How soon will government institutions accept Bitcoin as a payment?

[Suba]

Although the government can quickly recognize Bitcoin as a means of payment, not all stores and shops will accept Bitcoin as a means of payment, if the Bitcoin price is at a low (cheap) point, buyers will be reluctant to use Bitcoin to buy goods or services, we better save or invest On the other hand, if the Bitcoin price is high, the seller will feel a loss if the Bitcoin price drops tomorrow. The main purpose of both government and private institutions to buy Bitcoin is for investment and to avoid inflation on fiat money, not as a means of payment.

 

[Divulgence]

For developed nations it could be sooner than expected but for underdeveloped economies,soon is not an answer. The undeveloped world are facing terrible crisis at the moment..they have a loads of economic problems they need to solve.

 

[Aniwhyte]

It would be possible someday in the future, I believe they're already silently contemplating on it. Bit coin seems to be rising really fast everyday. It's completely unstoppable

 

[Josemendez]

Although the government can quickly recognize Bitcoin as a means of payment, not all stores and shops will accept Bitcoin as a means of payment, if the Bitcoin price is at a low (cheap) point, buyers will be reluctant to use Bitcoin to buy goods or services, we better save or invest On the other hand, if the Bitcoin price is high, the seller will feel a loss if the Bitcoin price drops tomorrow. The main purpose of both government and private institutions to buy Bitcoin is for investment and to avoid inflation on fiat money, not as a means of payment.

I don't think that some government will accept Bitcoin usage in the country . This is because there is fear that their fiat currency will be adversely affected by it .
Shop's may not want to accept it because of the volatile nature of the bitcoin . They are bound to lose more when the market falls , unless they create a deal with a cryptocurrency company

 

[Bookwormlux]

It would be very difficult for government institutions to adopt Bitcoin as payment method. They love to be in control of things and this would weaken their power. I believe all government would continue with their local currencies. Power is the major issue here.

 

[Lagazine]

Government institutions in which country? Since Venezuela government has announced that bitcoin should be used as a mean of payment fot international transactions, I believe the government institutions in the country will welcome using the coin to pay. But I a developing country like mine, its not yet time for that.

 

[Sotherefore]

You should not expect the government to accept bitcoins as a normal mode of payment now although we are in digital age but a time will come in the nearest future when bitcoins will be accepted as a general mode of payment that is when we will come into the real digital age but for now let's just use the one we are using ,the future will decide for us when everyone are digitalize.

 

[REPLICA]

I think it will take much time for cryptocurrencies to before globally accepted and accepted on government institutions. Let cryptocurrencies become tradable globally first.

 

[Bilal0087]

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?

This depend upon the laws and regulation of that country, because there are many problems for implementation of digital currency.
Specially in under developing countries, it might take 3 to 4 years for complete implementation and establishment

 

[Ralphjoe]

This depend upon the laws and regulation of that country, because there are many problems for implementation of digital currency.
Specially in under developing countries, it might take 3 to 4 years for complete implementation and establishment

I thought so too, knowing that how soon cryptocurrencies will be accepted by the government is giving me some course to be hopeful about the implementation, it takes just one world powerful country to accept Cryptocurrency then the remaining countries will follow suit. I am so looking forward to experiencing that in my lifetime.

 

[Variable]

Not anytime soon , put yourself in the shoes of the central bank allowing a currency with a volatile value into the money flow of a certain country that is independent of the ecosystem and therefore will bring no commission back the the country itself , and the central has no power over it so any investigation on money laundering or any suspicious act is out of discussion , besides by utilizing a volatile value , you may destroy a whole economic wheel

 

[Tariq Shehzad]

The bitcoin currency is working now all over the world, but in some countries it is not properly using jut due to some its drawbacks and issues. But, we can imagine that one day, every body will be the user of cryptocurrency especially for bitcoin.

 

[Ojonuyo]

Awesome! I have never sat down to imagine Universities accepting Bitcoin as payment. If this becomes possible one day, then the educational system will experience a drastic change and positive improvement. A lot of person will be able to fund their educations.

Knowledge indeed they said is power. From my own observation and experience with crypto currency, I discovered that the system is mostly populated by youth who are obviously student trying to fend for themselves. And to keep the born and flesh together.

Many individual find it difficult to pay their tuition fees. And due to this they are dropped out of school. You later discover that all these schools drop out are the ones causing havoc in our world.

If crypto currency is acceptable in University, drop out rate will reduce, as most of students will go into investment in Bitcoin.

 

[Mika]

I don't think any governments in the world will accept bitcoins payment. Government has its own money that it controls through a central bank. Why would the government use the decentralized currency? However, I can see the governments legalizing bitcoin transactions.

 

[Niftyyem]

Many reputable organisations are already accepting payments and donations in cryptocurrencies especially in bitcoin and Ethereum. The World Health Organization is a very good example and I know that soon enough many other institutions will follow in the same path.

 

[alberello75]

I expect this will be done and if it were possible, maybe even sooner.
The main obstacle for now, the absence of a real bank that guarantees the flow of Bitcoins, as well their transparency.
But from now on we are already in 2021 !! The future is..now!!

 

[Sariana23]

I do not believe that in my country they accept bitcoin, since the government implemented a cryptocurrency that is the only one allowed for payments of services, they say that in the future we will charge with that crypto, it is something internal and it is the petro. A type of cryptocurrency that is almost at the level of the dollar. That in my way of thinking at any moment disappears, although many others are optimistic.

 

[Goodday]

l think it will still take some more time for government institutions to be accepting bitcoin and other cryptocurrencies especially the developing countries. This is because it might cause more problems in the economy if government don't take good control.

 

[Kamon c4]

I don’t see governmental institutions accepting the use of cryptocurrency as a means of payment in trades. Cryptocurrency blockchain needs to be improved. For example if you mistakenly send money to an address you can’t trace it. This needs to be solved.

 

[Seun4luv]

Well to my understanding the current distributed nature of all crypto-currency including bitcoin is probably a threat on how banking system operates in my country, while current banking system usually is a centralized system, where all trust is placed on the banking institution. for this reason itself, crypto currency model will not be adpoted and accepted by banks, however, its in their best interest to regulate it though.
i think, in the future, in some way, the currency will shift towards being digital currency..