Can authorities really regulate cryptocurrencies?

[dothebeats]

Highly depends on your definition of regulation. Right now, our own government is not actively interfering with any crypto-related trades and activities but just warned people about fraud and money laundering. Also, certain regulations such as AML and KYC has been ordered by the SEC (Securities and Exchange Commission) to be followed by all crypto exchanges operating within the Philippine soil. It's a good start, and the government doesn't really want to halt all bitcoin-related transactions for now but just want their citizens to be aware of the dangers about using the currency.

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[Haunebu]

Of course they can. They can always come up with laws restricting the usage or the operations of exchanges, however, there will always be a way to trade, it's just a matter of badassery. 

Bitcoin is not so different from amphetamines, the government can always regulate but the trade can happen with them unaware. Law of supply and demand, dude.

This guy gets it. You can hide your cryptos but you're at risk on exchanges.

Maybe sometime in the future when authurities can already figure out as what policies and laws are appropriate to cryptocurrencies. This would be advantegeous to us bitcoiners to prevent fraud and criminalities worldwide.

I don't agree with you at all. Fraud and criminals will always exist in this world no matter what. What we must do is secure our wallets which will itself decrease theft crimes worldwide. When it comes to regulating the crypto world, many governments tried and failed. No government in this world can regulate bitcoin which is why it is a decentralized currency.

[mysacrifice]

they only can try but they cannot succeed because crypto currencies are built on decentralized anonymity.

[beatleap]

Sure they can or at least they can regulate Bitcoin being converted to fiat which I think will be good enough.

[Visbay]

They are regulating or simply shut down existing infrastructure and set up their own controllers.

China and South Korea have banned initial coin offerings, while Russian President Vladimir Putin has called for regulation of the sector.

Well if its so I think it’s a good idea to make bitcoin regulate because first advantage of it is that the tax will be start and the rest of people who are not still going to join bitcoin and they think that bitcoin is fake or scam so it can give you hope so I think investors and traders can be increase with regularity of bitcoin and I think it will be regulate soon.

[Oilacris]

They are regulating or simply shut down existing infrastructure and set up their own controllers.

China and South Korea have banned initial coin offerings, while Russian President Vladimir Putin has called for regulation of the sector.

Generally speaking they cant regulate or shut down cryptos knowing that it isnt possible for them to control but somehow they do other diversion which they do focus on the things that which those cryptos being used.Like on ICO and Exhchangers,government can really go through it since people would really need to comply on the things which government do ask.This is the only way they can able to regulate but not fully on controlling it.

[captainhera]

They are making decisions that prohibit it in their own country because of the unlawful use that makes it difficult for law to control it.

[TastyChillySauce00]

Of course they can. They can always come up with laws restricting the usage or the operations of exchanges, however, there will always be a way to trade, it's just a matter of badassery. 

Bitcoin is not so different from amphetamines, the government can always regulate but the trade can happen with them unaware. Law of supply and demand, dude.

This guy gets it. You can hide your cryptos but you're at risk on exchanges.

Maybe sometime in the future when authurities can already figure out as what policies and laws are appropriate to cryptocurrencies. This would be advantegeous to us bitcoiners to prevent fraud and criminalities worldwide.

I don't agree with you at all. Fraud and criminals will always exist in this world no matter what. What we must do is secure our wallets which will itself decrease theft crimes worldwide. When it comes to regulating the crypto world, many governments tried and failed. No government in this world can regulate bitcoin which is why it is a decentralized currency.

Fraud and criminalities always exist, but government can prevent it by releasing regulations regarding cryptocurrencies, atleast it's better than letting the cryptocurrencies world going wild?.
as for japan, they have already create a regulation regarding digital currency or to be said cryptocurrency. And by that, they already caught a scammer in japan that scamming so many people. So basically, their regulation is not useless.

[Lucius]

At this point all that governments can do is shut down currency exchanges or impose their regulations upon which they must work.In this way all users must be verified by ID cards/passport and if governments know who they are then they will have to pay the tax.This way they regulate one part of problem,reducing the criminal activity to the lowest possible level.Also from next year in EU all not verified bitcoin cards will have only 200 EUR liftime limit,so only way to sell/buy bigger amounts BTC without discovering your identity is to to find the buyers / sellers in person.

This is just some moves they made so far,there should not be any doubt that this is not end of regulation regarding cryptocurrency.

[J Gambler]

They are regulating or simply shut down existing infrastructure and set up their own controllers.

China and South Korea have banned initial coin offerings, while Russian President Vladimir Putin has called for regulation of the sector.

I think they can pretty much can as bitcoin runs on the internet it has a network in which cou tries can block or ban or even put regualtions onthis for people to access. WHich might be bad or worse for some but this is for the government to ensure that wverything comes through them first.

[TimeTeller]

Yes, they can regulate it to some extent but they have limitations.
Few already mentioned about these AML & KYC especially for local crypto exchanges.
You can't avoid that at some point when you need to encash your btc or altcoin to your fiat currency.
But, when it comes to investigations - like where do you get your bitcoin? How do you earn it?
Can they tax your earnings from sig/bounty campaigns? Like how do they do that?  

[Beerwizzard]

Authorities can't regulate bitcoin (exapt china, i belive they can do somehing with their great firewall) but they are regulating the environment where it works. Imho thats what they do now. China is regulating it to clean some space for the national crypto (thats their typical protectionit behavior) while russia is trying to punish bitcoin users ( I don't belive that they will realy do something positive with btc).

[Carmen01]

They are regulating or simply shut down existing infrastructure and set up their own controllers.

China and South Korea have banned initial coin offerings, while Russian President Vladimir Putin has called for regulation of the sector.

yes it can and we need that because think if they abuse bitcoin like scam or something wrong it can be helpful in bitcoin user i think also in the future if some regulate bitcoin its more good and more trusted here ,if we have like that they can track every mining here to become legit because mining here is more on scam but i think in different country to regulate

[illyiller]

Of course governments can regulate cryptocurrencies. If the government decides to put regulations on crypto coins there is no other way than to yield.
In fact they are already starting doing this. Look at China for example. Or at russia. They started implementing a krypto rubel.
Since the market cap of BTC, ETH, .. is rising constantly there will sooner or later be all regulated (if not made illegal).

What they can do is regulate gateways for cryptocurrency/fiat exchange. The banks are tightly regulated, and high volume P2P traders can be recognized by their online and banking activities. So regulators and 3-letter agencies lean on the exchanges and on Localbitcoin traders and things like that.

They can make it illegal, but how successful would that be? Gold was once banned in the US, but it did not stop people from using it. People hoarded it away, and the rest of the world continued to value it. I don't see why Bitcoin would be any different, barring some fundamental protocol flaw that couldn't be overcome. It'll be interesting to watch how the situation develops in countries where cryptocurrencies get banned. Apparently Algeria is on the verge of banning Bitcoin and other cryptocurrencies, so that might be a situation to watch.

[mastica]

Ico are and always be part of crypto world, and as bitcoin there is no way to stop them, soo when the authorities are willing to legalizing them is to enforce the banks to take action into the transactions happening, not sure how easy is to find wich transaction will came from crypto, but well as China they are working into some way to avoid the dirty fiat money to enter into the ICO and return clean to the account of the investors.

[Passive Coin]

I'm really curious: how you can ban any crypto-currency?
As governor, you will need to ban the whole internet access in the particular territory.
... and you could still buy quietly satelite internet access.....

If you do not going to ban the net, people can use VPN service to overcome the ban.
Wallets could travel on pendrives around the world.
How you can ban crypto?

[Lieldoryn]

Authorities can't regulate bitcoin (exapt china, i belive they can do somehing with their great firewall) but they are regulating the environment where it works. Imho thats what they do now. China is regulating it to clean some space for the national crypto (thats their typical protectionit behavior) while russia is trying to punish bitcoin users ( I don't belive that they will realy do something positive with btc).

China and Russia to me is not democratic States. In order to deal with bitcoin, users do not have to adhere to the laws. They can find other excuses to arrest users. I saw in Russia arrested people for what they are trading on the cryptocurrency exchange. They put the blame that they did not have a license and was skimming. Nonsense of course but people in prison.

[pentol86]

they can, because they have resource, to legalize all and just need cooperation to do it.

[mobnepal]

Almost all of the countries might come up with their own version of crypto which will be heavily regulated and centralized with unlimited supply. They are shutting down ICO and bitcoin trading platforms so that they can launch their own centralized bitcoin wallet and trading platform where they can monitor every transaction going in and out of user's wallet as well as they can froze those bitcoin without any issue just like they used to froze bank account in the name of investigation.  

[AjithBtc]

Regulated usage is possible to certain extent, above which the concern authorities can't restrict people in any other way. Because in the past few countries imposed ban on bitcoin, still the users from those countries continue to use it. Same will be happening with other cryptocurrencies.