Crypto markets can exist without government permission

[satpol_PP]

I also agree that we should get government support in investing in crypto, because we need comfort and security. If the government makes rules and takes taxes from its support, I think that's a reasonable thing. El Salvador has allowed bitcoin and crypto as a payment method, but I can't understand why there are still governments that prohibit crypto like the one you mentioned in Nigeria.

El Salvador can easily implement the BTC strategy for the country because it is a small country, they do not have their own fiat, and their president is progressive and understands BTC value for his country. Other countries do not have these conditions, they rely too much on fiat and are not willing to accept the threat from crypto.

People often tend to fear what they do not fully understand, which may be why many governments are cautious and take extreme measures to suppress crypto instead of accepting, managing, and taxing it to develop the country. After all, it is their choice, their actions will affect people choices for the government in the next term.

At the beginning of El Salvador legalizing bitcoin in their country, many people predicted that if El Salvador succeeded, it would affect the governments of other countries, but as we know, El Salvador is a small country. If bitcoin is implemented in a large country, will it not disrupt their FIAT and the country's economic conditions, because we know that the government will always guard their central bank to control inflation.

[MrSpasybo]

At the beginning of El Salvador legalizing bitcoin in their country, many people predicted that if El Salvador succeeded, it would affect the governments of other countries, but as we know, El Salvador is a small country. If bitcoin is implemented in a large country, will it not disrupt their FIAT and the country's economic conditions, because we know that the government will always guard their central bank to control inflation.

I think we can see the positive impacts of El Salvador BTC strategy: it has been successful and become a case study for many other governments to reference and have a more positive view of BTC and crypto. Some other South American countries could also learn from this strategy to deal with their out-of-control hyperinflation.

If we wait for BTC adoption in larger countries with larger economies, we could wait for Trump win and the implementation of his many plans to make the US a global crypto center. I believe that would be a big push to trigger a wave of BTC adoption worldwide as other governments would also experience FOMO and start accumulating BTC for their national budgets.

[kai]

....
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 cryptocurrency is allowed to be traded and our country also has a native market supported by the government. Before it was in great demand by everyone, the market was calm and relaxed because there were no regulations given by the government but now that cryptocurrency is in great demand by everyone, the government has immediately stepped in and there are many regulations present, including KYC with various levels etc.

[enoch_from_off]

....
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 cryptocurrency is allowed to be traded and our country also has a native market supported by the government. Before it was in great demand by everyone, the market was calm and relaxed because there were no regulations given by the government but now that cryptocurrency is in great demand by everyone, the government has immediately stepped in and there are many regulations present, including KYC with various levels etc.

Interesting. Do you think the regulations will become more strict in your country or no?

[MrSpasybo]

in my country cryptocurrency is allowed to be traded and our country also has a native market supported by the government. Before it was in great demand by everyone, the market was calm and relaxed because there were no regulations given by the government but now that cryptocurrency is in great demand by everyone, the government has immediately stepped in and there are many regulations present, including KYC with various levels etc.

This is clearly a good sign when everyone can participate in crypto investing without facing the risk of being accused or prosecuted. I'm quite curious about the tax rate you have to pay when trading and profiting from crypto, hoping your government isn't too greedy ^^

Many investors like crypto to be in a gray area to avoid paying taxes on crypto income but regulation is necessary to legalize investing and more easily attract capital from the economy. This is a necessary condition for us to have crypto growth in each cycle, so that investors will have the opportunity to make profits in the bullrun instead of having to seek profits from shorting in the bearsleep!

[gunhell16]

Here in our country, we can trade freely on other exchanges, even though it is not yet regulated by our government. Except for binance, which has been given a restriction. Although many of us crypto believers have regretted the step taken by our government here.

But in other top exchanges like Kucoin, Bybit, bitget, x.com, gate.io, and others, we can use it at the moment. Maybe this is also one of the reasons why our government is still grateful because they don't pay much attention to the aforementioned exchanges.

[bayu7adi]

But in other top exchanges like Kucoin, Bybit, bitget, x.com, gate.io, and others, we can use it at the moment. Maybe this is also one of the reasons why our government is still grateful because they don't pay much attention to the aforementioned exchanges.

Sorry, X.com is not an exchange... it's a twitter that has been rebranded by Elon Musk...

For bybit and binance, as of today I found that both of these websites are not blocked from my country.. so I can create an account there through the mobile application directly. However, for the website version, both of these top exchanges are blocked from my country, so to access them we have to use a VPN to get around government restrictions.

[doc]

in my country cryptocurrency is allowed to be traded and our country also has a native market supported by the government. Before it was in great demand by everyone, the market was calm and relaxed because there were no regulations given by the government but now that cryptocurrency is in great demand by everyone, the government has immediately stepped in and there are many regulations present, including KYC with various levels etc.

This is clearly a good sign when everyone can participate in crypto investing without facing the risk of being accused or prosecuted. I'm quite curious about the tax rate you have to pay when trading and profiting from crypto, hoping your government isn't too greedy ^^

Many investors like crypto to be in a gray area to avoid paying taxes on crypto income but regulation is necessary to legalize investing and more easily attract capital from the economy. This is a necessary condition for us to have crypto growth in each cycle, so that investors will have the opportunity to make profits in the bullrun instead of having to seek profits from shorting in the bearsleep!

It seems like the government takes tax from our crypto transactions when we convert our crypto assets to FIAT, this will be state revenue. and hopefully not greedy, but so far I see in my country only taking a small amount of crypto transaction tax, and this is something that makes us feel safe because the government can already accept crypto, because in some other countries it may still be prohibited.

[alltalk]

It seems like the government takes tax from our crypto transactions when we convert our crypto assets to FIAT, this will be state revenue. and hopefully not greedy, but so far I see in my country only taking a small amount of crypto transaction tax, and this is something that makes us feel safe because the government can already accept crypto, because in some other countries it may still be prohibited.

Government doesn't only take the taxes when we convert our coins to fiats. But government can take the taxes in each transaction in our local exchanges. I think the local exchanges cooperate together with government. It seems the government a bit greedy because they take too much taxes, it is not good for traders because spending too much fees in trading. That's why I prefer to trade in global exchanges where it is not regulated by any government. Once the government regulates the system, they begin too greedy in taking the taxes.

[libert19]

It seems like the government takes tax from our crypto transactions when we convert our crypto assets to FIAT, this will be state revenue. and hopefully not greedy, but so far I see in my country only taking a small amount of crypto transaction tax, and this is something that makes us feel safe because the government can already accept crypto, because in some other countries it may still be prohibited.

Government doesn't only take the taxes when we convert our coins to fiats. But government can take the taxes in each transaction in our local exchanges. I think the local exchanges cooperate together with government. It seems the government a bit greedy because they take too much taxes, it is not good for traders because spending too much fees in trading. That's why I prefer to trade in global exchanges where it is not regulated by any government. Once the government regulates the system, they begin too greedy in taking the taxes.

That's true. In India, government takes 1% TDS (Tax Deducted at Source) on trades. Here is helpful article, if you want to learn more about it: https://coindcx.com/blog/cryptocurrency/one-percent-tds-on-crypto/

And this is also reason, why majority of Indian crypto traders prefer to trade on overseas exchanges such as Binance, Gate, KuCoin, etc — at least for crypto-crypto trades, sometimes they use local exchanges for fiat trades because of scamsters in P2P systems available on global exchanges.

[UNIVERSE]

It seems like the government takes tax from our crypto transactions when we convert our crypto assets to FIAT, this will be state revenue. and hopefully not greedy, but so far I see in my country only taking a small amount of crypto transaction tax, and this is something that makes us feel safe because the government can already accept crypto, because in some other countries it may still be prohibited.

Yes, government takes the tax whenever we convert our assets into fiats. We know the tax probably increases because the government will be always greedy. In my country, the government is trying to take the tax optimally in crypto transaction. I think it won't be good if the tax looks quite big. But it is much better than the government prohibits any crypto transaction. I know there are some countries that the government never allow people to have crypto. 

[doc]

It seems like the government takes tax from our crypto transactions when we convert our crypto assets to FIAT, this will be state revenue. and hopefully not greedy, but so far I see in my country only taking a small amount of crypto transaction tax, and this is something that makes us feel safe because the government can already accept crypto, because in some other countries it may still be prohibited.

Government doesn't only take the taxes when we convert our coins to fiats. But government can take the taxes in each transaction in our local exchanges. I think the local exchanges cooperate together with government. It seems the government a bit greedy because they take too much taxes, it is not good for traders because spending too much fees in trading. That's why I prefer to trade in global exchanges where it is not regulated by any government. Once the government regulates the system, they begin too greedy in taking the taxes.

I also prefer to transact on global exchanges, because as you said the government is too greedy in taking taxes from our transactions. Of course the local exchange will work with the government for that and we also have to take the positive side in countries that have received permission from the government we can transact with crypto, this is something positive and must be grateful for because there are still countries that prohibit their citizens from investing in crypto.

[pieppiep]

It seems like the government takes tax from our crypto transactions when we convert our crypto assets to FIAT, this will be state revenue. and hopefully not greedy, but so far I see in my country only taking a small amount of crypto transaction tax, and this is something that makes us feel safe because the government can already accept crypto, because in some other countries it may still be prohibited.

Government doesn't only take the taxes when we convert our coins to fiats. But government can take the taxes in each transaction in our local exchanges. I think the local exchanges cooperate together with government. It seems the government a bit greedy because they take too much taxes, it is not good for traders because spending too much fees in trading. That's why I prefer to trade in global exchanges where it is not regulated by any government. Once the government regulates the system, they begin too greedy in taking the taxes.

I also prefer to transact on global exchanges, because as you said the government is too greedy in taking taxes from our transactions. Of course the local exchange will work with the government for that and we also have to take the positive side in countries that have received permission from the government we can transact with crypto, this is something positive and must be grateful for because there are still countries that prohibit their citizens from investing in crypto.

Although local exchange taxes are heavy, we must accept that cryptocurrency has the benefit of being legally recognised within this country. What we invest and transact will be safer and free from legal issues with clear regulations. Local exchanges, in addition to global exchanges, provide an important consideration regarding transaction security and clarity. In addition, in a number of countries, crypto remains illegal, so we are fortunate to have more open access to investing in or transacting Cryptocurrency assets in several markets.

[MrSpasybo]

I also prefer to transact on global exchanges, because as you said the government is too greedy in taking taxes from our transactions. Of course the local exchange will work with the government for that and we also have to take the positive side in countries that have received permission from the government we can transact with crypto, this is something positive and must be grateful for because there are still countries that prohibit their citizens from investing in crypto.

I think in the future, international CEXs will also have to pay taxes to governments in order to operate, and investors may have to pay higher transaction fees. This is completely normal because Google and Facebook are also paying taxes to the countries they reach. We have to accept this as crypto becomes more popular and legal globally.

CEXs under government regulation is also a solution to collect taxes and transaction fees for the budget, but it often has liquidity issues because it's difficult to reach users from other countries. I'm willing to use Binance Global rather than a CEX from China or North Korea ^^

[Gurujebs]

Although local exchange taxes are heavy, we must accept that cryptocurrency has the benefit of being legally recognised within this country. What we invest and transact will be safer and free from legal issues with clear regulations. Local exchanges, in addition to global exchanges, provide an important consideration regarding transaction security and clarity. In addition, in a number of countries, crypto remains illegal, so we are fortunate to have more open access to investing in or transacting Cryptocurrency assets in several markets.

Most often when crypto is regulated, the government do it to favour their own side and they don't give priority to the other side of crypto which is why many people are against it any time they try to regulate it. If crypto is regulated, scammers that use centralized exchanges to scam people can be easily track but the disadvantage of this is that government are very manipulative, they will use it to their own advantage to censor people.

If you look at some of the countries that have been trying to regulate cryptocurrency, they are been careful about the whole thing because they are generating revenue from it and they know quite well that if they regulate any how, they will lose the revenue they are generating, if not for the tax they make from crypto, I'm sure they wouldn't be talking about regulations but ban of cryptocurrency.