Imran Noori
Verified member
Nowadays Bitcoin is used by many big companies and beside that some countries like El Salvador legalized it, what do you think about the future of Bitcoin and crypto? Will it be legalized in all over the world one day?
Will BTC be one day accepted by all countries?
- Thread starter Imran Noori
- Start date
saoussen5765
Valued Contributor
There is no general rule means some countries legalizes it while others not and for each governement his own rules and his own reasons to legalize or not, may be in the far future.
That will not be possible, if Bitcoin is recognized as legal tender by all countries. Currently there are many countries that prohibit the circulation of Bitcoins such as China, Algeria, Nepal etc., as well as many countries that limit the circulation of Bitcoins, imposing high taxes. So that Bitcoin and Altcoins are only considered as commodities that can be traded on the crypto market.
Shaf
Verified member
When you consider this, it's important to take note of the key advantages of Bitcoin and also the disadvantages we've seen so far, and how the government respond to it.
From the general overview and how other countries have reacted, it's possible that half will accept it, but the other half would reject it. For example, China and Nigeria, two countries with considerable power in their continents have limited it's use. Others are India, Nepal, Algeria and Indonesia.
Countries like El Salvador, have made it a legal tender and others like Switzerland, Cyprus, and Singapore neither prohibit nor promote it's use.
One of the main issues government have with cryptocurrency is it's decentralization. The government is a centralized power, and it exerts a lot of this power through money. Taking that power and leaving it in the hands of citizens makes the government less powerful.
Another issue is the anonymity it grants users, which means that the government won't know who spent what and where. It's a good way to facilitate illegal transactions without fear.
From the general overview and how other countries have reacted, it's possible that half will accept it, but the other half would reject it. For example, China and Nigeria, two countries with considerable power in their continents have limited it's use. Others are India, Nepal, Algeria and Indonesia.
Countries like El Salvador, have made it a legal tender and others like Switzerland, Cyprus, and Singapore neither prohibit nor promote it's use.
One of the main issues government have with cryptocurrency is it's decentralization. The government is a centralized power, and it exerts a lot of this power through money. Taking that power and leaving it in the hands of citizens makes the government less powerful.
Another issue is the anonymity it grants users, which means that the government won't know who spent what and where. It's a good way to facilitate illegal transactions without fear.
riberet19
New member
Well, this could be, as long as it is accepted by such a population that its usefulness cannot be denied, today there are few countries that use it as legal tender such as El Salvador, the Central African Republic or now I read news that Fiji they want to legalize them and bitcoinize his population in a certain way, I think that little by little it will normalize which countries include it either as legal tender or as just another method of payment.
Bitcoin on the other hand has demonstrated its usefulness for cross-border payments and also to welcome the unbanked and generate financial inclusion, so I really don't see the reason why it doesn't continue to develop positively in this regard.
Bitcoin on the other hand has demonstrated its usefulness for cross-border payments and also to welcome the unbanked and generate financial inclusion, so I really don't see the reason why it doesn't continue to develop positively in this regard.
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