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Author Topic: Government regulation on cryptocurrency, GOOD or BAD?  (Read 3120 times)
weblouartisan
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July 18, 2018, 06:50:14 PM
 #21

I came to a realization that government had stepped in already in some countries who are accepted and acknowledge cryptocurrency existence. In fact they made a regulations that has made some negative and positve reactions over the implementation of cryptocurrency regulations like doing KYC (Knoy Your Client) on local exchanges, Registering ICO projects to the government agency concerns and etc which purpose is to prevent illegal or abuse in the use of cryptocurrency from money laundering, funding terrorist groups and etc. Well can you say about this regulations, GOOD or BAD?

In my own opinion, government will always create regulations depending on how the economy works on their country so the regulations might affect the investors and traders in a negative or positive way depending on their decisions.

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July 18, 2018, 08:15:09 PM
 #22

I came to a realization that government had stepped in already in some countries who are accepted and acknowledge cryptocurrency existence. In fact they made a regulations that has made some negative and positve reactions over the implementation of cryptocurrency regulations like doing KYC (Knoy Your Client) on local exchanges, Registering ICO projects to the government agency concerns and etc which purpose is to prevent illegal or abuse in the use of cryptocurrency from money laundering, funding terrorist groups and etc. Well can you say about this regulations, GOOD or BAD?

It's good as a whole generally and surely people will have an advantage and benefits to that. With regularization, people will see that crypto are being recognized by the highest authorities meaning it's safe*, it's legit, it's not a shit or something. It can somehow protect users from scam, frauds or should I say that it can minimized the risks of losing funds.

The bad side? First let's knows what will be the terms under that a user must comply. Expect a strict KYC regulation, question\s before doing a large withdrawals or anything protocols that a bank follows.

Even with crypto today without a regularization, we are being faced to it's negative used so a regularization might help us on other aspects*. But again it depends on the terms and hope that it's not taking too much the freedom why we used crypto in the first place.

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July 18, 2018, 08:40:14 PM
 #23

This depends on what government it is. If that is a good government who respect freedom, decentralization, or its power is restricted by  its citizens, then it's good. Otherwise, it's very evil.

In the long run, I think regulations will bring a lot of benefits for crypto. People will tend to see it as a legitimate investment portfolio. Right now the overall sentiments of people are still 50/50 in my opinion, at the back of their minds there are still doubts specially with all the negativity surrounding it. Downside is that people will be tax, and we all know that there are individual who put their money to hide from the eyes of the government.

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July 18, 2018, 08:46:31 PM
 #24

I came to a realization that government had stepped in already in some countries who are accepted and acknowledge cryptocurrency existence. In fact they made a regulations that has made some negative and positve reactions over the implementation of cryptocurrency regulations like doing KYC (Knoy Your Client) on local exchanges, Registering ICO projects to the government agency concerns and etc which purpose is to prevent illegal or abuse in the use of cryptocurrency from money laundering, funding terrorist groups and etc. Well can you say about this regulations, GOOD or BAD?
The general regulation of the crypto-currency from the states is necessary and useful for the crypto currency. In order for the crypto currency to go legally on the territory of the state, it is necessary for each state to determine its status, the conditions of circulation in the country and to determine the taxation of the crypto currency. However, regulation should be in moderation. Excessive regulation will have the opposite effect. This, I think, will happen in the future and citizens will have to fight for their rights to use crypto currency.

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July 18, 2018, 09:03:26 PM
 #25

Gov't regulation on cryptocurrency would be a good news to most.
It would bring crypto under the umbrella of the financial sector.
Taxes and audits would likely be imposed.
These would take away the anonymity and deter scammers.
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July 18, 2018, 09:07:50 PM
 #26

For speculators, regulation is not very good news, as it leads to an inevitable decrease in volatility in the market. For institutional investors-great news, it will allow them to enter the market.

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July 18, 2018, 09:20:21 PM
 #27

I came to a realization that government had stepped in already in some countries who are accepted and acknowledge cryptocurrency existence. In fact they made a regulations that has made some negative and positve reactions over the implementation of cryptocurrency regulations like doing KYC (Knoy Your Client) on local exchanges, Registering ICO projects to the government agency concerns and etc which purpose is to prevent illegal or abuse in the use of cryptocurrency from money laundering, funding terrorist groups and etc. Well can you say about this regulations, GOOD or BAD?
Crypto currencies were meant to be totally decentralized and free from any kind of control. But decentralization kind of brings a huge barrier towards this freedom. More over the government is trying to use all these excuses and regulate the currency to bring power towards controlling the coins indirectly. To be honest, regulation on bitcoin is actually bad. But there are some good sides to it which i won't be denying.


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July 18, 2018, 11:01:02 PM
 #28

Its a dilemma situation, we need government to legalize crypto if we want to see more adoption, the investors need to make sure that their investment is safe and not going to be banned or become problem in the future, but in the other side bitcoin was created so we can have the freedom currency that free from any control, without any control we can used it in various way and the price could soar high based on the supply and demand

For me the regulation from government is bad but we don't have any option to accept the fact that we need government's approval, its better being regulated than it's banned

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July 18, 2018, 11:05:33 PM
 #29

I think KYC and doc collection is part of the regulatory system when it involves banking and financial services or even any critical job taking place. So we have no rights to say no to the process that is done over the exchangers. It is actually for our own goodness as it adds up more security to our transactions. We can show up where our money goes in and come out and thus track it for the taxation purposes. That is actually a very good ting according to me. Having regulations can increase the odds of survival for Bitcoin and other crypto currencies in the long run.

   

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July 18, 2018, 11:26:36 PM
 #30

I don't like government regulations before since crypto's are decentralized but even the government will step in and implement regulations, they still don't have control to bitcoin and other altcoins but they can halt transactions. I came to the point too and say that we need these regulations to introduce crypto's formally to the world and to the skeptic people on crypto's.



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July 18, 2018, 11:29:46 PM
 #31

Government regulation of cryptocurrencies is a good thing, they first legally affirm the status of encryption! Protect the legitimate rights and interests of investors!
Prevent money laundering and criminal activity by regulating cryptocurrencies! The cryptocurrency can only play its value if it is correctly traded in daily life!
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July 18, 2018, 11:44:01 PM
 #32

in some cases it is a good thing because the investors or people who have thought it is an illegal currency to be used may be convinced and have more confidence to invest on it which would make more liquidity in market and more volume in general.

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timerland
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July 18, 2018, 11:56:27 PM
 #33

It honestly depends on what the regulation is all about.

If it restricts access to bitcoin altogether, then no, it's definitely bad for cryptocurrencies. Measures such as draconian KYC laws mean that average Joes have to go through an extensive procedure and provide source of funds before they can actually buy bitcoin with their credit cards or whatnot, a huge hassle, and definitely discourages use of cryptos in general.

On the other hand, there can be positive regulations as well. For example, initiatives that regulate exchanges and ensure that they're running fractional reserves can be a positive regulation. It's all about the regulation - you can't put all regulations under the same umbrella and say whether it's good or bad.

narielle
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July 19, 2018, 12:29:53 AM
 #34

It is better to regulate cryptocurrency than to ban it by the government. When we talk about regulation, many people resist from it. But in my opinion, I see how these governments eagerness to be involved in cryptocurrency as well as the growing industry. Therefore, I agree with regulation of cryptocurrency because it is a basis that government cares about the current innovation in technology.


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patz22
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July 19, 2018, 12:33:21 AM
 #35

As long as they will legalize the use crypto I don't have any problems with it. I don't have any issues regarding KYC and I do care about my identity but see if government have regulation about it then there should be no issues about id theft. One of the benefit is that ico's need to register which is good wherein it will minimize scam and fraud but the problem is with corrupt officials that can approve them by just paying under the table.

Well regulations are different depending on which country you are in. The good thing in our country is that crypto is legal which can boost our economy.

jaocoincrypto18
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July 19, 2018, 12:42:14 AM
 #36

I came to a realization that government had stepped in already in some countries who are accepted and acknowledge cryptocurrency existence. In fact they made a regulations that has made some negative and positve reactions over the implementation of cryptocurrency regulations like doing KYC (Knoy Your Client) on local exchanges, Registering ICO projects to the government agency concerns and etc which purpose is to prevent illegal or abuse in the use of cryptocurrency from money laundering, funding terrorist groups and etc. Well can you say about this regulations, GOOD or BAD?

This shows that certain government is really protecting the welfare of its people by regulating the use of crypto currencies therefore it is good specially today that ICO scam projects are now rampant in the crypto space in which many are become victims. As long as we have nothing to hide and our data will be protected thru government regulation then i will fully support this move.

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player514
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July 19, 2018, 01:06:59 AM
 #37

I think regulation mean that cryptocurrency is legal in that country.  So it is GOOD.

Having something be legal in a country does not instantly mean it's a good thing. The legality of bitcoin could be a double edged sword depending on what kind of activity we're talking about. Government regulation could be pushed to very high limits, causing a sudden drop in interest of bitcoin. Think about secret service organizations that some governments use. Remember the KGB? It was legal, yet pushed to the extent that all of a sudden there was a strong centralized government in Russia. We don't want something similar in terms of centralization with bitcoin.

peacefulpeace
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July 19, 2018, 01:32:17 AM
 #38

i will say it a very good thing for government to step in and regulate cryptocurrency activities, that has always been the duty of government, to regulate and checkmate, in order to prevent abuse and citizens falling victims to scam and fraud,

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July 19, 2018, 01:33:00 AM
 #39

I came to a realization that government had stepped in already in some countries who are accepted and acknowledge cryptocurrency existence. In fact they made a regulations that has made some negative and positve reactions over the implementation of cryptocurrency regulations like doing KYC (Knoy Your Client) on local exchanges, Registering ICO projects to the government agency concerns and etc which purpose is to prevent illegal or abuse in the use of cryptocurrency from money laundering, funding terrorist groups and etc. Well can you say about this regulations, GOOD or BAD?

There are actually different types of government which are corrupted and not but it will still be depending on their decisions on how they look on their current economy if it can survive cryptocurrency or not.

letstalkbitcoin2
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July 19, 2018, 01:43:11 AM
 #40

it a very good thing for government to step in and regulate cryptocurrency activities, that has always been the duty of government, to regulate and checkmate, in order to prevent abuse and citizens falling victims to scam and fraud. With the government's endorsement, it creat confidencein the heart of investors about cryptocurrency.
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