Instead of the government to accept cryptocurrency most Nations keeps banning it it or trying to regulate it operations. I do not see most government accepting it soon as a means of payments due to it volatile nature.
How soon will government institutions accept Bitcoin as a payment?
- Thread starter Ralphjoe
- Start date
Except for the few governments globally like el Salvador who are considering BTC as a payment form for their workers and several other service areas that'll be rolling out as a result of that.
At this point in time the support needed is really not needed cos the blockchain has made and revolutionise things beyond certification.
At this point in time the support needed is really not needed cos the blockchain has made and revolutionise things beyond certification.
There are more than 200 countries and the 200 governments in these 200 countries have their own policy regarding bitcoin and crypto currencies. There is nothing such as fixed policy towards bitcoin
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Actually, bitcoins is popular and most most widely use coin, both online and offline, but I don't think that is enough reason for it to be accepted by government for payments, if not for anything, because the government does not want the people to stop depending on her just as someone has stated above. It is just my opinion.
The government institutions may not accept the Bitcoin as a payment now but will in the coming few years. After all a few countries have started coming up with their own coins
Some government don't see any good in cryptocurrency that's why some of them are placing ban on Bitcoin in their countries. those who know the value of cryptocurrency I see into the future we only accept Bitcoin as legal tender.
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That will be superb. I will be one of those that will shout for joy. I love cryptocurrency very much that I would like it to be accepted by everyone. One can become a millionaire in Bitcoin overnight. I am thankful for the acceptance and approval of private institutions on cryptocurrencies. I hope government institutions will follow through what the private institutions have done and that is to accept bitcoin as form of payment in transactions.
Crypto needs to be legalised and regulated first in major countries before it can become an acceptable means of payment. Countries like elsavador and Panama can do that because it's already a legal tender.
Many government have already started accepting Bitcoin, but some are still not accepting mostly because of their selfish interest but I know crypto finds a way to survive.
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- Thread starter
- #90
I will definitely be glad if cryptocurrency can be accepted by the government worldwide as a payment method and also as an investment asset. At the very beginning I didn't like cryptocurrency but when someone put me through everything that I needed to know if about it then I developed interest in it and since then it has said me very well
The use and adoption of cryptocurrency by government of different country should be a very gradual process because different countries have different economic challenges and opportunities and these are factors of considerations.
For governments institution to start accepting crypto currency coin as a means of payment is impossible for now , most governments are even butting a ban on the use of the coin.
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- Thread starter
- #93
I know that it seems impossible right now for government to be accepting cryptocurrency as a payment processor would be very difficult right now but it is not impossible so I feel that they can come a time where by the government will start accepting cryptocurrency as a form of payment.
Maybe some governments have their own plans for the crypto currency. However, in democratic countries like the US and most of European countries the issue on the crypto coin would be settled by a law. It is not easy to pass a financial law like that.
It is very true about US and other European countries. I think it is some developing countries that passed out laws on cryptocurrencies without following the due process.
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i believe Bitcoin and other crypto currency coin will soon be accepted generally by the government as a means of payment because people are getting to know the essence of crypto currency daily.
Maybe when the adoption level continue to grow they might likely look into adopting the use of crypto currency , because for now they aren't too concerned about the existence and many sees it as a threat
It'll gradually take time. Don't be surprised that some governments are already studying on how to adopt Bitcoin as a payment processor. They're just scared of its volatile nature for now.
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There are some banks owned by the government that have started accepting cryptocurrency ,example is the Chinese central bank. Soon more Institutions will follow but it will only be for places where crypto is legal
- Thread starter
- #100
It's definitely not a matter of if the government would acceptable quality as the payment process but it's a matter of when so it is something that is certain that the government will gradually and definitely and set it to currency as a payment method soon.
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