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 ?
kindly read this there is always an attempt of regulating bitcoin because governments wants to earn from it too, and that is the big problem for us because we all have taxes on our salary even the food we eat (i dont know in you country but in my country there is) everything they put taxes. and the changes poor people gets poorer and rich people gets richer.
Bitcoin enthusiasts struck it rich this year as the cryptocurrency surged. Now they’re preparing for battle in Washington to protect their industry’s ascent.
Advocacy groups are gearing up in Washington for a lobbying push in 2018, looking to limit legislation that would subject cryptocurrencies to more regulation and change tax-reporting requirements. Organizations such as the Chamber of Digital Commerce, Coin Center Inc. and the Bitcoin Foundation say they’re concerned about stifling innovation.
Their top targets include a Senate bill that would include digital currency in an update of money-laundering laws, requiring more entities to police potentially illicit transactions. Some advocates are also backing a House bill that would exempt crypto transactions of up to $600 from capital-gains tax reporting.
The lobbying comes after bitcoin skyrocketed past $17,000 this year and debuted on Wall Street with a new breed of futures contracts. While many in the financial industry predict it’s just a matter of time until regulators subject cryptocurrencies to stiffer regulation, proponents argue that over-regulation would be akin to impeding the rise of the internet.
“This technological innovation must be allowed to develop, be rolled out and tested in real environments without material interference or overburdening regulations, especially at the initial stages of its adoption,” Llew Claasen, executive director of the Bitcoin Foundation, a non-profit advocacy group, wrote in a Nov. 30 letter to the Senate Judiciary Committee.
The committee is considering anti-money laundering legislation that would deploy new tools and close loopholes to undercut terrorism financing, counterfeiting and other criminal activity, Chairman Chuck Grassley, an Iowa Republican, said in a prepared statement for a Nov. 28 hearing.
The bill includes a section that would expand the definition of “financial institution” to include an issuer, redeemer or cashier of “digital currency” and “any digital exchanger or tumbler of digital currency.” That would require bitcoin handlers to report suspicious transactions and shoulder the same anti-money laundering obligations that banks have as law enforcers raise concerns about digital currencies being used in illegal activity.
for more info.
http://fortune.com/2017/12/14/new-bitcoin-restrictions/
