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Author Topic: How do you think, will states be able to regulate the crypto currency?  (Read 2250 times)
Gloria_16
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October 14, 2017, 02:45:56 PM
 #1

How do you think, will states be able to regulate the crypto currency?

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October 14, 2017, 08:57:50 PM
 #2

If states buy 51% of bitcoins
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October 14, 2017, 10:21:01 PM
 #3

Government can't regulate cryptocurrencies. Cryptocurrencies are not bound to be regulated. That's what they were always saying. Because cryptocurrencies are decentralized. But they already find a way to regulate cryptocurrencies and it's users. By regulating all exchanges. This is the only way to regulate cryptocurrencies. Most transactions are being made from exchanges. So if they regulate them. They can regulate cryptocurrecies indirectly. Like Japan did recently. They are the first country which issues licence to their local cryptocurrency exchanges. Many countries will follow as expected especially China. I think they are going to issue licence for their local exchanges soon. Now exchanges needs to be evaluated and need to comply to get licence.

BTW, it's better though. As you can see the effect at the price of bitcoin. Bitcoin is surging. It can even hit up to $6000 this month. I see some people are worrying about regulating the exchanges. But for me it's a good thing because cryptocurrency will be close to government. If they worry about tax. It's inevitable. We are bound to do that as a citizen. It's better than this than to ban cryptocurrency. That's messed up.



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October 14, 2017, 10:35:23 PM
 #4

If states buy 51% of bitcoins
If governments buy 51% of bitcoin, how can they regulate it then?

Imagine you are able to buy 51% of bitcoin, how can you regulate what 7 billion of people will do in regards to bitcoin or other crypto currencies?

The only thing they can do is to declare it as illegal, but if they do this, they still can't regulate what people will do as they hardly can control all existing pcs or devices or the internet traffic.

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October 15, 2017, 02:13:33 AM
 #5

How do you think, will states be able to regulate the crypto currency?

It is they’re choice to make, regulating and making a law on regulating bitcoin is they’re job and asking us won’t make any difference as we don’t have a power against it.

If states buy 51% of bitcoins

I think that will result as bitcoin more uncontrollable if they do that as the prices will go up at a scale of 10000$ if they make that move.

I can only think of one thing they must do or have to make “a new coin”, supported by financial institutions and government with the fiat enthusiast. It will destroy bitcoin a new one will come but controlled by the central banks and govern by state laws.
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October 15, 2017, 03:46:09 AM
 #6

How do you think, will states be able to regulate the crypto currency?

Bitcoins or any other crypto currencies cannot be regulated but the users of it or establishments like exchanges and the ICO would be regulated. Government will just impose a law or rules on how to send and receive the coins like the people who like to change their bitcoin to fiat should be required an ID for proper identification records and they shall pay taxes for every amount they want to be converted by this examples government can monitored every transaction.



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October 15, 2017, 08:12:46 AM
 #7

How do you think, will states be able to regulate the crypto currency?

i don't think the states can regulate the crypto because they can not get involve inside the crypto currency world and they only can learn what is crypto currency. maybe they can protect their citizen from scamming program but they can not control or regulate the crypto. i think they will make some program or something like that to see the transaction in crypto world so they will know what is going on in crypto currency. or maybe they can controlling the exchanges and then the exchanges cooperate with government to manage or regulate the exchanges.


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October 15, 2017, 10:54:35 AM
 #8

How do you think, will states be able to regulate the crypto currency?

i don't think the states can regulate the crypto because they can not get involve inside the crypto currency world and they only can learn what is crypto currency. maybe they can protect their citizen from scamming program but they can not control or regulate the crypto. i think they will make some program or something like that to see the transaction in crypto world so they will know what is going on in crypto currency. or maybe they can controlling the exchanges and then the exchanges cooperate with government to manage or regulate the exchanges.

It is better to let the government to make services out of bitcoin or cryptocurrency. States should make initiative for the citizens to use bitcoin while they citizen can give back to the government for the economy. Because even if they regulate it, they cant really control how much would to each citizen and probably rich companies from the state will take advantage of it and now the usually common citizens.

                                     
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October 15, 2017, 03:37:09 PM
 #9

The government can't regulate cryptocurrencies. In order to do this you need to have control over the issuance and circulation of currency. I am sure that all governments would like to have the opportunity and then the question of the legalization of bitcoin was not. But since it is not possible they will never accept bitcoin.

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October 16, 2017, 06:29:28 AM
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Government can't regulate cryptocurrencies. Cryptocurrencies are not bound to be regulated. That's what they were always saying. Because cryptocurrencies are decentralized. But they already find a way to regulate cryptocurrencies and it's users. By regulating all exchanges. This is the only way to regulate cryptocurrencies. Most transactions are being made from exchanges. So if they regulate them. They can regulate cryptocurrecies indirectly. Like Japan did recently. They are the first country which issues licence to their local cryptocurrency exchanges. Many countries will follow as expected especially China. I think they are going to issue licence for their local exchanges soon. Now exchanges needs to be evaluated and need to comply to get licence.

BTW, it's better though. As you can see the effect at the price of bitcoin. Bitcoin is surging. It can even hit up to $6000 this month. I see some people are worrying about regulating the exchanges. But for me it's a good thing because cryptocurrency will be close to government. If they worry about tax. It's inevitable. We are bound to do that as a citizen. It's better than this than to ban cryptocurrency. That's messed up.


The exchanges that they regulated is it the exchange from cryptocurrency to fiat?

If this is the one it will still remain the same exchanges of crypto will still be decentralized countries still don't control it and they will just have a control on the exchanges to their currency. It is indeed a positive improvement for BTC it only means that government are seeing it's potential and that it really has a use.

I'm just wondering how are they going to compute the taxes for such exchanges if the sources of BTC are anonymous?

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October 16, 2017, 09:55:42 AM
 #11

How do you think, will states be able to regulate the crypto currency?

As a law abiding citizen of my country and a bitcoin enthusiast. I’m stock between this two option on what should be or what best for the government  and cryptocurrency.

And if regulation is for the country’s economic progress and for the bitcoin users security about scammers against scammers and exchanges with overpriced fees and unwanted closure.

And being a bitcoin enthusiast I’m a little wired that regulating this would affect its value and the interest of investors as the highly hate a centralized system.



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October 16, 2017, 10:37:56 AM
 #12

How do you think, will states be able to regulate the crypto currency?

Before legalizing the bitcoin the government will make an policy thru their legislative department and compose a policy or law on how to proper handle the crypto currency then after that it will vote in congress for the approval until it will pass to the president and sign. Mostly affected of this regulations will be the local exchanges, ICO and the bitcoin holders in which they may required an proper identification or government ID during their transactions with the local exchanges in order for them to be trace all the time.

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October 16, 2017, 12:04:36 PM
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How do you think, will states be able to regulate the crypto currency?

i don't think the states can regulate the crypto because they can not get involve inside the crypto currency world and they only can learn what is crypto currency. maybe they can protect their citizen from scamming program but they can not control or regulate the crypto. i think they will make some program or something like that to see the transaction in crypto world so they will know what is going on in crypto currency. or maybe they can controlling the exchanges and then the exchanges cooperate with government to manage or regulate the exchanges.

It is better to let the government to make services out of bitcoin or cryptocurrency. States should make initiative for the citizens to use bitcoin while they citizen can give back to the government for the economy. Because even if they regulate it, they cant really control how much would to each citizen and probably rich companies from the state will take advantage of it and now the usually common citizens.
yeah maybe when they give legalization to bitcoin and let bitcoin grow, spread and use by their society of course it will also give a good contribution to economy of that country but surely there will be consequences that will be accepted by the government if legalizing and regulating bitcoin, as people may prefer bitcoin over local currency, increase the number of crimes and money laundering, etc, of course the government will be very concerned about that risk,,

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matuson
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October 16, 2017, 12:13:13 PM
 #14

States will have the possibility to regulate the cryptocurrency. But the ability to adjust the Fiat of the state is always there. I'm sure the government will deal with trade in bitcoins will impose any deal on the exchange of bitcoins for Fiat. The state will not conduct these transactions and therefore will not take the risk in case bitcoin goes bankrupt.

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October 16, 2017, 03:22:48 PM
 #15

Implement tax on bitcoin or control bitcoin supply in order to preventing inflation or other privilege that government able to do in order to regulate bitcoin for good.
The advantage is people may use bitcoin as their main transaction anywhere and anytime !

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Kronos21
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October 16, 2017, 03:59:22 PM
 #16

Implement tax on bitcoin or control bitcoin supply in order to preventing inflation or other privilege that government able to do in order to regulate bitcoin for good.
The advantage is people may use bitcoin as their main transaction anywhere and anytime !
The government does not approve of the way people pay each other with bitcoins even in the event of legalization. I am sure that all governments who will attempt to legalize the use of bitcoins will make it only in exchange for Fiat. Probably online exchangers who are currently working without authorization will be closed. The exchange of bitcoins is through exchange on which registered users ' Bank account and how this expense will come from the Fiat banks will charge tax.

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October 16, 2017, 04:40:25 PM
 #17

Yes, given the status of the United States of America, I strongly think it will be able to regulate cryptocurrencies. Nonetheless, I concede that the latter feat is challenging in a sense that some people can just do a little workaround just so they can sustain their cause without having to submit to the authorities' demands. To be more accurate, I think regulation is easy. What is difficult is the execution of such regulation because it is the only time that the government can assess its plausibility.

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October 16, 2017, 11:39:29 PM
 #18

No clue how it's going to work logistically.And I wonder how all of the governments will work that out.
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October 17, 2017, 04:11:59 AM
 #19

It would be hard for them to totally regulate internet transaction and mostly if the type of government is democratic and not a communist one. But those who always abides by the law would have no problem at all as if it was intended to protect them but the criminal minded individuals who uses bitcoin in an act against the law is and must be destroyed.
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October 18, 2017, 09:00:25 AM
 #20

How do you think, will states be able to regulate the crypto currency?

States does not need to regulate all users, all it needs to do is to regulate the service providers and those are the middle men. Just like the case of banks, government agencies does not deal with individuals but the moment they control those who made the transaction possible, then there is nothing they cant do. Just in the case of KYC for exchange sites, its from the state and the moment all this is circulated, there wont be an hiding place than to just do it if you still want to carry out less stress transactions.
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