Bitcoin Forum

No doubt about the future of fiat money: it's gonna be replaced by cryptocurrencies.
But does virtual money need a REGULATOR?

The concept of cryptocurrencies is based on trust. If it is fully implemented in all aspects, there is trust within the community and technical solutions applied to provide the security of network, then there will be no need for centralised control.

Got your point. But what about security? I constantly hear about hackers who steel tons of investor's money...

And goverment won't give up its influence easily. USA, Canada and some european countries tend to establish their rules on cryptocurrencies.

I would say it's the opposite: fiat is based on trust, in other words perhaps intimidation, that's why some countries can print money with little negative effect. The future of cryptocurrency will be its trustless systems.

I would say no.  There's always ways around regulation.

You mean people won't trust cryptocurrency or won't have to?

Yeah, sure there're tons of ways. But centralised control always goes with huge transaction costs...
All in all, I think government's gonna be part of cryptocurrency world not total regulator.

This is a very controversial topic. Some people are of the opinion that regulation of the cryptocurrency is the main enemy of digital money. Mainly decentralization distinguishes coins based on the blockchain from any other asset, which allows them to stay independent of any particular people or organizations. Perhaps especially this feature attracts most people who do not recognize the current financial system.

They will not replace fiat. There are many reasons.

But they will become the backbone of financial structure.

As far as regulation, it's nonsensical for the most part. First it's decentralized all over the world. It is peer regulated. Nearly every possible application of existing laws is for reasons that cryptos are immune to. The point of conversion is from fiat to crypto where regulation needs apply again. The other case is when cryptos are used in exchange for goods and services under the purview of a government - up until that time they are not no matter what lies Coin Center and know-it-all officials claim.

Consider this, once you have cryptos in a peer regulated system being used for liquidity of funds the government no longer needs to spend time and resources on them since they're immutable and essentially 51% attack impossible. That's ONE reason they aren't in the tax & regulation jurisdiction. (although illegally right now people claim they are)

maybe not replace fiat but they can lvie together side by side with any fiat currency just look at japan they have both their local currency and bitcoin living together with the same importance

i think yes altcoin need to be regulated if you want real adoption, otherwise many shop will simply not accept it,a nd it's the reason why amazon int he first palce is not accepting it

Yeah, agree about the fact that fiat money won't be replaced in the nearest future. But for the long term, there
s a good chance for it to happen. For fiat money means it is accepted as money because a government says that it’s legal tender, I think it's possible the government establishes some law or regulation on cryptocurrency and therefore admitting its national legality.
And then in some sense cryptocurrency may become part (perhaps, the main part) of fiat money.

Won't have to. Trust is the weakest link, it's easily corruptible.

In a trustless system, however, things are quite a bit more complex. For starters, one can not rely on a report by any single entity. Cryptocurrency developers take an even stronger view — that one can not rely on a report by any number of entities. The reason for this is simple: we assume that there is little to no cost to creating any number of colluding malicious entities, which means that faced with conflicting information deciding whose report to believe may be impossible.

The assumption that one can’t trust anyone’s reports leads to the conclusion that one has to be able to confirm things for oneself.

https://keepingstock.net/explaining-blockchain-how-proof-of-work-enables-trustless-consensus-2abed27f0845

Fiat being completely replaced by cryptos? Not likely...
The current model of cryptos is too sophisticated for the every day consumer. Crypto currency would have to work seamlessly and be implemented into a user friendly interface, so that every one, from children to grandparents can operate successfully without hassle.
    Sad to say, but the average joe can barely operate a computer without trouble.
Also, regulation is needed, because freedom without order is anarchy, while order without freedom is tyranny. Centralization on the other hand, is quite complex and debatable.
   The core of these same types of problems, centralization, and regulation have plagued civilizations and their societies for over a millenia.

There's a fair chance that fiat will become digital, but replacement is another ball game of a privatized world most likely.

Altcoins don't need regulation. They are going to fizzle at least 4x faster than mobile app investments. I actually have a fun idea for them. What if when you go to buy coffee you can pay with something that has wallets for all your altcoin stuff. You basically set up rules of agreement. I want Doge coin to pay no more than 2x what it's worth and I want to use it first, up until X dollar amount; after that I want X coin to ____. And the coffee shop can accept/deny any that it wants to as well, while also setting a general rule for conversion rate. For example I'm the coffee shop and I want 3x what the Doge coin value is or I'm not taking it, you get a message that says "insufficient funds: no transaction/use litecoin" or whatever... That way you can literally use altcoin for those willing to play games with them. Just a thought to have liquid assets.

As far as tokens go we need PEER REGULATION on them. For example I'm Bancor 2.0 and don't want to fudge up an ICO. I submit tokens pre-sale to multiple websites for review of the smart contracts. Those website can rank and review the code. I imagine some website would be public ranking, and others by pros, etc... if I don't do this no one will join my ICO because I'm sleazy and afraid to show my smart contract. Aside from that people have access to a gazillion times more information that they did in the 1920's so if they make bad investments now it's no one else's problems. There's always a sad story. We let people walk into casino's with their mortgages in hand, why not a chance at a legit business?

I do believe in the future of cryptocurrency but I do not believe in a future where fiat money will be totally replaced by digital currencies as they can be used alongside with each other. Now, having said that, in the future many central banks would be issuing their own form of digital currencies in lieu of the fiat money. Bitcoin can then exist side by side with those government-issued cryptocurrencies.

I can see that we as consumers would be given so many choices as to what kind of digital currencies we would like to have in our wallet. Right now, we have a burgeoning alternative coin market and it is growing by leaps and bounds everyday. Now, many of these coins can die a natural death and some may survive into the future as this is all about supply and demand equilibrium. 

If cryptocurrency wants to feature in that future, then it needs to be regulated. Even though I don't see it replacing the fiat of our respective countries, but in the event of that, crytocurrency will have to be put under control if not for anything but for the issue of volatility which a cause or concern that might increase the trust it possess by the larger population. Another reason is on the issue of security which in the current status is lacking the onus is on you and no one is held responsible for scamming you or hacking a database without any repercussions. Factors like this are the drivers of regulations.

It is already regulated by peers.

Yea, I agree. Any time you see innovation like crypto and ICO's, for the government to embrace it and make it legal, it has to be regulated. They want their cut always.

Crypto does need to be regulated. Our government is run by the taxes we pay. And how they collect is through everyone's income. For anything like crypto to be big, the government has to approve and regulate...sadly.

Can't wait for the day I don't have to carry around a wallet anymore. It's going to be a wild ride for the government to just rule out the currency that we have now.

When the government gets their hands on crypto, they'll regulate. With regulation comes fees. So hopefully in the future the fees aren't as high as they are now lol.

What's going on with China now?

However, we have to consider that as humans as we are, things are subject to human nature. There will always be people who can find many ways to use Bitcoin for their own good to the detriment of all other people that is why many governments will not just allow the utilization of Bitcoin without the needed regulations in order to protect the users and also to make sure that it is not something beyond their control. There is a need for a compromise because once the state will ban Bitcoin then doing business can be a big hell and Bitcoin will drive to the floor.

You are correct. It is the fiat money (like the US Dollar and any other paper currency) that is basing too much on trust...trust that the government issuing the paper notes can be good in managing the economy of the country that can somehow affect the value of its issued money.

Now, Satoshi understand human nature more than we do and he knew that trust can be scarce in the real world and so we have the blockchain technology that can facilitate transactions even with people who don't trust each other that much for many factors.

This is actually one of the most important essence of cryptocurrency as built by that great figure named Satoshi Nakamoto. Brilliance is one word to describe what the 'man' contributed for the humanity on this modern age we are in right now. 

yes we can expect that very soon we are going to see the day, in fact because of the increasing number of bitcoin users the governments are now also taking bitcoin as serious and hopefully like japan they will also turn bitcoin as legal currency and hope that then bitcoin will become more and more popular and will spread all over the world.

Yes OP. It should have Regulator. Sixty-three percent of countries have favorable or mostly favorable regulation of cryptocurrencies out of 60 states studied. This is a very good sign for the industry. Still there is a lot of room for growth and diligent work with regulatory bodies to make cryptocurrencies widely acceptable. Cryptocurrencies are digital assets. The population has to be familiar and willing to accept digital money in everyday life. The countries have to have proper governing bodies willing to embrace new developments and technologies. Those with poor regulation are more concerned with the existing matters and tend to ban cryptocurrencies as something new and possibly difficult to regulate.

It’s not a question about needing a regulator it’s a matter of what will happen. Cryptos will get regulated, in some cases they have already been, and, wherever they are not regulated they will be banned. Although I think in the long-term they will be regulated in the vast majority of countries.

That doesn’t mean that users can't evade banning or regulations but as governments see regulating cryptos as a source of charging taxes, or not regulating them as loss of tax income, they will regulate them.

Paper money will never be replaced by cryptocurrency. Maybe someday they will be replaced with non-cash but it will still be the national currency and it is fully controlled by the government. Cryptocurrencies are independent. This approach is not suitable for government. This means that the idea of cryptocurrency is contrary to the purpose of the state.

Bitcoin is far from replacing fiat money because of various reasons. Crypto users use Bitcoin precisely for the reason that it is decentralized. Once it replaces fiat money, then there will be control over it and it will lose its element of decentralization.

In my country, Bitcoin is recognized but it does not have legal tender. It is recognized as "property" and not as a payment system, therefore it does not have legal tender. The laws on cryptocurrency and Bitcoin still do not touch on the specifics but its quite possible for there to be regulations made in the future - whether or not it replaces fiat currency.

I am sure that soon Fiat money will be replaced by electronic. Perhaps this will be used for blockchain technology but it will definitely not bitcoins. Each state will create their own currency and everything will remain as it is now. It is impossible to manage the economy without the ability to control currency.

Cryptocurrencies do not need regulation, but regulation may be inevitable. We are already seeing it in countries like Japan. Regulation is not purely bad anyway, because it may help convince the mainstream of cryptos' legitimacy.

It appears that regulation is on the cards for bitcoin and other cyrptocurrencies. However, regulators will need to keep sight of the potential benefits of digital currencies. The challenge will be to develop guidelines and regulations that protect consumers and prevent money laundering, while safeguarding innovation and managing disruption to existing banking systems.

Yes, once this happens there will be a need for compromise between the state and bitcoin users otherwise there will be chaos. It is the government's duty to protect with its citizens and along with this, they should cater to the needs of their people and listen to their voice. In making regulations, it should be in favor to the bitcoin users and not only for the purpose and generating revenue. If they are going to impose fees, it should be at the advantage of the users and not be detrimental for them.

I agree, but it will always depend on the government that will regulate Cryptocurrencies. The main purpose of Cryptocurrencies is decentralisation and regulation of it is the complete opposite of the concept. Fees will be placed and what would be left ? Faster transactions.
I hope that the regulator of Cryptocurrencies ( if will be implemented in the future ) will not take advantage and would still deliver the intended benefits of Cryptocurrencies without greed.

I don't understand why people want to volunteer to fall under the regulation of the state. That is a misunderstanding of the problem or the slave mentality? My opinion is that if the state starts to intervene in the cryptocurrency market it will be the beginning of the end. The reason is not that you will need to pay taxes. the reason is that we will lose hope to be free.

It will need a regulator because what's the government's role in it? They are always look for security and control.

But I wouldn't say there's anythign wrong with that. There's some ICO's that are compliant with the government and their future looks very bright. A recent ICO is Unikoingold who recently got their betting license for esports in Malta so most of Europe can bet using fiat.

https://www.coindesk.com/regulated-cryptocurrency-betting-just-got-big-boost-europe/

Lol. Betting this is equivalent to what to give or throw away our money. I have never been involved in gambling and don't bet. For me this option is generally unacceptable. To be honest I do not want any changes. I like the situation as it is now.

Firstly government should regulate about the Bitcoin then they will think about the other cryptocurrency. Still, there is the long way to go for regulating the cryptocurrency because without Bitcoin there is no Cryptocurrency at all.

Investments through ICO will be legalized in Russia
reported on 8 October 2017 in the media

The fact that at present the Russian Association of Crypto-Currency and Block (RACIB) is working on a bill to legalize investments in the ICO, it became known in the summer. In the finished form, the document will be submitted to the deputies of the State Duma for consideration by the end of October.

Prosecutor General's Office of Belarus recommended to the siloviki URGENT study of crypto-currencies

Law enforcement bodies of Belarus should be actively interested in and delve into new financial technologies. This was stated by the Prosecutor General of Belarus Alexander Konyuk, writes TUT.BY.

"We try to work in a trend, but the fact is that law enforcement bodies are lagging behind in addressing the problems of cybercrime, newly formed financial institutions," Konyuk acknowledged.
According to him, Belarusians should focus on these issues in Europe, where the issue of regulation of the crypto-currency market is very acute.

In this day only bitcoin has regularized by many countries like Vietnam, Japan, and South Africa. India and some other countries. All the other currencies have not gained so much popularity as bitcoin although they are also used by many people. But the mainstream is bitcoin and in the near future we will see that all the world has regularize bitcoin as their usable currency. Other currencies have risks while bitcoin is reliable.

Hacker don't hack the system of the currency what they hack are the exchanges. Once government regulate crypto it will break the sense that it is decentralized and anonymity side will not be possible and will eventually it will lower the demand of it since it will just be like the normal currency that we have right now.

There is nothing to fear from the word 'regulation'. As long as the rules and regulation made by Central authorities are protecting users interest like privacy in transaction etc, there would be no harm in it. Even we could expect a great jump in BTC and altcoins price after getting approval from the govt because this will encourage more investors to invest in it without any fear of being illegal.

1. yes regulation needs to happen-there's too many scams out there
2. funding/VC's interests into crypto go hand in hand with regulation

Found this ico that just got their malta license to make esports gambling in europe legal http://www.esportsinsider.com/2017/10/unikoingold-becomes-largest-ever-gaming-esports-token/

I agree, of course, with the support of the government will increase the population and investors to engage in bitcoin so that it will bring bitcoin for better progress in the future. Although there will be new regulations but i don't think this will change the system bitcoin performance.

Yes it should have. Just a minimal regulation is enough just to make sure the crimes like money laundering or drug deals will not happen or becomes rampant.  Btc should be used for good purposes and it wasn't made to commit illegal activities.

In your assumption, when time comes that fiat will be replaced by cryptocurrencies, I believe there is a need to regulate such insofar as it substantially affects the rights and obligations of citizenry. Where others may be deprived of their lawful rights due to others' fraudulent schemes, it is but right to give others what are due them by imposing rules and regulations for the latter's protection. It is only then we can be certain of the cyptocurrencies' strength and integrity.   

You are wrong. Originally Fiat was also conceived as a tool to stimulate economic development and was not supposed to suffer from inflation. Government ruled by money and what it led to. We all see the result. Now you want to trust politicians to regulate the cryptocurrency. Lol.

First, you need to understand the concept behind cryptocurrencies and their nature being decentralized and volatile (for bitcoin's case). Due to its nature, it is impossible to regulate bitcoin and predict the final outcome of its price. In the even that bitcoins were to be regulated by the government, then expect that it will be imposed with tax due to the sheer volume of users who transact with it, and the price might even be less volatile.

In the positive side, it may attract more people especially to the ones who have their doubts since they have the guarantee of security due to the intervention of the government. But also expect that there is the tendency for current investors to drop their investment because it defeats purpose of the investment, being less volatile. Bitcoin may not be different from any other investments like bank interests, stocks, etc. and the only factor that separates it is being digital and virtual.

Replacing paper money with bitcoin is not really visible yet. This is because of the way bitcoin is made. Bitcoin is digital currency and to source for it or get it, you have to go digital with internet apparatus.

So, even if the young people can go on the internet , what about the other groups like the old, infants?
I think they are different in operation so could be alternating.

To add with what you said, traders rely on the volatility of bitcoin. They are able to profit because of the constant price change.

I don't foresee bitcoin to replace fiat in the future. I think that there may be too many problems that would arise if this were to be implemented. Along with taxes, not everyone will be able to access bitcoin. Those coming from the lower class do not have access to internet thus they will have some trouble using bitcoin or crypto. I think that most people would still prefer to have a physical type of money.

The regulation of crypto has already began and I suppose soon every country and every user of crypto will feel it on ourselves. But the point is in that that every country accept it's own way for regulation, like Japan vs China. Now I may only guess by which road my country will go.

It is very interesting and useful to read a variety of versions about the crypto currency regulation. Thank you for all the versions

Regulation does need to happen, even if crypto in itself is regulated peer-to-peer. Governments won't be okay with not having their hands in crypto.

Virtual money has a common used as fiat currency, so I think regulation is necessary wether we like or not as it involves hard earned investment by individuals (bitcoin users). Then in the end it is for the safety and legality of our investments and the people behind criminal attacks within the community be bring to court as they deserved.

Though we can see that cryptocurrency ecosystem is flourishing right now, currency that has true value can only be counted by hand and I don't think that fiat money can be replaced totally with cryptocurrencies. it can be one alternative as payment but it will never be able to eliminate fiat because there are still so many places in the world not engage digitally. It would be hard to implement something not even accessible by everyone. Though there are news about some places going cashless, still they can do it because they have a small population so it is easier to implement something if everyone can participate.

Regarding regulations, people like cryptocurrency because no one is controlling it but then the government doesn't want to let go of its control to the people so they will create a law to have a hold of the people who use cryptocurrency by regulating it. I think there is a need for a regulation but to some extent because regulations are created for the protection of the people.

it's really cool that in general everyone argues on this topic. I like to participate in this discussion. It's very cool that an increasing number and my friends are involved in all this "turmoil". And also to understand that the Alcocums and Crypto-currency surrounds themselves around the sign and the critics, and to see themselves in this list :)

People are selling it with local currencies, and anything that involves transacting money released by the government needs to be regulated.

Something I've been thinking about is that our government and other institutions have always ran currency. So with decentralizes currency, I wonder how their role evolves with not needing them. In a sense crypto does need regulation to avoid scams and have qualifications so that not everyone can just start an ico lol

The Belarusian Currency and Stock Exchange (BVFB) in the long term may start trading in crypto-currencies and become a platform for ICO-projects. This shows that we want to take more participation in the crypto-exchange trades to our authorities

and by the way, it is already possible the resumption of the crypto-currency trade in China can lead to an increase in the cost of bitcoins to $ 10,000 dollars.

The Chinese government and the Central Bank of China may well resume trading in crypto currency in the near future.
The restoration of exchange trade in China can be evidenced by the fact that the mouthpiece of the Chinese government, Xinhua News Agency, has already expressed concern about the migration of the crypto-currency trade to the off-exchange sites and to the informal sector.

Ask yourself why governments are in such pissimistic moods about digital money? It started to be used in illegal activity and people scam, everything due to nobody regulate it.
Yes, regulation of crypto currencies may take those things that we love about it, but at the same time it will give to us more protection and safeness.

Truly decentralized currency means it doesn't need a regulator. But how will taxes work? Unless it's automatically deducted when the transaction processes. Then we'd be fully utilizing smart contracts lol

I always doubt that fiat money can be replaced by digital currencies because of the main reason that not all people know how this digital currencies will work. Not all people know how to use computers and other digital technology transactions unlike fiat even children knew how to use the paper money but i support the regulations because i believe it will just to protect the welfare of the people from fraud and scams.

Governments are simply in pessimistic mood about cryptocurrency because they will not be able to track a particular user income and till now they cannot find proper rules and regulations which can help both user and government and they can’t afford to lose taxes in any ways.

But, regulations in crpto will simply take away the base things like anonymity, then what will be difference between crypto and government based virtual currencies. Regulations should only be constructed in such a way that the power of cryptocurrency remains the same and at the same time scam and illegal activities are reduced by some methods.

I believe regulations will come whether we want it or not. Simply too much money is being thrown into crypto market and governments are not especially interested in not getting their share to start with, also, our governments are there to protect us (or at least they should be) and there is very little they can do in a current situation, when cryptocurrencies are not fully "accepted" and regulated. You can't go to police and tell them someone stole your bitcoins. Well, you can, but the help is very limited since they have no clear definition of what cryptocurrencies really are. What I think we need, is a unanimous view on them and regulations that are beneficial to both parties - the crypto community and the government. It has to be a win-win situation, otherwise there is just no future for crypto. Responsible organs might issue bans and other stupid stuff to 'get rid' of the 'problems' with cryptocurrencies and that is something we all don't really want, right?
Therefore, the only reasonable way to 'fight' the regulations, in my opinion, is by being involved when forming them. We gotta come up to a consensus with governments and create a safe and sustainable environment for cryptocurrency adoption.

As the transition to electronic money can protect you from fraud? Any technology created by humans and therefore there is always the possibility that some people will come up with the technology hype. The fact that there are people who can't learn to use e-money is a prejudice. Those same kids know how to use the gadgets better than we do. I see no problem to switch to electronic money.

it's all right, about the fact that there are people who do not even have basic computer skills. What will they do then?

I disagree that fiat money will be replaced by cryptocurrencies because what we are talking about here is just like requesting to government for them to loose the control of the money supply. No matter how much I support Bitcoin and cryptocurrency, I am still weighing the benefits of having to remain the fiat money. I mean Bitcoin helps circulates money but it can not totally replace the fiat currencies.

The answer is, even if it needs a regulator, who will be? Because, it started as decentralized, nobody wants to break it, everybody loves the idea. Technically, it may even be impossible (I don't know much about the technical aspects though). I think current fork is also slightly, if not totally related about this. People reject even if there is a slightest sign of authorization.

I think you are mistaken. I read a lot of posts on the forum where people themselves want the government to set transparent rules for the use of cryptocurrency. I do not share this idea, but what a lot of people wishing this fact. It seems to me that people don't understand the idea of creating a bitcoin and therefore think. It seems to me that any state intervention can turn a bitcoin into electronic Fiat. It will be the end of bitcoin.

Bank of America filed three patent applications for the use of blocking technology to track and validate the identity of users, and validate changes in the identity of users. :)

From my understanding, the point is the same. Not many people want bitcoin to turn into electronic fiat. Regulations of the use of cryptocurrency by government is another part. But for BitCoin alone, who will regulate it? Devs? They can't even reach a consensus for now. I think it's the biggest challenge Bitcoin is facing.

I dont believed that fiat will be replaced by the digital currency because not all people know how to use bitcoin transactions. Most of the people specially from the 3rd world countries dont even know how to use the computers due to poor education but i support the regulations because i believed it will protect the use of digital currency from bad elements like the money laundering in which it may harm the people and put the nation at risk if every local transaction cannot be monitored.

Virtual money is just based in the value of the coin given by the people those who trust the system of blockchain!
If there is nothing in the world that would break the chain or disrupt it than everyone else will also be able to trust the Virtual money,
It goes as in big brands as well!
at first the iphone was just another phone with ununderstndable features which was trusted by a few number of people but see nowadays  :P

One of the key stakeholders for regulation are obviously the states and the executives of central banks. Thus it is interesting to pay attention at what they say and Singapore has recently indicated they are not in favor of regulation.

"The chief of Singapore's central bank has indicated it will not regulate cryptocurrencies, but plans to stay watchful on the risks posed by the technology.

In an interview with Bloomberg, Ravi Menon, managing director of Monetary Authority of Singapore (MAS), said he currently sees "no basis for wanting to regulate cryptocurrencies," adding:

    "It is a known fact that cryptocurrencies are quite often abused for illicit financing purposes. And so we do want to have anti money laundering controls, countering the financing of terrorism controls in place. So those requirements apply to activity around cryptocurrency rather than the cryptocurrency itself."

According to Menon, the central bank is working on to "formalize" rules for digital currency intermediaries like exchange operators in order to curb money laundering and other criminal activities. "

Full: https://www.coindesk.com/singapore-central-bank-chief-no-regulation-for-cryptocurrencies/

How can you blame cryptocurrency is that people use them for illegal purposes. Bitcoins are only 1% of the population. 99% use Fiat. There is no point in asking which is more used in illegal transactions Fiat or cryptocurrencies. May be to prohibit Fiat money? Lol! State attempts to regulate the cryptocurrency market is only the desire to take our money.

Is it possible to track Monero users for example? Or any other crypto with technology of high anonimity? Zcash also.

governments around the glove is trying to regulate - failed (yet).

Some country decide to regulate bitcoin mostly for security reason. For example, the government able to control bitcoin supply or even trace down bitcoin transaction or apply tax every time people use bitcoin.
I think China will regulate bitcoin and will able to use bitcoin once again !

Zcash is designed to be anonymous

it seemed to me that the crypto-currencies were invented in order to avoid regulators, to reduce the commission, and to make transparent all transactions

yes it is a fact that a lot of illegal activity is directly related to the use and trading of cryptocurrencies. There is bigger potential to be use for market money laundering and easy for the organize crime to move is funds. However we cannot directly point the finger to the digital coins. They have also a lot "goodness" potential to contribute to the world. Therefore the position/statement of the Central Bank of Singapore related to the digital coins is the most correct at this moment, in my personal opinion.

It is very difficult for Bitcoin to be legalized by governments, Singapore banks refused to recognize Bitcoin.

The price of bitcoins can also be sensitive to the dollar rate, as the Trump administration takes steps in the tax reform. The budget resolution passed by the Chamber may allow the bill on the tax to pass through the Senate, without the need to secure the support of a majority of votes. In addition, the forthcoming preliminary reading of GDP can stimulate additional volatility, as well as the announcement of the candidacy of a new chairman of the Fed's board, which may happen in the near future.

Google Chrome introduces the Coinstorm crypto currency application, Cycec is already working with blocking technology, the accelerator is launched in Tokyo, the Singapore Central Bank is not going to implement crypto-exchange regulation, IT developers have received digital certificates at the ceremony in Dubai, the Bitcoin Core exchange will protect clients' funds from the consequences powerhouse SegWit2x.

Coinstorm - the world of crypto currency in the Google Chrome browser extension
Do you often use crypto-currencies and are afraid of sharp changes in their rates? The solution called Coinstorm will help to forget about the headache of constant monitoring of the crypto currency market, as it was developed taking into account the actual trends of the financial world. ;)

Why wouldnt it need a regulator? its money, or course it should be regulated if it is to be used within the borders of a gov that already has a fiat (read:99% or functioning governments). as much as everyone wants to have all the freedoms in the world, you dont want a world with unregulated bitcoin. bitcoin can be used to fund some gnarly shit, like terrorism or sex trafficking. Criminals are always looking at ways to subvert capital controls; bitcoin is pretty much that in a giftbox.

They regulate the milk you drink, depending on where you live. why the hell wouldnt they regulate actual money  ???

Crypto money does not need an arrangement, but governments need to arrange crypto money. Governments are there to organize everything and to make appropriate laws and to enforce these laws. It is unthinkable for the governments to ignore the crypto money that is increasingly proliferating every day, which is a big appeal today. Governments will regulate the Crypto money, at least organizing crypto money for tax collection.

To be viable, any currency, whether emitted by a computer program of crypto currency or a traditional "fiat" currency issued by the government, must win the trust of the community that uses it. For the advocates of crypto currency, the whole point is to suggest an alternative model of this trust. They promote a payment system where recipients no longer need to trust outside institutions, be they banks or governments, to ensure that the payer is able to provide the agreed funds. Instead, the crypto-currency systems give credence to an indestructible decentralized computer program, unable, theoretically, to deceive people.

Absolutely consistent with your arguments

Not only Singapore government there are many countries not legalizing the Bitcoin and at the same time they are not telling we are going to ban the Bitcoin. It means that still there is a chance for accepting a Bitcoin.

HORROR! In Vietnam, the circulation of crypto-currency

The State Bank of Viet Nam amended the country's monetary policy, according to which circulation of bitcoin and other crypto-currencies will become illegal from January 1 of the next year. Violators face a fine equivalent to $ 9 thousand. This is written by Blockexplorer.

🙄 It is noteworthy that this summer the Vietnamese authorities considered the issue of legalizing bitcoin in the country. As previously reported, the Central Bank of Vietnam, the Ministry of Finance and the Ministry of Public Security were instructed to develop a legal and regulatory framework for crypto-currencies before August 2018.

Bitcoin is constantly around lots of rumors. The greater part of them are fake. It seems to me that it makes no sense to listen to them. In the end, we still do not depend. The truth will always find its way. Every day we can find a lot of news which make us to sell the coins and the same amount of news recommending you to buy coins. A normal person never will not understand them. The best solution is not to read them at all.

Yes,virtual money such as Bitcoin needs a regulator because it is decentralized i.e. government has no control over it.As it is volatile in nature so lot of fluctuation is seen in it's price. A stability is required in it's price so that people can trust it more and invest in it more. This kind of stability can only be obtained if some kind of regulations are imposed on it. Moreover some people are using Bitcoin as mode of payment for illegal things such as drugs and ammunitions deals. So inorder to stop this illegal use of Bitcoin some regulations have to be imposed.

Once it is being regulated doesn't it mean that part of it will be centralized? Once a country established a regulating body for crypto currency then it will be
inevitable for them to monitor and control the use of the coin which means that it will somehow be centralized.

Drug deals and weaponry deals are being made physically you still need to transfer those goods what they are doing are just changing the mode of their payment, so if government wants to crack down this business they don't need to regulate bitcoin since this business are already there decades before the bitcoin was developed.

The value of bitcoin can be stable only after when it will be possible not to buy and make money. Trade suggests that the higher the supply the lower the price and Vice versa. But if it is possible to earn and spend bitcoins without exchanging for Fiat, the price will be more stable. Bitcoins need not to buy. They need to change the product and then they will develop the economy.

Regulators never do anything to prevent a crisis. After every crash regulators will do something after the fact to address the issue. Most of the time this leads to the next crisis like a never ending cycle.

Singapore Regulator MAS approaching the cryptocurrency world by offering companies help to secure banking services!

https://coincodex.com/article/2471/singapore-regulator-mas-is-willing-to-help-cryptocurrency-companies-secure-banking-services/

I think in the future all countries will agree to implement regulations and implement crypto as digital payments, although not all crypto will be approved. Actually, regulation is important because it can help us to identify that the wallet is ours and can minimize irresponsible exchange fraud. although government regulations aim to limit withdrawals and audit each transaction.

Hackers are always everywhere, now depending on the platform they provide, if their platform has strong security, of course it won't be easy to hack into their accounts, but if their security is less secure, it will cause hackers to easily steal all your assets.

I think the fiat currency is more trusted as a legitimate payment instrument because fiat currency have the support of the government. And without regulation, the crypto currency will be difficult to become a legal currency.

the principle of regulation is comprehensive to make things more certain. But it will collide with fiat sovereignty where there are no two currencies in the same position in a country. unless crypto is set as a common currency. There will be many provisions that cannot be regulated, but at least make crypto currency status more acceptable in public business, I still hope there are binding regulations because the crypto business system is still prone to something that endangers its users.

Sorry to disagree but fiat currency will not be replace by crypto currencies because there are lot of factors that need to be considered like not all people have the knowledge on how to use the computers specially the poor therefore not all people will know how to use Bitcoin and beside we need the internet to be accessible in any place. Crypto for investment or for direct spending it should be regulated so that it cannot be used in illegal activities.

Some countries are planning to impose regulations on cryptocurrencies in the future before legalizing it. But since the cryptocurrencies are decentralized, they would the regulation on crypto exchanges instead. Usually it's the government who impose regulations but in case of Japan, the government approves the self regulation for cryptocurrency exchanges that are operating in their area.

as long the regulation is to protect and self govern, country government can impose tax as long it is not too absurd.

If states do not regulate cryptocurrency on their territory, then it will not be able to walk normally in the world through the lack of adequate infrastructure for its circulation. Cryptocurrency will remain semi-legal.
The usual regulation of cryptocurrency by the state consists in determining its official status, conditions of its circulation and use, as well as in establishing taxation. Such regulation cannot affect, much less change the decentralized nature of cryptocurrency. Therefore, the state regulation of cryptocurrency should not be afraid. Moreover, without such regulation cryptocurrency will not be able to further develop.

I think that, of course, it is better to regulate otherwise we will not go to a new level, so it will be good for us if all countries take up regulation.

Of course, a regulation system that is intended to regulate the circulation of crypto currency is very much needed, indeed the regulatory system that is implemented may be different from what applies to paper currencies, this may be more global and more transparent because it adopts a blockcain system that is all decentralized so it is not there is a crime that can be done in this system, I think this will happen ..

I am a firm believer in regulation. Industries which go unregulated be abused and the small investor always loses out.

Act's like the Virtual Financial Assets Act in Malta will help bring cryptocurrency to every day life.

Of course there will be limits when regulations are made. you will get government monitoring of the transactions that you d,. there are taxes, and other restrictions. for some people it's not a problem as long as regulation exists and provides a positive development for cryptocurrency. you're right not all cryptocurrency will be given legality and regulation. maybe only a few coins are trusted like bitcoin

I'm sure fiat money will not be replaced by cryptocurrency, in the future I am only sure if cryptocurrency or digital money will become a more popular payment tool because in the future the digital era will increase and continue to grow, if that happens then of course there will be regulation and payment of taxes for the use and ownership of crypto. The regulation will not limit us from being able to use crypto, I am sure that with the existing regulations implemented by the government, it will make the future of crypto better.

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https://pbs.twimg.com/media/Dq_WvbfX4AEwNV9.jpg:large

There are just few of the countries that bann crypto, I think they will soon change their minds when they see the results of what economic impact it can do. Government can collect taxes to such process. The countries that banned BTC and crypto are going to be force to regulate and approve because they may not be able to trade to another country when other countries force them to pay in crypto with their transactions.

Bitcoin has bright future and of course bitcoin will be the future of money. At the same time fiat will not replaced by bitcoin. Because both are essential for countries economic growth. That's why many countries accepted bitcoin and few countries banned. I hope in future all the countries will accept bitcoin. People are ready to invest on crypto and there is no tax for crypto in many countries.

many countries have implemented crypto currency regulations, we may still wait a long time for regulations in all countries because in each country they have a different view of crypto currencies, but how much longer do we still not know .??

very necessary regulation for bitcoin, all countries should open up equal opportunities for digital currency systems, because the existence of regulations in all countries can make trading in all countries very easy, because bitcoin does not require third party intermediaries that are needed by large traders is a fast, practical payment and is not hampered by all the rules in each country, hopefully in the future regulation of crypto can be realized ..

Yes, we can't stop it from existing. Governments will always interfere on anything that is under their system and considering that it's going to disrupt that monetary system that we are used to. Criminals are definitely going to abuse the cryptocurrencies so I think it's just fair to say that we need regulation.

Indeed, in the future cryptocurrency will be used by everyone, especially if each country accepts and regulates cryptocurrency properly. However, a contradiction will come when everyone chooses to use cryptocurrency in each of their payments, making everyone forget about fiat currency. Surely, each government will make a decision again on the use of cryptocurrency by its people to balance their money fiat. Each government will think if every society uses cryptocurrency as a legitimate payment instrument, the money fiat will be eliminated and will not even be used by its people and this will create a major threat to a country.

Whether or not bitcoin needs regulator, the important think is the equality of crypto and fiat. When bitcoin has been legal, it should have the same opportunity to be used as the currency. But, the system is should be remain as decentralized, not to change to centralized because centralized system will be costly.

if there is regulation, then the rules will continue to support centralization, that is, two fully integrated parts, there is no history of currencies that can move without strong regulation because it will cause price instability, but if so, then bitcoin may only be authorized as stock and not currency.

A centralized system is not needed to Bitcoin, otherwise, the Bitcoin will lost itself. And regulators can only help those that make the price less volatile, but not in the coming year.

In the United States were the elections for the Chamber of Deputies, from the Senate and the governors of 36 of the 50 states. These elections, which traditionally occur in the middle of the presidential term, are known as midterms, and they have brought excellent news to the crypto and blockchain community.

Two governor-electors in the midterms are openly supportive of the crypto-currency market - the first in the country to be elected to posts of relevance. The first was Jared Polis of the state of Colorado and the second Gavin Newsom of California, the richest state in the country. As future leaders of their states, Polis and Newsom will have the chance to create national examples for dealing with crypto and blockchain. Regulation = Possibility

Crypto currency regulation in each country is actually very reasonable, because every country wants to regulate the circulation of money in their respective countries, especially new currencies, namely digital currencies, namely bitcoin, they really want to regulate by way of regulation, indeed each country is very different in addressing bitcoin but about regulation in bitcoin that shows that bitcoin is recognized in every country.

the problem is, government is on doubt to embrace and adopt bitcoin or other crypto because basically crypto cannot be controlled, unlike fiat where the regulation or even transaction done by people are recorded and under control of them. when crypto accepted, become legal, and be regulated, it means bitcoin is out of its nature that is decentralized. furthermore, tax follows the legalization of bitcoin. So, I think crypto doesn't need to be regulated by government.

there is some sort of regulation going on already in the majority of the countries
only it is not cryptocurrencies that are regulated, in most cases, but the entities that are dealing with them aka exchanges and exchangers, banks etc.
all of them are functioning in the law fields of the respective countries
the only reason for the regulation the offer is the scaremongering calls for removing black market and terrorism sponsoring and blackmail etc.
the goal is to remove any privacy people have and go full steam to the electronic concentration camp society

The main purpose of regulation is to protect crypto currency itself and the users from the bad people so that it cannot be use in illegal activities but sometimes i think that the governments is overdoing it as any people can hide their huge money in crypto making the price to become more expensive before then thank you for this regulation as the dirty money can't longer hide in crypto currency making the demand to decreased too and the market keeps on declining.

Bitcoin is decentralized with which we will more easily carry out transactions as desired, but as a currency, bitcoin must have a stable value, and to maintain a more stable value, the regulation is needed.

I noticed that this post is old enough but until now, there are no regulations on the cryptocurrency except when the third party comes along. What i am referring to is the government, who illegalize bitcoin or any other third parties like mobile application, banks, etc. If crypto would be widely used as an exchange, we should get some or even a little regulation to protect its holders/users.

I doubt if cryptocurrency will replace fiat but these two will instead coexist in the years to come. Most of the fiat used today by every country are their national currency and it is considered one of the important symbol of evey nation. Regulation might only imposed on cryptocurrency exchanges that are centralized and I think it is not possible to regulate cryptocurrency because they are decentralized and can't be controlled.

Probably you might reverse that words above, but I got your thought.
Cryptocurrency won't ever be regulated at all, you are right, the government can regulate exchange to control those people who do in trading and probably that is common in Local exchange that found in our country. Because when we convert our Bitcoin to fiat and withdraw we need verification on that exchange.

full asset alone ?  btc's main usage is a currency and asset use is only an alternative or for secondary use only  .

most countries are now accepted bitcoin but the price looks the same . there isnt also a change on how people treat  it  even if btc is recognized worldwide or not  .


crypto is already attractive but many people are still doubting . in terms of stability i dont think that can happen  .  its also imposible for them to replace fiats  .



the question is , will it be controllable ?  and besides fiats wont be replaced anyway  .  fraudsters do also use fiats and any other currency/payment method aside from crypto

There is no doubt that the national paper money of the states will remain in the near and distant future. Cryptocurrency, especially decentralized, can never replace the national money of the states. It is not intended for this and is not capable of it. States will never refuse to use their national money, because they are a reflection of the state’s economy and interact with the economy. Cryptocurrency in general can not be tied to any state economy.

Agree, I also think that fiat will never be replaced because the government will always manage fiat to exist. but regulation does not mean crypto will replace fiat right? regulations are made so that crypto is free to use without any restrictions and I think it will be applied in the future

Lol nothing will replaced by something thats for sure and even if the mass adoptions of cryptocurrency still the fiat will remain for some optional uses.crypto and fiat will have their own function in future but the regulation must be implemented for this not to be abused by bad elements specially when time comes that this can be use in simple transactions like groceries or something useful for daily consumption

Of course, fiat will stay with us. Unfortunately, crypto community has no such power as governments. But Bitcoin could be the next significant asset (https://cryptodetail.com/what-make-cryptocurrency-different-from-money) like gold.

Cryptocurrency in the future will be an important currency because it can unite the world currency digitally. Therefore no one claims that crypto belongs to a country. Only regulations in each country may differ depending on the situation and conditions in the country.
It is possible in certain countries to apply only in the tourism zone or business zone, but in other countries it applies to the entire country. So the situation and conditions can be different, but in principle cryptocurrency is not something that is prohibited.

Replace is not the exact word but crypto will totally dominate the fiat and I am imagining a new world where people get discrimination when they use fiat money when 90% transact cashless. And about the regulation thing, yes we need it because have you ever found new systems without order?

I believe that fiat can't easily replace by cryptocurrency and majority of the countries will not going to welcome that idea. Every country has their own national currency which one of the important symbols in their country. The aim of regulation is to give protection to the people against the illegal use of cryptocurrency and this seem to be inevitable because a group of nations called G20 are determined to impost regulation in the near future.

I believe that the rule is the fairest referee, meaning that with regulations, all activities that are outside the regulation are not true, aka illegal.
Likewise with cryptocurrency, there must be regulations followed by the owner to carry out trading and investment so that the country where the activity is carried out can carry out monitoring with the aim of protecting citizens or the state to obtain income such as taxes.

No, cryptocurrency is not able to replace fiat. National money of the states will continue to exist for a long time in the foreseeable future. In any case, no state will ever give up its national money. And the population of different countries is not as fast and not as massive as many people think, they will switch to the use of cryptocurrency. So far, as long as there are states with conflicting interests on our planet, until then there will be national money.

No, the cryptocurrency is simply not capable of replacing the national money of the states. Individual citizens can completely switch to the use of cryptocurrency, if they have it, of course. However, no state will ever give up their national money in favor of a decentralized cryptocurrency. This will quickly lead to the unbalancing of the economy of any strong state, since the decentralized cryptocurrency actually has no relationship with the economy of any state.
When there will be a single world government on Earth, only then fiat can be replaced with a cryptocurrency, and that, subject to the availability of a certain level of technical progress and a high level of incomes of citizens.

Cryptocurrency was created to  digital transactions, where the way it works is peer to peer so that it does not go through third parties even though it is under government control like the central bank.
This transaction process is very fast, precise and safe. That is on the one hand in theory. But in practice there are many problems, such as bitcoin theft, fraud, even misused for criminal acts.
Therefore, in due course the cryptocurrency will be regulated by each country so that it is not too detrimental if there is a problem. Because something happened on the internet, the government cannot control it.

No, cryptocurrencies don't need a regulator and I am sure people are not expecting to see that since they are using cryptocurrencies especially because they want to get rip of all the manipulation of governments over the economy and banks.

Cryptocurrency is very difficult to be controlled by the state so it is alleged to be a hiding place for criminal money, such as money laundering and drug trafficking.
This is inseparable from the anonymous factor possessed by cryptocurrency, so many governments prohibit it from being used in their country. The regulation to regulate cryptocurrency must be an option that must be run if it will legalize crypto, so that there are benefits that can be taken by the government.

Cryptocurrency regulations are getting there slowly, but steadily. For example, the European Parliament adopted the 5th AML Directive which will soon go into force and redefine how cryptocurrency-related companies in Europe will have to mitigate the risks associated with terrorism financing, money laundering, human trafficking and so on. It means that exchanges, crypto brokerages and similar companies will now have to use blockchain forensics tools and perform more extensive due diligence on their customers.

In a way, it legitimizes cryptocurrencies in the eyes of governments, creating a legal basis on how cryptocurrencies should be perceived and treated in Europe as they gain more and more traction, meaning it won’t be that easy to exploit crypto-related services to perform illicit activities or, more importantly, exchange crypto to fiat anonymously. We also have in-depth blog post regarding regulations in crypto: https://blog.coingate.com/2019/02/aml-compliance-bitcoin-adoption/

Of course, the regulation of cryptocurrency does not mean at all that it will replace the national money of the states. Regulation of cryptocurrency is inevitable and necessary and, as a rule, it means determining the official status of cryptocurrency, establishing the order and conditions of its circulation within the state and solving the issue of taxation of this type of activity.
I also agree that cryptocurrency will not replace fiat with itself, it is simply not capable of it. It will go along with other types of ordinary currencies and they will complement each other's capabilities.

Several countries adopted cryptocurrency but those countries people 100% secured in crypto? I mean they will never be hacked or steal money by hackers? I think one one can't be safe in here, highly risked in cryptocurrency that's why beginners mind exist negative hype.

It will be a long run player, the government will evaluate the entire market to measure how big the adoption of crypto is and then they make a decision whether to start regulating it or wait for a bit.

This market is a billion dollar market already and I think it calls for a regulation already, scams in the market will be minimize once regulation will take place, at the start I don't agree with regulation as it might compromise our privacy but due to rampant scamming in ICO, it's needed to be done now and I fully support it.

There is no doubt that the national money of states will exist as long as the states themselves exist. Also, cryptocurrency can not force out cash. Only the governments of specific states can decide to abandon their paper money. However, non-cash forms of national payments will always exist. Cryptocurrency actually cannot have a significant impact on the national money of the states, they will exist in parallel with each other and complement the capabilities of each other.