Bitcoin Forum

Crypto regulations and the ban have taken over the news headline recently following china’s reinstatement of their earlier stance on cryptocurrency within the region.

On the 27th of September 2021, the Chinese government places a total ban on Bitcoin and other cryptocurrency in the country, a move I view as a political tool to pave way for their digital Yuan.
Considering this development, a whale in the crypto industry, ELON MUSK, has ditch out his advice to the United States,
Do nothing to cryptocurrency, either in form of regulation or ban, his judgment is base on the fact that the decentralized nature of cryptocurrency makes it impossible to be regulated.
https://cointelegraph.com/news/crypto-is-impossible-to-destroy-says-tesla-ceo-elon-musk

US is completely different from china I doubt the US government would take the measures that china has taken, in the US there is democracy and the laws work (there are cases where justice fails for some citizens) but overall the US is completely different from the dictatorship chinese

Us government is basically a free market based on capitalism which is completely different to china, and that is why i think that the use of bitcoin and crypto is easier to control or rather monitor since they have ways to keeps an eye on people's income and transactions even if they are using bitcoin, so they are able to ban and they are able to somewhat prevent people from using it, but why not profit from them and make them pay taxes since it is a profitable market that has billions of dollars of income.

I am more certain that the US will become a competitor to China in this case. The US should make this moment to immediately adopt cryptocurrency or, most importantly, Bitcoin on a large scale. Because if the US actually follows what China is doing, it is clear that they have lost and are labeled as a country that only follows suit. Only one way to prove that the US is the most contributing country in growing the global economy is to decide to go against China in terms of the crypto industry.

I believe so too, the U.S. government will not trade that path China took and that single act is going to place the US on the top list of crypto-friendly countries in the future. The US may go in another direction by not having strong regulations but a flexible one that will allow an easy cryptocurrency adoption process and usage within its region.

https://i.imgur.com/PqjxZW1.png
https://sg.news.yahoo.com/elon-musk-urges-government-nothing-203008587.html

Aaaay! I actually agree with Elon Musk's opinion concerning Bitcoin for once. This is wishful thinking though, unfortunately. What are the chances that the government would just leave alone the asset class that's detrimental to their existence?

Don't think they are so different, since Den Xiaoping opened the economy to capitalism and today it is relatively liberalized. Nor can we speak of a strict free market in the USA with the amount of regulations there are. But I still prefer the US economic system to the Chinese one, that's for sure.


The last thing he says is false. Nature is decentralized but of course it can be regulated and it has been done in most countries in the world. I think you are confusing regulating with controlling. Governments cannot control Bitcoin in the same way they can control a company that is based in their country, but regulate legislatively of course.

The US government is not going to pay any attention to Musk, they will continue to put regulations. I wish they would leave Bitcoin unregulated and let the actions of interacting individuals self-regulate the system, but no, in fact, the latest regulatory proposal seems like a bad joke.

And that is exactly what China did, they did nothing to cryptocurrency but Ban.  :D Do you think this is what Elon wants to say?

It's too late to say, no regulations now because the senate had spent countless hours already to come up with something so they could control the growth. I think the regulation is good, the regulatory board however has to be educated that they can understand where they can only regulate the transactions. 

Bitcoin/crypto is regulated in the US.Does the US government want to impose even more regulations over the cryptocurrency industry?
Why Elon Musk suddenly started to care about the crypto industry?He dumped Bitcoin a few months ago,the Bitcoin community hates him.I think that nobody in the US government cares about Elon Musk's opinions.
The is article seems like hidden FUD,because it suggests that there's a possibility for the US authorities to ban Bitcoin and cryptocurrencies in general.Such possibility exists,but the chances are way lower,compared to the China crypto ban. 

They won't do it in the open like China but trust me, whatever China does, US does it covertly. Remember the NSA leak by Edward Snowden where he confirmed that NSA was spying on it's own people? Democracy is just a word and the US government only uses it when it's convenient.

Maybe we will see a war between China and the US government related to crypto. If we can not use that moment for our benefit, we will not be able to profit or will not have a chance to buy at a low price. China will try to push the crypto market down for more as that will be their chance to add more bitcoin in their reserves and that can be their way to introduce their digital Yuan.

But the United States can react to that but let see what will happen. Hopefully, that will not have a big impact on the market but it will open the doors to accept many people who will use crypto.

It's hard for me to look and read hundreds of posts claiming that China made a total ban on cryptocurrencies yesterday or two weeks ago - and the bans began in 2013 (https://www.bbc.com/news/technology-25233224) when 90% of members of this forum who are active today did not even know what Bitcoin was. Even then, it was clear what their attitude was towards cryptocurrencies and how it would end up - in a country that also censored the Internet and where human rights do not exist.

It's even crazier that someone is now seeking advice from EM, as if he's someone important who can influence the US government to do something one way or another. They protect their currency and under the pretext of national security can ban anything at any time.

---

When it comes to the US and most of its vassals (EU, Japan, India, Israel, UK ...), the chances are zero. Either they will be able to impose full control, or they will start adopting the same measures as China - with the difference that they will not say "we are introducing a complete ban on cryptocurrencies", but the regulatory framework will be so strict that it will demotivate the majority to use them.

And it's rather obvious really. You'd reckon with 10 years of release and development and stuff like that, those with enough information would have actually realized that what Elon is right. Sadly, even if they do realize that it's true, they'd still somehow push it on, hoping that people are idiots and they'd stop using crypto if they actually impose regulations like that. It's just how centralized stuff works really, they'd really kill off any opposition that's pretty much against their centralized mindsets.

Its good to see that Elon is supporting the crypto at right time. I am sure this news will also get the attention of various politicians who has great connections with Elon for funding purpose. I mean his a billionaire and these are very common things with the rich peeps to have such relations.

Now, connect this with the Elon's investment in bitcoin and doge(?), which gives the ample clue that he is protecting his own assets. If this is the case then slowly the political pressure will build in this case scenario. Since its Elon's money and ultimately it's their money too!  :P

Also, I would like to think that there is no relation between China's ban and USA regulating the crypto. Not even close I guess.

You should change the title to "ELON MUSK BS Advice" because this is not about Him telling US an advice instead this is Him trolling again and making sounds as there are another action he'll be made sooner .
sure there are another plans of pumping His interest to crypto market as he stays silent for long time and now here again making news.

The government has difficulty controlling bitcoin because if they can't control it. This will make it difficult for political movements in finance. Because they can't rule like fiat today.

They’re scared, very scared. Bitcoin can’t be banned, as Elon Musk said the other day, all governments can do is slow or suppress the growth of bitcoin. They can’t ban it, they can only slow it down.

I wouldn’t worry too much about regulation. If you’re a long term investor it is all just noise. At some stage they are all going to have to bend the knee to the king bitcoin.

We don't need to listen to opinion of Elon Musk to know that governments can not ban Bitcoin. Give me the Internet and Bitcoin is unbannable.

Governments can not say ASICs are equipments for criminals, can they? I believe it is unrealistic thing they can do.

Take this news Billion dollar Bitcoin mining industry resumes in Iran after three-month ban (https://cointelegraph.com/news/billion-dollar-bitcoin-mining-industry-resumes-in-iran-after-three-month-ban). Do you think that all bans will be canceled some days, in China or any nation?

China currently has a fuel crisis but when the crisis is over, Bitcoin mining in China will be allowed again.

We need to still worry about this regulations and bans though, you should prioritize yourself first before anything else, what's the use of bitcoin if you're in jail because you've committed something that directly opposed the ban or the regulation, yes it's not going to be a problem for bitcoin but if your country bans and regulates, you still have to worry because you're still under their domain and they're the authority.

I doubt that the US government will thread the same path as China. US government might seek to fill the void China is creating with their ban and in that way have an advantage over China. US might be listed as Cryptocurrency-friendly country soon. 

I doubt that any government cares about two Joes sending each other $100 in Bitcoin as payments for goods/services. What they want to do is to prevent the use of crypto as loopholes for bypassing sanctions or evading taxes by large companies and other big players. If they will control the gateways between crypto and fiat - the centralized exchanges, they will effectively regulate crypto in their eyes. And because fiat is centralized, it will always be possible to regulate such gateways.

If you look at the history between the US and China, brands will always have different directions of economic thought. Because this involves digital competition, some of the US and Chinese government policies have similarities when viewed from a general perspective. But behind that, both of them are competing to become world leaders.

I have been reading an article that talks about the IRS in America.
"Yes, the IRS can tax bitcoin and other cryptocurrencies."
After reading it, I told myself that I must prepare myself for when it happens in my country that there is some regulation that forces me to pay it.
It is worth informing us and getting used to the idea that one day we will pay taxes on the profits obtained by bitcoin and crypto.

https://www.cnn.com/2021/09/08/success/cryptocurrency-taxation-feseries/index.html (https://www.cnn.com/2021/09/08/success/cryptocurrency-taxation-feseries/index.html)

I believe that the US government will not trade the path that China has taken and that single action will put the US on the list of top crypto-friendly countries in the future. The United States could go the other way by not having strong regulations. But there are distinguishing features between China and the united states, the main allegation of the united states being China, a single economy. The booming economy has deliberately devalued its domestic currency. They do not arrange to determine the value of the local currency based on market demand according to the sources in the main free market economy so they will never completely ban like China.

We do not need to listen to any influencers in the cryptocurrency space but there is a lot of new investors who would listen to them and you cannot deny the fact that Elon Musk attracted many investors to the cryptocurrency market.

Governments will not ban ASIC machines but the angle they are looking is that these ASIC machines are creating enormous waste and the amount of electricity consumed is bad for the climate and other than that they cannot come up with any other excuses.

I doubt any major country will ban Bitcoin, we will see them regulating them but a blanket ban is impossible considering the billions invested in the market.

I don't think they will ban it for now because there are gaining from btc. Rather if they ban it they will just regulate it, unlike China who likes to control its people and in order to do this is to restrict them from using other fiat.

I don't believe the US will go in the same direction the China government went, the United States will regulate cryptocurrency there is no doubt about that but even that will not work on decentralized digital currencies so they can only adjust and work with the system as it is. Elon Musk is right on his advice because trying to regulate or suppress Bitcoin will only slow down the economic growth of the countries.

It is decentralized in nature but naturally it can be regulated and it has been done in almost every country in the world. I think you are confusing verbose and control. Governments cannot check Bitcoin the same way they can check a company based in their country. I think They won't do it openly like China but trust me, no matter what. whatever China does, I do it secretly. Remains rusty Edward Snowden's NSA, where checks confirm that the NSA is spying on their primary users. precisely because America is a free country and in many ways it is difficult to check them all.

Elon Musk is a businessman and as a businessman, he will always project whatever cause to grow interested in the area of his investment and we are all aware of how much Elin musk have invested in cryptocurrency and if the US government should place a strong regulation on cryptocurrency it will affect him as an individual and as a company because of the investment.