Post
Topic
Board Bitcoin Discussion
Re: Will the government accept it?
by
mrob82
on 04/12/2020, 01:33:13 UTC
1. Will the government of a country ever want their banking sector to be abolished?
 2.  How will the government collect taxes from the people?
 3.  If the government can't keep track of people's legitimate money, won't corruption increase?

1.  I like the question, but I would reword the question.  I think the real question is will the government transition cryptocurrency into their current banking system or will the government seize complete control of cryptocurrency?  The answer is either one or the other will happen.  Government will likely not want to anger the entire population, so they will adopt certain software and policy to control cryptocurrency.  Which leads directly to your second question.

2.  They already are collecting taxes and phasing certain points in, as far as the US government.  Look at the newest Paypal phenomena.  Now you can buy and sell (sorta, not our idea of selling) some cryptocurrency on Paypal.  Why would the government be so keen for Paypal to take this angle.  Biggest reason, Paypal already has taxes embedded into their system.  The current structure of Paypal forces KYC so now they have all of your information.  They can force taxes, seize assets, and do all of the fun stuff they like to do.  Paypal is massive in US, it provides the government the easiest way to track BTC purchases and sells. 

3.  See answer to question 2, lol.  They can track you no matter what.  Corruption will come and go just like anything else, there will be increases and decreases.  The real concern is what "corruption," or whatever you want to call it, will the government employ to tax, track, and seize.  My guess is it will be more of a collusion.