Bitcoin Forum

Australian goverment is one step a way to regulate the bitcoin to combat money laundering and terrorism financing.

What do you think the implication of these in general and especially to the bitcoin holder  in Australia?would love to hear your views??

See below article

http://mobile.abc.net.au/news/2017-10-23/bitcoin-one-step-closer-to-being-regulated-in-australia/9058582?pfmredir=sm

We still have the type of people who are afraid of bitcoin so a government making regulations will probably make that fear go away, I believe this will only bring more users in the long run.

Maybe has a good and bad impact for the Australian people who used bitcoin. It is good in way that the bitcoin will be legalize in their country to fight and track the possible terrorist financing activity. In bad side , the government will be possibly tracking the bitcoin transaction and the fee will become higher.

It always depends what regulation means.
In this case:


So we have:
1) The usual culprits, money laundering and terrorists
2) Monitoring the exchanges which is both
 good: slimmer chances to have another gox,mintpal, etc etc
 bad: it probably involves monitoring also the users and their trasnactions
3) Which is actually 2b, it's pretty bad as reporting suspicious transactions usually means freezing assets , fiat or coins.

And we have the exchanges reaction:

"There is likely to be an ongoing expensive compliance cost, particularly in regards to ongoing transaction monitoring," said BTC Markets' director Jarrod Crane, who is supportive of the proposed laws.

So... mixed feeling from everyone.

People do really have their own opinion on such movement made by the government on planning on regulating but I do doubt that they would only adopt or regulate it on the services that do make use bitcoin thinking off that they cant really control bitcoin no matter what they do.I assume that they would just do the same thing on where Japan did made regarding on its adoptions.This would really indeed more users in longer aspects.

I would like to read from Australians at this forum, what they think about it.
What is this mean "to regulate the bitcoin"?
Is this mean restrictions for sending/receiving bitcoins?
How about other crypto? special law for every crypto?  ;D

Definitely.Already we know that australia has been friendly to use of bitcoins unlike china.Bitcoin regulation is far better than totally banning bitcoins.Bitcoin if regulated,then retailers would come forward to accept bitcoin payments.We earlier saw in japan that immediately after legalization,thousands of retailers accepted  bitcoin.So,the australian move would increase demand for bitcoins and would trigger its price.

I didn't know of that, thank you for sharing this news!

I think that it is good news, basically I am working in marketing agency and we are paying quite much to reach Australian respondents, keeping this in mind they are able to bring some extra big profit out in the market and from that we can only benefit.

Wow thats a wonderful news in fact !
First of all terrorism is a global plague if the government is doing something about it, for it to be in control then obviously thats the right thing to do no doubt, this will also make bitcoins gain more customers and holders because there are still many people who think bitcoins are fake and stuff that this will give them a kick-start and more crowd will accumulate leading to increase in the price of bitcoins.
Making the transactions more transparent will be the only downfall but that too only for those who are in the illegal business or people who aren't paying taxes on time, what's wrong is wrong only thus I don't see any downfall in this step taken by the government.

If it's being regulated to prevent illegal activities then it's good news. I just hope that with the regulation, they will not put some political manipulations. If the welfare of their citizens is really what they are after then by all means do so. And I guess it will have good impact with others also who are afraid of btc because this news will gain positive insights from investors who used to stay away from btc due to some stability reasons.

Contrary to popular belief, regulations are good. If you want to interact with the legacy banking system, you have to avid to existing laws and regulations, you can't expect the governments to treat bitcoin as wild wild west gateway where you can go in and out of fiat. Regulations legitimize bitcoin in the eyes of governments and it's better than a ban. Regulations are no longer seen as bearish in the market as we can see nobody cares about these news, so regulate it as much as they want, it doesn't matter for us hodlers (and if the regulation is a mess like BitLicense, there are always alternatives anyway).

Would this regulation kill peer to peer exchanges of Bitcoin. If only registered exchanges are allowed to buy or sell Bitcoins, then you may be breaking the law if you give a few satoshis to your friend in exchange for dollars. Reminds me of the unlicensed money exchanges cases foisted against Bitcoin traders in the US.

Australian government want to regulate it not to ban it - do you think that Bitcoin or any cryptocurrency can exist outside the economy as at the same be a part of it?
Can't you see what happened to do Bitcoin after Japan regulated and embraced it? Before that time, I heard voices that Japanese regulators will impose draconian laws.
That they will butcher idea of bitcoin etc. but what is really the idea behind bitcoin? To be outlawed and in the end not used by anyone?

regulating bitcoin is food for the government,not just having taxation it can help them to lessen bad elements in country.but the question is..can the government really regulate bircoin?well ita too soon to tell

If a country can shutdown bitcoin , they can surely regulate it as well.

Regulation of bitcoin in any form is not good for the bitcoin ecology.Doesn't matter what government regulates it,as soon as rules are levied upon an open-source system,people start losing interest.The government should just start their own regulated coin or something.Anyway doesn't matter if one country decides to put rules on bitcoin's usage.I feel bad for me Australian mates now.

You can't be serious ? Government is regulating,controlling an open sourced system,for the sake of it's promotion ? I don't think it's a good deal.

Well if will be good for australians on my opinion because you can use bitcoin with no fear. There are countries out there where bitcoin is banned and other cryptos too. So yea for Australia is a big step forward because it's all about the blockchain technology.

This ^^
Regulation & acceptance of bitcoin use by official bodies can only ever be a god thing.

They are doing it for a good cause and I think is a good idea and will help Bitcoin get more exposure.

Yeah! your right nothing to worry about. One of their purpose is to trace all suspicious transaction linked to a terrorism. that is a good.
if that will happen it will be a big impact into the BTC and to their neighboring countries.

How ? I don't know how you guys think but regulating bitcoin is only going to keep users away from using them.Just for the average crowd to understand 'Regulating Bitcoin' isn't an option.Hell,what if government starts regulating bitcoins and comes with a policy that only government can mine bitcoins.Only bitcoin sellers allowed would be licensed government contractors.On every sale of bitcoin 2% service tax goes to government.This is just a few ,I could go on all day long to prove you guys wrong.

To the long-time Bitcoin hodlers, this would mean nothing. This is not new to them as other countries are already making their move to regulate BTC and the altcoin market. In a sense, this could provide good image to the public as most of the people out there still sees BTC as an illegal and criminal-related internet money. With Australian government regulating it, the community in their country will (maybe) start to get involved with it and this, in fact, is a good thing for the cryptomarket.

this will be good,
when bitcoin has begun to be recognized.
and this means that bitcoin legality has been created in australia,
and this will have widespread impact,
and maybe other countries will follow this.
and it will also have a good impact if it is in a battle to combat money laundering and true terrorism happening happily in this world

It's too early to say whether it is a good or a bad move. If Australian government just want to fight money laundering and Terrorism financing, then it has nothing to do anything with the general users like us who earn money from trading and other related activities. So the framework provided by the government needs to be assessed. However, I am sure that no one would mind paying a little extra tax on their crypto earning if they get legal status in return of that. So I believe it will be good for us in general and can have a positive impact on bitcoin as well.

I think its good news also.

Japanese government. why have they decided to attempt to set up regulations for regulating cryptocurrency without imposing restrictions that threaten innovation and compromise security?

Japan has been facing very severe economic disease for decades now. cryptocurrency could be seen as a chance to encourage innovation and take a lead over other countries. It is also notable that Mt. Gox exchange was based in japan and when it failed it was a big international disaster and a huge embarrasment to the japanese government. I think they want to put it behind them.

I think that Australia is looking at the example from Japan. There has been some back and forth between them in the past. Australia was imposing double taxation on cryptocurrency and ended that prior to Japan following suit. Id say that Australia is more influential in many ways than japan because there a much smaller language barrier with the rest of the world.


Big powerful countries like China, Russia, United states. Are at risk of being much more conservative and falling to the temptation of buying into the centralized fiat crypto scam They may threaten the world with millitary power but they can only use that to destroy in the end.

We gotta remember that the revolution of Crypto is going to be a process that due to its nature takes policy control away from the government and places it into the various protocols. it wont be able to happen all at once.

It really depends on the details of the regulation. Some form of regulation is good in attracting more main stream users to the concept. Too much, or erroneous regulation that stifles innovation and creates friction in the process is obviously going to be a bad thing. In summary, the devil is in the details. Following this story develop with great interest as Australia is an important market.

By itself regulation of bitcoin and other crypto currency in a separate country is a positive moment for the circulation of the crypto currency. It will be recognized as a legal tender and protected by law. Of course, this establishes a certain tax on profits from this activity. The whole question is how tightly the other rules of this regulation will be established. Will the crypto currency be impaired in its circulation and will its users be limited in rights?

In my own opinion, regulation is the government's way of putting themselves in the system of bitcoins or digital currencies. Acceptance but the consequences is regulation.
The main sense of bitcoin is decentralization and it is the reason of its popularity, I agree that if government will be a bit abusive in their part, bitcoin will die.

The way I see it, regulation is give and take. The good is that you won't have to worry that Bitcoin will be banned, you may actually ask for legal help should you get victimized, and proper regulations can help ease the average joe's jitters over Bitcoin. These advantages can't come without a price, of course, and the price is a little liberty, and some taxes.

In Australia's case, specifically, it simply looks like the government will require exchanges to ask for identification. Most exchanges already do this anyway, so I don't think it's a bad thing at all, unless you're actually dealing with illegal stuff with Bitcoin. I would welcome this in a heartbeat, knowing the alternative is an outright ban.

Australia is supporting crypto very much,thay will legelise crypto,his legislation will be crypto friendly

I have nothing to say against these kind of moves as it is expected that we could see these kind of regulations coming in moving forward.Will it be considered as a legit tender from now on or is it just used to tax people is what i want to know when it comes to these sort of regulations. With the price of bitcoin moving higher it looks like no government can ignore this.

AI think they are abiding bitcoin's nature, supposed to be bitcoin is a decentralized system and it was made for the people to use to become profitable without being vulnerable outside their houses, it doesn't advertise unemployment but being profitable if you doesn'thave a stable job yet for me it is a kind of way for ourselves to become better citizen who are capable insharing contribution in your own community. Regulating bitcoin I think is not good and it may be soon controlled by the government.

I am fine with governments regulating crypto. Fact of the matter is, if they're decentralized, governments can't exercise much control over them. They'll only be able to monitor and impose taxes, which isn't so bad because it also comes with benefits.

How can this be bad for Bitcoin. Obviously it would be good as many more users will know about Bitcoin and trust it. Making it more diverse .

This is good news for the crypto market, I think. It is always better to make btc taxable than ban it. There are many people who don't want to join the market because they think btc is an illegal money, this misunderstanding will be gone as soon as gov start regulating bitcoin.

The regulation of bitcoin means that the government of Australia wants to gain from the taxation of the cryptocurrency, they also want to make sure that people can't launder money through bitcoins i think it's a better alternative than getting bitcoin banned completely.

Regulation is arrange something into fair position for all instance so if AUS regulate bitcoin , it means that they arrange bitcoin in fair way.
I think it's better rather than ban bitcoin. I'm sure it will make positive effect afterward !

Good point. The fear from banning bitcoin will disappear once we know that it is accepted by the government through regulation.
But will it be possible that a country will still ban bitcoin even if it is already regulated ? For example, too much crime involved ?
In the country where I am from, banks accept btc. Still I fear of the instances where it can be banned.

if a country has set the bitcoin it is a good thing because bitcoin will be legal and safer to trade also bitcoin will become more famous

It has both positive impacts on the side of Australian government and negative effect on the Bitcoin users in Australia. Positive impact in the sence that it at the end of the day reduce terrorist activities and money laundry, negative effect on the users because they will become a suspected criminal on the part of the government.

Unlike what other people think or believe. I think and strongly believe is a step in the right direction. And I am sure they will never regret it

I agree with you i know there are drawbacks from this but i believe that cryptocurrencies are  being used by terrorist or criminals to launder money, which also gives a bad rep for cryptocurrency. Also with regulation people can avoid scam ICO. 

We may also see other countries following this. Regulating is much better than banning.

Yep, as more countries regulate it, the more widely it will be adopted since the negative stigma that surrounds crypto and makes is spooky to everyone will eventually start to dissipate.

Look at the industries that have been de-regulated in the US. Most would argue that it hasn't turned out as well as it was hoped.

I think regulation will just add to the legitimacy and wider-spread adoption of crypto and people who are early adopters will benefit.

I think australia is headed in the right direction. Regulation is going to be good for crypto, but only until a certain point. Too much regulation can also suffocate the entire market and end up driving it down (or slowing adoption/growth)... It's still early to call what the limits should be though, lets wait and see.

australia regulating bitcoin is a good thing, just look at japan how they did it, more and more japanese are using bitcoin because of it.this move of australia will sure bring more new investors and bitcoin users to the community, i think this will help other countries as well, if they are still doubtful of having bitcoins, since australia is also known for their strict rules on their banking system, others might follow and just copy the regulations of australia about bitcoin. i think with this regulation, countries that fear bitcoin because of scams and being used for criminality, will finally have a relieve, if this regulation will be successful, and not only that, more and more people will trust bitcoin, rather than fear bitcoin because of anonymity, since that is one of the things i see that countries fear, since they do not know who are the people transacting, if the regulation becomes successful, that may not be a problem. i just hope that their move will be successful just like japan, so others will not think anymore that bitcoin is a scam or a ponzi scheme.

Well, it is good for the Bitcoin market with regards to being legalize and regulated, then more people will be interested to invest on Cryptocurrency. I believe some people are skeptical about crytocurrency is because they believe BTC is a scam. Once, the govt regulated it, then the issue of scam will end. It is somewhat good that they are looking into profile the users who trades Bitcoin because some criminals are using bitcoin to transact with their victims to conceal themselves.

I think australia only prevents money laundering by using bitcoin for illegal acts like terrorists or things that could harm the country, they will only regulate it so that it does not happen to their country, it does not mean they forbid the use of bitcoin, the rules they have planned they have seen and are beginning to open to receive bitcoin in their country, i think there will be many people in 'australia who will know bitcoin and start trying to use it,

I still confuse what legalize is. Does it mean that user can free use bitcoin even for offline payment? Or goverment can track and control bitcoin itself? If we can use it free and under law, its good news i think. But the opposite, government control btc then its bad news.

Government regulating bitcoins is actually a great news especially to a developed country like Australia. Yes, it will combat money laundering, terrorism financing, scamming, and other form of illegal transactions related to bitcoin. There's nothing to worry about this, especially for the bitcoin holders in Australia. In fact, this will help to add security for their accounts.

This move by the Australian government will give way to other governments to think about regulating bitcoin and other cryptocurrencies in their countries. Other countries, like the Philippines, have also already regulated bitcoin with the help of their national bank. Coordination of government and the banks is the best way to regulate bitcoin and cooperation from other institution will help fight illegal forms of transactions regarding bitcoin.

They will legalize it means,their goverment can freely tract transactions eapecially the suspecious one as this bitcoin can be use to fund illegal activities or funding terrorism. We can still be  able to use bitcoin their aims only is to tract our transaction.

Not only Australia, now all countries will be forced to consider the issue of the regulation of the crypto currency. Such a process is inevitable and is absolutely natural. In order to continue developing the crypto currency, it must be adopted by the state by defining the framework for its circulation. There is simply no other way.

Bah. You don't know they are doing it for a good cause. You are clueless as to their actual motives.

Having said that, think this over. A government certainly can monitor the movements of it's currency. That includes it's movement in and out of virtual currencies such as bitcoin.

That's a very, very different thing than monitoring and "regulating" bitcoin to bitcoin transactions.

It is good for me because they are regulating the bitcoin for their own good and there is nothing wrong with that. If they are against the bad possible uses of bitcoin then if they will regulate it then all of the other people in Australia will be on the agree side because they know that is how the bitcoin will stay longer in their country.