Regulating Bitcoin

[sunnex100]

Cryptocurrency has been widely criticised for lack of regulation. Do you think it is possible to come up with a regulatory framework around Bitcoin?

[1713257023]

1713257023

[coin royal]

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.

[GideonGono]

Regulate, yes but control, no. Don't belittle the government's power. Stricter KYCs and right set of laws will be the key to achieve an effective regulation.

[SushiMonster]

The lack of regulation of government with bitcoin is making its security easy to breach. Well although a lot of senior users here are very much knowledgeable in securing their bitcoins, a majority of new users - like me doesn't have an assurance that my bitcoin is safe. I'm just storing it on an online wallet because my bitcoin savings is not that big. However, I'm not sure that if ever my account got hacked, I can still process to make a run for it or like file a complaint. If the government is controlling/regulating bitcoin, there will be protocols that will be followed in every transaction, and they can trace any illegal doings. However, they can get a significant amount of money from bitcoin, well I just hope that if that time will happen, they will use the money for the people of the government.

[Lm2e4]

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 guess it is really possible because government always want to have control over almost certain things, and bitcoin can be included as well. That is why news about bitcoin in a country ended up in banning exchanges, and etc. But they still cannot control bitcoin I think, so the only solution for them is regulation. So possibilities still exist.

[Funeral Wreaths]

The lack of regulation of government with bitcoin is making its security easy to breach. Well although a lot of senior users here are very much knowledgeable in securing their bitcoins, a majority of new users - like me doesn't have an assurance that my bitcoin is safe. I'm just storing it on an online wallet because my bitcoin savings is not that big. However, I'm not sure that if ever my account got hacked, I can still process to make a run for it or like file a complaint. If the government is controlling/regulating bitcoin, there will be protocols that will be followed in every transaction, and they can trace any illegal doings. However, they can get a significant amount of money from bitcoin, well I just hope that if that time will happen, they will use the money for the people of the government.

it may be easy to breach but the problem here is that, if that is possible to happen more and more people would actually protest against it, i guess, its not also a nature of bitcoin to be controlled or be asked to follow tge government's protocols. Did you ever wonder if this will likely happen? I was also wondering about it since before, and we all knew that the government wont just sit still about it, but what's going to happen will always happen.

[Kattleya]

I think it's possible. Securities and broker dealers have SROs. If someone would have the initiative to create one for cryptocurrencies, then it can be regulated. I hope there would be one, in this way, people will be more confident in using cryptocurrencies.

[Chanock]

Cryptocurrency has been widely criticised for lack of regulation. Do you think it is possible to come up with a regulatory framework around Bitcoin?

Yeah you are correct that bitcoin is criticized widely because of lack of regulation. Bitcoin is lack or regulation because bitcoin is uncontrolled of anyone. Maybe the only can do of regulatory framework is a government once they adopt bitcoin and legalized it as they crypto currency. I read in one article that one country create a regulatory board for money laundering in bitcoin to avoid criminality incident through using bitcoin in currency exchange. I think this is a form of regulation when it come to bitcoin once government adopt it and legalized it..

[jakezyrus]

Cryptocurrency has been widely criticised for lack of regulation. Do you think it is possible to come up with a regulatory framework around Bitcoin?

bitcoin is invented to work independently that no one hold or regulates it not even govenments so , i think it will be forever this way and i dont know what will be the benefit of having a regulatory framework around bitcoin? it is to regulate users ? because there were so many bitcoin users nowadays and the network is really congested. anyways , its ok for me if they can implement it and if that can totally improved the way bitcoin works.

[Zackgeno96]

Cryptocurrency has been widely criticised for lack of regulation. Do you think it is possible to come up with a regulatory framework around Bitcoin?

There is a need to regulate the bitcoins if we want the Bitcoins to become a main stream currency. It is not possible without the government backing and I believe there should certain law related to cryptocurrency implemented by the local government; it will help to increase the trust for the bitcoins and to stabilize/increase the value.

[dewi91]

I think yes.. bitcoin need regulating in order to bitcoin more stable and people more believe bitcoin, but regulation still can't control bitcoin because the feature of bitcoin is decentralization..

[ScaryMe]

It is a big No no to us here in the forum for sure because we love the feature of bitcoin at all, no need to someone to regulate it for just the interest of one group so it is better if no one will gonna regulate it and let bitcoin be decentralized.

[000JC88]

A regulation of BTC it makes it officially as the world global currency...

[twobits]

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 think if that was possibly caused by a lot of the government from various countries already tried to do a research to make a regulation about the bitcoin. But the decentralized thing has made that will be more difficult than other.
The regulatory framework will be building to secure their civilians to invest in crypto.

[13abyknight]

That would be the last thing that I would want to happen with Bitcoin. Many countries have already given it a shot, the latest of which to join the list is Australia and this only imposes restrictions on the common Bitcoin users in a particular country. If all these nations rally up and determine to regulate cryptocurrency, its going to be a hard road ahead.

[BTCbengi]

I do not think this will happen. Anyone who participates in Bitcoin with the freedom and anonymity should be cynical and framing will make Bitcoin less attractive to users.

[cydrix]

Cryptocurrency has been widely criticised for lack of regulation. Do you think it is possible to come up with a regulatory framework around Bitcoin?

No of course because bitcoin is untouchable because it is decentralized and no other affiliates to this. Can be exchange but cannot affiliate and it is also anonymous leaving the credentials and safety for yourself only.

[dothebeats]

Stricter KYCs and right set of laws will be the key to achieve an effective regulation.

I doubt that the government would have stricter KYC regulation aside from what it has right now. Doxxing and identity spoofing is still widespread as of this day, and even those cannot be controlled nor checked by the government. Money launderers will find a way to do their nefarious doings no matter how strict the laws are. Also, if they want to regulate bitcoin, they need to check their own fiat first since man, that's still the go-to of illegal traders whenever they want to launder money and not bitcoin most of the time.

It is a big No no to us here in the forum for sure because we love the feature of bitcoin at all, no need to someone to regulate it for just the interest of one group so it is better if no one will gonna regulate it and let bitcoin be decentralized.

If you think on a wider perspective, having certain set of regulations for bitcoins would be the best move since it would not be considered a grey area for institutional investors and to the general public resulting to more confidence on using and trading it.

[appleffi]

In our country Philippines, the government suggest to pioneer regularization of this cryptocurrency but that doesn't it is controlled. The way it process will continue to circulate but with conditions set to regularized the use of this kind of medium. With this being said, all the people will be aware not just the ones who are close to the digital world already.

[diagla]

Regulating Bitcoin is not what you want to do if you are a government body as that is the worst thing you could do for the nation. Centralized organizations are going to eventually fail like they always have done in the past so they should welcome Bitcoin with open arms and accept to to stash reserves to actually have some wealth in the future. If they continue to deny it they will have no power in the future.