how governments can regulate digital currencies?

[Linda toraja]

If regulations are implemented now it is very late because all exchange systems have been implemented with decentralization that can be accessed by anyone. the government can only manage through the creation of its own digital currency not bitcoin

at least the government has the right to regulate each transaction activity through their local exchange first

today I read the news that the SEC had begun to require all exchangers to become centers with legitimate company ownership. for example etherdelta has been suppressed like that or will get harsh sanctions. If there is a strong intention, the regulation will start from the smallest and the most sustainable.

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[hubballi]

Government can regulate only to the known exchanges, as they are the only exchanges which have started to use KYC and they are having track of all transactions made by their respective users. so who ever is trading in their local exchanges through deposit of fiat currency and trading crypto currency, will be possible to regulate. Other exchanges which are running only cryptocurrency coins and not supporting fiat currency

[kissme09]

Though it’s easy to see why governments would want to regulate the movement of digital currencies, the reality of doing so is much harder. A lot of wallets have no identification to them and rest on a server in a third party country. In the case of offline wallets in devices such as the Ledger Nano, they’re not connected to any network.so is it possible to regulate ?

As you can see the government has found many ways to be able to control Cryptocurrency but this is not possible, so the government has issued the ban. I do not think there is anything that can help the government intervene and control Cryptocurrency.

[South Park]

Though it’s easy to see why governments would want to regulate the movement of digital currencies, the reality of doing so is much harder. A lot of wallets have no identification to them and rest on a server in a third party country. In the case of offline wallets in devices such as the Ledger Nano, they’re not connected to any network.so is it possible to regulate ?

They are going to try it that's for sure but it's going to be an incredible challenge, there are many people that are going to use cryptocurrencies and are going to comply with whatever the government orders them to do so that is a great advantage for them, but the ones that are holding the most bitcoin are going to be the most reluctant to comply and unless they know their identities is going to be impossible to force them to do it.

[BuyBuyBitcoin]

Though it’s easy to see why governments would want to regulate the movement of digital currencies, the reality of doing so is much harder. A lot of wallets have no identification to them and rest on a server in a third party country. In the case of offline wallets in devices such as the Ledger Nano, they’re not connected to any network.so is it possible to regulate ?

No. That's the whole point.

People own and control their money.

Nobody cares what each government wants, they all want different things in different era's.

People want to own and control their money though...that won't change....it's a pretty simple concept.

[danielmax1997]

Though it’s easy to see why governments would want to regulate the movement of digital currencies, the reality of doing so is much harder. A lot of wallets have no identification to them and rest on a server in a third party country. In the case of offline wallets in devices such as the Ledger Nano, they’re not connected to any network.so is it possible to regulate ?

I don't think regulating digital currencies are so easy although the governments would want to regulate these crypto currencies and transactions.

[bandungan]

the government can only provide digital crypto regulation without being able to take further steps. maybe the regulation is based on the law in each country so it can't regulate overall from bitcoin.

[Atomic.2017]

After nearly a decade since its invention, Blockchain has not yet reached to its full potential. Billions of dollars of investments are made every day, but none of the great potentials come to reality, despite only serving Bitcoin for its payment system and allows illegal payments to occur in the Dark Web. The government has started to underestimate the value of Bitcoin and thinks that regulation is the best way to solve its issue.

[DennyPen]

After nearly a decade since its invention, Blockchain has not yet reached to its full potential. Billions of dollars of investments are made every day, but none of the great potentials come to reality, despite only serving Bitcoin for its payment system and allows illegal payments to occur in the Dark Web. The government has started to underestimate the value of Bitcoin and thinks that regulation is the best way to solve its issue.

No one is interested in making btc a form of payment. But everyone is interested in making money on btc. That's good and bad at the same time. The more greedy the people, the higher the price. But at some time it will end up either with a huge price drop and shift to a new paradigm or real acceptance, probably as value storage.

[KotiKo]

I also always wondered exactly how one could fully regulate cryptocurrency operations. Now I think it is impossible. And I think the government is very angry about it.

[FlightyPouch]

If regulations are implemented now it is very late because all exchange systems have been implemented with decentralization that can be accessed by anyone. the government can only manage through the creation of its own digital currency not bitcoin

What did you mean by that? And what if other countries' government accepted or legalized Bitcoin? It is not late since there are no things that is late when doing these kind of things. They are just taking care of their people and their country, that is why they don't accept cryptos so easily. Bitcoin's transaction history can be seen on site like Blockchain.info, now what is the effect of that to the government? They can just accept Bitcoin whenever they want since that will be just a crpyto in their country and will never be a main currency.

[rudox]

Must government control everything? The worst is that anything that entered into government control will now become for the privileged few. This will eventually become the case for cryptocurrency if the government succeeded in taking over the management of Crypto. For once let me see what will really give the government some headaches. The next move will be to destroy the cryptocurrency.

[nicko122]

Each country can try to watch the cryptocurrency within its Internet space. But for global regulation, all countries will have to work together, and this is unlikely.

[South Park]

Though it’s easy to see why governments would want to regulate the movement of digital currencies, the reality of doing so is much harder. A lot of wallets have no identification to them and rest on a server in a third party country. In the case of offline wallets in devices such as the Ledger Nano, they’re not connected to any network.so is it possible to regulate ?

No. That's the whole point.

People own and control their money.

Nobody cares what each government wants, they all want different things in different era's.

People want to own and control their money though...that won't change....it's a pretty simple concept.

And yet many people do not get the concept of self determination, I understand the desire of the government to have some control of the society because that is why we created governments in the first place, but now were coming to a point in which decentralized solutions are becoming better than centralized solutions and instead of understanding this the government is opposing the change because they do not want to lose their power.

[Gabah56]

for now the government in my country still can't find a way to regulate the bitcoin world bro. but now they are still studying the depth stage. both in terms of the benefits and negatives of bitcoin for the country and nation

[andylioe78]

the government can employ great people, hackers, computer geniuses, etc. to help the government regulate cryptos, or maybe the government has done it, just waiting to implement it officially, never underestimate the government.

[BuyBuyBitcoin]

Though it’s easy to see why governments would want to regulate the movement of digital currencies, the reality of doing so is much harder. A lot of wallets have no identification to them and rest on a server in a third party country. In the case of offline wallets in devices such as the Ledger Nano, they’re not connected to any network.so is it possible to regulate ?

No. That's the whole point.

People own and control their money.

Nobody cares what each government wants, they all want different things in different era's.

People want to own and control their money though...that won't change....it's a pretty simple concept.

And yet many people do not get the concept of self determination, I understand the desire of the government to have some control of the society because that is why we created governments in the first place, but now were coming to a point in which decentralized solutions are becoming better than centralized solutions and instead of understanding this the government is opposing the change because they do not want to lose their power.

Their power is directly tied to controlling the money supply....

Even if it takes 100 years, society will at some point realize "hey these people in government and politics manipulate how much this dollar Im supposed to value is actually WORTH.....maybe that isn't a good thing for me, my family or friends to continue"

It proved bad in Venezuela, starting to show in India, there are a ton of central banks that are continually screwing over entire nations though.

Some day the Fed might even have to allow that audit that citizens and elected official have suggested might be a good idea for the people in America....
https://www.trustnodes.com/2017/07/12/millennial-responds-yellens-refusal-audit-fed-bitcoin

[CASTIEL05]

They will regulate cryptocurrency whether we would it or not. As long as they want to have regulation and legality with it. They regulate cryptocurrency in order for their citizen to be comfortable and safe when using it. SEC provides the legality of every exchange and it is the reason why until now, BTC won't hike.

[tanjiran]

on the basis of decentralized cryptocurrency so that the government cannot fully regulate or control its use, it is very difficult for the government to regulate crypto, in a country there must be many people who use crypto, how does the government regulate so many crypto users? I think the government will experience difficulties especially there are so many wallets that don't have complete identities

You are right, the cryptocurrency is decentralized so that the government cannot fully control, except for binding regulations related to distribution and use permits in the country. If the government wants to have coins that they can control fully then they have to make it themselves, right?

[Bonsaiav]

Though it’s easy to see why governments would want to regulate the movement of digital currencies, the reality of doing so is much harder. A lot of wallets have no identification to them and rest on a server in a third party country. In the case of offline wallets in devices such as the Ledger Nano, they’re not connected to any network.so is it possible to regulate ?

Like its original nature, decentralized digital currency movements cannot be regulated by anyone including the government. But the government can do this by forcing each exchange to require every user to provide an original ID especially when they want to register.

Even though Nano Ledger is more likely to be offline, sometimes this wallet becomes online especially when its owner wants to convert his bitcoin into fiat money, this's where the exchange account can require the owner to issue the original ID as a condition for disbursing his money. So, with that recorded identity, the government can find out the number of bitcoins the user has, and maybe they will control it only from the user's hand.