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Author Topic: Australia moves to regulate the bitcoin is it good or bad ?  (Read 542 times)
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October 23, 2017, 07:05:13 PM
 #21

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.
How ? I don't know how you guys think but regulating bitcoin is only going to keep users away from using them.Just for the average crowd to understand 'Regulating Bitcoin' isn't an option.Hell,what if government starts regulating bitcoins and comes with a policy that only government can mine bitcoins.Only bitcoin sellers allowed would be licensed government contractors.On every sale of bitcoin 2% service tax goes to government.This is just a few ,I could go on all day long to prove you guys wrong.

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October 23, 2017, 07:05:24 PM
 #22

To the long-time Bitcoin hodlers, this would mean nothing. This is not new to them as other countries are already making their move to regulate BTC and the altcoin market. In a sense, this could provide good image to the public as most of the people out there still sees BTC as an illegal and criminal-related internet money. With Australian government regulating it, the community in their country will (maybe) start to get involved with it and this, in fact, is a good thing for the cryptomarket.

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October 23, 2017, 07:06:47 PM
 #23

this will be good,
when bitcoin has begun to be recognized.
and this means that bitcoin legality has been created in australia,
and this will have widespread impact,
and maybe other countries will follow this.
and it will also have a good impact if it is in a battle to combat money laundering and true terrorism happening happily in this world

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October 23, 2017, 07:17:57 PM
 #24

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

It's too early to say whether it is a good or a bad move. If Australian government just want to fight money laundering and Terrorism financing, then it has nothing to do anything with the general users like us who earn money from trading and other related activities. So the framework provided by the government needs to be assessed. However, I am sure that no one would mind paying a little extra tax on their crypto earning if they get legal status in return of that. So I believe it will be good for us in general and can have a positive impact on bitcoin as well.

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October 23, 2017, 07:27:17 PM
 #25

I think its good news also.

Japanese government. why have they decided to attempt to set up regulations for regulating cryptocurrency without imposing restrictions that threaten innovation and compromise security?

Japan has been facing very severe economic disease for decades now. cryptocurrency could be seen as a chance to encourage innovation and take a lead over other countries. It is also notable that Mt. Gox exchange was based in japan and when it failed it was a big international disaster and a huge embarrasment to the japanese government. I think they want to put it behind them.

I think that Australia is looking at the example from Japan. There has been some back and forth between them in the past. Australia was imposing double taxation on cryptocurrency and ended that prior to Japan following suit. Id say that Australia is more influential in many ways than japan because there a much smaller language barrier with the rest of the world.


Big powerful countries like China, Russia, United states. Are at risk of being much more conservative and falling to the temptation of buying into the centralized fiat crypto scam They may threaten the world with millitary power but they can only use that to destroy in the end.

We gotta remember that the revolution of Crypto is going to be a process that due to its nature takes policy control away from the government and places it into the various protocols. it wont be able to happen all at once.
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October 23, 2017, 07:29:48 PM
 #26

It really depends on the details of the regulation. Some form of regulation is good in attracting more main stream users to the concept. Too much, or erroneous regulation that stifles innovation and creates friction in the process is obviously going to be a bad thing. In summary, the devil is in the details. Following this story develop with great interest as Australia is an important market.

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October 23, 2017, 09:08:24 PM
 #27

By itself regulation of bitcoin and other crypto currency in a separate country is a positive moment for the circulation of the crypto currency. It will be recognized as a legal tender and protected by law. Of course, this establishes a certain tax on profits from this activity. The whole question is how tightly the other rules of this regulation will be established. Will the crypto currency be impaired in its circulation and will its users be limited in rights?

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October 24, 2017, 03:44:16 PM
 #28


In my own opinion, regulation is the government's way of putting themselves in the system of bitcoins or digital currencies. Acceptance but the consequences is regulation.
The main sense of bitcoin is decentralization and it is the reason of its popularity, I agree that if government will be a bit abusive in their part, bitcoin will die.

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October 24, 2017, 04:02:48 PM
 #29

The way I see it, regulation is give and take. The good is that you won't have to worry that Bitcoin will be banned, you may actually ask for legal help should you get victimized, and proper regulations can help ease the average joe's jitters over Bitcoin. These advantages can't come without a price, of course, and the price is a little liberty, and some taxes.

In Australia's case, specifically, it simply looks like the government will require exchanges to ask for identification. Most exchanges already do this anyway, so I don't think it's a bad thing at all, unless you're actually dealing with illegal stuff with Bitcoin. I would welcome this in a heartbeat, knowing the alternative is an outright ban.

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October 24, 2017, 04:10:48 PM
 #30

Australia is supporting crypto very much,thay will legelise crypto,his legislation will be crypto friendly


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October 24, 2017, 04:11:09 PM
 #31

I have nothing to say against these kind of moves as it is expected that we could see these kind of regulations coming in moving forward.Will it be considered as a legit tender from now on or is it just used to tax people is what i want to know when it comes to these sort of regulations. With the price of bitcoin moving higher it looks like no government can ignore this.


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October 24, 2017, 04:16:43 PM
 #32

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

AI think they are abiding bitcoin's nature, supposed to be bitcoin is a decentralized system and it was made for the people to use to become profitable without being vulnerable outside their houses, it doesn't advertise unemployment but being profitable if you doesn'thave a stable job yet for me it is a kind of way for ourselves to become better citizen who are capable insharing contribution in your own community. Regulating bitcoin I think is not good and it may be soon controlled by the government.

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October 24, 2017, 04:18:35 PM
 #33

I am fine with governments regulating crypto. Fact of the matter is, if they're decentralized, governments can't exercise much control over them. They'll only be able to monitor and impose taxes, which isn't so bad because it also comes with benefits.
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October 24, 2017, 04:25:01 PM
 #34

How can this be bad for Bitcoin. Obviously it would be good as many more users will know about Bitcoin and trust it. Making it more diverse .

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October 24, 2017, 04:32:36 PM
 #35

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

This is good news for the crypto market, I think. It is always better to make btc taxable than ban it. There are many people who don't want to join the market because they think btc is an illegal money, this misunderstanding will be gone as soon as gov start regulating bitcoin.

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October 24, 2017, 04:41:38 PM
 #36

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.
The regulation of bitcoin means that the government of Australia wants to gain from the taxation of the cryptocurrency, they also want to make sure that people can't launder money through bitcoins i think it's a better alternative than getting bitcoin banned completely.



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October 24, 2017, 04:55:18 PM
 #37

Regulation is arrange something into fair position for all instance so if AUS regulate bitcoin , it means that they arrange bitcoin in fair way.
I think it's better rather than ban bitcoin. I'm sure it will make positive effect afterward !


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October 24, 2017, 10:35:07 PM
 #38

The way I see it, regulation is give and take. The good is that you won't have to worry that Bitcoin will be banned, you may actually ask for legal help should you get victimized, and proper regulations can help ease the average joe's jitters over Bitcoin. These advantages can't come without a price, of course, and the price is a little liberty, and some taxes.

In Australia's case, specifically, it simply looks like the government will require exchanges to ask for identification. Most exchanges already do this anyway, so I don't think it's a bad thing at all, unless you're actually dealing with illegal stuff with Bitcoin. I would welcome this in a heartbeat, knowing the alternative is an outright ban.

Good point. The fear from banning bitcoin will disappear once we know that it is accepted by the government through regulation.
But will it be possible that a country will still ban bitcoin even if it is already regulated ? For example, too much crime involved ?
In the country where I am from, banks accept btc. Still I fear of the instances where it can be banned.
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October 24, 2017, 10:43:13 PM
 #39

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 a country has set the bitcoin it is a good thing because bitcoin will be legal and safer to trade also bitcoin will become more famous

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October 24, 2017, 10:43:56 PM
 #40

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
It has both positive impacts on the side of Australian government and negative effect on the Bitcoin users in Australia. Positive impact in the sence that it at the end of the day reduce terrorist activities and money laundry, negative effect on the users because they will become a suspected criminal on the part of the government.

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