What is Bitcoin and how might it be regulated?

[atun jong]

the Indonesian  govemment has not set been able to arrange Bitcoin
because it stiil hit the system.

[1715062270]

1715062270

[Umenk]

the Indonesian  govemment has not set been able to arrange Bitcoin
because it stiil hit the system.

I agree with you ... the government also can not
operate bitcoin yet

[qwertyup23]

the Indonesian  govemment has not set been able to arrange Bitcoin
because it stiil hit the system.

I agree with you ... the government also can not
operate bitcoin yet

Here in our country, my colleague interviewed the lawyer at the BSP (Central Bank) and they said that the government sees bitcoin not as money, but as property and isn't subject to legal tender. The government does not see it as a threat as of now and that explains the lack of government intervention with it. But they must also consider that its values is significantly high, people use it as a means of trading. They also didn't mention about the websites that lets you convert bitcoin to fiat and that is why I'm having doubts to its regulation in the future.

[iamTom123]

Technically, Bitcoin can not be regulated but what any government can do is to make laws and guidelines on its use, on matters of buying and selling, tax matters and anything else they might require for people doing business with Bitcoin under their own jurisdiction. And for me, that can be any government's right to do so. They are in the authority so we might as well expect that they will really exercise that authority no matter where that can be derived from.

We can only hope that they would consider the many benefits that can come from the use of Bitcoin and the blockchain technology behind it. While many governments can be short-sighted, once they will realize the reasons why Japan opted to be leader in recognizing Bitcoin, then am sure they will think twice before thrashing Bitcoin.

The battle for regulation of Bitcoin will always be an ongoing issue for a long, long time. We should expect for that.

[ezzy.co]

Personally, I don't think it is possible to regulate bitcoin system, since it is absoluty decentralized. However, it is possible some countries may try to limit acces to the system.

[ezzy.co]

By the way, in Sweden it's prohibited to use crypto-currency to buy scrap-metal. More over, in 2013 Bitcoin was ''prohibited'' in Thailand, but later companies which worked with Bitcoin could work and even get a lisence, in spite of prohibition.