Cryptocurrency regulation?

[rjefferson]

When the government gets their hands on crypto, they'll regulate. With regulation comes fees. So hopefully in the future the fees aren't as high as they are now lol.

[asguda1]

What's going on with China now?

[CryptoBry]

The concept of cryptocurrencies is based on trust. If it is fully implemented in all aspects, there is trust within the community and technical solutions applied to provide the security of network, then there will be no need for centralised control.

However, we have to consider that as humans as we are, things are subject to human nature. There will always be people who can find many ways to use Bitcoin for their own good to the detriment of all other people that is why many governments will not just allow the utilization of Bitcoin without the needed regulations in order to protect the users and also to make sure that it is not something beyond their control. There is a need for a compromise because once the state will ban Bitcoin then doing business can be a big hell and Bitcoin will drive to the floor.

[iamTom123]

I would say it's the opposite: fiat is based on trust, in other words perhaps intimidation, that's why some countries can print money with little negative effect. The future of cryptocurrency will be its trustless systems.

You are correct. It is the fiat money (like the US Dollar and any other paper currency) that is basing too much on trust...trust that the government issuing the paper notes can be good in managing the economy of the country that can somehow affect the value of its issued money.

Now, Satoshi understand human nature more than we do and he knew that trust can be scarce in the real world and so we have the blockchain technology that can facilitate transactions even with people who don't trust each other that much for many factors.

This is actually one of the most important essence of cryptocurrency as built by that great figure named Satoshi Nakamoto. Brilliance is one word to describe what the 'man' contributed for the humanity on this modern age we are in right now. 

[hurain]

When the government gets their hands on crypto, they'll regulate. With regulation comes fees. So hopefully in the future the fees aren't as high as they are now lol.

yes we can expect that very soon we are going to see the day, in fact because of the increasing number of bitcoin users the governments are now also taking bitcoin as serious and hopefully like japan they will also turn bitcoin as legal currency and hope that then bitcoin will become more and more popular and will spread all over the world.

[doublebit21]

No doubt about the future of fiat money: it's gonna be replaced by cryptocurrencies.
But does virtual money need a REGULATOR?

Yes OP. It should have Regulator. Sixty-three percent of countries have favorable or mostly favorable regulation of cryptocurrencies out of 60 states studied. This is a very good sign for the industry. Still there is a lot of room for growth and diligent work with regulatory bodies to make cryptocurrencies widely acceptable. Cryptocurrencies are digital assets. The population has to be familiar and willing to accept digital money in everyday life. The countries have to have proper governing bodies willing to embrace new developments and technologies. Those with poor regulation are more concerned with the existing matters and tend to ban cryptocurrencies as something new and possibly difficult to regulate.

[Don Pedro Dinero]

It’s not a question about needing a regulator it’s a matter of what will happen. Cryptos will get regulated, in some cases they have already been, and, wherever they are not regulated they will be banned. Although I think in the long-term they will be regulated in the vast majority of countries.

That doesn’t mean that users can't evade banning or regulations but as governments see regulating cryptos as a source of charging taxes, or not regulating them as loss of tax income, they will regulate them.

[Proton2233]

Paper money will never be replaced by cryptocurrency. Maybe someday they will be replaced with non-cash but it will still be the national currency and it is fully controlled by the government. Cryptocurrencies are independent. This approach is not suitable for government. This means that the idea of cryptocurrency is contrary to the purpose of the state.

[orions.belt19]

They will not replace fiat. There are many reasons.

But they will become the backbone of financial structure.

As far as regulation, it's nonsensical for the most part. First it's decentralized all over the world. It is peer regulated. Nearly every possible application of existing laws is for reasons that cryptos are immune to. The point of conversion is from fiat to crypto where regulation needs apply again. The other case is when cryptos are used in exchange for goods and services under the purview of a government - up until that time they are not no matter what lies Coin Center and know-it-all officials claim.

Consider this, once you have cryptos in a peer regulated system being used for liquidity of funds the government no longer needs to spend time and resources on them since they're immutable and essentially 51% attack impossible. That's ONE reason they aren't in the tax & regulation jurisdiction. (although illegally right now people claim they are)

maybe not replace fiat but they can lvie together side by side with any fiat currency just look at japan they have both their local currency and bitcoin living together with the same importance

i think yes altcoin need to be regulated if you want real adoption, otherwise many shop will simply not accept it,a nd it's the reason why amazon int he first palce is not accepting it

Yeah, agree about the fact that fiat money won't be replaced in the nearest future. But for the long term, there
s a good chance for it to happen. For fiat money means it is accepted as money because a government says that it’s legal tender, I think it's possible the government establishes some law or regulation on cryptocurrency and therefore admitting its national legality.
And then in some sense cryptocurrency may become part (perhaps, the main part) of fiat money.

Bitcoin is far from replacing fiat money because of various reasons. Crypto users use Bitcoin precisely for the reason that it is decentralized. Once it replaces fiat money, then there will be control over it and it will lose its element of decentralization.

In my country, Bitcoin is recognized but it does not have legal tender. It is recognized as "property" and not as a payment system, therefore it does not have legal tender. The laws on cryptocurrency and Bitcoin still do not touch on the specifics but its quite possible for there to be regulations made in the future - whether or not it replaces fiat currency.

[Basmic]

I am sure that soon Fiat money will be replaced by electronic. Perhaps this will be used for blockchain technology but it will definitely not bitcoins. Each state will create their own currency and everything will remain as it is now. It is impossible to manage the economy without the ability to control currency.

[Opquar]

Cryptocurrencies do not need regulation, but regulation may be inevitable. We are already seeing it in countries like Japan. Regulation is not purely bad anyway, because it may help convince the mainstream of cryptos' legitimacy.

[savushkinTA]

It appears that regulation is on the cards for bitcoin and other cyrptocurrencies. However, regulators will need to keep sight of the potential benefits of digital currencies. The challenge will be to develop guidelines and regulations that protect consumers and prevent money laundering, while safeguarding innovation and managing disruption to existing banking systems.

[Sir Cross]

The concept of cryptocurrencies is based on trust. If it is fully implemented in all aspects, there is trust within the community and technical solutions applied to provide the security of network, then there will be no need for centralised control.

However, we have to consider that as humans as we are, things are subject to human nature. There will always be people who can find many ways to use Bitcoin for their own good to the detriment of all other people that is why many governments will not just allow the utilization of Bitcoin without the needed regulations in order to protect the users and also to make sure that it is not something beyond their control. There is a need for a compromise because once the state will ban Bitcoin then doing business can be a big hell and Bitcoin will drive to the floor.

Yes, once this happens there will be a need for compromise between the state and bitcoin users otherwise there will be chaos. It is the government's duty to protect with its citizens and along with this, they should cater to the needs of their people and listen to their voice. In making regulations, it should be in favor to the bitcoin users and not only for the purpose and generating revenue. If they are going to impose fees, it should be at the advantage of the users and not be detrimental for them.

[Shamie1002]

Cryptocurrencies do not need regulation, but regulation may be inevitable. We are already seeing it in countries like Japan. Regulation is not purely bad anyway, because it may help convince the mainstream of cryptos' legitimacy.

I agree, but it will always depend on the government that will regulate Cryptocurrencies. The main purpose of Cryptocurrencies is decentralisation and regulation of it is the complete opposite of the concept. Fees will be placed and what would be left ? Faster transactions.
I hope that the regulator of Cryptocurrencies ( if will be implemented in the future ) will not take advantage and would still deliver the intended benefits of Cryptocurrencies without greed.

[Lampaster]

Cryptocurrencies do not need regulation, but regulation may be inevitable. We are already seeing it in countries like Japan. Regulation is not purely bad anyway, because it may help convince the mainstream of cryptos' legitimacy.

I agree, but it will always depend on the government that will regulate Cryptocurrencies. The main purpose of Cryptocurrencies is decentralisation and regulation of it is the complete opposite of the concept. Fees will be placed and what would be left ? Faster transactions.
I hope that the regulator of Cryptocurrencies ( if will be implemented in the future ) will not take advantage and would still deliver the intended benefits of Cryptocurrencies without greed.

I don't understand why people want to volunteer to fall under the regulation of the state. That is a misunderstanding of the problem or the slave mentality? My opinion is that if the state starts to intervene in the cryptocurrency market it will be the beginning of the end. The reason is not that you will need to pay taxes. the reason is that we will lose hope to be free.

[akeegan]

It will need a regulator because what's the government's role in it? They are always look for security and control.

But I wouldn't say there's anythign wrong with that. There's some ICO's that are compliant with the government and their future looks very bright. A recent ICO is Unikoingold who recently got their betting license for esports in Malta so most of Europe can bet using fiat.

https://www.coindesk.com/regulated-cryptocurrency-betting-just-got-big-boost-europe/

[Lieldoryn]

It will need a regulator because what's the government's role in it? They are always look for security and control.

But I wouldn't say there's anythign wrong with that. There's some ICO's that are compliant with the government and their future looks very bright. A recent ICO is Unikoingold who recently got their betting license for esports in Malta so most of Europe can bet using fiat.

https://www.coindesk.com/regulated-cryptocurrency-betting-just-got-big-boost-europe/

Lol. Betting this is equivalent to what to give or throw away our money. I have never been involved in gambling and don't bet. For me this option is generally unacceptable. To be honest I do not want any changes. I like the situation as it is now.

[miningguru]

When the government gets their hands on crypto, they'll regulate. With regulation comes fees. So hopefully in the future the fees aren't as high as they are now lol.

Firstly government should regulate about the Bitcoin then they will think about the other cryptocurrency. Still, there is the long way to go for regulating the cryptocurrency because without Bitcoin there is no Cryptocurrency at all.

[Gradus728]

Investments through ICO will be legalized in Russia
reported on 8 October 2017 in the media

The fact that at present the Russian Association of Crypto-Currency and Block (RACIB) is working on a bill to legalize investments in the ICO, it became known in the summer. In the finished form, the document will be submitted to the deputies of the State Duma for consideration by the end of October.

[Gradus728]

Prosecutor General's Office of Belarus recommended to the siloviki URGENT study of crypto-currencies

Law enforcement bodies of Belarus should be actively interested in and delve into new financial technologies. This was stated by the Prosecutor General of Belarus Alexander Konyuk, writes TUT.BY.

"We try to work in a trend, but the fact is that law enforcement bodies are lagging behind in addressing the problems of cybercrime, newly formed financial institutions," Konyuk acknowledged.
According to him, Belarusians should focus on these issues in Europe, where the issue of regulation of the crypto-currency market is very acute.