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RE: Daily: BREAKING - Chinese ICOage platform suspended, Bitkan Summit Cancelled

in #bitcoin7 years ago (edited)

Many (most?) governments don't quite know how to react and deal with Bitcoin and cryptocurrencies. They are concerned these coins will pose an increasingly significant challenge to their currencies - the latter they can control. But not with cryptos. The total value of BTC etc. may be just a fraction of fiat currencies of many countries right now. However, governments know it will definitely increase.

Another reason is that governments don't know yet how to get a cut from their citizens' involvement and usage of cryptos. If there's some mechanism where these governments could get a cut of the action, I'd bet they will be a lot more supportive. Like with the "stamp tax" and such imposed on each transaction in the stock market.

I believe the more forward-looking governments will find ways to accommodate and coexist with cryptos. Provided they can collect some tax on it.