What effect will coming EU regulations have on bitcoin

[Tugbit]

http://www.demorgen.be/economie/geens-pakt-misbruik-met-digitale-munten-aan-b199683e/

The article says "Belgian minister of justice implies tight regulations on crypto transactions and expands the traditional financial sectors legal obligation to coorporate with justice to the cryptocurrency world.
Also new procedures are beeing developed to make it easier to trackdown and confiscate cryptocurrency's in the EU"  

Virtually all exchanges are subject to KYC & AML regulations, nothing new here. Strict regulations on crypto payments ?  That may be a serious adaption hurdle, if merchants are loaded with regulations when accepting btc there is no advantage over traditional payment systems.

Will this have, in your view, impact on btc integration ?  
 

[york780]

Means that we go down to 10 dollar or up to 10 million. Ooh wait bitcoin doesnt care about belgium lol. It only cares about scaling

[tiptopfund]

I expect a positive impact on bitcoin. If they act like that it means they take bitcoin more seriously and they admit bitcoin is getting stronger. This may make more traditional institutes to join the network which will broaden bitcoin usage and will increase its value.

And I agree with York780, bitcoin itself doesn't give a flying f**k about someone's regulations.

[pitham1]

Means that we go down to 10 dollar or up to 10 million. Ooh wait bitcoin doesnt care about belgium lol. It only cares about scaling

Not really. This isn't about Belgium. This is about the whole of Europe.
And as we have seen from America to China. regulation does play a role in determining price. Badly drafted ones (Bit License) or a crackdown (like China) can result in the price dropping.

[PokerDiceMan]

Means that we go down to 10 dollar or up to 10 million. Ooh wait bitcoin doesnt care about belgium lol. It only cares about scaling

youre expectation about bitcoin price is never accident
bitcoin price is never down until reach 10 dollar, and bitcoin price is never up until reach 10 million dollar too
if accidenet bitcoin can die

[york780]

Means that we go down to 10 dollar or up to 10 million. Ooh wait bitcoin doesnt care about belgium lol. It only cares about scaling

Not really. This isn't about Belgium. This is about the whole of Europe.
And as we have seen from America to China. regulation does play a role in determining price. Badly drafted ones (Bit License) or a crackdown (like China) can result in the price dropping.

You cant compare those 2 things in my opinion. China wanted to bann btc many times, europe wants to regulate it. China is famous for their panic reaction to drastic changes in the market. They are already regulating btc for a year now. This to counter criminalmoney transfered with bitcoins. As long as you can say where your btc come from you will be fine.

[york780]

Means that we go down to 10 dollar or up to 10 million. Ooh wait bitcoin doesnt care about belgium lol. It only cares about scaling

youre expectation about bitcoin price is never accident
bitcoin price is never down until reach 10 dollar, and bitcoin price is never up until reach 10 million dollar too
if accidenet bitcoin can die

It was a joke jeez! Lol

[ASHLIUSZ]

At least through regulations they try to have a control over the transaction an the end users. This completely loses the anonymity. For this reason the popularity of bitcoin might decrease. Same randomly governments supporting bitcoin will create a stabilty in the growth of cryptocurrencies.

[york780]

At least through regulations they try to have a control over the transaction an the end users. This completely loses the anonymity. For this reason the popularity of bitcoin might decrease. Same randomly governments supporting bitcoin will create a stabilty in the growth of cryptocurrencies.

We need to face the truth, btc doesnt need regulation but when there are more reasons for an suspect for the police or a bank to ask where all the btc came from its quite normal in my opinion. Otherwise btc will turn out to be a criminal toy over the time.

[swogerino]

I don't think it will have an impact on bitcoin. Bitcoin itself is immune to such regulations. Bitcoin can only be impacted by the hard fork which we are seeing in a lot of different threads in the Bitcoin discussion forum. Many wallets are ready for such fork so I am not that worried.

[Pierre 2]

I also don't think it will ever affect bitcoin at all,
it just makes it more valid and accepted, in lawful matter.

[SirPol85]

I think this will go to development and will benefit the bitcoin, which will contribute to the price increase.

[Red-Apple]

i skimmed through the link but it seems like it is mostly talk, like always when they talk about bitcoin and its regulations. in other words they suggest it but it never goes through and becomes a "law".

and regulations can be a good thing.
imagine exchanges that can no longer run away that easily. services that are registered and legit and have no way of scamming people. imagine big companies like Amazon starting to work with bitcoin. these are the things that can come from regulations.

[alyssa85]

If they do actually go ahead with it, all that will happen is that exchanges switch to the UK and Switzerland, as those places will be outside the EU.

[Iranus]

My theory is that regulations never have a significant impact on the price unless they can be genuinely restrictive because there are two kinds of people affected by the regulations:

A: People doing legal things with Bitcoin.  They'll buy Bitcoin from an exchange, probably verifying their identity, and spend it how they want to in their everyday lives.  They won't care about the regulations.

B: People doing illegal things with Bitcoin.  They'll buy Bitcoin anonymously from LocalBitcoins or something and won't be tracked by the government.  Because the government can't actually find out about these transactions very easily and people will cover their tracks with mixers, they won't care about the regulations either.

So the only effect that regulations would actually have would be how legitimate people perceive Bitcoin to be, but even so it has an audience and isn't relevant to the mainstream.  Overall, who cares?

If they do actually go ahead with it, all that will happen is that exchanges switch to the UK and Switzerland, as those places will be outside the EU.

The UK is still in the EU.  They've just voted to leave, and it'll happen in a couple of years after discussion and settlements with the EU, if they're lucky.

[BartS]

http://www.demorgen.be/economie/geens-pakt-misbruik-met-digitale-munten-aan-b199683e/

The article says "Belgian minister of justice implies tight regulations on crypto transactions and expands the traditional financial sectors legal obligation to coorporate with justice to the cryptocurrency world.
Also new procedures are beeing developed to make it easier to trackdown and confiscate cryptocurrency's in the EU"  

Virtually all exchanges are subject to KYC & AML regulations, nothing new here. Strict regulations on crypto payments ?  That may be a serious adaption hurdle, if merchants are loaded with regulations when accepting btc there is no advantage over traditional payment systems.

Will this have, in your view, impact on btc integration ?  
 

So what? They cannot enforce their rules and regulations over bitcoin, they are probably try to strangle business that accept bitcoin but like always it is not going to be enough to stop bitcoin.

[Emperor Magnus Caligula]

what will be the regulations?

worst case scenario bitcoin won't grow as much as it could and price won't skyrocket as much as it would otherwise

[NUFCrichard]

At some point countries will properly regulate Bitcoin.  When they start to come looking for capital gains tax, it will be a major problem for everyone involved in Bitcoin, especially those who trade in alts.

Regulating ehanges is a good thing, bitcoin is a wild west at the moment, the EU should probably do something about that. It means the end of 'anonymous' transactions, but that Bitcoin will be open to a wider audience.

[hase0278]

Bitcoin having regulations on EU might be good since many companies will start to see the potential of bitcoin so Ill say that the regulations that will be implemented will impact the price but not that great unless it covers worldwide transactions. I know that there will be some dumps that will occur because of bitcoin being regulated since many use it because it gives anonymity but with this anonymity will be gone so I expect some people to dump their bitcoin.

[Kakmakr]

As we have seen with previous instances where governments gets involved with Crypto currencies, the price initially drop and then when everyone realize that governments are just doing this to protect their own fiat currencies and also the interest of the banks, then things stabilize when the smoke blows over.

Governments will always be involved, no matter what commodity or currency are involved. So we should just accept that and move on. If you want governments to leave Crypto currencies alone, you should use your vote and vote for a government that are pro-Bitcoin. ^smile^