Bank of Canada calling for Cryptocurrency intervention?

[stadus]

The centralized Bank of Canada has went forward and made the bold claim that "Digital Currencies Will Not Be Safe Without Government Intervention" and they feel that without government intervention / support none of these cryptocurrencies such as bitcoin will be able to thrive and be used. The claim does make sense in the fact that governments will be the only people that can fully allow a currency to be adopted without an issue.

What are your thoughts on Bitcoin needing government intervention / centralization to survive?

Article - https://news.bitcoin.com/digital-currencies-need-government-intervention-bank-canada/

That's not new, any invention that brings full freedom to the humanity will always interest the government, they will surely intervene with bitcoin and use the issues of money laundering to control us. What we can do now is just to follow what government mandates us to do, we are citizens of this world and we have no choice but to be a law abiding citizen.

They think that we too much freedom will cause chaos, they nee to control as they are alarm with our rapid increase of adoption or the price.

[Yakamoto]

Bitcoin does not need the Bank of Canada at all. No-one needs it, and this is a bullshit attempt to go and expand their control over Canadian's finances, helping to keep them poor and making sure that everyone remains under the nose of the all-seeing CRA.

I'm definitely looking at taking a lot of the value I have in CDN in BTC out sometime soon, either going into BTC itself and taking it away or getting my CDN value in exchanges out.

[Doms]

I think that is one of the primary roles of the government, and of course finding out a way in which they can have a slice of the pie. These measures taken by the government might seem like they are doing their citizens a favor by getting in the way of money laundering and preventing illegal transactions, but they always have this what's-in-it-for-me thinking, and making sure that they don't get left behind by those who were smart enough to ride the bitcoin wave in its early stages.

[szpalata]

That's the good news we've all been waiting for, I've always maintained that Bitcoin will only progress if more people supported it and this is becoming a reality now that cooperate organizations, banks, and institutions are giving their approval and a whole bank of Canada is calling for cryptocurrency intervention is really a plus for all of us and we embrace this news with gladness.

[Spoetnik]

Canada imposed tax guidelines in 2013 before the USA did..
I support some regulations for it so it will get integrated in the financial world and adopted / used.
I recall seeing a news story way back about Canada making a coin of their own too.
It didn't have a block chain and eventually they sold it off / abandoned it.. sorry i forgot the exact name.
Pretty sure i read about it at Coindesk back in 2013.
We Canadians also had the first Bitcoin ATM in Vancouver and my town pretty much the 2nd in Kelowna.
Canada is edgy as fuck

Get out of the way we got this !

[squatz1]

This would be a nice test case - what happens when the Government intervenes in cases like cryptocurrency. Hopefully, other governments will learn from the blunders of the Canadian government. 

I think they're going to quickly learn that when they attempt to intervene it's just going to cause all of the blockchain technology that is being produced in Canada is just going to feel like they're next so they'll go someplace else.

This same type of thing was prevalent in the state of New York when they made the bit-license laws which made all of the big exchanges leave and not allow service to citizens of New York

[chesatochi]

I read the text of 39 pages from this study. I read it rapidly; the document talks about the history of private banks notes and the official one from the central bank. At the end of the 19th Century, the government has implemented many regulations to stabilize the market from the private bank notes. The goal was to make sure the people were not losing from fail banks and their private bank notes.

I don't think the intervention of any governments with regulations will help bitcoin. This is five lessons from this study from the Bank of Canada:

Lesson 1: Digital currencies will be counterfeited
Lesson 2: Digital currencies likely will be scarce
Lesson 3: Digital currencies will not be safe, although government intervention can help
Lesson 4: Digital currencies will not be a uniform currency without government intervention
Lesson 5: A central bank can always get its digital currency into circulation, but its digital
the currency will not necessarily drive out private digital currencies

That is the reason why Satoshi Nakamoto released bitcoin to fight against the control of the central bank to print the money they want.

PS: The report is annoying to read, very business oriented!

Link to the report: http://www.bankofcanada.ca/wp-content/uploads/2017/02/swp2017-5.pdf


 

[South Park]

They want to centralize a decentralized currency. It is clear that the Bank of Canada do not understand what bitcoin is. And they want to intervene? How can they intervene if they do not understand what bitcoin stands for. They will make more harm than good.

There is nothing they can do, it is like they want hot ice or something a completely ridiculous idea, the moment a decentralized currency becomes centralized then it has lost its purpose of existing and it will fail miserably because we will simply use a new coin without those characteristics.

[CraigWrightBTC]

The centralized Bank of Canada has went forward and made the bold claim that "Digital Currencies Will Not Be Safe Without Government Intervention" and they feel that without government intervention / support none of these cryptocurrencies such as bitcoin will be able to thrive and be used. The claim does make sense in the fact that governments will be the only people that can fully allow a currency to be adopted without an issue.

What are your thoughts on Bitcoin needing government intervention / centralization to survive?

Article - https://news.bitcoin.com/digital-currencies-need-government-intervention-bank-canada/

Of course not, bitcoin is not needing government intervention or centralization to survive,
because bitcoin is still survive until right now more than 8 years without the government
or centralization, the comunity of bitcoin, investors will make bitcoin survive.

[Amph]

what i think and what they really mean is that they want they piece of cake, from all this, they are building something to milk users money from the cryptoscene

with coins like monero zcash and other you can easily avoid taxes, if used for purchase something without dumping for fiat first, it's really disgusting how the government want to control everything...

[Senor.Bla]

what i think and what they really mean is that they want they piece of cake, from all this, they are building something to milk users money from the cryptoscene

with coins like monero zcash and other you can easily avoid taxes, if used for purchase something without dumping for fiat first, it's really disgusting how the government want to control everything...

Everybody wants a piece of the cake. Banks have their own agenda, so if they tell you x has to happen, so that the people are safe, that only means that x has to happen so we have it easier to achieve whatever the bank wants to achieve. They will always follow their self interest. Governments and people are not smart, bold enough to say no and do the work to act in their own interest.

[Kemarit]

Isn't it that The Bitcoin Alliance of Canada now changed its name to Blockchain Association of Canada,
because the said they have issues and roadblock opening a bank account in Canada?

They are like trying to force bitcoin in a role or like controlling it, which I doubt will likely happen in a
de-centralized system like bitcoin. And it looks like they don't like what it can accomplish without
these big financial instituions involving themselves. And like you said, they want a piece of cake
because they know that bitcoin and blockchain can be used as a effective tools for payment, bypassing
banks.

[requester]

well its perfect time for satoshi to come out of dark and introduce himself for the future security of banking and payment system. well if he is not willing to come out of dark then might be he should suggest something for the manding.

[Harlot]

Yes that is true even if Bank of Canada did not state that it is pretty obvious that using Bitcoin is not safe mostly on the part of online transactions with Bitcoin's value we can see that there are scammers here who want to steal our money mostly on hyip sites. If the government is involve the use of Bitcoin won't be anonymous anymore it will be identified to each person who has a wallet. Which is one of the disadvantages.

[FlightyPouch]

I like the decentralized bitcoin than the centralized bitcoin. I dont want any banks or government to look all my transactions.
Government really wants to intervene to every action of their citizen, I think they reaally are being a nuisance, I know that they have good intentions but I think it will be really annoying having staffs and employees here in the forum talking about the "order and peace".
Business is business I think.