Educating lawmakers on Bitcoin means instilling fears: esp money laundering

[wattcrypto]

The Digital Chamber's third event in Washington DC finally showed some light on the crypto space. While lawmarkers wanted to discuss the issues aorund blockchain technology and crypto assets companies like Ciphertrace wanted to showcase their blockchain forensics and AML solutions that are needed at such a perfect time.

Libra has definitely sparked more involvement from the government and it will be interesting to see how these months leading up to their launch unfold. What are your thoughts on regulations? Are we able to continue to move the industry forward with or without them?


https://cryptobriefing.com/blockchain-advocates-washington-dc-facebook/

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[drumamat]

A really good topic to discuss.We can promote the crypto industry without regulation (in principle, many are already doing this) but it seems to me that it is too difficult to work fully with clients and business without regulation.The issue of regulation has been discussed at the forum since its inception.But as potential users of cryptocurrencies grow, the acute question arises-whether regulation will help us or not.The answer to the question will be given very soon.Congress and many governments are concerned about the regulation of the crypto industry.

[Linkkoin]

A really good topic to discuss.We can promote the crypto industry without regulation (in principle, many are already doing this) but it seems to me that it is too difficult to work fully with clients and business without regulation.The issue of regulation has been discussed at the forum since its inception.But as potential users of cryptocurrencies grow, the acute question arises-whether regulation will help us or not.The answer to the question will be given very soon.Congress and many governments are concerned about the regulation of the crypto industry.

As well advertising companies related to the crypto industry will be much easier.

[anoufal]

I accuse Libra that the government ganged up against cryptocurrency, because before that everything was stable.

[kryptqnick]

Many countries have already developed legislation to regulate the crypto market. In some cases, we're talking about cryptos as securities, assets, property, but in other cases, it's even recognized as legal tender. Regulations can be tough when they impose big taxes, taking a solid amount of profits or making it hard to go through all of the bureaucracy to manage your business (or both). But at least they mean that cryptos are not illegal, and in a way, it's always some sort of support and popularization. But money laundering concerns are overstated, and as for Libra - I think it's not a friend of the crypto market.

[Lauren Smith]

Many countries have already developed legislation to regulate the crypto market. In some cases, we're talking about cryptos as securities, assets, property, but in other cases, it's even recognized as legal tender. Regulations can be tough when they impose big taxes, taking a solid amount of profits or making it hard to go through all of the bureaucracy to manage your business (or both). But at least they mean that cryptos are not illegal, and in a way, it's always some sort of support and popularization. But money laundering concerns are overstated, and as for Libra - I think it's not a friend of the crypto market.

I agree. FB is already full of shit and they have already had info leaked so they cannot be trusted with security, never mind the security of peoples assests. FB already print money out for free by trying to get creators to spend money on ads for their page and they even limit your exposure if you don't what mother#%#ers right? We don't nee that kind of shit in a currency. USA can't shut up about AML why do they go so over board?? No other countries are. Is it because they feel insecure about their people not wanting to pay taxes? Well gee I wonder why they don't want to pay taxes. This is bully techniques. If your country was such a wonderful place people would freely pay taxes with a smile. So all this AML bs is mostly caused by the government itself. I highly doubt criminals are using crypto to launder money. I just can't see it.

[dothebeats]

Most lawmakers' decisions are clouded by doubt and fear, although of course, I don't blame them because that's what they initially believed due to the nature of crypto. Educating themselves regarding the nature of thia new found digital cash is the only way to make it fair for all parties, no matter how long it may take. It was all going so well (not really, though) until Facebook disrupted everything with its Libra announcement. The government clearly doesn't want big corporations acting like banks and that's what's FB trying to do, making the whole scenario much worse than before.

[Irvinn]

We all know very well that some people abuse cryptocurrency and use it with bad intentions.  How can the government and other states trust someone honestly, if you do not provide evidence, control and verify the lawfulness.  That is why states and governments are outraged.  As an example, I can cite our activities when, for example, a trade exchange is required from us by KYC, with the full provision of photographs of documents or video recording.  Nobody believes us if we only provide our data in writing, but they necessarily require evidence from us in the form of documents.

[Haunebu]

What are your thoughts on regulations? Are we able to continue to move the industry forward with or without them?

Regulations are necessary in an industry where scams happen and millions are lost on a regular basis. This is the only way governments can side with cryptocurrencies and help them grow in the long run.

The lawmakers will probably continue rebelling against BTC, but higher adoption rates and coins like Libra could change their views with time provided the benefits outweigh the risks in the long term.