possible government regulations?

[chaser15]

Since bitcoin and other digital currencies are such a game changer for the traditional economics systems, could there be any government policies that can be devastating to this new market? and even if governments in North America or Europe might not be able to do such things, how about policies from other more centralized countries that could bring the same effect?

I think we are already regulated in some point.  Exchanges in our country need us to supply our identities before encashing bitcoin to our currency.  This might be indirect but the third party exchanger are implementing this strict rule in order for us to cash more amount of money.  Unidentified account can only encash a daily amount of $42 while the verified account can encash a daily amount of at most $8000+.

At some point we just can't see it directly but our exchangers or any platform where we are converting our bitcoin into cash is already regulated. Legit exchanges are the one who is following the government regulations since they can't take the judgement in bitcoin itself.

As everyone noticed, the fees when we are dealing with conversion of our bitcoin into cash is kinda not cheap but it's fine for us if their service is really great. Also we can't convert coins directly if we are anonymous to the so KYC is present.

[BitcoinHodler]

regulations are not something you should fear. actually it is the opposite. although there are times when they are hurtful and hard to accept but in general and over time regulation can even be good for bitcoin. because people will trust bitcoin easier and can use it much easier than fearing "what ifs" for the future.

[yakushev]

regulations are not something you should fear. actually it is the opposite. although there are times when they are hurtful and hard to accept but in general and over time regulation can even be good for bitcoin. because people will trust bitcoin easier and can use it much easier than fearing "what ifs" for the future.

I do not think it will be good. In any case, the government will try to tax the use of cryptocurrency, which is very bad

[shyich03]

regulations are not something you should fear. actually it is the opposite. although there are times when they are hurtful and hard to accept but in general and over time regulation can even be good for bitcoin. because people will trust bitcoin easier and can use it much easier than fearing "what ifs" for the future.

I do not think it will be good. In any case, the government will try to tax the use of cryptocurrency, which is very bad

That is what many of us fears. If the government will also cover the tax for crypto currencies then that will be a very bad news for us or it will just going to depend on where country you live. But I hope the government will not regulate and use their power for crypto currencies and just will let us to get some tax free profit.

Although, if people are trading more and more with crypto currencies, and the government are not charging or incapable of charging taxes, the entire system we live in collapse, there shall be no more health care, benefits, or aids of any sort. Before humanity is ready to transform into such form, we are not going to escape from tax

[Caladonian]

regulations are not something you should fear. actually it is the opposite. although there are times when they are hurtful and hard to accept but in general and over time regulation can even be good for bitcoin. because people will trust bitcoin easier and can use it much easier than fearing "what ifs" for the future.

I do not think it will be good. In any case, the government will try to tax the use of cryptocurrency, which is very bad

That is what many of us fears. If the government will also cover the tax for crypto currencies then that will be a very bad news for us or it will just going to depend on where country you live. But I hope the government will not regulate and use their power for crypto currencies and just will let us to get some tax free profit.

i personally believe that we cant remove the possibility that government will try regulating crypto and putting taxes among us since that these kind of transaction have money involved just hoping that its not too much or be fair for all of us just in case that time happen.

[Natalim]

regulations are not something you should fear. actually it is the opposite. although there are times when they are hurtful and hard to accept but in general and over time regulation can even be good for bitcoin. because people will trust bitcoin easier and can use it much easier than fearing "what ifs" for the future.

I do not think it will be good. In any case, the government will try to tax the use of cryptocurrency, which is very bad

That is what many of us fears. If the government will also cover the tax for crypto currencies then that will be a very bad news for us or it will just going to depend on where country you live. But I hope the government will not regulate and use their power for crypto currencies and just will let us to get some tax free profit.

i personally believe that we cant remove the possibility that government will try regulating crypto and putting taxes among us since that these kind of transaction have money involved just hoping that its not too much or be fair for all of us just in case that time happen.

Maybe they are already thinking on how to regulate bitcoin now, but it really needs a lot of time and they have to come up with a most comprehensive laws to be able for us to adopt, which I know it's hard to regulate crypto due to it's anonymous nature.

[X-ray]

regulations are not something you should fear. actually it is the opposite. although there are times when they are hurtful and hard to accept but in general and over time regulation can even be good for bitcoin. because people will trust bitcoin easier and can use it much easier than fearing "what ifs" for the future.

I do not think it will be good. In any case, the government will try to tax the use of cryptocurrency, which is very bad

and in other side,government will make a regulation which could possibly making bitcoin users feel safe such as protection to them rather than being accused as using illegal currency and could make them getting jailed? which one would you prefer? paying tax or getting jailed if they were banned bitcoin

[minizi99]

regulations are not something you should fear. actually it is the opposite. although there are times when they are hurtful and hard to accept but in general and over time regulation can even be good for bitcoin. because people will trust bitcoin easier and can use it much easier than fearing "what ifs" for the future.

I do not think it will be good. In any case, the government will try to tax the use of cryptocurrency, which is very bad

and in other side,government will make a regulation which could possibly making bitcoin users feel safe such as protection to them rather than being accused as using illegal currency and could make them getting jailed? which one would you prefer? paying tax or getting jailed if they were banned bitcoin

Watching what taxes. If the percentage is very high, it is more profitable to abandon the use of Bitcoin. Well, some certainly are risks and illegally extract cryptocurrency

[TastyChillySauce00]

regulations are not something you should fear. actually it is the opposite. although there are times when they are hurtful and hard to accept but in general and over time regulation can even be good for bitcoin. because people will trust bitcoin easier and can use it much easier than fearing "what ifs" for the future.

I do not think it will be good. In any case, the government will try to tax the use of cryptocurrency, which is very bad

and in other side,government will make a regulation which could possibly making bitcoin users feel safe such as protection to them rather than being accused as using illegal currency and could make them getting jailed? which one would you prefer? paying tax or getting jailed if they were banned bitcoin

Watching what taxes. If the percentage is very high, it is more profitable to abandon the use of Bitcoin. Well, some certainly are risks and illegally extract cryptocurrency

If that government would regulate a quite high tax for bitcoin then it's a mistake being made by government,people will try to avoid any kind of taxes or even worse don't pay the taxes and then the regulation is failed

from my opinion,the government will only obligate bitcoin users to pay taxes as much as fiat users does

[Zadicar]

regulations are not something you should fear. actually it is the opposite. although there are times when they are hurtful and hard to accept but in general and over time regulation can even be good for bitcoin. because people will trust bitcoin easier and can use it much easier than fearing "what ifs" for the future.

I do not think it will be good. In any case, the government will try to tax the use of cryptocurrency, which is very bad

and in other side,government will make a regulation which could possibly making bitcoin users feel safe such as protection to them rather than being accused as using illegal currency and could make them getting jailed? which one would you prefer? paying tax or getting jailed if they were banned bitcoin

Watching what taxes. If the percentage is very high, it is more profitable to abandon the use of Bitcoin. Well, some certainly are risks and illegally extract cryptocurrency

If that government would regulate a quite high tax for bitcoin then it's a mistake being made by government,people will try to avoid any kind of taxes or even worse don't pay the taxes and then the regulation is failed

from my opinion,the government will only obligate bitcoin users to pay taxes as much as fiat users does

Its really  hard for   government  to take such action to  make taxes  on  each bitcoin  users  because they would  need to trace  one   by  one   on the users  here on bitcoin world  regarding  on  its  previous  transactions  and   current  bitcoin  holding  but  in  my  mind  , its  really  impossible  to  implement such thing  because they would surely waste  off their  time.

[olubams]

Government regulations, whether we like it or not is coming and most times when it arrives then it will lift the "veil".In as much this will have its own advantage, the disadvantages cannot also be ignored because the advantage will mean more popularity with increase acceptance from the populace which means the price will go up considering the amount of the coins in circulation but at the same time the basic reason for Bitcoin which is transactions beyond borders might be defeated...

[Fatanut]

regulations are not something you should fear. actually it is the opposite. although there are times when they are hurtful and hard to accept but in general and over time regulation can even be good for bitcoin. because people will trust bitcoin easier and can use it much easier than fearing "what ifs" for the future.

I do not think it will be good. In any case, the government will try to tax the use of cryptocurrency, which is very bad

and in other side,government will make a regulation which could possibly making bitcoin users feel safe such as protection to them rather than being accused as using illegal currency and could make them getting jailed? which one would you prefer? paying tax or getting jailed if they were banned bitcoin

Protection? We are not in need of protection. Only non-techy people needs that. There's 2FA for that which is enough security, IMO. You can hide your private key in a vault if you want to be "protected". Do you honestly think that the government will fund millions of money just to give you "protection"? No. When the government starts regulating bitcoins, that means the main point of bitcoin has failed. It's no decentralized any more. They can now put tax in every single thing we purchase/sell online. Good thing bitcoin being regulated is far from reality.

[Adamsmit556]

Government regulations, whether we like it or not is coming and most times when it arrives then it will lift the "veil".In as much this will have its own advantage, the disadvantages cannot also be ignored because the advantage will mean more popularity with increase acceptance from the populace which means the price will go up considering the amount of the coins in circulation but at the same time the basic reason for Bitcoin which is transactions beyond borders might be defeated...

As above.
Has been quiet time after this news pop out. https://www.cryptocoinsnews.com/the-ecb-wants-tighter-control-of-digital-currencies/
I'm wondering what is coming up soon now when Bitcoin make a reputation for oneself and the price just crossed the border of $700.

[gabmen]

regulations are not something you should fear. actually it is the opposite. although there are times when they are hurtful and hard to accept but in general and over time regulation can even be good for bitcoin. because people will trust bitcoin easier and can use it much easier than fearing "what ifs" for the future.

I do not think it will be good. In any case, the government will try to tax the use of cryptocurrency, which is very bad

and in other side,government will make a regulation which could possibly making bitcoin users feel safe such as protection to them rather than being accused as using illegal currency and could make them getting jailed? which one would you prefer? paying tax or getting jailed if they were banned bitcoin

Protection? We are not in need of protection. Only non-techy people needs that. There's 2FA for that which is enough security, IMO. You can hide your private key in a vault if you want to be "protected". Do you honestly think that the government will fund millions of money just to give you "protection"? No. When the government starts regulating bitcoins, that means the main point of bitcoin has failed. It's no decentralized any more. They can now put tax in every single thing we purchase/sell online. Good thing bitcoin being regulated is far from reality.

Well i think there will be positive and negative effects definitely when governments become involved in crypto and there may be a considerable changes that we may see from how it is now. For me i like bitcoin how it is today, however having governments involved would most likely open up bitcoin to a lot more users and that's a good thing

[Dudeperfect]

Yes governments can ban crypto currencies as a whole and as a result bitcoin too. Government will need a strong reason to ban bitcoin (or to support their decision of ban). I think we should find solution for the possible misuse of our currency because that is the only major possible reason for government to ban bitcoin. Government can label bitcoin as a currency of criminals and ban it within no time and we should do something to deal with such incident.

[chixka000]

Yes, there is, in one of the online wallets I've been using, we do also have to comply with the local rules most probably they would get our information specially the source of income. I already saw some users getting banned because of online gambling which is prohibited.

[freedomgo]

Yes, there is, in one of the online wallets I've been using, we do also have to comply with the local rules most probably they would get our information specially the source of income. I already saw some users getting banned because of online gambling which is prohibited.

The compliance will only be on the KYC policy just to ensure that when time the government will investigate on the possible money laundering online they can easily trace it, but in tax angle there is no connection as they would not know our venture online although we are earning.

[arseaboy]

Yes, there is, in one of the online wallets I've been using, we do also have to comply with the local rules most probably they would get our information specially the source of income. I already saw some users getting banned because of online gambling which is prohibited.

The compliance will only be on the KYC policy just to ensure that when time the government will investigate on the possible money laundering online they can easily trace it, but in tax angle there is no connection as they would not know our venture online although we are earning.

Agree. It's not being regulated by the government.. this is for our security also to avoid scams.. and to avoid any illegal activities in bitcoin community.. just in case if found guilty we are easily to be traced once the government conduct an investigation.

[chixka000]

Yes, there is, in one of the online wallets I've been using, we do also have to comply with the local rules most probably they would get our information specially the source of income. I already saw some users getting banned because of online gambling which is prohibited.

The compliance will only be on the KYC policy just to ensure that when time the government will investigate on the possible money laundering online they can easily trace it, but in tax angle there is no connection as they would not know our venture online although we are earning.

That is what exactly i love from earning bitcoins tax free. That it is why i really did comply to their rules because i do believe that this for a good of us. I also don't like seeing bitcoin being used as a medium for black sheep.

[Sanekavg13]

Yes, there is, in one of the online wallets I've been using, we do also have to comply with the local rules most probably they would get our information specially the source of income. I already saw some users getting banned because of online gambling which is prohibited.

The compliance will only be on the KYC policy just to ensure that when time the government will investigate on the possible money laundering online they can easily trace it, but in tax angle there is no connection as they would not know our venture online although we are earning.

That is what exactly i love from earning bitcoins tax free. That it is why i really did comply to their rules because i do believe that this for a good of us. I also don't like seeing bitcoin being used as a medium for black sheep.

This is the government does not like most of all - the inability to tax. They just hide behind the fight against terrorism. In fact, fear of losing income