Cryptocurrency regulation?

[hurain]

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.

In this day only bitcoin has regularized by many countries like Vietnam, Japan, and South Africa. India and some other countries. All the other currencies have not gained so much popularity as bitcoin although they are also used by many people. But the mainstream is bitcoin and in the near future we will see that all the world has regularize bitcoin as their usable currency. Other currencies have risks while bitcoin is reliable.

[Agostosmori]

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.

Got your point. But what about security? I constantly hear about hackers who steel tons of investor's money...

And goverment won't give up its influence easily. USA, Canada and some european countries tend to establish their rules on cryptocurrencies.

Hacker don't hack the system of the currency what they hack are the exchanges. Once government regulate crypto it will break the sense that it is decentralized and anonymity side will not be possible and will eventually it will lower the demand of it since it will just be like the normal currency that we have right now.

[kimochidesh]

There is nothing to fear from the word 'regulation'. As long as the rules and regulation made by Central authorities are protecting users interest like privacy in transaction etc, there would be no harm in it. Even we could expect a great jump in BTC and altcoins price after getting approval from the govt because this will encourage more investors to invest in it without any fear of being illegal.

[jdarren]

1. yes regulation needs to happen-there's too many scams out there
2. funding/VC's interests into crypto go hand in hand with regulation

Found this ico that just got their malta license to make esports gambling in europe legal http://www.esportsinsider.com/2017/10/unikoingold-becomes-largest-ever-gaming-esports-token/

[corroze]

There is nothing to fear from the word 'regulation'. As long as the rules and regulation made by Central authorities are protecting users interest like privacy in transaction etc, there would be no harm in it. Even we could expect a great jump in BTC and altcoins price after getting approval from the govt because this will encourage more investors to invest in it without any fear of being illegal.

I agree, of course, with the support of the government will increase the population and investors to engage in bitcoin so that it will bring bitcoin for better progress in the future. Although there will be new regulations but i don't think this will change the system bitcoin performance.

[MidKnight]

Yes it should have. Just a minimal regulation is enough just to make sure the crimes like money laundering or drug deals will not happen or becomes rampant.  Btc should be used for good purposes and it wasn't made to commit illegal activities.

[Gotottack]

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

In your assumption, when time comes that fiat will be replaced by cryptocurrencies, I believe there is a need to regulate such insofar as it substantially affects the rights and obligations of citizenry. Where others may be deprived of their lawful rights due to others' fraudulent schemes, it is but right to give others what are due them by imposing rules and regulations for the latter's protection. It is only then we can be certain of the cyptocurrencies' strength and integrity.   

[warrior333]

There is nothing to fear from the word 'regulation'. As long as the rules and regulation made by Central authorities are protecting users interest like privacy in transaction etc, there would be no harm in it. Even we could expect a great jump in BTC and altcoins price after getting approval from the govt because this will encourage more investors to invest in it without any fear of being illegal.

You are wrong. Originally Fiat was also conceived as a tool to stimulate economic development and was not supposed to suffer from inflation. Government ruled by money and what it led to. We all see the result. Now you want to trust politicians to regulate the cryptocurrency. Lol.

[qwertyup23]

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

First, you need to understand the concept behind cryptocurrencies and their nature being decentralized and volatile (for bitcoin's case). Due to its nature, it is impossible to regulate bitcoin and predict the final outcome of its price. In the even that bitcoins were to be regulated by the government, then expect that it will be imposed with tax due to the sheer volume of users who transact with it, and the price might even be less volatile.

In the positive side, it may attract more people especially to the ones who have their doubts since they have the guarantee of security due to the intervention of the government. But also expect that there is the tendency for current investors to drop their investment because it defeats purpose of the investment, being less volatile. Bitcoin may not be different from any other investments like bank interests, stocks, etc. and the only factor that separates it is being digital and virtual.

[Gozie51]

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

Replacing paper money with bitcoin is not really visible yet. This is because of the way bitcoin is made. Bitcoin is digital currency and to source for it or get it, you have to go digital with internet apparatus.

So, even if the young people can go on the internet , what about the other groups like the old, infants?
I think they are different in operation so could be alternating.

[orions.belt19]

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

First, you need to understand the concept behind cryptocurrencies and their nature being decentralized and volatile (for bitcoin's case). Due to its nature, it is impossible to regulate bitcoin and predict the final outcome of its price. In the even that bitcoins were to be regulated by the government, then expect that it will be imposed with tax due to the sheer volume of users who transact with it, and the price might even be less volatile.

In the positive side, it may attract more people especially to the ones who have their doubts since they have the guarantee of security due to the intervention of the government. But also expect that there is the tendency for current investors to drop their investment because it defeats purpose of the investment, being less volatile. Bitcoin may not be different from any other investments like bank interests, stocks, etc. and the only factor that separates it is being digital and virtual.

To add with what you said, traders rely on the volatility of bitcoin. They are able to profit because of the constant price change.

I don't foresee bitcoin to replace fiat in the future. I think that there may be too many problems that would arise if this were to be implemented. Along with taxes, not everyone will be able to access bitcoin. Those coming from the lower class do not have access to internet thus they will have some trouble using bitcoin or crypto. I think that most people would still prefer to have a physical type of money.

[greeklogos]

The regulation of crypto has already began and I suppose soon every country and every user of crypto will feel it on ourselves. But the point is in that that every country accept it's own way for regulation, like Japan vs China. Now I may only guess by which road my country will go.

[Gradus728]

It is very interesting and useful to read a variety of versions about the crypto currency regulation. Thank you for all the versions

[jhanson]

Regulation does need to happen, even if crypto in itself is regulated peer-to-peer. Governments won't be okay with not having their hands in crypto.

[tweetbit]

Virtual money has a common used as fiat currency, so I think regulation is necessary wether we like or not as it involves hard earned investment by individuals (bitcoin users). Then in the end it is for the safety and legality of our investments and the people behind criminal attacks within the community be bring to court as they deserved.

[entrepmind23]

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

Though we can see that cryptocurrency ecosystem is flourishing right now, currency that has true value can only be counted by hand and I don't think that fiat money can be replaced totally with cryptocurrencies. it can be one alternative as payment but it will never be able to eliminate fiat because there are still so many places in the world not engage digitally. It would be hard to implement something not even accessible by everyone. Though there are news about some places going cashless, still they can do it because they have a small population so it is easier to implement something if everyone can participate.

Regarding regulations, people like cryptocurrency because no one is controlling it but then the government doesn't want to let go of its control to the people so they will create a law to have a hold of the people who use cryptocurrency by regulating it. I think there is a need for a regulation but to some extent because regulations are created for the protection of the people.

[Gradus728]

it's really cool that in general everyone argues on this topic. I like to participate in this discussion. It's very cool that an increasing number and my friends are involved in all this "turmoil". And also to understand that the Alcocums and Crypto-currency surrounds themselves around the sign and the critics, and to see themselves in this list

[etraderhart]

People are selling it with local currencies, and anything that involves transacting money released by the government needs to be regulated.

[Btc4Proxies]

Something I've been thinking about is that our government and other institutions have always ran currency. So with decentralizes currency, I wonder how their role evolves with not needing them. In a sense crypto does need regulation to avoid scams and have qualifications so that not everyone can just start an ico lol

[Gradus728]

The Belarusian Currency and Stock Exchange (BVFB) in the long term may start trading in crypto-currencies and become a platform for ICO-projects. This shows that we want to take more participation in the crypto-exchange trades to our authorities