lillyann (OP)
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June 10, 2018, 03:28:55 PM |
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When the cryptocurrency, "growing", it had to overcome serious compliance problems and regulations around the world. These regulatory issues are numerous depending on the country in which you are reading this. However, one problem seems to be repeating over and over again. Money laundering.
You can not disregard the system in which criminal activities take place. The code itself is of course not credible. People will find the way, the forks will be forced on them whether they want it or not. In this situation, regulation can be the only future.
How do you think, how can you create a central office system that regulates the cryptocurrency market? Without it, it will not be a legal payment system ...
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"If you don't want people to know you're a scumbag then don't be a scumbag." -- margaritahuyan
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jhongzjhong
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https://bmy.guide
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June 10, 2018, 04:03:30 PM |
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Regulate cryptocurrency? I think that is possible to happen that cryptocurrency will be having a global regulation. What is decentralized? these cryptocurrencies will have on that so they did not take regulation to this digital currency. How do you think, how can you create a central office system that regulates the cryptocurrency market? Without it, it will not be a legal payment system ...
This problem will depend on which country you are, each country were having a different perception of cryptocurrency. There some countries that they accept the technology behind these cryptos, so not legal or illegal but still, they can used cryptocurrencies to their place. What IF the regulation will truly come what will happen of being anonymous to the crypto? |
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Aikidoka
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Sinbad Mixer: Mix Your BTC Quickly
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June 10, 2018, 04:43:08 PM |
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The regulation should not be done by the corrupted governments, but by other people. Criminals exist everywhere. And not only do they use bitcoin to buy illegal stuff and so on, but also, they use fiat money. Therefore, the problem does not lie within regulating the cryptocurrency or not, but within the use of it. It can be used for good purposes without being regulated. But yes, regulation is a good idea.
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detector
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★
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June 10, 2018, 05:37:48 PM |
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Some country still not agree with cryptocurrency just like my country.
My goverment forbid bitcoin usage but I can still use it with my own risk so if you ask me , will my goverment change their decision ?
It will difficult, IMO !
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lillyann (OP)
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June 10, 2018, 05:49:22 PM |
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Regulate cryptocurrency? I think that is possible to happen that cryptocurrency will be having a global regulation. What is decentralized? these cryptocurrencies will have on that so they did not take regulation to this digital currency. How do you think, how can you create a central office system that regulates the cryptocurrency market? Without it, it will not be a legal payment system ...
This problem will depend on which country you are, each country were having a different perception of cryptocurrency. There some countries that they accept the technology behind these cryptos, so not legal or illegal but still, they can used cryptocurrencies to their place. What IF the regulation will truly come what will happen of being anonymous to the crypto? I know that no country will support the BTC driver if he can not regulate. That's what I understood because governments want to control everything. The question is whether they can do it? |
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Zadicar
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June 10, 2018, 06:42:38 PM |
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When the cryptocurrency, "growing", it had to overcome serious compliance problems and regulations around the world. These regulatory issues are numerous depending on the country in which you are reading this. However, one problem seems to be repeating over and over again. Money laundering.
You can not disregard the system in which criminal activities take place. The code itself is of course not credible. People will find the way, the forks will be forced on them whether they want it or not. In this situation, regulation can be the only future.
How do you think, how can you create a central office system that regulates the cryptocurrency market? Without it, it will not be a legal payment system ...
Regulating a decentralized thing? Impossible thing to happen. Talking about governments view about crypto which is definitely true and once they do have that kind of perspective from the beginning then changing it would really be hard. As of saying "First Impression Do Last". Once decision is set then you cant do anything about it. |
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Harlot
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June 10, 2018, 07:23:08 PM |
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Nope, it is a simple doctrine of Domestic Law being greater than International Law. Different countries have different set of local laws they need to follow, every time they set up some kind of treaty they must always adjust to were it will fall that they won't violate each other's local law which is early impossible not unless they took the option of transforming that international law into a domestic law, which will also go through their legislative process. That is why you will always see countries breaking treaties or countries backing off to a deal as they have their own way of running their own country, and they simply don't care of what other countries are following.
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richardsNY
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June 10, 2018, 09:07:21 PM |
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Regulating a decentralized thing? Impossible thing to happen.
They may not be able to regulate crypto currencies in their decentralized form, but they can regulate the ecosystem around it firmly, which is what they are doing. I expect regulations to become firmer with every increase and new utility use that takes place, and this process can literally take years. I am glad that most of the countries have completely different views on how they think they should deal with crypto and everything around it. I however do expect one measure to become somewhat of a globally enforced rule, and that's exchanges automatically submitting our activities to the local tax departments. It's only a matter of time.... |
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gentlemand
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Welt Am Draht
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June 10, 2018, 09:27:33 PM |
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As long as the Earth isn't one giant country there'll always be competition between jurisdictions. Smaller economies will always be willing to cut a few corners and open a few doors in the hope of attracting money pushed out of larger ones.
I do however believe KYC/AML stuff will become increasingly universal. At some point a country will be shut out of global institutions unless it toes that particular line. Beyond that it's likely to be a free for all in terms of taxation and usage.
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creeps
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June 11, 2018, 12:31:08 AM |
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Some country still not agree with cryptocurrency just like my country.
My goverment forbid bitcoin usage but I can still use it with my own risk so if you ask me , will my goverment change their decision ?
It will difficult, IMO !
There are still some country who cant accept the usage of cryptocurrency but in time for sure they will make a regulations on that. My country is in the sideways, our government are says that we can invest in cryptocurrency but we must know the risk behind it. We are quiet open for the possibilities of making this thing legal in our country. |
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labhsikh123
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June 11, 2018, 08:31:49 AM |
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It may be possible if all countries take it for the development of the economy positively.
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sindikat
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June 11, 2018, 08:57:36 AM |
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Some country still not agree with cryptocurrency just like my country.
My goverment forbid bitcoin usage but I can still use it with my own risk so if you ask me , will my goverment change their decision ?
It will difficult, IMO !
There are still some country who cant accept the usage of cryptocurrency but in time for sure they will make a regulations on that. My country is in the sideways, our government are says that we can invest in cryptocurrency but we must know the risk behind it. We are quiet open for the possibilities of making this thing legal in our country. It is impossible to make cryptocurrency legal. Governments will never trust cryptocurrencies because of their volatility. If you convert cryptocurrencies to Fiat then at some point the taxes may exceed your income. Cryptocurrency administration is very problematic. Money can be laundered not only with the help of cryptocurrency but also with the help of Fiat. The problem is not the currency. The problem is people's actions. |
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avikz
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June 11, 2018, 09:18:02 AM |
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Some country still not agree with cryptocurrency just like my country.
My goverment forbid bitcoin usage but I can still use it with my own risk so if you ask me , will my goverment change their decision ?
It will difficult, IMO !
There are still some country who cant accept the usage of cryptocurrency but in time for sure they will make a regulations on that. My country is in the sideways, our government are says that we can invest in cryptocurrency but we must know the risk behind it. We are quiet open for the possibilities of making this thing legal in our country. It is impossible to make cryptocurrency legal. Governments will never trust cryptocurrencies because of their volatility. If you convert cryptocurrencies to Fiat then at some point the taxes may exceed your income. Cryptocurrency administration is very problematic. Money can be laundered not only with the help of cryptocurrency but also with the help of Fiat. The problem is not the currency. The problem is people's actions. No! It's not impossible to make crypto currencies legal. Japan and Germany had already showed the way and Malta has gone a notch higher by regulating altcoins as well. When there is a will, there is a way! Change in mentality is needed. Volatility is not an issue, the issue is with the criminal activities like money laundering and terrorism financing. However, these kind of illegal activities were a challenge even before the crypto emerged. Crypto just make these things easier because of its decentralized nature. One thing I agree is that, the problem is not with the currency but with the people's action and mindset of the governments who believes in centralization. |
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Ar.harry
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June 11, 2018, 09:35:54 AM |
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In my country cryptocurrency is illegal, our government doesnt accept the cryptocurrency concept. Cryptocurrency is banned here so that i have started this work on my own risk. Not let us see when Will my government change their decision .Hope this bann will discharge here soon.
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kwabeedat
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June 11, 2018, 09:46:19 AM |
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Looking at the situation now and the way governments have started interfering, it'd be possible for a global regulation, but to me i think it would be country specific. It'd be very difficult to globally regulate crypto from just one center.
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cioloxl
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June 11, 2018, 09:50:50 AM |
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Regulating a decentralized thing? Impossible thing to happen.
Talking about governments view about crypto which is definitely true and once they do have that kind of perspective from the beginning then changing it would really be hard. As of saying "First Impression Do Last".
Once decision is set then you cant do anything about it.
What do you mean impossible, lol? It's already happening in places like Japan and Malta. Suspect the US will follow suit soon enough. Some sort of regulation will be absolutely necessary. For this space to thrive, it needs oversight and protection. I hope you're not thinking crypto will enjoy mainstream adoption without being heavily overlooked. That's just a pipe dream. Maybe possible in self governing, autonomous communities. But that's science fiction for now. |
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countryfree
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Your country may be your worst enemy
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June 11, 2018, 11:40:08 AM |
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What? Global regulation?
Do you know anything which is globally regulated?
There are still plenty of loopholes in regulating globally guns, children abuse or drugs. So don't expect cryptocurrencies to be regulated in more than a handful of countries before long.
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I used to be a citizen and a taxpayer. Those days are long gone.
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Theb
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June 11, 2018, 02:12:57 PM |
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The simple answer is no, with some countries doing a first move on having their own local regulation as well as setting up their own laws regarding cryptocurrencies having a global regulation which will set to be a standard seems to be impossible. The only way this will happen is if all these countries are willing to adjust in favor of the global standard over their local laws, which I think is nearly impossible to happen given the fact that our world leaders have their own mind and can't simply go on a agreement on something. If there will be a global regulation it won't be a detailed one. Want proof? Just check our UN treaties particularly the "Paris Climate Agreement" which only sets guidelines but doesn't tell how we will actually help improve our environment.
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lillyann (OP)
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June 11, 2018, 06:21:06 PM |
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What? Global regulation?
Do you know anything which is globally regulated?
There are still plenty of loopholes in regulating globally guns, children abuse or drugs. So don't expect cryptocurrencies to be regulated in more than a handful of countries before long.
Otherwise, none of you really can legalize cryptocurrencies. I do not understand the comparison of firearms to the cryptocurrency market? |
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millgates
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June 12, 2018, 09:48:00 AM |
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The simple answer is no, with some countries doing a first move on having their own local regulation as well as setting up their own laws regarding cryptocurrencies having a global regulation which will set to be a standard seems to be impossible. The only way this will happen is if all these countries are willing to adjust in favor of the global standard over their local laws, which I think is nearly impossible to happen given the fact that our world leaders have their own mind and can't simply go on a agreement on something. If there will be a global regulation it won't be a detailed one. Want proof? Just check our UN treaties particularly the "Paris Climate Agreement" which only sets guidelines but doesn't tell how we will actually help improve our environment.
Political interests of each countries also become one of factors that global regulation of cryptocurrencies is impossible. Some countries pretend it as a threat for their national currency so they ban its. |
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