Bitcoin Forum

Awesome article discussing cryptocurrency, Bitcoin and government regulations

http://patrickguy.ultimatepicturecollection.me/025053c7f467dd

Hope y'all get as much out of it as I did :)
Cheers
James

Thanks for sharing!

I like to read the news about potential bitcoin legislation taking place in different countries. I gotta say this article offers good summarized explanation of possible future regulations.

It is rather scary to see that almost any remarks of Bitcoin's regulation is causing unnecessary panic within the Bitcoin community. It doesn't have to be that way.

Maybe bacause when it is regulated we don't get the anonimity we had when the bitcoin is not yet regulated. If they can just be transparent of there action everytime (I'm referring to the committee who will regulate bitcoin) and no political interest involve .

Let's be realistic here. There will be always political and economic interests involved in any type of bitcoin's legislation.
The types of proposed regulations varies from country to country but indicated one thing - if governments want to deal with bitcoin and regulate it, that means we are closer to direct BTC adoption.

Bitcoin is pseudo-anonymous as it is right now.  One of the beauties of bitcoin is the transparency.  Regulations are at the doorstep and the community will do best not to panic.

Will compliance with regulation benefit Bitcoin?

A piece of irony  or wake up call on Bitcoin regulation by Andreas Antonopoulos:
https://www.youtube.com/watch?v=QpVmt3ufdrs (https://www.youtube.com/watch?v=QpVmt3ufdrs)

Yes it will benefit bitcoins. At least it will reduce the incidence of bitcoin theft, thieves now know they can be caught.

I believe this will accelerate the adoption of bitcoins.

regulation it's bad for bitcoin, it's only mean more restriction, i don't like it

Yes - while the decentralized and largely self-regulated nature of bitcoin is exciting, regulation will do wonders to encourage widespread adoption.

Not necessarily. It is commode mistake to confuse regulation with control. These two concepts are not equal.
We need to have some sort of regulation to protect customers and regulate bitcoin based businesses.
Without some form of codified legal status of bitcoin companies mainstream adoption is impossible.
You can clearly see what is happening when there is no supervision - for example just take a look at recent huge cloud mining scam - HashOcean.

bitcoin regularization means every think. regularization of bitcoin keeps so much importance. the price and value of bitcoin will remain constant.

govt regulation mean that some thing register with government. and the government have hold over it for certain issues. they must pay tax. and they have to obey the rules and regulation of the states.

Regulation is a necessary and vital part of an industry becoming legitimate. The only reason we are seeing the level of interest from old finance we are is because the space is slowly starting to regulate. If you were venture capital, wouldn't you rather invest millions of dollars on something with laws attached to it in case something went wrong? Regulation protects us while it limits us, and ultimately those protections outweigh the limits. Would you get medicine from an unregulated pharmaceutical system? Or eat food from an unregulated production facility? Since we are a nation of consumers, regulation stops producers and service providers from defrauding people.

You need regulation because there are humans involved in this. Not spelling out the rules before hand is asking for trouble. People like to cheat and take shortcuts, and someone eventually gets hurt.

yes its a fact. government has to regularize all the activities of the state either from government side or from the public. the government has to overview all the activities of the companies and industries or other govt and non govt departments and to impose tax on them for this reason they use to regularize a department and must register it with the government.

but  i think if we simple define the regulation it means to make rules and law for bitcoin. in law rules and regulation means the everything that that the govt has decide about the companies and forums to follow.

The price and value of bitcoin will not remain constant even with legislation.

by government regulation mean to make specific law about bitcoin. to impose tax on it and make rules and regulation for bitcoin.

The attractiveness of BTC is the transparency.  It is relatively terrifying to understand that practically any observations of BTC's regulation are producing unnecessary terror within the BTC users. Rules and regulations are in access and the users will do best not to panic. It doesn't take to by that way.

There will be always political and economic interests involved in any type of bitcoin's legislation.

I agree with this because most people probably don't know the extent of regulations that's why they are scared. People like the idea that no one controls Bitcoin so the idea of having regulations terrifies some users because they don't want the constraint. An advantage of Bitcoin that most users love is that its free from taxes, and regulations would take it away. Its best to learn and know about the scope of having laws and regulations for Bitcoin because there are both advantages and disadvantages to it.

So far, is there a clear regulation from the government?
I have not been able to conclude which government regulation is really meaningful for Bitcoin.
Perhaps there is from you an article that shows the government's regulation for Bitcoin?
Thanks

There will be regulation in some countries, less so in others. Regardless of regulation though, it wont stop more than a few transactions being anonymous. People will resist. In some cases regulation will be needed to accelerate adoption.

In some countries the laws are really messed up. The most messed up is probably this situation with money transmitting in the USA, as in some states you can be fined for not having a license, and in some other you can trade at will without one. Also they just can't handle these cases like civilised people, but invade people's homes, steal their stuff and treat them like criminals.
I'm happy that the laws in the EU aren't that crazy and you can trade coins without fear.

government regulations could most likely protect bitcoin users from scammers and all other ponzi schemes but i honestly think this would hurt bitcoin business more as they will be exposed to these regulations which might come with fees and make running of a business difficult...this could come out worse than paypal which has the seller protection, but with bitcoin one entity will always come short.

Actually my friend made a thesis about bitcoin stating all the advantage and disadvantage of it and they even interviewed the BSP (Central Bank) about the regulation of it and its illegality. But our central bank said that they consider bitcoin as property, not money thus not making it not legal tender. Due to this, our country recognizes its use and advantage to the people and also considering it as one of the mediums of exchange. There may be dangers for it like using it for a funding of criminal work but the government now does not see it as a potential THREAT YET.

No need to get fear from BTC regulation. It would be beneficial in long run, as there is no fear of banning it. Its price will constantly rise and Investors will get a great monetary benefits. Moreover Incidents like Frauds, thefts etc could easily tacked without much hindrance.

Unfortunatelly OP's link doesn't open anymore.


They will tell you only the positive points about the regulamentation. Sooner they achieve what they want you will start seeing the real purposes behind this idea. Most people will be damaged by BTC regulamentation. It's good like it works now, it's not necessary to change anything, people who like bureaucracy should use fiat.

This. In my country cryptos are semi-regulated, they have been regulated only as far as users are concerned but not for exchanges. That hasn’t meant more restrictions, you can buy and sell as you wish, the same way as you could do before.

When exchanges are regulated, users will be better protected against scams. Although there will always be scams as well as users who break the law.
I think regulation will bring the other side of the coin: it will help massive adoption and that will come hand in hand with price increase.

Post not work with  me + hope to verify of url Because i’m not see HTTPS on it

Most governments are 100% capable of regulating crypto use if they want. They can't eradicate black market use but by regulating bitcoin businesses and enacting laws against consumers they can absolutely curtail use to the point where it effectively disappears.

In any case, the states will establish their own rules for the circulation of the crypto currency in each country, whether we want it or not. It can not long ignore the crypto currency and its importance for the country's economy. Therefore, regulation will be unambiguous as it will be established profit tax on operations with crypto currency. This is generally a positive moment for the crypto currency, because in this case, state bodies, including judicial authorities, will have to respect and protect the rights of citizens when storing and using crypto currency. There is simply no other way to develop a crypto currency.

yeah, that's same think with me, I didn't really know it yet about the obvious rules that were applied to bitcoin by the governments of a certain countries, was still seemed vague to me and had not been able to conclude it at all. Maybe we can take or reading more about it from the United States's government?, because the first country to legalize bitcoin is the United States.

For my country no any regulations yet. But in my country many young people invest bitcoin and learn bitcoin.
I get benefit after invest bitcoin, is not talked profit only. But we can help the government in economy side, especially unemployment.
I hope in the future, my country will legalized and regulations bitcoin !

It is a form of taxing a business by virtue of the police power vested to the government. I think what the government would really like to do is to make money out of Bitcoins since it is undisputed that Bitcoins' value is elevating through time. On the other hand, as for regulatory measures, I cannot vouch on how they will do the execution since online businesses can hardly be put to regulation mainly because of its far-reaching nature.

Government regulations may mean nothing for Bitcoins UNLESS they can get hold of a mechanism that can track down Bitcoin users and/or Bitcoin transactions. This is the only way you can be assured that there is indeed an effective execution of governmental regulations. Should these regulations be managed other than that on focusing on the online world, I highly doubt there will any be resolve on the matter on hand. Perhaps I strongly believe that effectively managing the facets of how Bitcoins work is the initial step to forestall further governmental violations.

You are that regulation is not equal control. On the other hand we should not forget that if you regulate something tightly you can control it. I'm curious about what ideas will come from individual states. I hope that Japan will be headed and set up a reasonable form of regulation so that other states can inspire.

No, Regulating the bitcoin and other digital currencies are not bad for the country but it will ensure the safety of the nation and its citizens by ensuring it will not be use in scams, crimes and other illegal activities such as Money laundering, drugs, weapons and exclusives that might put the people in danger. Some are against the regulation because they are selfish that they are only thinking of their reduced earnings because of taxation and not seeing the entire benefits for everyone in their place.

In order for the government to regulate the use of bitcoin is they need to go as deep as the block chain, they even need to get a record of all the transactions for them to regulate it. I can't see a way for the government to regulate bitcoin without removing its aspect of being decentralized, once they regulate it will be like other fiat currencies.

Bitcoin could not be a vacuum unto itself therefore Bitcoin should not be construed like an island that can exist solely on its own and can disregard other entities that are also existing in the real world. We are not living in a dreamy world where we are the only one who can make the rules. Sad to say, there are still the governments we have to attend to and since we still need the fiat money where Bitcoin can be converted with we still also be dealing with financial institutions. and they have the rules we need to follow otherwise we can be declared as doing illegal things. Nobody does not want to go to jail just because he/she is involved with Bitcoin and not following the rules established by those in power. Reality bites, yes!

Regulations in exchange for allowing the conduct of the usual Bitcoin selling, trading and all the things in between, can indeed be better compared to the ban made by China last September. There is a need to compromise otherwise there is a possibility for clamping down the business and that is not something we all want to go though. Nobody in the Bitcoin community would want to have some sort of a struggle with the government (just like fighting a dictator or a deranged government). We are not desiring the creation of Bitcoin martyrs.

Thank you for sharing such vital information with us .
Some day or other bitcoin is going to touch the peak of its popularity and will come into notice of governments all over the world . I hope that turns out that governments take bitcoin as an asset for their country . Only regulate it and don't ban it and take the decisions which are taken by China and Srilanka.

Not really too, maybe regulations another thing. But for bitcoin must legalized by the government to control it.
Bitcoin help country for transactions and unemployment. That the best thing bitcoin can do, to help country.

Regulations is not intended for bitcoin and cryptocurrency but this certain of time that too much criminality and developers without accountability it is now a must.. An opinion that I’m into because I’m also a victim such act and to be honest having them not in jail is prostrating than having money gone but trust to the same project itself.. If we some point give regulation a chance our trust will regain but after it all goes good already,, a pause in regulating is better..

While many people in the world still don’t know or don’t trust in BTC  government would only manipulate with new investors. Did u remember when JP Morgan make Btc Beariish in one sentence haha

I don’t remember or just I don’t understand what do you mean. At the time it was not JPMorgan(owner) itself but the CEO of the bank Jamie Dimon that your talking about. It is not his comment last September that makes the bitcoin price down but in coincidence it is on the same issue with the China banning of ICO and closing bitcoin exchanges that is wildly been used by someone like you to promote negativity and make the prices go down. Then it goes, but that won’t last that is nothing but a laughable reality you must learn.

Government regulations on bitcoinBTC, has both its advantages and disadvantages.
For example government coming up with a better legislation about bitcoin will foster its  popularity in the nation. While the disadvantage is that some country with bad people in politics will manipulate and abuse the bitcoin.

Thanks.

As long as the people continue to determine the price of the digital currency, there should not be a problem with regulation.

Its price will continue to rise, and investors will reap huge financial benefits.

Because they scaed of bitcoin can do to there community and they scared bitcoin could replace fiat currency in the future.

government and bitcoin foundations will find it difficult to build regulations because bitcoin foundations consider government regulations create innovative barriers before knowing what the impact of this technology is, despite the fact that there are many drug purchases using bitcoins that are increasingly cornering the bitcoin foundation.

but the Bitcoin Foundation is more optimistic about the future and the use of virtual currency. Their vision is to turn Bitcoin into a globally accepted method of exchange and storage of value that will operate without the need for a third party such as a bank.

for more details please read the link below.

http://www.independent.co.uk/news/business/news/bitcoin-foundation-legal-protection-us-currency-regulation-llew-claasen-cryptocurrency-bitlicence-a7919401.html

Bitcoin surges up as it targets people without internet access.

whether the government regulation means for bitcoin itself
the reason is

please clue

"fear" is a common thing especially in the country bitcoin is still illegal. for communities whose countries are still lay or have not legalized bitcoin then should be more careful in accessing / transactions. in the value of the economic aspect we hope our country implements a fair rule and legalizes bitcoin as a means of future transactions ..
benefits to a State:
1. The state will have an advantage if the income from btc is passed into tax
2. The country can quickly develop because the community has an unexpected income

One characteristic why people are drawn to btc is the anonimity of its possessor, and as long as there are people who wants to exploit this, the regulations for bitcoin will always have a loophole. BTC is in it's infant stage, in other words, a lot of people still cannot understand how it works, plus, it's very volatile. Blockchain is also a relatively new technology. Right now, many are creating scams to earn money through ctc because it lacks regulations. Anonimity becomes a double edge sword.  Since the government cannot ultimately regulate btc, they can regulate the exchanges. South Korea and China are already aggressive in regulating BTC because it can be breeding ground for Launderers. Understand that regulations also protects its users and minimize scams, and not to instill fear.

Government scared not to collect any taxes from those who earn millions through cryptocurrency so this is why they are trying their best just to regulate bitcoin. For me its ok to be regulated instead of banning bitcoin. Some country regulates bitcoin already and the result is still fine.

They just want a piece of it. Tax is a "must be" so they can have some.
It's expected to be like that.

Rules and regulations implemented by thd state is the external factor that can affects the financial performance of Bitcoin. 
It is a inevitable event that once implemented all things will be affected. I think every decision by the government really affects and its so much means to the company's performance in the industry.

of course very harmful for us as working in bitcoin is actually a country that provides rules / prohibitions to bitcoin should the country make it easier for people to work anywhere on any site in order to reduce unemployment.

It really turned out to be extremely useful. The must-read one I would say.

Government want rules and regulations for bitcoin,imposing tax and gave their authority by it.Its okey for me that bitcoin became in legal but there are things that change like imposing tax instead that it can be added on our income they add tax on it,but it cannot be good that bitcoin can be banned because we are not following their rules.

regulation it's bad for bitcoin, it's only mean more restriction, i don't like it

The regulations implemented by the law are guidelines and serve as a protection of company in all fraudulent activities, they just protecting the interest of two parties.

The government continue to study the cryprocurrency in our country.They to imposed tax on it and gave a rules and regulations by it.They just want to protect cryptocurrency and gave an authority for us to be secured.

Regulation and control are necessary for crypto currency, but most likely they will be more beneficial to the state than to the user!

Great article. Regularizing bitcoin in each country would be beneficial to both its citizen and the government. There is a huge possibility that most countries in the upcoming years would be able to legalize bitcoin, and it will be used in an international level. It would be great for small business to larger business to use bitcoin as a form of transaction.