While Bitcoin has provided many benefits to ordinary people, its relations with the government have not always been seamless. Cryptocurrency has been viewed with distrust by governments around the world for as long as it has been on the public radar. Problems have been raised regarding cryptocurrency eroding the economic sovereignty of the countries in which it is used, as well as its usage as a weapon for crime and environmental concerns.
In one of the previous articles I highlighted 'The Streisand Effect' even though I didn't know its name.
So, basicly if you try to put barriers on your people's mind and try to restrict something, it is most likely this restriction will encourage them. Therefore, they will always try to find a way to overcome it and they won't stop doing that eventually they exceed the barriers. Despite other benefits of the crypto, restrictions are the factors make people not giving up in the cause.
Thanks for the article, it is well explained and makes much sense.
Rules and bans are made to be broken! That's always the way. For example, if parents restrain their children and isolate them from the outside world, children are forced to lie. That would be flouting the ban. This issue is like that, even though governments ban it, the result is obvious.
People are looking for ways to make money, and crypto is the most important. Governments must be aware of this power. They should be supportive rather than a hindrance.
We talk about the same things every week and I don't understand how they can be so blind. It is ridiculous that governments are so conservative and against innovation. Of course, they oppose because they can't make a profit. No matter how much they ban it, people will find a way. They already find it.
Some states are against crypto. They have their reasons. But these reasons are often not really qualified reasons. Absurd reasons. Security, justice, what we've heard for years...
And does that exist now? I don't think. All they want is more taxes. Stealing more money. They're afraid of crypto. So, are opposed.
Actually, it shows me that we are on the right track. I'm looking at history. There have been people who have opposed every innovation that has been made or wanted to be made. I've never seen a revolution made with ease.
I've seen revolutions that fall and fall and pass many exams. We're falling, we're getting up, the states are banning us, we're continuing despite everything. So I say to myself, I'm on the right track.
Bitcoin is down more than 50%. They said crypto is running out. Mining is over. And then I said that we pass the exam, we fall today, we get up stronger tomorrow. We both got up too.
States that oppose it will apologise years later and see that they have done wrong.
What I don't understand is that states think they can finish crypto. If they think so, someone should immediately tell them the truth. We are just at the beginning of the road, crypto is a technology and it is ready to evolve.
Despite the ban on crypto in countries like China and India, they are still at the top in terms of transaction volume.
I will explain this with a simple example, when weed was banned in the state of Texas in the USA, everyone smoked weed. The state made it legal after a while, and over the years the number of people who smoked weed has decreased. I mean, hard-to-reach things have always been pleasing to people.
China and India are similar countries. They both have different cultures and their population structures are similar. Social classes were formed among the people. Btc is very dangerous in these countries, and the reason is what we call a revolution, that is, the people win instead of money barons and bankers.
If Bitcoin is going to change some things, that is, it will bring a new order. Countries like China and India are very suitable for this.
Frankly, if I were a government administrator, I would support crypto. The reason is not to make money. to do good for humanity.
Remember, you cannot win the war against technology.
With today's technology, rapid progress is being made in all areas, and the money market is also greatly affected by this situation. The virtual assets created by Blockchain technology are noted as an example of this. Cryptocurrencies, the most well-known virtual assets, are not subject to taxation. Owners of virtual wallets perform their transactions anonymously, and their credentials are not available, increasing investors ' interest in them. But states are distancing themselves from cryptocurrencies, fearing that these features of cryptocurrencies will undermine state authority. Legal regulations and restrictions on cryptocurrencies, which are spreading to a wider audience every day, greatly affect investors. Because although countries resort to such a way as to ban the use of cryptocurrencies, it can be said that their use will continue because there is no limiting Center. As a result of observing the high demand for cryptocurrencies, the need for countries to go to a certain arrangement and possible legal arrangements was emphasized. To facilitate and accelerate the integration process between states and cryptocurrencies, it is thought that it will be quite appropriate to register transactions in the cryptocurrency system by applying small decency taxes.
On the other hand, the fact that cryptocurrencies are anonymous and decentralized investment instruments without any authority poses important question marks about classical monetary systems and the sovereignty of the state. Thus, the cryptocurrency system although it is of interest to investors, States see cryptocurrencies as a major threat. Because in traditional monetary systems, the level of money in the economy is freely determined by state authorities, States also get the opportunity to apply important policies on the economy using money. But the supply of cryptocurrencies can only be determined by its creators or its audience of users. This causes government authorities to take a negative approach to cryptocurrencies and causes cryptocurrencies to be seen as a major threat that can harm the economy. Apart from the stated point, there are also serious discussions about the taxation of cryptocurrency transactions. Considered in a holistic framework, the increasing prevalence of the use of cryptocurrencies reveals the need to re-question the state authorities ' perspective on cryptocurrencies. In this context, the study aims to present a literature discussion on the point of view of government authorities on cryptocurrencies. Blockchain technology and crypto in this direction in the next section of the study will be presented basic information about the coins first, then the crypto coins by taking the relationship between the state authorities, legal regulations for the relationship in question will be evaluated.
Cryptocurrency and government authority with the spread of cryptocurrencies it's been debated from angles. Accordingly, cryptocurrencies are not subject to any authority because they are traded in a decentralized system. For this reason, there is a situation where investment holders cannot be taxed by governments. Second, in line with the features of Blockchain technology, the privacy feature of cryptocurrencies is revealed, so that there are no vulnerabilities related to the privacy of transactions. Because this privacy regarding cryptocurrency transactions is carried out in an environment where the control authorities are not involved, various disagreements arise regarding its reliability. Because even if the reliability of the system does not cause a problem, the state authority to the system's failure to intervene raises the possibility that illegal work may be caused. Third, the cryptocurrency system is incompatible with the functioning of today's central banks. Because in modern monetary systems, adjusting the amount of money in the market also serves as a means of state intervention in the economy. In more specific terms, States have obtained an important economic policy tool with monetary policy that they implement through central banks. Governments generate serious income through monetary policy, such as income in the economy, employment, prices, the balance of payments, and the ability to influence and direct financial markets, and in some cases through printing money. However, state control is not in question because user identities are kept secret in the cryptocurrency system and do not adhere to any authority.
Cryptocurrency-related business transactions or cryptocurrency creation taxation of transactions is a serious tax potential for states he will be able to create. However, it is legal for taxation to be carried out first, countries determine the legitimate position of cryptocurrencies in transactions is required. At this point, it is seen as a significant problem that it is almost impossible for transaction owners to access their credentials. Therefore, it is very important that countries should carry out this process in cooperation. Currently, cryptocurrencies have their own security measures, transactions occur anonymously, and the security chain in which they are located prevents the tracking of cryptocurrency transactions. This, in turn, makes recording transactions and taxation very difficult. In this direction, it is noted that many countries can only do taxation if transaction owners declare their income. At the point of taxation of crypto money assets, it is seen that countries put cryptocurrencies in various legal statuses. For example, while the US treats cryptocurrencies as real estate, France similarly places cryptocurrencies in securities status. On the other hand, in some countries such as Canada, cryptocurrencies accept it as a commodity. Countries outside the legal status It can be said that it approaches the taxation process from various perspectives.
Governments and big banks do not allow money that constantly appreciates in this way, except for their own paper money. So what can governments and banks do against Bitcoin and similar cryptocurrencies? The first thing they do is say 'Bitcoin fraud or bubble'...
Bitcoin is a program written with Blockchain technology. Just as the Windows program allows you to control the computer, the Bitcoin program works as money. In other words, Bitcoin is a computer program that functions and does it much better than its most serious competitor, the dollar. It is not fraud. Fraud can be done using Blockchain technology and Bitcoin, but this does not make Bitcoin a fraudulent.
The next step is banning. China was the most effective. It banned bitcoin exchanges and cryptocurrency public offerings (ICOs). This ban was the measure that hit the Bitcoin price the most. But immediately new technologies made the bans meaningless. Decentralized exchanges came first.
In addition, decentralized online shopping platforms that cannot be closed and work with cryptocurrencies have been developed. With the encrypted-secret, smart-programmable and decentralized-decentralized nature of Blockchain, it is very difficult for governments.
In other words, states should change their policies now. Otherwise, they may perish because they cannot keep up with the innovation.
Neither the strongest species survives, nor the smartest... the most adaptable to change survives.
Money makes the world go round. It is at the center of almost everything we do and how we live. Governments want to control money, how it is earned and utilized, so that they can control people by taking away their freedom to decide how to live.
Autocratic states hate cryptocurrency because it gives back freedom to the people in many ways while the corruption-ridden states like Nigeria which is run by a despotic government pretending to be democratic only sees a rent-seeking opportunity in cryptocurrency where they can rip their citizens. They like the wealth-creation opportunities and only want to take from the people.
We have heard many excuses in the past and none is exclusive to any one currency. All currencies can be used for fraud, laundered and funding terrorists. Infact, fiat is more guilty of this than crypto.
They will continue to fight crypto because they fear it and can't control it but the wise ones will look for how to make crypto work for them, their citizens and their economies.
Banning and restrictions will only increase curiosity and popularity of crypto. We like it. They ban, we get a little dip, more people come in, candles become greener, we are happy. Until they wake up and join us!
Let them do what they want but don't lose your hope and try to continue your work
If 1 person is against you and 100 person are with you then it means that you are in a Right path
Let government ban coins and resist citizens from trading but they don't know that they can't stop us from that i know some of the countries where Cryptocurrencies are banned but the citizens continue their trading and all cause you can stop someone from being on Internet
This is very vast to understand in a day but if you really want to know about it try to search on YouTube and internet
Blockchain are on their way to becoming a major part of the technological system of the future. There is no obstacle that can stand in their way. This is an inevitable technological evolution.
In one of the previous articles I highlighted 'The Streisand Effect' even though I didn't know its name.
So, basicly if you try to put barriers on your people's mind and try to restrict something, it is most likely this restriction will encourage them. Therefore, they will always try to find a way to overcome it and they won't stop doing that eventually they exceed the barriers. Despite other benefits of the crypto, restrictions are the factors make people not giving up in the cause.
Thanks for the article, it is well explained and makes much sense.
Rules and bans are made to be broken! That's always the way. For example, if parents restrain their children and isolate them from the outside world, children are forced to lie. That would be flouting the ban. This issue is like that, even though governments ban it, the result is obvious.
People are looking for ways to make money, and crypto is the most important. Governments must be aware of this power. They should be supportive rather than a hindrance.
Many thanks for the article!
We talk about the same things every week and I don't understand how they can be so blind. It is ridiculous that governments are so conservative and against innovation. Of course, they oppose because they can't make a profit. No matter how much they ban it, people will find a way. They already find it.
Thank you for the article.
Crypto is actually a very useful thing. We've seen it so many times that it's irrepressible.
The states insist, though. In fact, on the contrary, they can also use it for their own benefit. Both sides will be pleased.
But things are not so easy. States want to be vague.
They want not to be followed.
They want to organize the records according to themselves.
Because of this, it will not be easy to accept. But he should be with them before it's too late.
Crypto is future. Even if it is tried to be blocked, it cannot be blocked.
Blockchain is much stronger than thought.
The states will understand that one day.
Thanks for the article.
Have a nice day.
Some states are against crypto. They have their reasons. But these reasons are often not really qualified reasons. Absurd reasons. Security, justice, what we've heard for years...
And does that exist now? I don't think. All they want is more taxes. Stealing more money. They're afraid of crypto. So, are opposed.
Actually, it shows me that we are on the right track. I'm looking at history. There have been people who have opposed every innovation that has been made or wanted to be made. I've never seen a revolution made with ease.
I've seen revolutions that fall and fall and pass many exams. We're falling, we're getting up, the states are banning us, we're continuing despite everything. So I say to myself, I'm on the right track.
Bitcoin is down more than 50%. They said crypto is running out. Mining is over. And then I said that we pass the exam, we fall today, we get up stronger tomorrow. We both got up too.
States that oppose it will apologise years later and see that they have done wrong.
Thanks for the nice post.
What I don't understand is that states think they can finish crypto. If they think so, someone should immediately tell them the truth. We are just at the beginning of the road, crypto is a technology and it is ready to evolve.
Despite the ban on crypto in countries like China and India, they are still at the top in terms of transaction volume.
I will explain this with a simple example, when weed was banned in the state of Texas in the USA, everyone smoked weed. The state made it legal after a while, and over the years the number of people who smoked weed has decreased. I mean, hard-to-reach things have always been pleasing to people.
China and India are similar countries. They both have different cultures and their population structures are similar. Social classes were formed among the people. Btc is very dangerous in these countries, and the reason is what we call a revolution, that is, the people win instead of money barons and bankers.
If Bitcoin is going to change some things, that is, it will bring a new order. Countries like China and India are very suitable for this.
Frankly, if I were a government administrator, I would support crypto. The reason is not to make money. to do good for humanity.
Remember, you cannot win the war against technology.
Some governments are biased because they've only just heard of Bitcoin.
But it is a fact that everything will receive more criticism at the beginning.
I think that in the future, they will embrace this inevitable opportunity and give more support for its development.
Prohibitions encourage people more, people now know that this business brings profit.
An unstoppable force.
Finally, I think FOMO will gradually decrease.
Thanks for the article.
With today's technology, rapid progress is being made in all areas, and the money market is also greatly affected by this situation. The virtual assets created by Blockchain technology are noted as an example of this. Cryptocurrencies, the most well-known virtual assets, are not subject to taxation. Owners of virtual wallets perform their transactions anonymously, and their credentials are not available, increasing investors ' interest in them. But states are distancing themselves from cryptocurrencies, fearing that these features of cryptocurrencies will undermine state authority. Legal regulations and restrictions on cryptocurrencies, which are spreading to a wider audience every day, greatly affect investors. Because although countries resort to such a way as to ban the use of cryptocurrencies, it can be said that their use will continue because there is no limiting Center. As a result of observing the high demand for cryptocurrencies, the need for countries to go to a certain arrangement and possible legal arrangements was emphasized. To facilitate and accelerate the integration process between states and cryptocurrencies, it is thought that it will be quite appropriate to register transactions in the cryptocurrency system by applying small decency taxes.
On the other hand, the fact that cryptocurrencies are anonymous and decentralized investment instruments without any authority poses important question marks about classical monetary systems and the sovereignty of the state. Thus, the cryptocurrency system although it is of interest to investors, States see cryptocurrencies as a major threat. Because in traditional monetary systems, the level of money in the economy is freely determined by state authorities, States also get the opportunity to apply important policies on the economy using money. But the supply of cryptocurrencies can only be determined by its creators or its audience of users. This causes government authorities to take a negative approach to cryptocurrencies and causes cryptocurrencies to be seen as a major threat that can harm the economy. Apart from the stated point, there are also serious discussions about the taxation of cryptocurrency transactions. Considered in a holistic framework, the increasing prevalence of the use of cryptocurrencies reveals the need to re-question the state authorities ' perspective on cryptocurrencies. In this context, the study aims to present a literature discussion on the point of view of government authorities on cryptocurrencies. Blockchain technology and crypto in this direction in the next section of the study will be presented basic information about the coins first, then the crypto coins by taking the relationship between the state authorities, legal regulations for the relationship in question will be evaluated.
Cryptocurrency and government authority with the spread of cryptocurrencies it's been debated from angles. Accordingly, cryptocurrencies are not subject to any authority because they are traded in a decentralized system. For this reason, there is a situation where investment holders cannot be taxed by governments. Second, in line with the features of Blockchain technology, the privacy feature of cryptocurrencies is revealed, so that there are no vulnerabilities related to the privacy of transactions. Because this privacy regarding cryptocurrency transactions is carried out in an environment where the control authorities are not involved, various disagreements arise regarding its reliability. Because even if the reliability of the system does not cause a problem, the state authority to the system's failure to intervene raises the possibility that illegal work may be caused. Third, the cryptocurrency system is incompatible with the functioning of today's central banks. Because in modern monetary systems, adjusting the amount of money in the market also serves as a means of state intervention in the economy. In more specific terms, States have obtained an important economic policy tool with monetary policy that they implement through central banks. Governments generate serious income through monetary policy, such as income in the economy, employment, prices, the balance of payments, and the ability to influence and direct financial markets, and in some cases through printing money. However, state control is not in question because user identities are kept secret in the cryptocurrency system and do not adhere to any authority.
Cryptocurrency-related business transactions or cryptocurrency creation taxation of transactions is a serious tax potential for states he will be able to create. However, it is legal for taxation to be carried out first, countries determine the legitimate position of cryptocurrencies in transactions is required. At this point, it is seen as a significant problem that it is almost impossible for transaction owners to access their credentials. Therefore, it is very important that countries should carry out this process in cooperation. Currently, cryptocurrencies have their own security measures, transactions occur anonymously, and the security chain in which they are located prevents the tracking of cryptocurrency transactions. This, in turn, makes recording transactions and taxation very difficult. In this direction, it is noted that many countries can only do taxation if transaction owners declare their income. At the point of taxation of crypto money assets, it is seen that countries put cryptocurrencies in various legal statuses. For example, while the US treats cryptocurrencies as real estate, France similarly places cryptocurrencies in securities status. On the other hand, in some countries such as Canada, cryptocurrencies accept it as a commodity. Countries outside the legal status It can be said that it approaches the taxation process from various perspectives.
Governments and big banks do not allow money that constantly appreciates in this way, except for their own paper money. So what can governments and banks do against Bitcoin and similar cryptocurrencies? The first thing they do is say 'Bitcoin fraud or bubble'...
Bitcoin is a program written with Blockchain technology. Just as the Windows program allows you to control the computer, the Bitcoin program works as money. In other words, Bitcoin is a computer program that functions and does it much better than its most serious competitor, the dollar. It is not fraud. Fraud can be done using Blockchain technology and Bitcoin, but this does not make Bitcoin a fraudulent.
The next step is banning. China was the most effective. It banned bitcoin exchanges and cryptocurrency public offerings (ICOs). This ban was the measure that hit the Bitcoin price the most. But immediately new technologies made the bans meaningless. Decentralized exchanges came first.
In addition, decentralized online shopping platforms that cannot be closed and work with cryptocurrencies have been developed. With the encrypted-secret, smart-programmable and decentralized-decentralized nature of Blockchain, it is very difficult for governments.
In other words, states should change their policies now. Otherwise, they may perish because they cannot keep up with the innovation.
Neither the strongest species survives, nor the smartest... the most adaptable to change survives.
Thank you for article Rony !!
It seems that these and similar bans will continue.
Everyone needs to understand that cryptocurrencies cannot be banned if we have internet access.
This is not a technology that can be resisted.
The governments' unawareness of this and their attempts to ban it are completely helpless.
Autocratic governments' attempt to restrict freedom is nothing new.
But cryptocurrencies cannot be blocked.
The freedom promised by bitcoin and other crypto assets will remain a threat to autocratic governments.
Cryptocurrency is freedom.
and we will protect it.
Money makes the world go round. It is at the center of almost everything we do and how we live. Governments want to control money, how it is earned and utilized, so that they can control people by taking away their freedom to decide how to live.
Autocratic states hate cryptocurrency because it gives back freedom to the people in many ways while the corruption-ridden states like Nigeria which is run by a despotic government pretending to be democratic only sees a rent-seeking opportunity in cryptocurrency where they can rip their citizens. They like the wealth-creation opportunities and only want to take from the people.
We have heard many excuses in the past and none is exclusive to any one currency. All currencies can be used for fraud, laundered and funding terrorists. Infact, fiat is more guilty of this than crypto.
They will continue to fight crypto because they fear it and can't control it but the wise ones will look for how to make crypto work for them, their citizens and their economies.
Banning and restrictions will only increase curiosity and popularity of crypto. We like it. They ban, we get a little dip, more people come in, candles become greener, we are happy. Until they wake up and join us!
Let them do what they want but don't lose your hope and try to continue your work
If 1 person is against you and 100 person are with you then it means that you are in a Right path
Let government ban coins and resist citizens from trading but they don't know that they can't stop us from that i know some of the countries where Cryptocurrencies are banned but the citizens continue their trading and all cause you can stop someone from being on Internet
This is very vast to understand in a day but if you really want to know about it try to search on YouTube and internet
Thanks for an awesome Article Rony :)
I guess this is a case of "there's no such thing as bad publicity"
Blockchain is going global.
We're beginning to see the effects of the Blockchain revolution. Governments must adapt or face an inevitable "loss of control"
Blockchain are on their way to becoming a major part of the technological system of the future. There is no obstacle that can stand in their way. This is an inevitable technological evolution.