trend.

Lol, so true 😀 ! Check USA !! They are are investigating on Binance whether the exchange has allowed US users to use exchange or not but I believe, the authority can find more US users engaging on the Binance exchange and the reason is, users can use the VPN to access the exchange and it will not be intentional but the system of Binance may not fix in such cases as there is already the overloaded traffic on the exchange. Despite the strict policy, it is the case of cryptocurrency exchange and now you can just imagine what about the crypto non-custodial wallets where even the distinguishable personal information are not recorded 😀😁? Nothing is under control despite imposing the strict policies. 

[MrSpasybo 1049]

@Whited35I've always hated the manipulative hands of governments, who pump money into the market and devalue money every day. And it's exciting to see them powerless in trying to control the blockchain of cryptocurrencies. VPN, OTC market ... there are many ways for the crypto community to be free from government prohibitions.
Vietnam is the country with the second largest number of people participating in the crypto market in the world, although crypto has not been officially recognized in Vietnam 🙂

[Whited35 15285]

7 hours ago, MrSpasybo said:

VPN, OTC market ... there are many ways for the crypto community to be free from government prohibitions.
Vietnam is the country with the second largest number of people participating in the crypto market in the world, although crypto has not been officially recognized in Vietnam 🙂

Oh are you based on Vietnam? Exciting to hear the cryptocurrency related cases in Vietnam. Eventually, your government should also officially recognize cryptocurrencies. If I am not mistaken, VinDAX is the Vietnamese cryptocurrency exchange, right? If yes, how government is imposing the tax on VinDAX exchange, curious to know more 😉!

Its the true beauty of cryptotalk forum as the members from so many countries around the world share their opinions, that's why this forum is addictive. 

[Tallest 376]

5 hours ago, Whited35 said:

Its the true beauty of cryptotalk forum as the members from so many countries around the world share their opinions, that's why this forum is addictive. 

You can say that again sir, not long ago I joined this forum but I really enjoyed spending most of my time here because not only earning one can meet new friends from different part of the world and also learn more about cryptocurrencies without much stress.

[abohasnn9 2401]

My friend, as I said in a previous post a few moments ago, my government is now busy securing a decent living for citizens in my country, and the main economic concern is to support its national currency, even though it started with a project to launch a central digital currency of its own, but it will not be put up in the trading market, thank you very much.

[MrSpasybo 1049]

17 hours ago, Whited35 said:

Oh are you based on Vietnam? Exciting to hear the cryptocurrency related cases in Vietnam. Eventually, your government should also officially recognize cryptocurrencies. If I am not mistaken, VinDAX is the Vietnamese cryptocurrency exchange, right? If yes, how government is imposing the tax on VinDAX exchange, curious to know more 😉!

Its the true beauty of cryptotalk forum as the members from so many countries around the world share their opinions, that's why this forum is addictive. 

@Whited35The Vietnamese government continues to delay the issuance of a legal framework for crypto, so everything related to crypto in Vietnam cannot be developed.
VinDAX is a Vietnamese exchange, but it's not really that famous. We usually use VNDC, Binance & Remitano. The great thing is the government hasn't been able to tax our crypto profits yet, but in the future they will.

 

10 hours ago, abo hasnn5 said:

My friend, my government, despite the ban imposed on it by the countries of the world led by the United States of America, it generally seeks to establish its national currency on a digital currency and put it on the market in a large way, and most importantly, it has never sought to develop methods of withdrawing through the encrypted currency by establishing automatic teller machines in general. Thank you very much.

@abo hasnn5@abohasnn9 So does your country officially recognize the existence of crypto and will apply blockchain technology to CBDC? Or do they just issue CBDCs to satisfy people's wishes while it's just a kind of digital money like money in our bank accounts?

[MrSpasybo 1049]

@Master6We can see a wave of crypto adoption spreading around the globe, but it also worries many governments. And they decided to go against that trend to protect their power.
How is the crypto status in your country? Can you use crypto or pay tax on crypto income?

[Whited35 15285]

8 hours ago, MrSpasybo said:

@Whited35The Vietnamese government continues to delay the issuance of a legal framework for crypto, so everything related to crypto in Vietnam cannot be developed.
VinDAX is a Vietnamese exchange, but it's not really that famous. We usually use VNDC, Binance & Remitano. The great thing is the government hasn't been able to tax our crypto profits yet, but in the future they will.

So what about the VNDC ? I have not much information about this one. In case of VinDAX, I have performed some trades on it but later I suspected using the exchange after noticing the listings of some scam projects' coins. Your government is more likely to be focused to protect the local currency before creating the digital infrastructure to allow the cryptocurrency transactions. 

[kion 381]

Wow, I know that many countries are not in good terms with cryptocurrecy, bit I never imagined that a country could be so strict about cryptocurrecies as the Vietnamese government, however, my country is very friendly about cryptocurrecies, they only monitor what is going on with cryptocurrecy as we know that it may be use for some dad purpose.

[Mella 3680]

I am living in two countries one in Europe and I visit often an Arab country for work in warehouses. There is a little difference but the general feeling is that in most Middle East nations the cryptocurrency is still something you do not discuss with a lot of people. Some merchants use and accept but it is under the fear of a ban that can be any time it is decided by government. In Europe this fear does not exist, the cryptocurrency is moved and traded with no problem and only the big transfer are give an alarm to the governments, while the small are always allowed.