Bitcoin Forum

Being that the government have no control over cryptocurrencies as they are fully decentralized, can bitcoin be regulated in a country?

China are attempting to ban it and make it illegal to use but they cant fully stop every person from using it. i think thats the best its going to get as in regulating the currency

Easy. Only it is important to know what to mean by the term regulation. To prohibit the use of bitcoin in the country but people will use it online on the websites of other jurisdictions. The state can control the circulation of local currencies and this will be a significant problem for users of bitcoin, but not completely put under control.

Hoping that they shouldnt regulated bitcoin to the country because it benefit us a lot.

We should stop saying Bitcoin and focus more on crypto. Bitcoin right now is only ~50% of crypto and getting less dominant over the others each day.

I don't think ti can be entirely regulated, but they can be self regulated. For instance let's say a country asks or licenses for crypto exchanges to operate. We can then just use those exchanges, and not try to go over this, and use unregulated exchanges. We ca still do it, but I don't think we would help anyone by doing it. So if governments create rules that don't suffocate bitcoin, we could accept them and everyone would be happy. If they go to far, we can just chose to ignore them, because bitcoin allows that.

No,authoritatives can only implement rules over bitcoin but can't be stopped fully by any government.
 China government tried to regulate it but failed.
There are hundreds of chinese people continuously using bitcoin after ban.

regulating something has nothing to do with it being centralized or decentralized. you are still living in a country under the rules of that country and you are using the local currency of that country to buy bitcoin. and you use that bitcoin to buy stuff from shops that are working under the laws of that country.
that is what regulation means.
for example some countries see bitcoin as an asset and say when you buy it and hold it, you have to pay capital gains (i think it is called) taxes.
or some other places say when you open a business with bitcoin you have to get a license first. just like when you open a business with fiat.

If the regulation of the country's crypto currency is aimed at establishing the procedure for making payments with the participation of the crypto currency and is not connected with the imposition of unjustified restrictions and prohibitions, then such activity of the state will positively influence its circulation within the country. If it is done by such methods as China tried to do recently, then nothing will come of it and both the state and the crypto currency will lose from this.

This is exactly what all the governments want. They want to control all transactions. they want to be able to prosecute buyers and sellers to stop some illegal actions can be easy made using bitcoin. As Bitcoin is decentralized, They can't change Bitcoin, They only try to stop people using it. In any situation a day all of them will accept bitcoin as a global currency.

But how does those regulations effect me if I earn and spend Bitcoin on Internet only?

Government and their regulations are only impactful when Bitcoin is converted to fiat or fiat to Bitcoin. Government can do just nothing when Bitcoin is on internet. Even if government puts a ban on cryptos, there are tons of ways to escape those bans when it comes to internet. Right now Bitcoin doesn't have much utility and is being used as investment for growing fiat. But with more utility people will find ways to use their Bitcoins online and governments will most probably will lose hold if any.

With the bitcoin price getting more and more higher, those who own bitcoin are found earning more money than before and this puts them in a questionable situation where goverments sees them as citizents who are earning money without any taxes, a couple of years ago content creators on youtube and streamers were in the same situation where they were earning money from donations subscribtion and sponsors without having to pay taxes, until recently where some goverments started regulating this kind of industry, and they started paying taxes for their equipments and others things related to their work, and it will be a matter of time bfore we see the same thing happening whith the crypto currency and the bitcoin in pirtuciliar, where taxes will be on mining machines, or increasing the electricity bill for those who mine bitcoin.

Bitcoin can be regulated by every government if they really want it to but I think it needs a specific department to them in able to focus in regulating such wide aspect just like cryptocurrencies, we all know that cyber laws in almost in all country in the world are not that so strong yet so implementing a regulations to Bitcoin will result only for people to find a way to dodge their governments.

And I also tink that government main objective for regulating Bitcoin and other cryptocurrency is for them to put a tax on every people or maybe transaction that is happening inside of the exchanges because there is a big money that is now involve inside of it.

As far as I know, bitcoin can not be regulated by a country. The value of bitcoin is not specified by any country. However, the development of bitcoin depends a lot on the countries.

There was no "ban".
Again stop with the spreading of such rumors.

What China wanted was control over the flow of money, they didn't care about bitcoin or ico or anything else.
They wanted to know who is flooding the exchanges with money and they will find a a way to stop people acquiring cryptos if they really want.
China is a communist country, they can pass whatever law the party thinks are necessary and they don't care about rights.
God forbid we see a real ban with chinese police cracking on bitcoin users.


Unless you spend your coins for games or losing them at casinos all your purchases are made also in the real world with real physical products that are traced back to you.
And those purchases will get taxed, as the tax is applied and held by the seller.

Yes it's possible. Just like north korea bans about everything

of course, bitcoin can be regulated. Related to that, Bitcoin is no different from other devices that must follow different rules in each country. Bitcoin can also be complicated by strict regulations, making it difficult to determine how many percent of users will keep using this technology.

so that everything develops as it should with a crypto currency, it is necessary that there is an interest of the government. then we can hope for more.

I think it's hard to regulate bitcoin, because as you can see, bitcoin is decentralized and it can be earned online. It would be hard to prohibit or limit it's use as long as there's internet in your country. I'm sure if this happens, people will find other means to earn bitcoin even if it is banned.

Bitcoin can absolutely be regulated in a country. Exchanges and ICOs can be banned, which is practically exactly what China did in the last month. They were basically showing off the power that they had over the coin. Little did they know that Bitcoin would rebound back and bite them in the butt, but hey, that's a them-problem. For us right now, we can be assured that even when a government tries to regulate Bitcoin, the price will be fairly stable besides the few panic sellers. In the day and age of technology, we can count on a technologically-based currency to rise in price.

I think this is what most countries that want it regulated so they can have control over bitcoin and other crypto currencies as it is they have no control over it including taxation something that they see as a problem. Their way to counteract that is to ban and regulate it.

Either you haven't heard about TOR or you are being plain ignorant. What I said is even if government puts a ban and restrain the use of Cryptocurrencies, there are ways available that can very well hide users identity. Why you think Darkweb and torrents are still there? Also unless you are involved in some illegal activities, online service purchases will still be secure unless your identity is involved. Bitcoin can easily be converted to gift cards anonymously and can be used for purchases and you really think government can always catch you?

Wait for increase in Bitcoin utility, you'll find many more ways.

For the usage yes there can be some regulations. We need to accept this regulations in order to fully used and take advantage of what bitcoin can give to us.

Since every country have rules about centralized money system, it will be applied on the same manner as how bitcoin is operating in a certain country. It should start at every local exchangers. We need this to regulations to somehow minimize the risk of being a victim of a shit project nor any things involved.

I think government feel hard to regulate and hold bitcoin that is the main reason why bitcoin is ban in some other countrys they want to regulate bitcoin to centralized it and put a tax so that they can earn money from bitcoin

Yes it can. Regulation of bitcoin means country is not fully control to it. Bitcoin is fre nothing can control it.
Bitcoin is born for any reason that is decentralized of payment.

Every country has its own style and type of regulatory laws, other countries tend to regulate a certain things could mean a limited amount or transactions being processed in order to prevent money laundering and terrorist funding activity. what they can only regulate are the bitcoin exchanges and banks where bitcoins are being traded or converted to local fiats, but not the entire bitcoin system.

Yeah, some of the countries are regulating on this system, especially in the ICO platform. some of those countries are feeling threaten form this platform. so that they have begun this type of regulation. but in the long run, it will not hamper for this system. though in the short run, it is getting as a barrier.

You are right, nobody can stop bitcoin even though there are many countries have banned it.
although china has banned ICO, still there are bitcoin holders who can access it via vpn for a bitcoin or altcoin transaction, if you want to stop bitcoin there is only a way it’s to turn off internet and it will stop automatically

Yes it can, some countries like Japan and Australia have implemented the regulation, south korea and then china will apply it too later.
the government is really worried if they just let it, it can disrupt the country's economic system because it has been proven in China that cannot control the ICO in there and the Chinese yuan is threatened.

Bitcoin simply can not be regulated by governments.If they wanna to regulate they need to control whole blockchain which able to transfer up to 10 transactions per second.In short they want but it is impossible.

The government should have a minimum of influence on the bitcoin network, and they should not regulate bitcoin. It is necessary that a mechanism be developed to ensure that bitcoin was regulated only by the community of bitcoins

Yes, of course, any country using its sovereign power can regulate the buying, selling and all Bitcoin-related activities happening within the jurisdiction of that country. Technically, they can't do it against Bitcoin so authorities are doing it with activities pertaining to Bitcoin. As what happened in China, they banned Bitcoin exchanges.

Bitcoin can be regulated by the government in terms of circulation but not over the bitcoin network. They can regulate the bitcoin users for their country and can provide a framework to tax or regulate the circulation. However, it is almost impossible to actually track down each and every bitcoin transaction in their country. Because bitcoin is not structurally built that way. The technical prowess of bitcoin is in it decentralized theory, but can be tracked through a public ledger for a known address. However, if a person use different wallet and different account for every transaction, it will become very tough to track the transaction whether it belongs to a single person or not.

Yes, they can. Government's power can't be suppressed by cryptocurrency and besides we need laws to release fear to those scammers, money launderers  and other criminals who used Bitcoin for their malicious activities.

in my opinion bitcoin is not controlled by a country, because bitcoin belongs to global society. The country knows but many also do not provide strict rules. They only monitor the presence of bitcoin.

Yes Bitcoin can surely be regulated in a country but it should be known that the regulations apply only to their country and not outside it.
Not all the countries have legalised Bitcoins. There are some countries where it is illegal and some countries where it is neutral. There are some countries who are trying to regulate crypto currencies in their nation. It protects the users from scamming them and gives them a security as the government is supporting it.

Of course, bitcoin and cryptocurency should be regulated. If governments stay away from cryptocurrencies, they will destroy their financial institution by themselves. Cryptocurrencies will change many financial institution whether the govts like or dislike. What should governments do is to cooperate with cryptocurrency developers, traders, exchangers, and parties who involved in cryptocurrencies to discuss the regulation. The clear regulation can prefent from money laundring and bitcoin abuse in the future. Japan takes the advance step in this case.

Many countries were now starting to adopt bitcoin due to its decentralized system.There starting to accept it due to its easy and fast transaction.And many investor were attracted due to its keep increasing.As of now  many business eshtablishment are now accepting bitcoin

No, none of the governments can regulate bitcoins. Because bitcoin is not specific to one country. People from all over the world use bitcoins. So how can a government regulate it? Its impossible. Its price depends on various factors. But government can do one thing. It can ban the usage of bitcoins and stop the services of bitcoin exchanges in that particular country like what China did recently but it can no way regulate it.

Bitcoin can be regulated in change for Fiat. some countries such as Philippines are regulating the flow of Bitcoin traded into fiat. which is a good thing for the whole community of bitcoin. the more some countries regulates bitcoin the more trust Bitcoin can get. and it may affect also with the altcoins.

Once the bitcoin is been made as a legal money that concern country can regulate the bitcoin usage in their country alone. I don't how you understand about the regulation bills in your country. Like China none of the countries goes to ban the bitcoin even Korea also give a ban for ICO coins alone. That mostly damage to eth since it is been made using smart contract project. Japan can regulate the coin under and country's rules and regulations.

I strongly agree with you that bitcoin can not be governed by a country but bitcoin affects people in that country. Bitcoin is controlled by all its users worldwide. Bitcoin works only when there is full consensus among all users.

I Think that it can be. There are certain networks that can inhibit ones use of a network and it might be that they can devise a way to inhibit accessing bitcoin sites or app without regulation and I think that it is possinle but it is still a long way off.

As long as the users are believed on bitcoin then the users are getting more and more and they stay loyal on it then it may stay as the currency but for giving it a chance as being regulated are possible regular using more likely but the other term for this just like that the government pay attention on it I believe that government will never do that too.

Yes it can be regulated, but since some crypto are decentralized the government cant figure out all people whether they use bitcoin or not. Bitcoin will still live even when regulated in a country.

Actually bitcoin is regulated in Philippines. They did it like bitcoin is stocks and by doing so it attracts more investor in the philippines exchanges. As far as I know, digital exchanges in that country is healthy because more and more people there get involve in bitcoin community.

It can be regulated , but for bitcoin as far as i know bitcoin can't because the value of bitcoin isn't specified by any country and aside that bitcoin fully decentralized so bitcoin can't .

Yes government can't control bitcoin transactions and they also can't regulate all bitcoin transactions going in and out of the country.
What they can regulate or control is the local bitcoin trading platform registered in the country.

But few governments like ours don't know what actually is bitcoin and just tagged it as illegal activity.

Yes government wants to control bitcoin but definitely its not they dont have the power to control it because it is decentralized thats why they are regulating bitcoin. But for now bitcoin is now used by different countries as a means of payment.

As much as the governments wants to regulate the market of bitcoin its quite impossible for now to do that because of the nature of bitcoin wven government cannit control and because of the idea that no one own the bitcoin and it is circulating in the market of different countries government need to study first and find their way to have control over bitcoin

Yes it can be regulated so that means it's not decentralized anymore in the sense that the government intervenes on it. The bitcoins that you will earned in any form of business are also be held taxable following the laws imposed by the government.

However, it is still possible to regulate the use of Bitcoin as well as to regulate other financial systems. of course the rules of each binding country must be obeyed, because the government must regulate the domestic economic activities of the domestic market.

They could be regulated in a sense that they could be taxed. Businesses that operate with Bitcoins will have no choice but to comply so they can get a permit. It will be harder for single traders, but you're going to have to do business with these Bitcoin businesses at some point, and that's where you get taxed.

I think It's hard to any country to regulate the bitcoin. Any countries want to control Bitcoin but they can't because Bitcoin is decentralized. That's why many countries forbid people not to use Bitcoin.

Australia = so far, bitcoin not considered a financial product (which is good). That will likely change when the govt realises how much cash it's missing out on.

lets make clear what REGULATED MEANS...regulated in the sense that government will just have an EYE and vision what bitcoin is all about.,and getting tax on it.coz as of now..only the money order system is the one whos having benefits from us,nit the government

It will be the end of bitcoin when it became regulated by someone because due to decentralize feature bitcoin is growing very fast in the market regarding popularity. No one country of the world has the ability to control bitcoin according to their well and currently no any country has succeeded to overcome the issue of bitcoin regulation in the world that’s why bitcoin is more attractive for people.

government could not be able to regulate cryptocurrency since they have no autonomy over it.
which is why the only thing they are doing right now is regulating exchangers.
since this business entities need to have permits from the government.
as of today this is the only regulation i can think of government can do with cryptocurrencies...
:D

this is what all countries want them to control all transactions they want to be able to prosecute buyers and sellers to stop illegal acts that can be easily done using bitcoins because decentralized bitcoins they can not change bitcoin under any circumstances they will all accept bitcoin as global currency.

Currently, the crypto-currency is neither illegal nor legal in India
The government is considering the introduction of a regulatory regime for virtual or crypto-currencies, such as Bitcoin, that would enable the levy of the Goods and Services Tax on their sale.

Some governments undoubtedly want to regulate bitcoin in order to have control. But the network must develop itself and regulate itself, only then can there be an evolution.