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Author Topic: How to make a win-win situation for both government and digital currency ?  (Read 539 times)
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October 04, 2017, 12:20:23 AM
 #21

Government can take control if all the in and out and pee-to-peer transactions are crytpo based meaning no fiat currency involved it is out of their jurisdiction if no government owned transaction involved since all crypto currency are decentralized and owned by private individual. But everything needs money, the popularity rises of bitcoin and its value it is all because of money, we mine bitcoin for exchanging goods and services to the merchants and retailers but merchants want money. Money or fiat currency was owned by the government  and you are using it so you are entitled and obliged for taxes. Cryptocurrency needs fiat after all and government need taxes too. For sustainability and win-win situation, tax is the answer. No tax, no crypto.

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October 04, 2017, 12:26:30 AM
 #22

How a government can still manage its control over currency and finance without harshly regulating digital currencies ? Can we ever have a win-win situation ? Is there any economic model for decentralized currencies ?

I think it is so hard to regulate something that the main essence is to be decentralize, meaning you want to control a thing that don't want to be controlled. I think the best shot for governments to do in this thing is to put a proper department or branch of their government in filtering cryptocurrency scene instead of banning or shutting it down as a whole because hindering it will not cure the cause instead it just worsen it.

We all witnessed in how modern technology really adopt from the real world to the world of virtual, and we are here to the point that in digital world we embraces the digital currency so meaning the force of strong digital police must born if governments really want to help their citizens in their country for the future cryptocurrencies.


I agree it is hard if to regulate if the main purpose of the government is to take over the digital currency themselves.  But I think if they are too regulate transactions, I think it is not that hard.  Government needs exchange platform to be licenses so that they can have access to the reports of these exchanges.  And we all know people cannot take profit if they do not trade on these exchanges.  So I guess government just need to go to exchanges and ban a p2p selling.

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October 04, 2017, 01:26:48 AM
 #23

How a government can still manage its control over currency and finance without harshly regulating digital currencies ? Can we ever have a win-win situation ? Is there any economic model for decentralized currencies ?

I think what the government can do to benefit from the cryptocurrency is to identify it as a digital asset and for them to have part of the transaction is to tax the platform involved in cryptocurrency since it is easier to tax a single entity than to find each bitcoin owner and have them report their income from it. The platform then would include the tax charges in the transactions so that they are not the only one bearing the tax charges. When there is a regulation like this, the people who are doubtful with bitcoin would then have trust of bitcoin since it already has a regulation and would eventually be part of the community. An additional demand to bitcoin would make its price increase. Through this way, it would be a win-win situation to both parties which are the bitcoin enthusiasts and the government.

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October 04, 2017, 01:33:02 AM
 #24

How a government can still manage its control over currency and finance without harshly regulating digital currencies ? Can we ever have a win-win situation ? Is there any economic model for decentralized currencies ?

Sooner or later there will be a win win with them, because they have to use digital currency in future, actually many goverments had already many ideas about it, they can't stop the future, they have to become the future.

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October 04, 2017, 01:58:59 AM
 #25

How a government can still manage its control over currency and finance without harshly regulating digital currencies ? Can we ever have a win-win situation ? Is there any economic model for decentralized currencies ?
Probably they will taxed it, every transactions with digital currency will have a tax thus making the transactions way higher.
Also, they would probably make every bank involved with digital currency - could be a bad thing and a good thing.
We will have more security with our digital currency unlike the present.

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October 04, 2017, 03:11:54 AM
 #26

I think Bitcoin regulation is win-win situation for both. Governments would make "order" on that way on Bitcoin market and have some control over it, but not full and centralized of course, and for Bitcoin that would mean more adoption especialy for businesses. Bitcoin users don't have to be afraid from regulation.

Its in my own belief that theres no win-win with BTC. Regulations made upon it are easily eluded because by design, BTC was developed as a peer to peer electronic cash system. Its nature is to break borders and to be independent from the traditional financial organizations.

What would stop someone from creating a secret BTC transmission and conversion service for the darknet?


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October 04, 2017, 03:33:19 AM
 #27

I think Bitcoin regulation is win-win situation for both. Governments would make "order" on that way on Bitcoin market and have some control over it, but not full and centralized of course, and for Bitcoin that would mean more adoption especialy for businesses. Bitcoin users don't have to be afraid from regulation.
No, but isn't the while point of BTC being completely decentralized. If you even give a little control over to the government the while point of btc will be destroyed. That's what I think at least, and anyways government will never be happy with having only a partial control over currency, then will eventually try and take full control which will cause troubles.
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October 04, 2017, 04:01:48 AM
 #28

How a government can still manage its control over currency and finance without harshly regulating digital currencies ? Can we ever have a win-win situation ? Is there any economic model for decentralized currencies ?
Government will come up with their own centralized version of their fiat currencies in the name of digitizing currency, also they will use blockchain technology to digitize their fiat into tokens. They might advertise those token as good as bitcoin or crypto but in reality all those token will be just worthless  like fiat we have these days. It will have infinite supply and government will have full control over token addresses and tokens.

I don't think government will ever adopt decentralized currencies because there is no win-win situation for government in this.

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October 04, 2017, 07:02:43 AM
 #29

How a government can still manage its control over currency and finance without harshly regulating digital currencies ? Can we ever have a win-win situation ? Is there any economic model for decentralized currencies ?
Government can still manage both , regulating cryptocurrencies will be based on the cashing out of money which can be found on cryptocurrency exchanges, Trading cryptocurrency should also regulated that it will not violate the law imposed about trading. It could be a win win situation if they will impose a tax for the profit of these exchanges.
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October 04, 2017, 07:17:40 AM
 #30

How a government can still manage its control over currency and finance without harshly regulating digital currencies ? Can we ever have a win-win situation ? Is there any economic model for decentralized currencies ?

Sooner or later there will be a win win with them, because they have to use digital currency in future, actually many goverments had already many ideas about it, they can't stop the future, they have to become the future.

And digital currency is unstoppable even bitcoin. I do agree that even them knows that in due time the banking system will be just an ordinary one and the cryptocurrency is on the center. That is why they’re silence about it, they have interest on our banking sytem, government official have even huge shares on that profit by hiding on the shadow of they’re dummy.
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October 04, 2017, 12:06:59 PM
 #31

How a government can still manage its control over currency and finance without harshly regulating digital currencies ? Can we ever have a win-win situation ? Is there any economic model for decentralized currencies ?
A big NO...
If you are talking about all decentralized crypto currencies than government can never monitor all crypto related transactions in their territory without which they can't force their citizens to pay taxes for all profit they will make by investing in crypto. Also money laundering through crypto is quite possible and this can't be controlled without regulating crypto exchanges.

So government will always have harsh regulation against bitcoin and crypto.

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October 04, 2017, 01:56:15 PM
 #32

How a government can still manage its control over currency and finance without harshly regulating digital currencies ? Can we ever have a win-win situation ? Is there any economic model for decentralized currencies ?

Governments indirectly regulating Bitcoin is a win-win situation for both governments and Bitcoin. I think it is somewhat inevitable.

Legalization would definitely boost Bitcoin adoption and the governments would make profit from taxes. The problem is then most of the countries would have centralized exchanges similar to Coinbase. Then the governments might use Blockchain analysis tools to monitor financial crimes, most importantly tax evasion. I don't think a law-abiding Bitcoin user would have any issue with this, but users who prefer using a decentralized currency to protect their confidentiality/privacy night find this a bit harsh.

Another issue bothering governments about Bitcoin is consumer protection. Being decentralized and irreversible, it is quite impossible to put Bitcoin under any consumer protection laws.

In the US EFT's (Electronic Fund Transfer) systems provide protection to the consumers under the EFT Act, but due to the nature of cryptos it is not possible for them to be in complete compliance with this Act.

Regulation is good, but too much harsh regulations would lead to more decentralized exchanges/OTC platforms.

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October 04, 2017, 02:09:36 PM
 #33

How a government can still manage its control over currency and finance without harshly regulating digital currencies ? Can we ever have a win-win situation ? Is there any economic model for decentralized currencies ?
It is hard to have a win-win situation between government and cryptocurrency because government wants the control and get a tax. There will be a rage on the community if that happens.

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October 04, 2017, 07:06:08 PM
 #34

Decentralization being a core-concept of BITCOIN, itself contradict with statement "regulation of Bitcoin". I don't think there is any feasible solution to this problem. Bitcoin users want privacy and govt. want transparency in a transaction.
Let's hope if there is some solution to this problem, then it will not conflict bitcoin user's interest.
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October 04, 2017, 08:29:53 PM
 #35

I think all of us feel that we need here some regulations and control over the cryptocurrency world and ICOs.. but the reason cryptocurrency exist is that people wanted don't have a total control over their money from goverment.. so it should be a very well balanced system to make it win-win situation... but it's hard to imagine now)
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October 06, 2017, 05:19:18 PM
 #36

The win win for me is not even to legalize the use of digital currency but to enact laws that propels a user to indicate that they are connected to the usage. By this I mean, the government should come up with laws that makes it crime if a user does reveal that they are into cryptos. This could be done through government agency like the finance department or banks connecting either the phone numbers or something. Also, to enlist the cryptos that should be in use etc.

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October 06, 2017, 05:28:21 PM
 #37

How a government can still manage its control over currency and finance without harshly regulating digital currencies ? Can we ever have a win-win situation ? Is there any economic model for decentralized currencies ?

One possibility could be that government approve digital currencies as certified security. In this way digital currencies will be legalized but at same time remain outside from complications of being broad money.
Also government and banks can maintain their reserves and pledge loans etc in cryptocurrencies. This way there will be holding of cryptocurrencies on large scale and will contribute to price rise. It will be win to win situation.
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October 06, 2017, 05:32:21 PM
 #38

How a government can still manage its control over currency and finance without harshly regulating digital currencies ? Can we ever have a win-win situation ? Is there any economic model for decentralized currencies ?

Governments are all about control and power, bitcoin and the blockchain technology takes that away from there. Government would implement enough regulation to give them control, otherwise they would just ban them outright. Let's see how it all develop in the next few years.


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iluvpie60
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October 06, 2017, 06:08:49 PM
 #39

How a government can still manage its control over currency and finance without harshly regulating digital currencies ? Can we ever have a win-win situation ? Is there any economic model for decentralized currencies ?

The best thing for government to do to make it a win win would be if they used public blockchain voting.

It could be a public key shows who you voted for, but it is tied to a private address that is encrypted. Something that is verifiable and works great for aving hundreds of millions vote on the same day.



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palle11
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October 06, 2017, 06:10:49 PM
 #40

The win win will always make cryptos generally accepted because I don't think it isn't going to be banned. The government should make laws that can work in check mating the users of bitcoin like making some payments of bills connected to bitcoin involving the banks.

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