How soon will government institutions accept Bitcoin as a payment?

[Prince]

While some retailers accept virtual currencies and support state efforts to help the innovation grow, no states currently allow for taxes to be paid in crypto

 

[tyrim88]

Most governments institution have already adopted bitcoin since most governments institution already know that cryptocurrency is part of the future. They are now even talking about regulating it

I think apart from El Salvador most countries are very sceptical in adopting cryptocurrency as the main source of their exchange,they still want to have full control and have the regulatory powers about their local finance.

 

[Genie01]

Most of the government institutions are not in support of Bitcoin due it its decentralized nature. Bitcoin and cryptocurrencies are currently banned in some countries.

 

[Agbalagbaa]

Most of the government institutions are not in support of Bitcoin due it its decentralized nature. Bitcoin and cryptocurrencies are currently banned in some countries.

And going by that, I believe that it would be difficult if not impossible for the governments to accept it as a mode of payment. Most of them are against it's existence.

 

[Gandiba]

Government agencies can never get to accept crypto currencies.

They are usually against it as it does not give them much control over the masses like it is the case with normal fiat.

 

[Genie01]

And going by that, I believe that it would be difficult if not impossible for the governments to accept it as a mode of payment. Most of them are against it's existence.

You are absolutely right, it would be quite difficult for them to accept it generally. Even though it is helpful in some aspects, it has some disadvantages over the conventional fiat currencies.

 

[Good-Person]

And going by that, I believe that it would be difficult if not impossible for the governments to accept it as a mode of payment. Most of them are against it's existence.

The good news is that there are certain governmental institutions that tend to accept bitcoin for tax collection purposes. However, this facility is not available in all the countries.

 

[Abigael]

The good news is that there are certain governmental institutions that tend to accept bitcoin for tax collection purposes. However, this facility is not available in all the countries.

That is good news indeed. When a government starts taxing cryptocurrencies, it is an indication that they will soon start accepting them as payment options. It will be so great go shopping in a mall and pay through Bitcoin.

 

[Planbizzle]

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?

While a specific date for when government organizations would start accepting Bitcoin as payment is not yet known, different nations have started investigating the potential of digital currencies. For instance, El Salvador recently approved a legislation making Bitcoin legal cash, and several American government organizations are starting to investigate the potential of digital currencies.