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Author Topic: Australia moves to regulate the bitcoin is it good or bad ?  (Read 535 times)
jerrison
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October 24, 2017, 10:44:05 PM
 #41

Unlike what other people think or believe. I think and strongly believe is a step in the right direction. And I am sure they will never regret it

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October 25, 2017, 01:24:36 AM
 #42

Unlike what other people think or believe. I think and strongly believe is a step in the right direction. And I am sure they will never regret it

I agree with you i know there are drawbacks from this but i believe that cryptocurrencies are  being used by terrorist or criminals to launder money, which also gives a bad rep for cryptocurrency. Also with regulation people can avoid scam ICO. 

We may also see other countries following this. Regulating is much better than banning.

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October 25, 2017, 01:42:48 AM
 #43

Yep, as more countries regulate it, the more widely it will be adopted since the negative stigma that surrounds crypto and makes is spooky to everyone will eventually start to dissipate.

Look at the industries that have been de-regulated in the US. Most would argue that it hasn't turned out as well as it was hoped.

I think regulation will just add to the legitimacy and wider-spread adoption of crypto and people who are early adopters will benefit.

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October 25, 2017, 01:46:18 AM
 #44

I think australia is headed in the right direction. Regulation is going to be good for crypto, but only until a certain point. Too much regulation can also suffocate the entire market and end up driving it down (or slowing adoption/growth)... It's still early to call what the limits should be though, lets wait and see.

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October 25, 2017, 02:15:35 AM
 #45

australia regulating bitcoin is a good thing, just look at japan how they did it, more and more japanese are using bitcoin because of it.this move of australia will sure bring more new investors and bitcoin users to the community, i think this will help other countries as well, if they are still doubtful of having bitcoins, since australia is also known for their strict rules on their banking system, others might follow and just copy the regulations of australia about bitcoin. i think with this regulation, countries that fear bitcoin because of scams and being used for criminality, will finally have a relieve, if this regulation will be successful, and not only that, more and more people will trust bitcoin, rather than fear bitcoin because of anonymity, since that is one of the things i see that countries fear, since they do not know who are the people transacting, if the regulation becomes successful, that may not be a problem. i just hope that their move will be successful just like japan, so others will not think anymore that bitcoin is a scam or a ponzi scheme.

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October 25, 2017, 04:15:27 AM
 #46

Well, it is good for the Bitcoin market with regards to being legalize and regulated, then more people will be interested to invest on Cryptocurrency. I believe some people are skeptical about crytocurrency is because they believe BTC is a scam. Once, the govt regulated it, then the issue of scam will end. It is somewhat good that they are looking into profile the users who trades Bitcoin because some criminals are using bitcoin to transact with their victims to conceal themselves.

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October 25, 2017, 05:53:03 AM
 #47

I think australia only prevents money laundering by using bitcoin for illegal acts like terrorists or things that could harm the country, they will only regulate it so that it does not happen to their country, it does not mean they forbid the use of bitcoin, the rules they have planned they have seen and are beginning to open to receive bitcoin in their country, i think there will be many people in 'australia who will know bitcoin and start trying to use it,
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October 25, 2017, 06:32:28 AM
 #48

I still confuse what legalize is. Does it mean that user can free use bitcoin even for offline payment? Or goverment can track and control bitcoin itself? If we can use it free and under law, its good news i think. But the opposite, government control btc then its bad news.

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October 25, 2017, 10:55:07 PM
 #49

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
Government regulating bitcoins is actually a great news especially to a developed country like Australia. Yes, it will combat money laundering, terrorism financing, scamming, and other form of illegal transactions related to bitcoin. There's nothing to worry about this, especially for the bitcoin holders in Australia. In fact, this will help to add security for their accounts.

This move by the Australian government will give way to other governments to think about regulating bitcoin and other cryptocurrencies in their countries. Other countries, like the Philippines, have also already regulated bitcoin with the help of their national bank. Coordination of government and the banks is the best way to regulate bitcoin and cooperation from other institution will help fight illegal forms of transactions regarding bitcoin.


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October 25, 2017, 11:30:38 PM
 #50

I still confuse what legalize is. Does it mean that user can free use bitcoin even for offline payment? Or goverment can track and control bitcoin itself? If we can use it free and under law, its good news i think. But the opposite, government control btc then its bad news.

They will legalize it means,their goverment can freely tract transactions eapecially the suspecious one as this bitcoin can be use to fund illegal activities or funding terrorism. We can still be  able to use bitcoin their aims only is to tract our transaction.

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October 25, 2017, 11:46:31 PM
 #51

Not only Australia, now all countries will be forced to consider the issue of the regulation of the crypto currency. Such a process is inevitable and is absolutely natural. In order to continue developing the crypto currency, it must be adopted by the state by defining the framework for its circulation. There is simply no other way.

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October 26, 2017, 12:12:08 AM
 #52

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.

Bah. You don't know they are doing it for a good cause. You are clueless as to their actual motives.

Having said that, think this over. A government certainly can monitor the movements of it's currency. That includes it's movement in and out of virtual currencies such as bitcoin.

That's a very, very different thing than monitoring and "regulating" bitcoin to bitcoin transactions.
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October 26, 2017, 02:56:54 AM
 #53

It is good for me because they are regulating the bitcoin for their own good and there is nothing wrong with that. If they are against the bad possible uses of bitcoin then if they will regulate it then all of the other people in Australia will be on the agree side because they know that is how the bitcoin will stay longer in their country.

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