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UltraChief

Thoughts on government involvement In Crypto

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Hello coindicers,

Every government has its own regulation for cryptocurrency transactions. By this year a large amount of the population has heard the words "Bitcoin", "Crypto" at least once or searched it once on the internet. With such high exposures I do expect governments to start taking actions to strengthen their regulation of crypto.

In some countries it is legal while in a few countries it is illegal to transact crypto already. There is an wikipedia page where you can find the legality of bitcoin in different countries as well.

So lets talk about your thoughts on the involvement of governments in the crypto space.

  • Are you willing to let governments take control of what you are transacting or want to keep it all private?
  • If you are willing to keep it private what measures can you possibly take?
  • Do you think in future government will become more lenient towards crypto?
  • What is your thought on political involvement in crypto?

Would like to hear your thoughts and input on the questions I posted but feel free to discuss the points I mentioned as well. Have a great Sunday everyone! :) 

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Everything has its own pros & cons...

same as with crypto too...
I want both system to co-exist so that we can use pros of both..
&
in case of cons, we can switch easily between them.
:)

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In Germany you need to tax them. When you buy or sell them. If you make profit because the value rises, you have to tax it somehow, if I understood it correctly.

Afaik this doesn’t is the same for gold. Don’t ask me why. Injus think the government tries to get some freebies through the crypto.

Summed up you barely hear anything about it from government.

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No sane government will want crypto to replace its local currency. Because it spells doom for the country already. 

No one will know how much a person worth.

No one will know how a transaction is been made.

If a person sells the country and stores it in his E-wallet, no one will be able to trace it.

The Government can't stop crypto, but they can regulate it with reforms. But will the reform affect the people in Government? 

One of the main reasons why I don't want crypto to be a force in my country is because of those in Government. The people over here steal money and store it overseas and buy expensive houses and properties overseas, which could be traceable if people at anti-corrupt agencies do their work very well and with that corrupt people can be brought to justice.

But if crypto becomes a force, people in government will steal money anyhow. They will transfer money of ordinary citizens (Including retirees), and change it to Crypto and with that, no one will know where stolen money are kept. It will be so hard to trace and recover. Or can the BTC coins in my wallet leave my wallet, if I don't give it the permission to?

But apart from the stated reason in Bold form, I will love the BTC to be a Global means of exchange. 

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On 16/12/2018 at 17:09, UltraChief said:
  • Are you willing to let governments take control of what you are transacting or want to keep it all private?
  • If you are willing to keep it private what measures can you possibly take?
  • Do you think in future government will become more lenient towards crypto?
  • What is your thought on political involvement in crypto?

Personally, I'm not into the government, being involved on my crypto transactions. Government involvement = Taxes. So that's basically why.

I rather have my transactions private. Crypto transactions are the only TXNs that I have in private so, I want to keep it that way.

Measures on keeping it in private? Hmm. Pretty much, just keeping records of each and every transactions I make for reference.

Government, not saying all, but most, will NEVER be lenient on this because of the fact that it involves money. 👍

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On 16/12/2018 at 11:09, UltraChief said:
  • Are you willing to let governments take control of what you are transacting or want to keep it all private?
  •  

I think this is what made bitcoin become so popular in the first place. people want to put their money into something that is not controlled by one entity. Decentralised crypto is one of the best tools to facilitate that in my opinion :)

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Well if government does involve then i am sure that they will try their best to tax the shit out of the income we get from Bitcoin and also they will rely a lot on traders to sell that incomed bitcoin for real money. 

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In my country , BTC is not even considered as a currency , there's no such thing as regulation or taxes, it's just like BTC doesn't exist. However people here use BTC to buy some goods from Internet as our local currency is not accepted in any country so for us it's a great opportunity. Talking about regulation i'm not sure this will be a good thing for BTC and crypto in general , i'm against taxing it , i only would be ok with exchanges regulation to avoid massive whales shorting.

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On 16/12/2018 at 09:09, UltraChief said:

Hello coindicers,

Every government has its own regulation for cryptocurrency transactions. By this year a large amount of the population has heard the words "Bitcoin", "Crypto" at least once or searched it once on the internet. With such high exposures I do expect governments to start taking actions to strengthen their regulation of crypto.

In some countries it is legal while in a few countries it is illegal to transact crypto already. There is an wikipedia page where you can find the legality of bitcoin in different countries as well.

So lets talk about your thoughts on the involvement of governments in the crypto space.

  • Are you willing to let governments take control of what you are transacting or want to keep it all private?
  • If you are willing to keep it private what measures can you possibly take?
  • Do you think in future government will become more lenient towards crypto?
  • What is your thought on political involvement in crypto?

Would like to hear your thoughts and input on the questions I posted but feel free to discuss the points I mentioned as well. Have a great Sunday everyone! :) 

My advice regarding this material is that the government should immediately make regulations and policies that lead to the use of crypto currencies for financial traffic in the world. I support if countries in the world make crypto currencies into legitimate payment units and are seen as foreign currencies like other countries that have implemented them first.
Because we consider that the rapid growth of technology, the more rapid growth of community transactions, causing people to thirst for things that facilitate them in payment traffic, one of which is crypto currency.
But something must be considered if Crypto Currency becomes a legitimate currency, namely the government must prepare regulations also related to the function of monitoring and controlling the crypto currency system so that its use is protected from crime such as money laundering, tax avoidance and other activities that are contrary to applicable law.

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Posted (edited)

Here in my country, the government is against it, because they're unable to charge tax of bitcoin trade. but the people are using it, it's even easier to buy Bitcoin here than in the U.S 

Edited by Dboyeric

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