How soon will government institutions accept Bitcoin as a payment?

[Ralphjoe]

This question arose as a result of the news of strong private institutions investing in Bitcoin.
This has built alot of optimisms about the likely adoption of cryptocurrency as a method of payment by government agency and institutions.
How long do you think this will happen? Is it ever happening at all?

 

[Eyiteepraise]

This might take a while before coming to fruition since my government doesn't want the citizens to Have what will enable them to stop depending on the government because once that happens they won't be able to earn or acquire the funds they use in supporting the budget. But I know with time they'll support it since bitcoin is currently ruling the market

 

[Oscar]

The cryptocurrency market has obviously been generating some momentum but I doubt the government will adopt it because most of them are decentralized and powered by the users with no obvious central authority. I feel the decentralized nature is the major reason no government will accept it.

 

[Sincerem]

This question arose as a result of the news of strong private institutions investing in Bitcoin.
This has built alot of optimisms about the likely adoption of cryptocurrency as a method of payment by government agency and institutions.
How long do you think this will happen? Is it ever happening at all?

I don't think this kind of implementation will work in my country for now. Not I my country, because we've not developed up to such standard to use digital currency to pay for bills in the university environment. But I pray for that to happen, because I cherish the idea.

 

[Adexgrace]

With the rate at which the market awareness of bit coin is increasing on daily basis. I think government institution will soon consider bit coin as a means of payment. Because once the use of bitcoin for payment starts from the government institution , that is when all other non government institution will also make use of it.

 

[GeneBiz]

This question arose as a result of the news of strong private institutions investing in Bitcoin.
This has built alot of optimisms about the likely adoption of cryptocurrency as a method of payment by government agency and institutions.
How long do you think this will happen? Is it ever happening at all?

Well, in my country government institutions and service companies such as electricity and water have already enabled the payment of essential services through cryptocurrencies ... I have not done it yet, but it is already allowed ...

 

[Vladv26]

Don't think that's going to happen too soon because bitcoin payments are anonymous. This would make it harder for them to keep records of people making payments

 

[Prettybabe]

When government institution will accept Bitcoin as a means of payment is what I can't say. But we can't deny the fact that they are noticing the momentum Bitcoin is gaining and cryptocurrency in general. With time government institutions might have no choice than to accept it.

 

[Grant]

Well with some ATMs and credit card companies allowing the use of bitcoins and other cryptocurrency, it may be a faster transition that we first thought. We already have stores accepting many currencies, and I suspect more places, including government agencies will start to accept it. Just not sure when that time will come.

 

[Prettybabe]

Government institutions might only start accepting Bitcoin as a payment, when the government of a country has fully accepted cryptocurrency or Bitcoin in their country as a means of exchange.

 

[tuna89]

The Central Bank of the Country has to approve the use of btc as well as the exchange commission, by this, the institutions and every official body can adopt the btc a means of transactions and exchange, the more the understanding of btc grows, the closer we are to achieving this feat.

 

[WhiteHouse]

Very soon, in earnest, some countries arr even already tuning in to the use of Cryptocurrencies, as they have allowed it to used extensively with little or no restrictions, so soon I believe.

 

[Golden_ear]

I will love to see this kind of thing in my country also. Digital currency is really great to pay bills. It is done at the comfort of one zone. Also I will prefer it should be paid with alternative coins too and not only Bitcoin. Also it is easy to transfer money to anybody in the world.

 

[btaliat]

I am not seeing government accepting any cryptocurrency as a means of exchange. The reason could be because there are still a large number of who are still ignorant of how cryptocurrencies work.

 

[Doradorwa]

You see most of the people in top places holding governmental offices belongs to the analog age... accepting bitcoin as a payment form for everyone is kind of gonna be hard as for them...or else people in this technological age starts to control the economy.

 

[Hasan Raza]

This question arose as a result of the news of strong private institutions investing in Bitcoin.
This has built alot of optimisms about the likely adoption of cryptocurrency as a method of payment by government agency and institutions.
How long do you think this will happen? Is it ever happening at all?

Cryptocurrency in most of the countries is ban but it's working is very beneficial for its stakeholders and it creates a great trust for the people. According to my perception it will become a great opportunity and the government will accept it.

 

[Erik4150]

Misinformation is one of the reasons some countries are yet to accept bitcoin. They believe that digital currency might take over and reduce the usage of their normal currency. That is why bitcoin is banned in some countries. So I think it's going to take several years before bitcoin is generally accepted in all countries.

 

[Ltherman]

Though am optimistic about it i doubt any government will want to accept bitcoin as a form of payment rather they will want to build theirs or create theirs. Example abound all over. At most they will adopt a stable currency like USDT OR USD.

 

[Dylinks]

Did I hear you say government? Well, the government I know will want to impose tax on any transaction and incorporating cryptocurrency as payment will not allow such to happen. Therefore, I think it will take time for such to happen. Apart from that, Bitcoin transaction is traceable by everybody which government will not allow that.

 

[Kinglegend01]

This question arose as a result of the news of strong private institutions investing in Bitcoin.
This has built alot of optimisms about the likely adoption of cryptocurrency as a method of payment by government agency and institutions.
How long do you think this will happen? Is it ever happening at all?

Though it would be a really good idea and even though some organizations are not only investing in cryptocurrencies particularly bitcoin but they some are starting to accept it as a medium of transactions. As to when the government would accept it as official mode of payment, for me we shouldn't get our hopes up because I dont see that happening any time really soon.