How soon will government institutions accept Bitcoin as a payment?

[Tienda]

There is an obstacle for the majority government around the world to adopt cryptocurrency as official digital currency. This obstacle is the no traceable cryptocurrency transaction, if tomorrow or in this year 2021 will find an option about how cryptocurrency transactions will be traceable. I'm sure immediately will be regularized globally.

 

[Nurudeen]

Most of the government institution are now accepting Bitcoin as a means of payment. Even without any government authorization, more companies like namecheap are now accepting Bitcoin as a means of payment since it is now been traded all over world and it's available on all blockchain platform

 

[BrolySSJ]

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 that the government accepting bitcoin and other crypto is inevitable. To a certain extent there are some countries that are already considering it at a government level such as Venezuela where their army is using bitcoin mining. If i am not mistaken i even read an article as well where there are certain states in America where you ae able to pay for your visa using crypto which is a form of government. Therefore it is there already and i think that it will grow with time.

 

[Iamsodex]

I think government will eventually key in because of the fast adoption of crypto currency across the world. Seeing Facebook working on their own coin and even PayPal keying into the crypto currency world is a note that these coins will be accepted sooner or later by the government.

 

[Donkiz]

There's a feeling that with the steady rise of bitcoin price and the entrance of major organizations into bitcoin business which has helped to increase its popularity, the governments might start thinking of adopting bitcoin as a means of payment, but the fact is that it's going to take a long time for that to happen.

 

[Masterpiece]

the current distributed nature of all crypto-currency including bitcoin is probably a threat on how banking system operates. 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 and they are a crucial entity in advising the government.

 

[ahmedo24]

the current distributed nature of all crypto-currency including bitcoin is probably a threat on how banking system operates. 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 and they are a crucial entity in advising the government.

Banks will only partner with Crypto currency Investors to serve their Exchange platform and also broker because certainly most people can't spend bitcoin in their countries so they will surely end up converting their bitcoin to local currency for easy transactions so banks are still very relevant in this case.

 

[pax166]

Good day mate. I tink it is really difficult for the government of a country to use cryptocurrency as its national currency because cryptocurrency is decentralised and does not belong to anybody. And currently some countries like china are placing restrictions on the use of cryptocurrency because it has started to affect their own local currency.

 

[REPLICA]

I think as bitcoin is rushing and there is huge possibility that it will gradually be

 

[Patrik]

Considering that a lot of countries started using that already, i believe it's just a matter of few years till it becomes something normal around the world, the issue is that it's banned in some countries too, so that's the only problem that will slow the progress

 

[Eodine]

Government institutions should start accepting crypto currency as a means of exchange and payment soon if they even haven't started already because crypto currency is common now and some persons and institutions have already made crypto their means of payment.

 

[eojo2401]

As soon as we are able to vote some idiots out of power in my country, and choose those with digital brain and digital idea. Then cryptocurrency will be accepted as mean of exchange in Nigeria.

Post automatically merged: Feb 8, 2021

As soon as we are able to vote some idiots out of power in my country, and choose those with digital brain and digital idea. Then cryptocurrency will be accepted as mean of exchange in Nigeria.

 

[singlej007]

Government accepting cryptocurrency? I don't see that happening any soon, they see cryto as scam because they can't control it, but government most know that money is all about acceptance once every body accept crypto, government will have no choice.

 

[Dowenship]

Well that question is a very good question and crucial one. Recently Tesla released a statement of investing a while lots of money into bitcoin. These might also prompt the government to support crypto as the only means of transaction s long they also have fiat currency.

 

[Sake]

We can't say for sure. When? Will it happen? No one actually knows some countries government may accept it eventually but how soon is uncertain it can be next year or 10 years from now. But big bisii are starting to accept it as a payment and some countries are using Bitcoin for their transactions overseas already

 

[Asad Ali]

Misconceptions is one of the factors Bitcoin is not accepted in some countries. You think that the digital currency will take over and reduce the use of your regular currency. Therefore in some countries Bitcoin is banned. So I assume it will take some years before bitcoin is approved in all countries generally.

 

[jimmann247]

Government institutions will not accept cryptocurrency now, but most of the government personnel are already using cryptocurrency for their personal activity. But for government, they are still claiming cryptocurrency is a scam.

 

[Blessedsam60]

Well to my own understanding , so many government institutions has already started accepting not even bitcoin only but accepting some major crytocurrency as a means of payment. But in Africa, we are still far behind as we keep signing signing irrelevant bills and laws to counter the upsurge of crytocurrency for poverty alleviation.

 

[Olaoluwa Abraham Abiodun]

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

 

[Alexandoy]

Do you know that crypto currency is a commodity? If you buy an apple and you pay by marbles, what do you think is that kind of transaction? That is barter to mean you are buying without using money. If we accept crypto for payments then it is like going back to bartering and that is not good because that is counter to progress. Making a commodity a legal currency is impossible because the central bank is the regulating body of the legal currency and it has no control over crypto currency.