Since the government is not bringing something better to counter Bitcoin or make people believe it's not worth using i don't think tbeir effort would work out, more people are adopting Bitcoin and on the long run the numbers would be massive cause people are beginning to understand that it offers what the banking system controlled by the government can't offer. I wonder why sone government think their citizens would choose being enslaved by the bank over what offers freedom, control, privacy to an extent, inflation hedge, value and so on.
The government is trying to innovate the banking channel. They have introduced digital transactions like cryptocurrency. The government of many countries in the world has launched CBDC through the central banker which provides cashless facilities without the need for cash transactions. This method can be used in the field of goods and services and you will get the convenience of transactions from home.
The government is not sitting still, they are trying to implement their strategy against decentralized currencies. But the funny thing is that the government of no country is taking effective measures to prevent inflation, so the people are turning towards decentralized assets such as Bitcoin.
I would not be able to talk about other governments, but my government did the smart thing as soon as possible when Bitcoin became more known. They said that every single bit of money you profited from would be taxed 1%, which means if you make 100 dollars profit, 1 dollar goes to the government. It was a bit hard at first, because we also made losses, so we tried to explain to them: I made a 100-dollar loss last trade, and 100 profit this trade, so I am not in profit.
However, they did not want to hear about it, and only just last year we managed to pass a deal where we are paying taxes like everyone else, once a year, that way in that month, we provide all our trades and if we are in profit then we pay 1% some taxes on it, and now they are saying, if it is not 1% for each profit but a total profit, then we should be paying 10% on total profit, so we are trying to prevent that. In the end, it has been legal for over ten years now, and not many nations have it legal and taxed and regulated for over ten years, so we are lucky on that part.
