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Author Topic: Will bitcoin go under regulation  (Read 174870 times)
rosstiller
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June 02, 2018, 11:04:23 AM
 #1

Many government are seeing Bitcoin or cryptocurrency as a threat to their financial system and they think it should be regulated to solve the problem. Do you think they can regulate Bitcoin ?
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June 02, 2018, 11:20:01 AM
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If peoples who have bitcoins and cryptocurrencies accept the KYC then it will mean that governments will have won.

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June 02, 2018, 11:24:41 AM
Last edit: June 02, 2018, 11:43:20 AM by franky1
 #3

you CANNOT regulate beer, people will always find ways to create and consume and swap beer with others.

you CAN regulate PEOPLE/BUSINESSES use of beer. in which if caught people/businesses could end up with fines.
but in short beer will continue to be made no matter what.
take the 1920's alcohol prohibition(regulation) for instance(moonshiners/gentlemens clubs era)

now swap the word beer for bitcoin and you will understand

government regulation is not a bitcoin threat. what is a threat is a development control of the code reference. which if too many people only follow one reference point of the code. the network becomes centralised. (spoiler: already happening)
yes the data is distributed, yes the private key holding is distributed, but the decision of code upgrade becomes centralised around a core team.
distrubuted vs decentralisd are 2 different things altogether

and if then that development is moving away from the 2009-2013 ethos of bitcoin, to move people away from bitcoin and instead into other networks. then that is the threat. (sorry cant innovate beer anymore there are limits, but try this potato vodka instead)


governments dont see bitcoin as an economic threat. to them bitcoins are just assets. like iphones or beer. if you buy a bitcoin/iphone/beer its stil moving FIAT from your account to the fiat bank account of a bitcoin/iphone/beer seller.
governments have laws that keep fiat in play, minimum wage, tax, court fines, etc. so fiat is not at risk to governments.

if you are american you still have to pay american taxes in american dollars.
if you dont pay taxes but are seen living a lifestyle of someone having income that should be paying taxes you will be fined in american dollars.. the government will still get their fiat. on way or another

in short unless minimum wage/tax law changes, the government dont care what you buy as long as you get paid the amounts that allow them to tax you, it dont matter if its bitcoin, euro, or moondust.


governments do not care about economic impact. the reason for regulation is to make more income via licences. as its free money for them while making businesses police the businesses customers.. in short government gets free money and makes a business do the work

governments pretend that regulations are about consumer protection. yet most regulations are about policing customers by investigating customers. not supporting customers. if governments cared about protecting customers. then they would not push for regulatory licences. but instead consumer protection insurances.
regulation vs consumer protection are 2 separate things.

take the housing crisis. banks were regulated. but mortgage holders lost out. banks gained. bankers did not get slapped, they got rewarded. mortgage holders not only lost a shelter but the funds they put into that shelter initially.

I DO NOT TRADE OR ACT AS ESCROW ON THIS FORUM EVER.
Please do your own research & respect what is written here as both opinion & information gleaned from experience. many people replying with insults but no on-topic content substance, automatically are 'facepalmed' and yawned at
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June 02, 2018, 11:29:33 AM
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If you ask for my oppinion, I think for bitcoin to gain global accpetance a few regulations has to be implemented by different governments. The government have always seen bitcoins has a threat to the global financial system, so therefore they won't rest until they succeed in regulating it.
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June 02, 2018, 11:36:17 AM
 #5

Many government are seeing Bitcoin or cryptocurrency as a threat to their financial system and they think it should be regulated to solve the problem. Do you think they can regulate Bitcoin ?
Chances are always there. The issue of legality and bitcoin arrangement strengthened in various mainstream media overseas. Some regulate it and some are forbidden it. It is interesting to note that some countries that regulate the regulation of VC are interested in developing their own system through Central Bank Digital Currency (CBDC).
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June 02, 2018, 11:46:40 AM
 #6

Many government are seeing Bitcoin or cryptocurrency as a threat to their financial system and they think it should be regulated to solve the problem. Do you think they can regulate Bitcoin ?

The reason for regulation of bitcoin is due to financial concept.If the people get more income by doing trading.They will use the entire money for their use and don't pay tax for the profit.If they pay tax for that profit,government will  get double of tax from bitcoin traders.It will help to improve  the government economy.

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June 02, 2018, 11:50:29 AM
 #7

Many government are seeing Bitcoin or cryptocurrency as a threat to their financial system and they think it should be regulated to solve the problem. Do you think they can regulate Bitcoin ?

I don't think that any government can regulate bitcoin alone, because they can't control Internet.
Only some kind of regulation on the world level is possible, but I doubt it will happen soon.
Governments can control income from bitcoin and crypto currencies when you decide to exchange your btc funds to the fiat money.
In the most countries, I believe, you will have ti report it and pay tax.


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June 02, 2018, 11:57:31 AM
 #8

Many government are seeing Bitcoin or cryptocurrency as a threat to their financial system and they think it should be regulated to solve the problem. Do you think they can regulate Bitcoin ?

A lot of people ask this question.

Bitcoin itself, cannot be regulated
What I mean by that is the government could not regulate Bitcoin on the base layer. Users will have the freedom to send it wherever without worrying about the transaction being blocked. You could get a Bitcoin wallet without needing to submit identification. You could still do p2p Bitcoin trades or in person Bitcoin trades.

Governments can regulate exchanges
This will make a harder barrier to entry for Bitcoin. The governments can regulate exchanges where people would go to actually go to buy their Bitcoin. In this sense, regulation likely would yield positive results in the long term. It legitimizes Bitcoin as an asset, and is welcoming to institutional investors.
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June 02, 2018, 12:09:03 PM
 #9

Many government are seeing Bitcoin or cryptocurrency as a threat to their financial system and they think it should be regulated to solve the problem. Do you think they can regulate Bitcoin ?

Yes. Government authorities will regulate bitcoin. In a recently published article by a IMF deputy director; Mr. Dong He, there is a recommendation to regulate cryptocurrency in order to prevent regulatory arbitrage and unfair competitive advantage. I think governments will follow this recommendation and regulate bitcoin.
Actually there is no way to regulate bitcoin blockchain, what governments can regulate is the places where cryptocurrency are exchanged into fiat currency. i.e. Fiat/crypto exchanges
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June 02, 2018, 12:12:35 PM
 #10

I don't think that any government can regulate bitcoin alone, because they can't control Internet.
Only some kind of regulation on the world level is possible, but I doubt it will happen soon.
Governments can control income from bitcoin and crypto currencies when you decide to exchange your btc funds to the fiat money.
In the most countries, I believe, you will have ti report it and pay tax.



Just a regulation when converting your Bitcoin/crypto into fiat currencies. Which already exists. Bitcoin can't be directly regulated, but they can make it extremely difficult to convert it into other assets such as property, and other things.

Some countries consider Bitcoin capital gain, and therefore you would need to report it to the tax man regardless if you've converted it to fiat or not.

Lorna111
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June 02, 2018, 12:18:31 PM
 #11

Many government are seeing Bitcoin or cryptocurrency as a threat to their financial system and they think it should be regulated to solve the problem. Do you think they can regulate Bitcoin ?

Yes. Government authorities will regulate bitcoin. In a recently published article by a IMF deputy director; Mr. Dong He, there is a recommendation to regulate cryptocurrency in order to prevent regulatory arbitrage and unfair competitive advantage. I think governments will follow this recommendation and regulate bitcoin.
Actually there is no way to regulate bitcoin blockchain, what governments can regulate is the places where cryptocurrency are exchanged into fiat currency. i.e. Fiat/crypto exchanges

A good input about the Regulation from IMF, Yes, the main goal of Regulation on Bitcoin digital transaction is on the place or country having such exchange about the Bitcoin transaction. We can not control the government on regulation about Bitcoin transaction, yes, it is Decentralized, but still Bitcoin transaction go thru the financial institution were the exchange is conducted by Bitcoin user. It may imposed taxes as posted in other related news item in India.

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June 02, 2018, 12:22:40 PM
 #12

of course the government can set cryptocurrency or bitcoin. I think this should be set.

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June 02, 2018, 12:25:37 PM
 #13

Many government are seeing Bitcoin or cryptocurrency as a threat to their financial system and they think it should be regulated to solve the problem. Do you think they can regulate Bitcoin ?

A lot of people ask this question.

Bitcoin itself, cannot be regulated
What I mean by that is the government could not regulate Bitcoin on the base layer. Users will have the freedom to send it wherever without worrying about the transaction being blocked. You could get a Bitcoin wallet without needing to submit identification. You could still do p2p Bitcoin trades or in person Bitcoin trades.

Governments can regulate exchanges
This will make a harder barrier to entry for Bitcoin. The governments can regulate exchanges where people would go to actually go to buy their Bitcoin. In this sense, regulation likely would yield positive results in the long term. It legitimizes Bitcoin as an asset, and is welcoming to institutional investors.
There are too many similar threads in here that is true, people ask same questions over and over again. Lazy people can`t scroll trough bitcoin discussions and take a look on other similar threads, its easier to open a new topic I guess.
Bitcoin is already regulated, that is correct. Governments can do a bit more then just regulating exchanges, they can regulate many things. It will be interesting to see the outcome of that, there are many countries in this world, every country will do something, what will they do will be a surprise for everyone.
I don`t care about that, as you said, users will be free to send it, to use wallets without ID, there will always be a way for us to access free internet and to use bitcoins freely like we do now, what ever governments do.

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June 02, 2018, 12:27:11 PM
 #14

Bitcoin can be under regulation determined by a country, a regulation that regulates the use of bitcoin as a means of transactions that can be used in addition to the official currency held in the country, but for bitcoin value no regulation can regulate it.
because the value or bitcoin price is not affected by the regulation that is applied in a country, but bitcoin price is influenced by several factors such as, bitcoin influenced by supply and demand in market. If many people buy Bitcoin with a large amount of Bitcoin prices will soar up. Conversely, if many bitcoiners are selling Bitcoin then bitcoin prices may drop sharply.
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June 02, 2018, 12:29:24 PM
 #15

Many government are seeing Bitcoin or cryptocurrency as a threat to their financial system and they think it should be regulated to solve the problem. Do you think they can regulate Bitcoin ?

I am not sure, Because I think Bitcoin cannot be regulated by government or banks. It is my opinion.
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June 02, 2018, 12:38:27 PM
 #16

In my opinion...
It is quite impossible to regulation. You know there are no central bank who maintain bitcoin. It is a world wide system. There are many secure process on bitcoin. We can called bitcoin, a secret coin. I don't think it so, that it is possible to regulation bitcoin.
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June 02, 2018, 12:39:15 PM
 #17


Governments can regulate exchanges
This will make a harder barrier to entry for Bitcoin. The governments can regulate exchanges where people would go to actually go to buy their Bitcoin. In this sense, regulation likely would yield positive results in the long term. It legitimizes Bitcoin as an asset, and is welcoming to institutional investors.

I agree the government cannot regulate it straight, but it can regulate those who want to use it. I see this regulation in the to happen more strict and in the future. Making bitcoin one of the traditional assets.


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June 02, 2018, 12:42:16 PM
 #18

I don't know exactly, but as bitcoin decentralized online digital currency, bitcoin makes transactions anonymously, then there has no chance to add bitcoin under regulation. This is just my observation. We will see in future
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June 02, 2018, 12:46:38 PM
 #19

 Yes, it is a threat to the government but do you think that blockchain technology can be regulated by government? Of course not. So i think they can't control it and they can't regulate it. Even though that happens people will do make a way to take out this issue.

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June 02, 2018, 01:00:04 PM
 #20

If you ask for my oppinion, I think for bitcoin to gain global accpetance a few regulations has to be implemented by different governments. The government have always seen bitcoins has a threat to the global financial system, so therefore they won't rest until they succeed in regulating it.
For today in my opinion bitcoin will negatively go under regulation for now because aside from being not legally adopted around the globe cryptocurrencies are also under negotiable for being implemented in many countries. But for me it is better that the crypto or bitcoin should remain for this situation for now, let's enjoy the freedom from taxes.

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