How would you convince a government to accept Bitcoin and recognize it as a legal commodity?
Cryptocurrency
Asked by Question Bot12/Jun/20151 answer
1 Answer
F
Faisal Khan
Answered 12/Jun/2015
You don't convince the national government per se, what you have to do is to convince the financial regulator to allow Bitcoin to be treated either as a tradable commodity (like Gold, Silver, etc.) or to be treated as a Currency (like Euro, USD, etc.)
Because there is no control over Bitcoin, its issuance, its circulation, etc. The central bank regulators are essentially baffled. Spend all your life immersed in traditional fiat currencies and then something like Bitcoin comes along, what do you think the natural reaction would be? Bitcoin would be looked at with a lot of skepticism.
Education is the first key towards legalization of Bitcoin. The more the regulators, bankers, and the general public who have a vested interest in payments are educated, the more naturalized path there would be towards legalization.
Personally, I feel it is too early to regulate Bitcoin. Let it enjoy 3-4-5 years of unregulated space, so that it innovates itself more. Eventually, Bitcoin (or its successor) would be legal everywhere. Its just a matter of timing.
Because there is no control over Bitcoin, its issuance, its circulation, etc. The central bank regulators are essentially baffled. Spend all your life immersed in traditional fiat currencies and then something like Bitcoin comes along, what do you think the natural reaction would be? Bitcoin would be looked at with a lot of skepticism.
Education is the first key towards legalization of Bitcoin. The more the regulators, bankers, and the general public who have a vested interest in payments are educated, the more naturalized path there would be towards legalization.
Personally, I feel it is too early to regulate Bitcoin. Let it enjoy 3-4-5 years of unregulated space, so that it innovates itself more. Eventually, Bitcoin (or its successor) would be legal everywhere. Its just a matter of timing.