Post
Topic
Board Economics
Re: What country do you think will recognize Bitcoin as an official currency?
by
n691309
on 16/10/2017, 06:35:37 UTC
I think for bitcoin to be a real currency, government have to accept it first.

So I ask what country do you think will recognize it as a currency?
I do not know yet the country that completely legalized bitcoin. There are countries that have adopted it and vice versa prohibit it. The closest thing to this I think is Japan, progress there is already very fast and in the next 5 years I think everything will happen.
What is the difference between legalizing something and adopting it? What makes the government of a country adopt the usage of something in the first place ?

Legalization is giving the permission for usage by law which gives every citizen the confidence to make use of it. Most countries do not have a specific decision yet on bitcoin but that does not make it illegal as people can still make use of it. However, once declared illegal, that makes it against the law and usage by anyone will be dealt with, but a country declaring their adoption apparently makes it legal.