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Author Topic: Australia moves to regulate the bitcoin is it good or bad ?  (Read 535 times)
Terry05
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October 23, 2017, 05:27:31 PM
 #1

Australian goverment is one step a way to regulate the bitcoin to combat money laundering and terrorism financing.

What do you think the implication of these in general and especially to the bitcoin holder  in Australia?would love to hear your views??

See below article

http://mobile.abc.net.au/news/2017-10-23/bitcoin-one-step-closer-to-being-regulated-in-australia/9058582?pfmredir=sm

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October 23, 2017, 06:04:00 PM
 #2

We still have the type of people who are afraid of bitcoin so a government making regulations will probably make that fear go away, I believe this will only bring more users in the long run.

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October 23, 2017, 06:07:40 PM
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Maybe has a good and bad impact for the Australian people who used bitcoin. It is good in way that the bitcoin will be legalize in their country to fight and track the possible terrorist financing activity. In bad side , the government will be possibly tracking the bitcoin transaction and the fee will become higher.
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October 23, 2017, 06:13:27 PM
 #4

It always depends what regulation means.
In this case:

Quote
New laws part of Government's efforts to combat money laundering and terrorism financing
AUSTRAC would be given new powers to monitor digital currency exchanges
These exchanges would be required to identify customers more stringently and report suspicious transactions

So we have:
1) The usual culprits, money laundering and terrorists
2) Monitoring the exchanges which is both
 good: slimmer chances to have another gox,mintpal, etc etc
 bad: it probably involves monitoring also the users and their trasnactions
3) Which is actually 2b, it's pretty bad as reporting suspicious transactions usually means freezing assets , fiat or coins.

And we have the exchanges reaction:

"There is likely to be an ongoing expensive compliance cost, particularly in regards to ongoing transaction monitoring," said BTC Markets' director Jarrod Crane, who is supportive of the proposed laws.

So... mixed feeling from everyone.



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October 23, 2017, 06:13:56 PM
 #5

We still have the type of people who are afraid of bitcoin so a government making regulations will probably make that fear go away, I believe this will only bring more users in the long run.
People do really have their own opinion on such movement made by the government on planning on regulating but I do doubt that they would only adopt or regulate it on the services that do make use bitcoin thinking off that they cant really control bitcoin no matter what they do.I assume that they would just do the same thing on where Japan did made regarding on its adoptions.This would really indeed more users in longer aspects.



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October 23, 2017, 06:20:02 PM
 #6

Australian goverment is one step a way to regulate the bitcoin to combat money laundering and terrorism financing.

I would like to read from Australians at this forum, what they think about it.
What is this mean "to regulate the bitcoin"?
Is this mean restrictions for sending/receiving bitcoins?
How about other crypto? special law for every crypto?  Grin

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October 23, 2017, 06:20:42 PM
 #7

We still have the type of people who are afraid of bitcoin so a government making regulations will probably make that fear go away, I believe this will only bring more users in the long run.
Definitely.Already we know that australia has been friendly to use of bitcoins unlike china.Bitcoin regulation is far better than totally banning bitcoins.Bitcoin if regulated,then retailers would come forward to accept bitcoin payments.We earlier saw in japan that immediately after legalization,thousands of retailers accepted  bitcoin.So,the australian move would increase demand for bitcoins and would trigger its price.

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October 23, 2017, 06:22:35 PM
 #8

I didn't know of that, thank you for sharing this news!

I think that it is good news, basically I am working in marketing agency and we are paying quite much to reach Australian respondents, keeping this in mind they are able to bring some extra big profit out in the market and from that we can only benefit.

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October 23, 2017, 06:27:42 PM
 #9

Wow thats a wonderful news in fact !
First of all terrorism is a global plague if the government is doing something about it, for it to be in control then obviously thats the right thing to do no doubt, this will also make bitcoins gain more customers and holders because there are still many people who think bitcoins are fake and stuff that this will give them a kick-start and more crowd will accumulate leading to increase in the price of bitcoins.
Making the transactions more transparent will be the only downfall but that too only for those who are in the illegal business or people who aren't paying taxes on time, what's wrong is wrong only thus I don't see any downfall in this step taken by the government.

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October 23, 2017, 06:28:03 PM
 #10

Australian goverment is one step a way to regulate the bitcoin to combat money laundering and terrorism financing.

What do you think the implication of these in general and especially to the bitcoin holder  in Australia?would love to hear your views??

See below article

http://mobile.abc.net.au/news/2017-10-23/bitcoin-one-step-closer-to-being-regulated-in-australia/9058582?pfmredir=sm

If it's being regulated to prevent illegal activities then it's good news. I just hope that with the regulation, they will not put some political manipulations. If the welfare of their citizens is really what they are after then by all means do so. And I guess it will have good impact with others also who are afraid of btc because this news will gain positive insights from investors who used to stay away from btc due to some stability reasons.

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October 23, 2017, 06:29:23 PM
 #11

Australian goverment is one step a way to regulate the bitcoin to combat money laundering and terrorism financing.

What do you think the implication of these in general and especially to the bitcoin holder  in Australia?would love to hear your views??

See below article

http://mobile.abc.net.au/news/2017-10-23/bitcoin-one-step-closer-to-being-regulated-in-australia/9058582?pfmredir=sm

Contrary to popular belief, regulations are good. If you want to interact with the legacy banking system, you have to avid to existing laws and regulations, you can't expect the governments to treat bitcoin as wild wild west gateway where you can go in and out of fiat. Regulations legitimize bitcoin in the eyes of governments and it's better than a ban. Regulations are no longer seen as bearish in the market as we can see nobody cares about these news, so regulate it as much as they want, it doesn't matter for us hodlers (and if the regulation is a mess like BitLicense, there are always alternatives anyway).

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October 23, 2017, 06:30:29 PM
 #12

Would this regulation kill peer to peer exchanges of Bitcoin. If only registered exchanges are allowed to buy or sell Bitcoins, then you may be breaking the law if you give a few satoshis to your friend in exchange for dollars. Reminds me of the unlicensed money exchanges cases foisted against Bitcoin traders in the US.

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October 23, 2017, 06:39:24 PM
 #13

Australian government want to regulate it not to ban it - do you think that Bitcoin or any cryptocurrency can exist outside the economy as at the same be a part of it?
Can't you see what happened to do Bitcoin after Japan regulated and embraced it? Before that time, I heard voices that Japanese regulators will impose draconian laws.
That they will butcher idea of bitcoin etc. but what is really the idea behind bitcoin? To be outlawed and in the end not used by anyone?
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October 23, 2017, 06:40:03 PM
 #14

Australian goverment is one step a way to regulate the bitcoin to combat money laundering and terrorism financing.

What do you think the implication of these in general and especially to the bitcoin holder  in Australia?would love to hear your views??

See below article

http://mobile.abc.net.au/news/2017-10-23/bitcoin-one-step-closer-to-being-regulated-in-australia/9058582?pfmredir=sm
regulating bitcoin is food for the government,not just having taxation it can help them to lessen bad elements in country.but the question is..can the government really regulate bircoin?well ita too soon to tell

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October 23, 2017, 06:48:03 PM
 #15

Australian goverment is one step a way to regulate the bitcoin to combat money laundering and terrorism financing.

What do you think the implication of these in general and especially to the bitcoin holder  in Australia?would love to hear your views??

See below article

http://mobile.abc.net.au/news/2017-10-23/bitcoin-one-step-closer-to-being-regulated-in-australia/9058582?pfmredir=sm
regulating bitcoin is food for the government,not just having taxation it can help them to lessen bad elements in country.but the question is..can the government really regulate bircoin?well ita too soon to tell

If a country can shutdown bitcoin , they can surely regulate it as well.

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October 23, 2017, 06:53:49 PM
 #16

Australian goverment is one step a way to regulate the bitcoin to combat money laundering and terrorism financing.

What do you think the implication of these in general and especially to the bitcoin holder  in Australia?would love to hear your views??

See below article

http://mobile.abc.net.au/news/2017-10-23/bitcoin-one-step-closer-to-being-regulated-in-australia/9058582?pfmredir=sm
Regulation of bitcoin in any form is not good for the bitcoin ecology.Doesn't matter what government regulates it,as soon as rules are levied upon an open-source system,people start losing interest.The government should just start their own regulated coin or something.Anyway doesn't matter if one country decides to put rules on bitcoin's usage.I feel bad for me Australian mates now.

We still have the type of people who are afraid of bitcoin so a government making regulations will probably make that fear go away, I believe this will only bring more users in the long run.
You can't be serious ? Government is regulating,controlling an open sourced system,for the sake of it's promotion ? I don't think it's a good deal.

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October 23, 2017, 06:53:54 PM
 #17

Well if will be good for australians on my opinion because you can use bitcoin with no fear. There are countries out there where bitcoin is banned and other cryptos too. So yea for Australia is a big step forward because it's all about the blockchain technology.

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October 23, 2017, 06:55:06 PM
 #18

We still have the type of people who are afraid of bitcoin so a government making regulations will probably make that fear go away, I believe this will only bring more users in the long run.

This ^^
Regulation & acceptance of bitcoin use by official bodies can only ever be a god thing.

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October 23, 2017, 06:57:50 PM
 #19

Australian goverment is one step a way to regulate the bitcoin to combat money laundering and terrorism financing.

What do you think the implication of these in general and especially to the bitcoin holder  in Australia?would love to hear your views??

See below article

http://mobile.abc.net.au/news/2017-10-23/bitcoin-one-step-closer-to-being-regulated-in-australia/9058582?pfmredir=sm

They are doing it for a good cause and I think is a good idea and will help Bitcoin get more exposure.
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October 23, 2017, 07:00:44 PM
 #20

Well if will be good for australians on my opinion because you can use bitcoin with no fear. There are countries out there where bitcoin is banned and other cryptos too. So yea for Australia is a big step forward because it's all about the blockchain technology.

Yeah! your right nothing to worry about. One of their purpose is to trace all suspicious transaction linked to a terrorism. that is a good.
if that will happen it will be a big impact into the BTC and to their neighboring countries.
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