Crypto markets can exist without government permission

[dekafee79]

Since cryptocurrency integrated the P2P trading opinions, I new that any government of the world will find it very difficult to stop crypto business. I think the options left with the various governments is to try to regulate the sector. obviously crypto has come stay and there no stoping it because it has gone main stream adoptions. I think nations will be coming board in few years to come

As crypto lovers, that invest in crypto we also need the feel of safe and comfort. So I want the government have regulations for crypto currency.  Any government can stop crypto, it's true .But as citizen we should comply with government regulations, if the government don't permit the crypto.

[DAMKAR]

If we talk crypto market can exist without government permission, I think It will be exist. At several countries the government has banned bitcoin at the past, their citizens still invest and trade in bitcoin.
 So, I think It's not big matter.
But BTW, we will more comfort if the government have regulation and allow crypto.

[DrBeer]

Recently, Nigerian government lifted the ban on banks involved in crypto-enabled services. Of course, this is beneficial for the crypto market in this country, but even before this authorization, the crypto market in Nigeria was already very developed through P2P.

“The ban by CBN on Nigerian banks from aiding crypto transactions made P2P merchants dominant in the first place. The ban was supposed to stamp out Bitcoin and crypto use in Nigeria. Instead, the crypto community turned to peer-to-peer trades or sending payments directly to each other.”
Source: Nigerian crypto exchanges and P2P merchants brace for battle post ban lift.

This once again shows the independence of transactions on blockchain from the management or permission of countries. China has banned crypto, but people can still buy, sell and store crypto assets without too much difficulty. It is this intense existence that has forced governments to be more serious when considering and accepting the existence and operation of crypto. Taxes, job opportunities, foreign investment are the things that every government wants to develop the country.

I believe that the wave of crypto adoption will soon spread globally, not only in El Salvador or Argentina, many other countries will soon have a clear legal framework to manage and collect taxes from this market. Large institutions have participated such as BlackRock, Vanguard, Fidelity, now it is the turn of governments.

Does your country have a plan to accept crypto? Are you willing to use crypto as a legal payment method alongside fiat currency?

There has always been a mechanism working in the human world - if it is forbidden but you really want it, there will be "alternative" solutions
This is about the realization of P2P exchanges and "underground" crypto exchanges. The state and man are so organized that one will write laws and create restrictions (by the way - often logical), and man will look for ways to bypass these restrictions. This is an eternal process...

Regarding the full-fledged and official use of cryptocurrency with fiat - I understand the issue is to accept it as an asset to pay for goods and services ?
Personally, in my country, Ukraine, all sorts of experiments have been going on for a long time - from accepting payments in large networks, to exchanges and crypto ATMs. However, until today, there is no unified and comprehensive legal framework that gives clear concepts of what cryptocurrency is and how it can be used, what are the limitations, etc. At the end of last year, the situation began to change and several versions of laws were proposed, which are now under consideration and forming the final version.

Preliminarily, I can say that cryptocurrency will not be accepted as an official means of payment, but will be a digital asset with all the properties - from exchange for fiat/value offset to taxation.

[taufik123]

-snip-
Preliminarily, I can say that cryptocurrency will not be accepted as an official means of payment, but will be a digital asset with all the properties - from exchange for fiat/value offset to taxation.

This is what happened in my country Indonesia, There is no approval of crypto being used as legal tender, it is strictly prohibited and will get penalties if done intentionally.

My country only provides regulation as a commodity asset, trading and investment instrument as well as some other crypto project developments.
This is growing, and the government is consciously supporting it as well.
But in essence, do not exceed the limits that have been made by the government.

Everything is regulated by the government and local exchanges are also under government rules, so they have to follow them.
Taxation also makes local exchanges have to increase taxes for their users as well.

[Mr. Magkaisa]

        -   Here in our country when crypto started, our government was not that strict with digital or blockchain technology, so it seems like our country is only asking for regulation. Until now, that's all that's needed here.

Also, how many times has Nigeria lifted the crypto ban, I know that many countries have done this and changed the crypto to something else and then finally lifted the ban on it.

[famososMuertos]

Well, bitcoin is a revolution, welcome to those who are finding out now.

So, since it is something that allows financial freedom, it is the individuals who must "fight" for it, how?, Well, Mr.OPs  You've named a few things

 So, the question is not what your government is doing, what you are doing, you exchange bitcoin, you sell, you buy, you try to find your financial freedom.

 In my country the use of bitcoin is allowed, but there are conditions that are managed in a gray legal point.

[Carbitcoin]

Well, bitcoin is a revolution, welcome to those who are finding out now.

So, since it is something that allows financial freedom, it is the individuals who must "fight" for it, how?, Well, Mr.OPs  You've named a few things

 So, the question is not what your government is doing, what you are doing, you exchange bitcoin, you sell, you buy, you try to find your financial freedom.

 In my country the use of bitcoin is allowed, but there are conditions that are managed in a gray legal point.

At the moment, it is impossible to talk with confidence about the future of cryptocurrency: in various countries, both strict regulation and complete legalization of this market are possible. Most countries are gradually moving towards introducing laws that will regulate the cryptocurrency market.

[DrBeer]

-snip-
Preliminarily, I can say that cryptocurrency will not be accepted as an official means of payment, but will be a digital asset with all the properties - from exchange for fiat/value offset to taxation.

This is what happened in my country Indonesia, There is no approval of crypto being used as legal tender, it is strictly prohibited and will get penalties if done intentionally.

My country only provides regulation as a commodity asset, trading and investment instrument as well as some other crypto project developments.
This is growing, and the government is consciously supporting it as well.
But in essence, do not exceed the limits that have been made by the government.

Everything is regulated by the government and local exchanges are also under government rules, so they have to follow them.
Taxation also makes local exchanges have to increase taxes for their users as well.

And in my opinion this approach is balanced and realizes the interests of all parties ! The state financial system is not exposed to risks (uncontrolled currency flows are risks for the financial system, and this is a matter of state security, no less than the inviolability of borders), the population that wants to develop crypto-industry as a parallel product - receives loyal legislation. As a result - everyone is happy, the state is calm, the population creates a business that brings both income and taxes !

[debra]

It is true that crypto market can exist although the government never gave the permission. It is because there are decentralized crypto markets. When it is decentralized, the government can't stop it to exist. Decentralized exchanges in crypto will always grow if there are many people using it. However, some people prefer to choose centralized exchanges because they are easy to convert the coins to fiats on the centralized exchanges.

[0t3p0t]

Does your country have a plan to accept crypto? Are you willing to use crypto as a legal payment method alongside fiat currency?

Yes here in my country crypto is having a fair regulation. Well, yeah crypto is the best way for me to pay for something that does not compromise my privacy. The only downaside paying with crypto is the high transaction fees though we can choose whatever crypto we wanted that has lower fees but as long as it is supported by our local e-wallets or exchanges that commonly offers services it's all good. For online transactions decentralized crypto is the best for payment and I am happy to use it alongside fiat for day to day basis in the previous years but for now I see crypto more of an investment rather than a payment option. 😅

[Sim_card]

I am from Nigeria and your topic was used to site an example of what happened in my country, so I don't have much to say. Since cryptocurrency is now legalized in Nigeria, it has been my joy ever since then, because citizens will no longer be scared of accepting crypto as an alternative means of payment in Nigeria, and customers too will be free to use crypto for payment of goods and services. I will use crypto fo payment when the need comes but if it does not nedd me using crypto, I will use the normal fiat payment method, due to the transaction fee rate currently, it might be an obstacle for businesses to enjoy crypto. I am saying this because I only invest in bitcoin, and I don't have any altcoins. Perhaps does that have litecoin, USDT and dogecoin e.t.c can use them freely.

[kulkhan]

Cryptocurrency is illegal in our country. Bangladesh bank which our central bank a circular issued about it.Our central Bank issued a warning about cryptocurrency transection. Even many people has been arrested several times for hold or transection cryptocurrency.

But i think in future our government understand about it’s importance and will legalized it. Because day by day many country declared bitcoin and cryptocurrency as legal currency.

Although our government understand importance About blockchain. And huge people learn Blockchain technology. And our government promoting it. So i think today or tomorrow our government understand importance of cryptocurrency and do legalized it.

[DrBeer]

Cryptocurrency is illegal in our country. Bangladesh bank which our central bank a circular issued about it.Our central Bank issued a warning about cryptocurrency transection. Even many people has been arrested several times for hold or transection cryptocurrency.

But i think in future our government understand about it’s importance and will legalized it. Because day by day many country declared bitcoin and cryptocurrency as legal currency.

Although our government understand importance About blockchain. And huge people learn Blockchain technology. And our government promoting it. So i think today or tomorrow our government understand importance of cryptocurrency and do legalized it.

My opinion - the state, as a system with centralized power and financial system, will never give cryptocurrency the same rights as fiat currencies, for one simple reason - the state (power) will not be able to control and ensure the operation of the financial system of the state. If you read, many countries are already implementing CBDC projects . It's a kind of cryptocurrency, but... completely centralized. So most likely we should prepare for the age of CBDC, and hope that cryptocurrency will not be outlawed and given the status of an asset that can be traded/stored.

[debra]

Cryptocurrency is illegal in our country. Bangladesh bank which our central bank a circular issued about it.Our central Bank issued a warning about cryptocurrency transection. Even many people has been arrested several times for hold or transection cryptocurrency.

But i think in future our government understand about it’s importance and will legalized it. Because day by day many country declared bitcoin and cryptocurrency as legal currency.

It is sad to hear this, people mustn't be arrested because they have crypto.
People must be afraid to have crypto if they will be arrested, no one wants to be jailed.
In this situation, I'm sure there is a big decrease of the interest of having crypto in your country.

Sure, there should be a chance to have a legal status in the future. When more countries to declare about legal tender on Bitcoin, your government will consider to legalize crypto.

[UNIVERSE]

Crypto markets can exist without government permission

Should be. Because after all, most cryptocurrencies are decentralized, so basically you can. Like Bitcoin, Bitcoin is decentralized, so of course it can continue to exist without government interference. We have a DEX that doesn't need to be related to the government. We can also do it with various P2P methods. So this should not be controlled by the government.

But the problem is that this will be difficult to do because of how the government now regulates everything in the world. And it will make things difficult that don't support them. Including crypto. So, just follow what the government wants.

Does your country have a plan to accept crypto? Are you willing to use crypto as a legal payment method alongside fiat currency?

In my country? Yaaa, crypto  is legal, but as commodity asset for trading and investment.
But it is illegal if used for payment method.