|
Dudeperfect
|
 |
December 04, 2017, 05:34:00 AM |
|
Regulation, control and access are the most favoured concepts by the governments so I won't be surprised if I see any guidelines or mandatory instructions to collect and share the KYC details of the users by the government to the domestic exchanges. Governments will try to gain maximum data of the transactions in order to determine the tax liability of the users so regulation will be there in the coming years.
As in the statement, governments will try to gain more access to the each and every user who has been using bitcoin through the data gathered with the KYC norms. Taxation will come into effect, but the same will not let the regulations successful, because the anonymity will not make it go completely under the control of governments. Exactly and we are already paying taxes for the Bitcoin to fiat or vice versa transactions in our country. As per the current rate, we have to pay 18% tax on the transaction fee in the form of Goods and service tax. * Unocoin | Fee Structure. I am talking about one to one transactions through the platform like Localbitcoins but it's applied when we use the exchange to that where our KYC details are registered. Soon government may extend this to one to one transactions too in my opinion. |
|
|
|
|
|
|
|
|
|
|
|
|
|
"You Asked For Change, We Gave You Coins" -- casascius
|
|
|
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
|
|
|
|
|
|
|
gilangIDR
Legendary
 Offline
Activity: 1526
Merit: 1001
|
|
December 04, 2017, 05:58:19 AM |
|
Cryptocurrency has been widely criticised for lack of regulation. Do you think it is possible to come up with a regulatory framework around Bitcoin?
indeed bitcoin still need to be in the evaluation of the drawback so that the government should immediately to Act as soon as possible in anticipation of appear various forms loss the Hunter and the main purpose is the benefit of the community with the government of the future. The government is currently closed to use bitcoin. They do not seem to have an ambition to be able to make the regulation in order to apply bitcoin in the country's financial system. The government is too scared because bitcoin is expected to disrupt the economic system in the country. Whereas if it can be utilized properly then bitcoin can actually be a force to improve the welfare for many citizens. |
|
|
|
|
|
benmartin613
|
|
December 04, 2017, 06:01:48 AM |
|
Cryptocurrency has been widely criticised for lack of regulation. Do you think it is possible to come up with a regulatory framework around Bitcoin?
Nope that wont be possible, if you regulate bitcoin then most users will leave bitcoin and look for another coin that is decentralized. If there is one coin that is regulated then i dont think it will gain user across the globe. |
|
|
|
|
|
bitkanu
|
|
December 04, 2017, 06:06:56 AM |
|
Cryptocurrency has been widely criticised for lack of regulation. Do you think it is possible to come up with a regulatory framework around Bitcoin?
Nope that wont be possible, if you regulate bitcoin then most users will leave bitcoin and look for another coin that is decentralized. If there is one coin that is regulated then i dont think it will gain user across the globe. If you awake, the regulation can be forced for any form of cryptocurrencies and digital currencies it doesn't matter whether you're using invisiblecoin or whatsoever you will be in charge of that regulation and forcefully obeying all these. Otherwise, punishment from the government is waiting, so government is not that stupid to let bitcoin regulated by not all those altcoins. |
|
|
|
|
shezu007
|
|
December 04, 2017, 07:59:47 AM |
|
the regulation of the bitcoin will also effect the total crypto market because the trade of the bitcoin will be raised more , the senior investor will not hesitate to invest and ,nor making the trade. Due to the illegal people are save their self for not paying the tax to government.
|
|
|
|
|
bajigur894784
Member
Offline
Activity: 350
Merit: 10
|
|
December 04, 2017, 08:24:21 AM |
|
I do not think so,
because Bitcoin itself is not a problem.
on the contrary, Bitcoin managed to solve many problems that interfere with other currency payment systems right now.
This is an important part of the problem with the idea of Bitcoin regulation.
Countries / nations and regulators simply want to control and manage, not to protect users.
|
|
|
|
|
|
tranquangvinh
|
|
December 04, 2017, 09:33:02 AM |
|
Personally , I think bitcoin does not need a framework to regulate bitcoin. Bitcoin is a virtual currency, born without an organization or a country that governs it, it works freely, no one can control or regulate it. If it is regulated , I think bitcoin is not bitcoin anymore, it will be replaced with a different name or a different currency will replace it.
|
|
|
|
|
P3
Member
Offline
Activity: 266
Merit: 10
|
|
December 05, 2017, 03:34:24 PM |
|
Cryptocurrency has been widely criticised for lack of regulation. Do you think it is possible to come up with a regulatory framework around Bitcoin?
yes i know that currency has been widely criticized because of lack id regulation but we know that bitcoin is that type of currency which people like and invest daily and if we see people all over the world invest in bitcoin only because bitcoin is full of benefits. Besides the lack of regulations which is commonly criticized by the people I am looking no such impact on the popularity and profitability of bitcoins. People are increasing their investment in bitcoin day by day which is a clear indication of its high profitability and high rates of returns. The control of bitcoin relies on the trust and prominence of it. I think later on it is feasible for a few nations that the direct the bitcoin yet it will make an effect on the banks of that nation. Since bitcoin is more useful for individuals than banks so individuals will lean toward the bitcoin and banks will affected. While banks are extremely helpful to a nation. |
|
|
|
|
richsoon
Member
Offline
Activity: 118
Merit: 100
|
|
December 05, 2017, 03:37:37 PM |
|
Bitcoin is already regulated on the exchange level making it a bit more challenging to launder money than if it were completely unregulated, however there is little authorities can do with smaller sums the same as with cash.
It is however inevitable that they will regulate it on an individual basis soon to avoid too much tax evasion, I think however that will also be done through exchanges rather than up to the individual because its simply too hard to watch over the entire population.
|
|
|
|
|
E-conomist
Newbie
Offline
Activity: 7
Merit: 0
|
|
December 05, 2017, 03:42:59 PM |
|
Cryptocurrency has been widely criticised for lack of regulation. Do you think it is possible to come up with a regulatory framework around Bitcoin?
I believe that a regulatory framework for bitcoin and other crypto-currencies is very needed. Firstly, there is a need for self regulation by the community to ensure the public interest. Such a regulation should include rules for setting the economic incentives that are built into the system, such as setting a "monetary policy" that would minimize speculation and creating a sustainable mining scheme. |
|
|
|
|
principledquince
Newbie
Offline
Activity: 26
Merit: 0
|
|
December 05, 2017, 03:56:02 PM |
|
For security reason, it is necessary to every investor to have a protection for their investments. So its really possible on a country who will accept bitcoin to come up with a regulatory framework. But ofcourse if this will happen, we will no longer enjoy bitcoin because for sure that government will imposed tax and transaction fees.
|
|
|
|
|
|
blockman
|
|
December 05, 2017, 03:59:58 PM |
|
For security reason, it is necessary to every investor to have a protection for their investments. So its really possible on a country who will accept bitcoin to come up with a regulatory framework. But ofcourse if this will happen, we will no longer enjoy bitcoin because for sure that government will imposed tax and transaction fees.
They had to be secured with their investments but you must know that bitcoin is volatile. In what term of security of the investors you want us to have? To have assurance that it is backed up by the government? I can't understand what you are trying to prove, first you want investors to have protection for investments which can be good for regulation by the government and last you'll say that we will no longer enjoy it. |
|
|
|
7788bitcoin
Legendary
Offline
Activity: 2282
Merit: 1023
|
|
December 05, 2017, 04:04:21 PM |
|
Nope that wont be possible, if you regulate bitcoin then most users will leave bitcoin and look for another coin that is decentralized.
If there is one coin that is regulated then i dont think it will gain user across the globe.
Regulating does not mean that it will become decentralized,if a government could decentralize a currency in the crypto platform then they can do that with any currency  .Regulating bitcoin means they could tax and monitor the flow of money going in and out of the country and that is the best they can do with regulations. |
|
|
|
|
barontamago
Newbie
Offline
Activity: 143
Merit: 0
|
|
December 05, 2017, 04:18:34 PM |
|
Bitcoin is made to be decentralized so it won't mind being lack of regulation. The government can't ban it since there are many people who uses bitcoin. They also lack of right to regulate it since they didn't own it on the first place.
|
|
|
|
|
|
ahmad21
|
|
December 05, 2017, 04:27:04 PM |
|
Ideally, crypto means working on a P2P network in which only two people are interrelated with each other they are the ones which frame their protocols and transact through it. But as crypto has developed to such stage that we can see its mass adoption. Therefore, there is increase in black market too. So, going with the ideal information if we regulate crypto its no more P2P network. But there is only one way in which it could be regulated that is govt. creating its own crypto. India is developing Laxmi coin which will contain all traits of crypto but would be regulated.
|
|
|
|
|
obinine
Member
Offline
Activity: 238
Merit: 10
|
|
December 08, 2017, 03:48:25 AM |
|
In the system and there is no control over each transaction. Bitcoin is similar this one .it is open source and nobody can regulating here when you are stabbing in bitcoin and not print like dollars this and made by people to increase or digress are the same .bitoin still bitcoin nobody can can regulate here....
Bitcoin cannot be regulated but definitely we as users can be regulated through a law as we are all bound to follow it, otherwise we will be dealt accordingly. There is no way to stop bitcoin if we continue to support it because the government also listen to us and they will serve what is the interest of the majority and there is nothing wrong we see on bitcoin but it can only help us to ease our transaction online and also it can give us a chance to invest. They only serve the interests of the majority if there is absolutely no other way around for them. They serve their own interests first, everything else comes after and only if it doesn't hinder their own interests. May be some government regulate Bitcoin because their own currency is not value able in world trading, by regulating the bitcoin weak countries can improve their economical stat. But most likely strong countries will not regulate Bitcoin because it will create a hard impact on their banks. |
|
|
|
|
TheServerDown
Newbie
Offline
Activity: 73
Merit: 0
|
|
December 08, 2017, 03:54:57 AM |
|
Cryptocurrency has been widely criticised for lack of regulation. Do you think it is possible to come up with a regulatory framework around Bitcoin?
It is regulated in some countries. Decentralization is its best assets and it entices more and more people everyday. It is possible to build regulations around digital currencies but it just result to forks and drop in pricing. |
|
|
|
|
Layonk
Member
Offline
Activity: 210
Merit: 10
|
|
December 08, 2017, 04:01:02 AM |
|
Cryptocurrency has been widely criticised for lack of regulation. Do you think it is possible to come up with a regulatory framework around Bitcoin?
Yes of course it is possible. And if it is happen but not control it, it will be good news for bitcoiners. If regulation happen, more people will interest because people believe with government. |
|
|
|
|
Ranly123
Full Member
Offline
Activity: 952
Merit: 104
★777Coin.com★ Fun BTC Casino!
|
|
December 08, 2017, 04:08:26 AM |
|
Cryptocurrency has been widely criticised for lack of regulation. Do you think it is possible to come up with a regulatory framework around Bitcoin?
Yes it is posible to have a regulatory framework for bitcoin, but is it really needed? Bitcoin is made decentralized in order to let people do what they want to do with their financial resources without the government interrupting the income from bitcoin. Regulating bitcoin will mean that it price will be predictable which make it less exciting to invest and make other investors to invest on other cryptocurrency that would divide investors from bitcoin to other coins. |
|
|
|
|
KrLos
|
|
December 08, 2017, 04:46:00 AM |
|
For security reason, it is necessary to every investor to have a protection for their investments. So its really possible on a country who will accept bitcoin to come up with a regulatory framework. But ofcourse if this will happen, we will no longer enjoy bitcoin because for sure that government will imposed tax and transaction fees.
Besides, if the authorities regulate bitcoin, it will fall in price and popularity, and then a new decentralized currency will appear. |
|
|
|
|
|
