Will you trade on a Government owned Centralized Exchange?

[Fivestar4everMVP]

Hi everyone

I am asking this question out of curiosity and to also know what you guys think...

if the government of your country decides to launch a centralized cryptocurrency exchange specifically for her citizens which you are part of, will you shift your usage of other exchanges to this exchange without being forced?

1. That is, if the government did not ban the citizens from using other global exchanges, will you willingly switch to using the exchange from the government of your country?

2. If the government bans, and blocks citizens access to other exchanges except the country's own exchange, will you forcefully use the exchange or will you find alternative means of accessing other global exchanges?

Let's read your take on this and do forget to give clear reasons why you did choose whatever you choosed..

[SmartGold01]

To me if my country government launches their exchange and do not forcefully let us use it then I don't see any reason of switching to go used them to trade or sell whatever assets or cryptocurrency out there. The reason is because, they would want to have control of my assets and possibly keep monitoring it, and also will want me to be paying tax monthly or weekly for using them all these things would make me not to use them.

Again, of they forcefully let their people to use it then I am sensing something very dangerous which is already a red flag to me and I wouldn't mind totally avoid using them because, at first its a compulsion, 2ndly as something mandatory we should used. Anything like this doesn't usually ends in a bad way especially our country that is filled with corruption they wouldn't mind shorten down exchange and let our assets go without any remedy to replace it or restore it back. I could sight an example of E-Naira I don't think that platform is still existing till date due to lack of management and maintenance.

+1 karma for you

[TomPluz]

First on the table, I don't see this possibility coming into reality in my lifetime as it is normal for any government not to have anything to do with cryptocurrency as a participant in doing business and I know that if the government is going to be involved it would just be a big mess. Now, in a scenario where there is ONLY ONE exchange operating and allowed to do business with cryptocurrency in my country and the government is giving all people the guarantee of safety and a refund in case of a hack then maybe I would reconsider my stand from NO to YES. The thing is there is more of a probability of that scenario happening in Mars than on Earth so maybe we should pressure Elon Musk to focus more on terraforming the red planet so we can be the first inhabitants to populate that planet. 

[Charles-Tim]

First on the table, I don't see this possibility coming into reality in my lifetime as it is normal for any government not to have anything to do with cryptocurrency as a participant in doing business and I know that if the government is going to be involved it would just be a big mess.

Russian central bank is planning to do something like that with the finance ministry but not to all investors but to some investors that has huge amount of money and that meet the criteria needed. I think OP asked the question because he has heard about the Russian government making such move.

[albon]

If my country government launches a crypto exchange and it's free for everyone to use then I'll use it at some point. I'll also use small funds there so they don't have control over my large funds. If they become the controller or manager of my assets, they will impose taxes on me and I will be forced to pay them. And if the government forces its use then it must be understood that there must be some fraud. However, if the government of my country makes the use of crypto completely free for individuals then we can create an account on the government exchange site because there will be no bad laws by the government.

[Azharul]

Actually, if any government include in any crypto exchange and if it will be profitable for all crypto currency users i think that i think that every person want to include this exchange. But i believe that any government can not do it easily. But if government can bear this risk, i think that it must be very helpful source for all crypto currency users. Because if we fall big losses from here and government want to help for this reason, i believe that it must be helpful for us.

[Vx1]

Our goal in trading crypto is to make a profit, whatever the name of the exchange. Whether it is a public exchange or a government-owned one, if the potential is high we will definitely make a profit I will trade there. There is no reason for us not to do it, unless the government-owned exchange has many rules such as large tax deductions then that will be another consideration later.

[milewilda]

Actually, if any government include in any crypto exchange and if it will be profitable for all crypto currency users i think that i think that every person want to include this exchange. But i believe that any government can not do it easily. But if government can bear this risk, i think that it must be very helpful source for all crypto currency users. Because if we fall big losses from here and government want to help for this reason, i believe that it must be helpful for us.

Doesnt matter whether a crypto exchange is owned by government or not, in speaking about profitability then it all matters still depending into someone because the only bad thing when you do deal up with government based kind of exchangers is that they do monitor out everything specially if its a local on on which at the time that you've been racking up profits and sees out your portfolio goes into those levels on which that needs up to be taxed then they could easily imposed it out since they can see everything and thats the bad thing about it if its that government owned. So the question for this one is i would be making use of this one then i would be avoiding it as much as possible, there's still tons of options that we do have in the market.

[0t3p0t]

I don't personally trust my government so it's a no for me goods thing may always be just a front since they are not familiar with crypto and the system has history of corruption and other anomaly I don't put my trust on them I will find an alternative whatever it takes for me to use crypto if they are banning other options.

[Rruchi man]

1. That is, if the government did not ban the citizens from using other global exchanges, will you willingly switch to using the exchange from the government of your country?

I will never consider that because I do not trust the government of my country; their motives are not always clearly defined. A new government can come up and use the submitted details for something else.

2. If the government bans, and blocks citizens access to other exchanges except the country's own exchange, will you forcefully use the exchange or will you find alternative means of accessing other global exchanges?

I will not be forced into using an only government exchange.

[bitterguy28]

1. That is, if the government did not ban the citizens from using other global exchanges, will you willingly switch to using the exchange from the government of your country?

no not really government owned platforms or institutions are usually non profitable so the quality is not the best besides i do not know how or why a government would want to set up a non profitable exchange

2. If the government bans, and blocks citizens access to other exchanges except the country's own exchange, will you forcefully use the exchange or will you find alternative means of accessing other global exchanges?

doing this defeats the purpose of what exchanges are they are supposed to allow for international transactions especially we are using cryptocurrencies that are supposed to beat the fees needed for international trades in other platforms

[s0nujamil]

Hi everyone

I am asking this question out of curiosity and to also know what you guys think...

if the government of your country decides to launch a centralized cryptocurrency exchange specifically for her citizens which you are part of, will you shift your usage of other exchanges to this exchange without being forced?

1. That is, if the government did not ban the citizens from using other global exchanges, will you willingly switch to using the exchange from the government of your country?

2. If the government bans, and blocks citizens access to other exchanges except the country's own exchange, will you forcefully use the exchange or will you find alternative means of accessing other global exchanges?

Let's read your take on this and do forget to give clear reasons why you did choose whatever you choosed..

actually I don't even trust my own government, let alone using their own exchange lol... My funds will be huge in risk. My opinion only..

[rby]

Before the current government administration of my country emerged, crypto activities were totally banned in my country but early this year, the ban was lifted as crypto is now legally approved. Considering the widespread acceptance of cryptocurrency by different governmental bodies around the globe, it's very possible that governments might want to have their own centralized exchanges in the future but should the government of my country do same, will I trade with them? Absolutely no.

I'm from a country where government established institutions are mostly porous and susceptible to external attacks because of poor regulations from government officials who in most times compromise in their duties so I'll not risk my hard-earned coins in such exchange when I know that security isn't fully assured. Again, another reason is that I'll not trust my personal data with a government's owned establishments

[snowpega]

I think some countries have their own exchanges, but I don't think they will have large capital flow in them. Well, to answer your question, mate, I am not willing to switch my funds to that exchange if this happens in my country, and in case I have to switch my funds on that exchange, then I hope things should be fine and relaxing there, like no useless regulation and extra taxes. because I think we may have to pay taxes on our holdings if that happens, because obviously when the government knows the holdings of its native people, they will start to impose taxes of different terms on our net holdings. What do you say?

On the other hand, we don't have to pay any extra amount to these exchanges. I know we have to pay a transaction fee, but these fees are too minor that anyone can pay without having any problem.

[Faisal2202]

1. That is, if the government did not ban the citizens from using other global exchanges, will you willingly switch to using the exchange from the government of your country?

2. If the government bans, and blocks citizens access to other exchanges except the country's own exchange, will you forcefully use the exchange or will you find alternative means of accessing other global exchanges?

Let's read your take on this and do forget to give clear reasons why you did choose whatever you choosed..

You asked really good questions, and I really liked this because I never thought of this, as recently my country has accepted crypto, they even made the Pakistan Crypto Council PCC and made CZ an advisor, which can be a big thing. We are doing wonders that, as crypto enthusiasts, we never expected, haha.

But if our government bring any exchnage I will definitely prefer it but only for trading, because either we trade in other exchanges or in this we still have to pay taxes, so why not using our own exchange, if anything happens like happened to Wazirx, which was a local exchange for Indians (AFAIK), if the reputation of local exchange becomes bad like wazirx then definitely leaving is the only option. A second country can't force us, but if they do, then we also don't have with any other option but to use the exchange.