Post
Topic
Board Bitcoin Discussion
Re: Why are some government scared of Bitcoin?
by
Renampun
on 03/12/2022, 17:49:53 UTC
Making Bitcoin a legal tender means when a person goes to purchase a commodity, instead of paying with dollar or whatever currency is being used, they pay with BTC.

Given the unstable nature of cryptocurrencies, and the untraceable nature, would you suggest it wise for countries to adopt Bitcoin as a legal tender?

Recently, El Salvador and Central African Republic announced that they have adopted Bitcoin as a legal tender.

I live in a country that considers bitcoins to be part of an investment commodity and cannot be used as a means of payment, for me bitcoin is used as a legal payment or made into an investment commodity it's a good move, as long as the government doesn't impose high tax rates and tracks all transactions its citizens who use bitcoin and crypto through exchanges.

countries that are afraid to recognize bitcoin in their countries are countries that still have high levels of corruption or they don't want their citizens to use currencies or investments that they have no control over (like china).