Why do we need to regulate digital money

[lantan81383628]

Digital currency is to change the world, many of which were positive, to a certain extent, they pose a containment of the government, gave the people an alternative, but that doesn't mean they don't need to be regulated.


One of the core reason is: anonymous, do not track, not regulated digital currency will make form a closed loop technology crime, money laundering and terrorist, and disappear from unsolved bits, bytes, while the impact damage with each person in this world.


If every penny of extortion is tracked, is there enough motivation and courage to launch a WannaCry to attack the world?

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[pooya87]

we don't need to regulate cryptocurrencies but regulations can be also helpful with the adoption and growth of them or they can be restrictive and even prevent the adoption altogether. in the end it will come down to what they are regulating and how. for example if it is regulation of exchanges and if it leads to a more secure place where people can trade with less risk that would be a very good thing.

[Bobby park]

First of all, we are not the one who can make regulation to cryptocurrency aside from government.
Digital currency is like with paper money though they are different in features and process in using, both of them have the same usage. Crypto and fiat have value and they are currency. When we talk about the currency, we also talk about how the economy flows. Government imposed a law in digital currency because it can be a source of crimes. If the government will not regulate cryptocurrency, it can be a tool someday to make a war and will result to a conflict in our society.

[d0flaming0]

we don't need to regulate cryptocurrencies but regulations can be also helpful with the adoption and growth of them or they can be restrictive and even prevent the adoption altogether. in the end it will come down to what they are regulating and how. for example if it is regulation of exchanges and if it leads to a more secure place where people can trade with less risk that would be a very good thing.

its a good idea to think there is a proper regulation among cryptocurrency, and it doesn't mean it is required to be implemented. i agree with what you are trying to say, besides it is also one of the factors that will help the digital currency grow and according to you it will lead to mass adoption and avoid higher risks among users.

[Reatim]

we don't need to regulate cryptocurrencies but regulations can be also helpful with the adoption and growth of them or they can be restrictive and even prevent the adoption altogether. in the end it will come down to what they are regulating and how. for example if it is regulation of exchanges and if it leads to a more secure place where people can trade with less risk that would be a very good thing.

Exactly, as much as we don't want crypto to be regulated, I think it's gonna be a win-win situation for us. We all know that there are a lot of criminals using crypto as a cloak to their illegal activities. It crypto will be somewhat regulated, it will bring legitimacy, more secure and those criminals will be having a hard time hiding their dirty money in crypto with regulations like KYC/AML that trading platforms is going to require from all of us.

[George Khelashvili]

Why do we need to regulate digital money

Because of criminals. This must be regulated!

[fiulpro]

Regulating the digital currency to its core would not be the best option. What i meant here is that regulating how its formed, how much needs to be made, in what order, and location specific and the pricing. Not everything needs to be controlled and checked. What certainly can be tweeked in tge existantial system is thw way to track a transaction, may be only if needes though.

How transactions are irrevocable sometimes turn out to be an issue. And it identity which is kept secret is a good thing in security terms but when need arises, as it may in case of crime, extortiom and laundering cases, it is what stops the investigation to proceed. So some tweeking here and there needs to be done. Only if developers could do it remotely in the existing ceypto i.e. bitcoin, and not create some new crypto every day.

[Jlimao28]

we don't need to regulate cryptocurrencies but regulations can be also helpful with the adoption and growth of them or they can be restrictive and even prevent the adoption altogether. in the end it will come down to what they are regulating and how. for example if it is regulation of exchanges and if it leads to a more secure place where people can trade with less risk that would be a very good thing.

That's right! Regulation can lead to a global consensus of cryptocurrency as well as the people that want to use it. It can be also a proof that crypto is not illegal and many people will attract by using of it. Because cryptocurrency becomes popular nowadays, we can never prevent of using it in criminalities. However, if there is a law imposed by the government,  crypto activities can be tracked and illegal activities can intercept.

[sampath19]

digital currency need to be a regulate. because every currency have a same kind of pattern and rules. so digital currency also need that. otherwise digital currency have to face same damages and there values goes down. and customer also have bad feeling about this.

[Xavofat]

As long as powerful governments exist (which they certainly will in the short to medium term, and most likely will in the long term), regulation is pretty much inevitable.  

It's important for them to regulate it so that they can monitor what taxes people are paying, since many Bitcoin users seem to avoid it.  It's also important for them to try and prevent illegal activity by monitoring exchanges.  

Sure, regulation isn't very effective in all cases, but when you have laws in place, you need to be careful not to let some people off the hook or you'll end up with protests.

[batang_bitcoin]

but that doesn't mean they don't need to be regulated.

Yes it means that cryptocurrencies / digital money needs to be regulated. As people are still doubtful with it, when the government steps in, people will start to be enlightened with it and those criminals will also start to think if they will continue using it or not.

Because of criminals. This must be regulated!

Not only because of them but because it's anonymous.

[SUDARMONO]

Setting digital currencies like bitcoins is hard to do, and we do have to set the bitcoin currency in order not to be used for crime, and in order to run well according to the rules.

[VeronAncient]

the rules of digital currency are necessary because it prevents abuse of the currency itself and gives assurance to all digital currency users if the currency can be used to transact and be acknowledged by the government so there will be trust and safety to use the money without fear if the money is not accepted as a transaction tool.

[BitTrident]

     One of the core principles of Bitcoin is that it is a decentralized system. There is no governing authority over the Bitcoin platform. This ideology outlined in the original white papers played an integral part in its success. I believe that for many reasons, it is important to maintain this platform for any cryptocurrency. This means that at no point should cryptocurrency become regulated. I think that it is important to recognize that accountability and regulation are not always the same.  Cryptocurrency can by nature remain unregulated while at the same time allowing for individuals to be held accountable.

     There is a common misconception that cryptocurrency exists solely to facilitate criminal or nefarious transactions. The unregulated frontier of these new digital currencies brings a whole new area of consequences. There certainly are many real threats to having an unregulated currency. These threats can however be mitigated if individauls commit to identifying and neutralizing them.

     Privacy is an important part of cryptocurrency that should not be compromised. An individual waives that right to privacy any time they accept or send their cryptocurrency to an individual. Any individual with enough motivation could in theory act as their own authority to hold individuals accountable for their actions. The question should not be 'How do we regulate', but instead 'How do we hold individuals accountable for their actions'. It is up to each individual sending or receiving cryptocurrency to determine whether or not there is a need to do hold that individual accountable.

[Jessica2009]

   Regulations in Bitcoin can create demand in Bitcoin as a digital currency Bitcoin has gained fame in international transaction. Bitcoin is a decentralized cryptocurrency  that means no other third party takes part in the transaction of cryptocurrency .It is a peer to peer transaction done by the users only. Transactions of cryptocurrency need no identification or verification . It is also a virtual currency that can be exchanged for fiat currency. It is an acceptable form of payment to purchase goods and services

[Leam]

We need to regulate digital currency because is the trend now... we are facing the digital world.. so we need to educate people about it so we can face the future with full knowledge about it.

[warning_btc]

Regulating digital money means regulate price of this moneys to prevent high players manipulate with price

[Loveboard]

I do believe that it is not crypto itself that needs regulation, but the instruments that people use to deal with it.

For example, wallets -- because we want to prevent scammers and thieves. So wallet manufacturers should be certified or have their code reviewed by peers or something to keep from "accidental private key leaks"

Exchanges -- for the same or similar reason. We don't want them being run by scammers.

And any other auxiliary centralized tool that people use.

Other than that, no real crypto regulations should be enforced.

[Hui8]

we don't need to regulate cryptocurrencies but regulations can be also helpful with the adoption and growth of them or they can be restrictive and even prevent the adoption altogether. in the end it will come down to what they are regulating and how. for example if it is regulation of exchanges and if it leads to a more secure place where people can trade with less risk that would be a very good thing.

Perhaps the exchangers will become the place to do the money laundering? I mean still depends on the what kind of regulation they will impose on the exchangers. If it just tracks the transactions happening at the exchanger then it wont be much useful as our addresses still remain the anonymous. There are services like bitcoin mixers where we can get the anonymous characters unfolded and no will know we were the one who did that transaction. Correct me if I a wrong with this ? There Will always be different ways of making the whole transaction anonymous and thus keep it untraceable. This is as long as we do not transact in the bank accounts. However the later is still the same case as if today.

[Wind_FURY]

Digital currency is to change the world, many of which were positive, to a certain extent, they pose a containment of the government, gave the people an alternative, but that doesn't mean they don't need to be regulated.

Maybe but who would be at a real disadvantage if it was not regulated. The government or you?

One of the core reason is: anonymous, do not track, not regulated digital currency will make form a closed loop technology crime, money laundering and terrorist, and disappear from unsolved bits, bytes, while the impact damage with each person in this world.

That's what the government says, but without Bitcoin there will still be the same level of money laundering, terrorism and other crimes that will use the US dollar as the medium of exchange.

If every penny of extortion is tracked, is there enough motivation and courage to launch a WannaCry to attack the world?

Cyberattacks have always been around, if your system is compromised, then criminals would have other uses for it other than ransomware.

Lucky for us, ransomware also subsidizes Bitcoin. Hahaha.