How soon will government institutions accept Bitcoin as a payment?

[Nomad]

Even though few countries are trying to use Bitcoin as a legal tender, I do not think majority of governments around the word will be using Bitcoin as the payment form. But I am sure it will be popular payment form in the private sector.

 

[Ceeny007]

Going by the way government all over the glove are cracking down on crypto currency I don't see that happening anytime soon.

 

[Tracee]

In Nigeria, I cannot be specific cause the government hasn't even humble themselves to allow the citizens freely make use of crypto currency despite how the see it's quiet useful instead they are creating their own e coin and trying to force every business owner in using it once it's out.

 

[Samknowis]

The cryptocurrencies is 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.

 

[Elfinito]

Government institution would only accept Bitcoin if they are able to regulate and control it.
the nature of Bitcoin being controlled by the market volatility makes it difficult for government institution to adopt it.

 

[Setho]

A lot of governments in the world have already been complaining about how the Bitcoin network is and that it allows corruption that is why a lot of them prefer to build their own blockchain.

 

[Sotherefore]

When countries do not believe in cryptocurrency it will be almost impossible for bitcoins or any other cryptocurrency to be accepted in that country as a mode of payment for goods and services. It is only the El salvador's government that can do it.

 

[Kaffyfolla]

This will be very hard for the government to accept the Cryptocurrency as a form of payment because I have seen that most of the country kicked against the Cryptocurrency

 

[tyrim88]

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.

I think you are very correct about that,because no government would want to relinquish its responsibility of control and regulation of the fiancial sector into the hands of its citizen,the money in circulation would just be in the hands of individuals.

 

[kinqzbitz]

As a matter of fact government in some nation have started to accept this , but With tine the rest of the world will definitely catch up and when this happens normal cash will be forgotten

 

[Skysaint]

Well, I don't think it will happen anytime soon and as a matter of fact our government have successfully placed a ban on cryptocurrency trading and investment here in the country or anything that has to do with its transaction

 

[Immilash]

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.

I completely agree with you. Our country does not develop such standards of digital money. But if they do that it would be better. I also hope so.

 

[kayode10]

I don't think all government will accept Bitcoin as a medium of exchange for goods and services. For instance the Federal government in my country has already placed A ban on cryptocurrency accessory the bitcoins.

 

[Sincerem]

I completely agree with you. Our country does not develop such standards of digital money. But if they do that it would be better. I also hope so.

Gradually our country is moving up around cryptocurrency. You can see that with the creation of the digital naira, which is the eNaira that is integrated recently.

 

[Shigobad2020]

I believe a time will come when the government will finally lift the ban that was put on th use of crypto currency coin in Nigeria, the use of crypto currency is actually a good thing in the sense that it gives the youth the opportunity to start investing and makes money

 

[Kaffyfolla]

To my own perspectives i dont think there will be the time the government will accepting cryptocurrency as a form of payment unless there would be a kind of regulation impasse on it

 

[eLdavis]

For a country like Nigeria, it would take time to be able to achieve this, Most higher institutions are still finding it difficult to create a payment system that is completely stress free for students, introducing the use of crypto currencies, though it sounds easy, might be a little more complex for them to manage. Not to mention the fact that there is currently a ban in Nigeria.

 

[Immilash]

Gradually our country is moving up around cryptocurrency. You can see that with the creation of the digital naira, which is the eNaira that is integrated recently.

That's very true. We are gradually developing with new things not even enaira but with so many things. And I believe we will soar higher like the eagles.

 

[tyrim88]

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.

I see no reason for most government to resort to the use of cryptocurency as a means of confirming payment and doing trade and e-transaction.This is because there are no central administrator that will be having control over the monetry issue.

 

[Trexxxy]

I don't think that is ever going to happen, especially with Salvador setting a bad precedence as to the use of cryptocurrencies as legal tender. We can never say never.