Will you trade on a Government owned Centralized Exchange?

[Stuart]

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..

If the government of my country accepts the use and foreign exchanges as a means of trading, and they also create theirs, I will use theirs, but majorly use the foreign exchanges, because the foreign exchange doesn't have any regulations that will be demanded or needed by my government, as anonymity is their majors, while for the country's exchange, I will take full control of my funds input, and anything that is happening within that account will be watched and have to go with rules/regulations.

For the second, if the country's government blocks all other exchanges, making a strict rule of only using the country's exchange, I will use it, but will find an alternative to make use of a foreign exchange. The rule of not using foreign exchange will be for some self-motives, therefore, I won't want to be under such motives, as the government has not fully shown to be a good body of reliance over the years of financial struggle.

Big enough is the internet for the government to be able to block all means of using foreign exchanges, as there will always be away to bye pass their restrictions and still use the foreign exchanges.

[CPalmer]

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..

I wouldn’t trust the government of my country enough to transfer all my funds to their exchange. Because what if it’s their way of tracking each individual worth. Then they would now impose tax payments suddenly. Even if they move ahead to make it compulsory, I would definitely find a way to limit the usage.

[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.

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.

Yeah, seems strange that hours after posting my reply above, I was even the one who broke the news in the News related to Crypto section: Unusual move: Russia’s central bank, finance ministry to launch crypto exchange. We are indeed in the time when many unusual things can happen. When I said that possibility is almost nil, I am talking from the perspective of someone based in my country where the government is giving more weight on private initiatives and is lessening its involvement with the business industries to avoid conflict of interest. But since it is Russia, we should expect the unexpected. The orientation on business of the Russian government can be so different with other countries especially mine and even compared to USA. Now, there is even a possibility that if Russia will be successful in this enterprise, China may even join the bandwagon which can be another big good news...hope that will also come soon.

[Findingnemo]

Why not, if the tax rates are fair and you don't want to evade any taxes then nothing wrong with using it. The positive thing is we don't share KYC details with third-party, we can trust the documents submitted with no second thoughts. But what are the possibilities of happening? El Salvador the only country accepted Bitcoin as legal tender isn't even thinking about that.

[Asiska02]

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 not do that because the government already showed me that they don’t like cryptocurrency and bringing up a government owned centralized exchange is for the purpose of tracking my earnings and not to help with anything positive in my own opinion. I will just see this as another bank, because even the centralized exchanges now, they’re always forcing to get informations of user data’s from them which is not suppose to be so.

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 really look for another alternative to the best that I can, I will only settle for theirs if I don’t get any good one to settle for as alternatives. I just see all this as click bait and one should be very careful with the government when it comes to finances.

[MUGNIA]

I will trade on government exchanges if the requirements are not difficult, taxes are the same as other exchanges, it is not complicated in all matters when making withdrawals, and it can definitely provide profits, when the market is rising there is no drama of repairs or system maintenance that takes a long time, because the initial goal in crypto for me personally is to buy and seek profit, not socially for the country through taxes

[gunhell16]

Here in our country we have a local crypto exchange which is coinsph, I used to be a user of it and later there was a p2p transaction that can go through e-commerce wallet apps, so now I am transferring my profits to crypto through e-wallet apps. Because there is no hassle, unlike coinsph its spread average is high.

But if there is no other choice, maybe I will use coinsph again, even if I don't want to or it is against my will. Because I have no choice
but to not get the profit I get from cryptocurrency.

[Flydove]

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?





A situation where the government of my country decides to launch a centralized cryptocurrency, I wouldn't immediately jump into it just because it's my government but would rather seek clarification on very critical questions such as, how protected and fortified is this centralized crypto, the information they would require to be captured into it will also be checked, how competitive is the coin in terms of pricing and trade transaction. wont this government wake up one day and just decide to freeze stiff peoples account as a means of fighting political enemies or something.
  If all the questions are answered in all honesty and am convinced, then its fine, but I will still not go in full swing, but will keep engaging other crypto platforms as the saying goes "don't put all your eggs in one basket".

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..

[KryptoBull]

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..

I have a very short answer: No. I don't want to use CEXs backed by my government.

We are still living in a one-party political system, and a free market doesn't exist in my country. There are many corruption cases happening within the stock market, causing investors to lose a lot due to the lack of integrity and transparency. I don't yet believe they can do better with crypto.

The issue of liquidity will also affect the use of these CEXs. A large exchange with a global scale usually has better liquidity than a local one; for example, Binance may always have better liquidity.

[yhiaali3]

If trading on a government platform were optional, I wouldn't prefer to trade on it because I want to maintain my privacy. However, if trading were mandatory, I would definitely use it because I need my nails!

I mean, if the country is democratic, they certainly wouldn't force their citizens to use a government exchange. But if the country is dictatorial (like mine), I certainly wouldn't dare to maintain my privacy. I would prefer the violation of my privacy to going to prison, having my nails pulled out, or being tortured with whips, electrocution, and the like. I am a good citizen. 

[gunhell16]

If trading on a government platform were optional, I wouldn't prefer to trade on it because I want to maintain my privacy. However, if trading were mandatory, I would definitely use it because I need my nails!

I mean, if the country is democratic, they certainly wouldn't force their citizens to use a government exchange. But if the country is dictatorial (like mine), I certainly wouldn't dare to maintain my privacy. I would prefer the violation of my privacy to going to prison, having my nails pulled out, or being tortured with whips, electrocution, and the like. I am a good citizen. 

If there is really no other choice, that is really the only thing we can do, especially if the goal we value is our privacy, there will be no problem. Because the government of a democratic country also works for their citizens.

As long as they don't make us crypto enthusiasts suffer in this way, we know that when it comes to regulation, sometimes it seems like they also make their local exchange users suffer.

[robelneo]

I hope our government will not launch their own exchange. Our government is notorious for taxing its people, products, and services. It's okay if I see that the government is transparent and there's less corruption. If there is no option, I will trade with a small amount and try to do peer-to-peer.
Our government has the intention to tax cryptocurrency traders, and by using their own exchange, they will have access to traders wealth and holdings.

[bayu7adi]

Our government has the intention to tax cryptocurrency traders, and by using their own exchange, they will have access to traders wealth and holdings.

Even when it is not a government exchange, your data is actually already in the hands of a centralized party that we also do not know where your data has been sent... whoever the centralized party is, we cannot rely on it to secure our data... even some of them are still subject to government regulations that with several provisions will exchange information with the government of a particular country related to the assets owned by its citizens...

For me, transacting on a government exchange is indeed difficult to trust, but at least there we have less unwanted data distribution...

It doesn't matter if we have to pay taxes, as long as it can guarantee the security of the assets we own and the security of all of us...

[Chilwell]

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..

If the government of my country decides to launch a centralised cryptocurrency exchange, I will not even bother switching there, as long as it is not mandatory. If the government bans and block our access to other exchanges I will be left with no option except to accept the condition of the government, and switch to the country's exchange. But if it's not a must, I will not switch there. From what you called that kind of exchange, you said if governments decided to launch a CENTRALISED cryptocurrency exchange. You know from the word CENTRALISED, we the citizens will not have full rights on our assets and governments will also have some conditions that it will place on the citizens.

Government will also demand something in return from the citizens such as taxes and so on. It will not make any sense to me for someone to have control over my assets. If they are talking about improvements in countries, my country is a different case, must especially now that we're experiencing bad governance. That makes me think that even if the government of my country decides to launch a centralised cryptocurrency exchange, I don't think anything positive will come out of it.

[Blaze]

Even when it is not a government exchange, your data is actually already in the hands of a centralized party that we also do not know where your data has been sent... whoever the centralized party is, we cannot rely on it to secure our data... even some of them are still subject to government regulations that with several provisions will exchange information with the government of a particular country related to the assets owned by its citizens...

For me, transacting on a government exchange is indeed difficult to trust, but at least there we have less unwanted data distribution...

It doesn't matter if we have to pay taxes, as long as it can guarantee the security of the assets we own and the security of all of us...

This is true because once we share the data we have very little control whether the data goes to a centralised party or not especially if the party which receives the data is not transparent. However, it is more regulated in organised exchanges meaning there is higher level of security being offered by the government feels restrictive at times. This does not mean that we should accept all of these rules but the probability of data misuse or the possibility that the information we provide will end up with wrong hands is considerably low. One way is to select a platform that gives the user more control over their data and, in some cases, come with certain flexibility and consequences such as taxes which may be awkward at times.