Regulating Bitcoin

[Baofeng]

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 in future, each of government will apply some regulation for bitcoin especially for bitcoin user related with the crypto currency become widely in every country. but we still don't know what kind of regulating from the government and i hope that the government will not disappointing bitcoin user and will allow bitcoin to be used for their citizen. i think its not too long to see the regulated from each of government is apply and i think we can prepare for this and obey the rule.

I also think that the government can't really stop bitcoin so the best thing for them to do is to regulate bitcoin. In this case, we bitcoin enthusiast can still enjoy our trading and government will just impose tax on it. At least it will be good for both the government and its citizens. Although we don't want to be regulated, but I think it will be good in the long run. But I'm sure that there will countries that will really embrace bitcoin will open arms, others heavily regulated.

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[Beerwizzard]

Well imho it is possible to make people registrate their BTC adresses (or create a national wallet that will send all data to the governmental database) so the government could have controll over the user's spendings. But this case is even worse than using bank cards because everyone will be able to see every single spending of a current person. Seems like a small part of the totalletaristic dream.

[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.

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.

You got a point there sir. If more users are getting their accounts hacked - probably a lot of people might have left investing in bitcoin. Bitcoin is a very dynamic currency and controlling it by the government would be a difficult task for them. I guess in some countries, their government is making baby steps on how they can regulate the bitcoin. Recent news, China's government tried to banned bitcoin in their country - reason because it's their step in enforcing capital controls.

[Yamifoud]

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.

Regulating bitcoin is not a worst thing, instead it could be way that bitcoin will creat a very strong foundation. But of course, rules and regulation must be approved by the community and voted publicly to have transparency with the policy. Having this, still government have no controlled with bitcoin, only they implement this just to have an indication of having support with cryptocurrencies and in the community..

[paul00]

Bitcoin has a lot of users who had been benefitted thru the years of its existence. I am sure that just like me, all of us aims to have bitcoin become better and become official and one thing to make it is to have a regulating body for it. They will be the one to make official general terms and conditions on bitcoin aside from the rules given campaign managers. These regulators may possibly come from us who have concern towards this community.

[FrueGreads]

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

Of course it's possible to come up with some regulation for bitcoin. It's already being done all around the world. Japan is doing, the United States are doing it, Switzerland has been doing a great job as well. If regulation wasn't being done, it would be impossible see news like the announcement from CME Group, that will trade bitcoin futures at the end of the year. I keep saying that regulation could be a good thing if it's done correctly and it doesn't try to kill the potencial of the technology. I do think that regulators are well aware of that, so we should be ok.

[terrific]

Cryptocurrency has been widely criticised for lack of regulation.

It's not even made for the government to regulate it and it's feature of being a decentralized cryptocurrency will be useless if in the beginning it isn't that one.

Do you think it is possible to come up with a regulatory framework around Bitcoin?

Yes it's possible there are so many countries that are starting to regulate bitcoin. There are two points on this, the advantages and also with it's disadvantages. Advantage is that people are now confident to use bitcoin for having that regulation as before it's mostly judged as good only for illegal trades. Disadvantage, not that totally a disadvantage but many don't liked to be taxed.

[hase0278]

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 very likely that in the future, the government will come up with a regulatory framework around bitcoin but they wont be able to regulate it completely. At the very least using the said regulatory framework will help them regulate it to some extent. There will always be a way to get away from regulations when one is using bitcoin whether it be now or in the future although it will be harder to avoid it when government around the world implemented regulatory frameworks.

[BingoDog]

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 very likely that in the future, the government will come up with a regulatory framework around bitcoin but they wont be able to regulate it completely. At the very least using the said regulatory framework will help them regulate it to some extent. There will always be a way to get away from regulations when one is using bitcoin whether it be now or in the future although it will be harder to avoid it when government around the world implemented regulatory frameworks.

I agree with this, with such fast bitcoin popularity and usage growth many governements feel urge to regulate bitocoin and other cryptocurrencies at lesat in some way and that is something we can't escape anymore. I don't think that regulation neccessary means full control but bitcoin might be put in some framework that would allow governements to have the eye on it. This could be good in a way of trying to stop or punish the misuse but maybe taxation could be one of the bad things.

[zergenyt09]

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 in future, each of government will apply some regulation for bitcoin especially for bitcoin user related with the crypto currency become widely in every country. but we still don't know what kind of regulating from the government and i hope that the government will not disappointing bitcoin user and will allow bitcoin to be used for their citizen. i think its not too long to see the regulated from each of government is apply and i think we can prepare for this and obey the rule.

Well I think when bitcoin become regulate in countries so I think it’s very good for bitcoin and as well for the users because when bitcoin become regulate in courtiers so the first thing is bitcoin price will become more high and secondly bitcoin will be accountable for tax as well because when something is accountable for tax so that thing is going to do more progress.

[richmcrich]

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

Regulating will give more strength and power to bitcoin that’s what I believe because the users will be increase in a short time and same investors and daily traders will also increase and the good thing will be bitcoin will start to use anywhere with fast transitions and I think that will be good if countries make bitcoin regulate in their countries.

[Kronos21]

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 in future, each of government will apply some regulation for bitcoin especially for bitcoin user related with the crypto currency become widely in every country. but we still don't know what kind of regulating from the government and i hope that the government will not disappointing bitcoin user and will allow bitcoin to be used for their citizen. i think its not too long to see the regulated from each of government is apply and i think we can prepare for this and obey the rule.

Well I think when bitcoin become regulate in countries so I think it’s very good for bitcoin and as well for the users because when bitcoin become regulate in courtiers so the first thing is bitcoin price will become more high and secondly bitcoin will be accountable for tax as well because when something is accountable for tax so that thing is going to do more progress.

Is this a joke? How bitcoin can go up in price if it will impose taxes? Now the price of bitcoin has increased due to the fact that it is increasing its capitalization. Bitcoin is not involved in the economy and therefore other source of capitalization. You know who invests in bitcoin money? Maybe it's money ill-gotten and they will leave bitcoin for legalization?

[Dilladupak]

I think especially bitcoin users, I think not too long to see the rules and each government, and we still do not know what kind of government regulations that apply to bitcoin, we  live it so that everyone bitcoin users now more trusting because it has rules as previously.

[Flor1982]

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 should be because regulating the bitcoin will ensure that it will not be use in crime or illegal activities in which it might ruin the nation's economy, security and governance.It will also help the government to collect tax from bitcoin that it might use to help the country to become more progressive for the welfare of the people.

[muhammad-adnanzain]

Yes, regulation is for protect user from disadvantages and security bitcoin user for using and transaction using bitcoin for daily usage.  But in this day not many country have legalized bitcoin for using bitcoin.

[Reid]

It is already done by some countries then why not to others.
They are just postponing the good thing that could happen to them.
It is just because of the tax-free rule which they are concerned about. But if they could come up with a good service that will pay up thru bitcoin then it wont be a problem.

[dewi91]

yes.. regulation can give more protect for bitcoin users to protect their asset and their account, many people accept bitcoin and I think they have regulation for bitcoin and regulation can give advantages for that country..

[loopes]

i know that bitcoin is lack of regulation but in some of countries have full regulation for bitcoin. let me take China as examples, they strictly prohibit trade bitcoin on their country not only for bitcoin they prohibit ICO as well.

another country like japan are accepted bitcoin freely as payment method, so i think it depends on the countries themselves.

[poodle63]

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

Regulating will give more strength and power to bitcoin that’s what I believe because the users will be increase in a short time and same investors and daily traders will also increase and the good thing will be bitcoin will start to use anywhere with fast transitions and I think that will be good if countries make bitcoin regulate in their countries.

For some reasons it can give a good impact to the bitcoin just like the more unfamiliar person will try to trust the crypto caused by the regulating in the crypto will give the more guarantee to invest or use the crypto as a payment method by in another way the crypto will be risky to be controlled by the regulators just like what alreayd happened with the exchange site.

[cryptojac17]

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.

Central bank of Philippine has started to fave the away of regulating Bitcoin they are making polices that is accommodating in nature for BTC operators
in the country not to preempt the operation but for security reasons to prevent it to be used for terrorism financing and money laundering activities. I think this is a welcome development for a country like Philippines because this country is exporting workers around the globe and BTC is a big help for their remittances because its economical and fast.