The Role of Government in Crypto

[rosenbauer02]

Government doesn't hav the any role in cryptocurrency. They only want to take part in it if they can't have control or authority in crypto like having a wallet/exchange that they regulated to earn and possibly ask for tax. Because of that, I now don't have any problem selling my bitcoin, eth, xrp or other crypto that is available in that site.

[Natalim]

Regulations made by the government will of course damage the basic characteristics of Bitcoin Decentralization and Anonymity, their government sees that bitcoin is a big threat to their country's monetary financial system, because bitcoin can provide complete financial freedom to the people, and so the government issues regulations that can eliminate bitcoin basic character.

We cannot say that there is no need for a government's role in crypto because it should be regulated so that the people will be able to use it legally. The only problem with the government right now is they become one sided and they treat cryptocurrencies as threats for the conventional financial system and its central banks.

Hopefully, the government's concept towards crypto will change and there will be equality on the treatment for crypto and the old financial system. By that time, crypto will be given the adoption it deserves.

[BITCOIN4X]

If government regulations are too excessive to reduce user convenience, I think this is very influential. Moreover, to make bitcoin like gold .. we can no longer look for profits that suit us. And this is very difficult. It has damaged the nature of bitcoin itself.

So far, government regulations on bitcoin have had an impact on the weak increase in bitcoin adoption as a means of payment, especially for governments of countries that still consider bitcoin as a threat to economic stabilization. But I don't believe that regulation can prevent you from maximizing profits through trading and investing. It may be true that your country's government prohibits trade and investment, but if the regulations only require you not to use it as a means of payment then you will still benefit from trading. KYC is just the government's excuse to prevent illegal acts in trade such as money laundering. This is their way of controlling government officials from committing illegal acts. You are not a target, but it will benefit them if the tax is applied.

[Sanugarid]

Honestly they shouldn't be part of it, they only want to have a domain and authority over it and so far they don't have any way to overcome cryptocurrencies, they don't protect the people in it so what's their deal getting into it, taxation? And then what, spend it on military or corruption and briberies, no way in hell I would want the government in crypto in any form no matter how tempting it is because I know that they can flip their words and make things in their favor.

[zeuner]

the primary role of government is to provide a regulatory framework in an economy, Government sole responsibility is to provide a guideline on how thing are to be done within their jurisdictions.

this is not different with cryptocurrency although cryptocurrency is created with high anonymous the truth remains that cryptocurrency co-exist with other factors in the economy such as the bank and the traditional currencies, for crypto to become a full flesh currency it need to under go government regulation because that is the only way cryptocurrency will be considered a legal currency.

questions:

will government regulations on cryptocurrencies undermined crypto decentralized nature?

How many governments would be willing to go without monetary policy?

[Charot12345]

the primary role of government is to provide a regulatory framework in an economy, Government sole responsibility is to provide a guideline on how thing are to be done within their jurisdictions.

this is not different with cryptocurrency although cryptocurrency is created with high anonymous the truth remains that cryptocurrency co-exist with other factors in the economy such as the bank and the traditional currencies, for crypto to become a full flesh currency it need to under go government regulation because that is the only way cryptocurrency will be considered a legal currency.

questions:

will government regulations on cryptocurrencies undermined crypto decentralized nature?

yes, because it is going against the main principle of crypto when it was made, that was to give financial freedom without the control of any other entity other than themselves. So if the government regulates it and have control over crypto, "freedom" can have limitations.

[Wong Gendheng]

If the regulation that was placed is really strict and only favors the side of the government then probably you can say that it undermines the decentralized nature of cryptocurrency. But if it's the reverse and the government and the people support it then we can see something positive happen to cryptocurrency in general.

it is true that crypto movement will be limited and also crypto decentralization will slowly break down. as a result crypto can not be useful for many people. besides that there will also be other factors that influence if the regulation is too strict. maybe there needs to be education to the government and the public so that they can support each other so that crypto can run and be useful in the future

I think the thing that can make crypto survive is a solid and strong community, if the community is solid and continues to grow it will be difficult for the government to limit crypto, instead they will accept crypto. Positive campaigns and social media influencers are very important to increase the number of users.

[globalpain]

If the regulation that was placed is really strict and only favors the side of the government then probably you can say that it undermines the decentralized nature of cryptocurrency. But if it's the reverse and the government and the people support it then we can see something positive happen to cryptocurrency in general.

it is true that crypto movement will be limited and also crypto decentralization will slowly break down. as a result crypto can not be useful for many people. besides that there will also be other factors that influence if the regulation is too strict. maybe there needs to be education to the government and the public so that they can support each other so that crypto can run and be useful in the future

I think the thing that can make crypto survive is a solid and strong community, if the community is solid and continues to grow it will be difficult for the government to limit crypto, instead they will accept crypto. Positive campaigns and social media influencers are very important to increase the number of users.

Talking about the crypto community so far I think I can say that it's solid and strong,
besides that, cryptocurrencies are also very developed and we can even see many famous people promoting or campaigning about cryptocurrencies

[btc78]

Regulations made by the government will of course damage the basic characteristics of Bitcoin Decentralization and Anonymity, their government sees that bitcoin is a big threat to their country's monetary financial system, because bitcoin can provide complete financial freedom to the people, and so the government issues regulations that can eliminate bitcoin basic character.

But what people can do? if the government banned crypto in their country then the trading and use is very limited and the increase in demand will slower.
while if the regulation comes at least we can clearly use our crypto in what we are desiring .
it is hard to accept but that is the only option we have if we wanted a full adoption happened inside our beloved market.
Government is still in control of everything , yeah they hardly control crypto but at least they can hinder and limit the usage .

[Oasisman]

Regulations made by the government will of course damage the basic characteristics of Bitcoin Decentralization and Anonymity, their government sees that bitcoin is a big threat to their country's monetary financial system, because bitcoin can provide complete financial freedom to the people, and so the government issues regulations that can eliminate bitcoin basic character.

Bitcoin regulation doesn't actually do a damage to Bitcoin, instead it will only eliminate the purposes of Bitcoin's decentralisation and anonymity.
Nobody is gonna get rid of it If the government decides to regulate the exchanges and require and full KYC. That's gonna be the most possible scenario to happen in the future. As you all notice Binance has suddenly announced a KYC mandatory for the users to continue using their platform.
Bitcoin was a threat for the traditional banking system, but I guess the government and central banks are slowly adopting to Cryptocurrency.

[Kittygalore]

For me, they're just there to collect taxes and support crypto users and take care of them, other than that, I think is an excess of their role in crypto. Plus, government has a lot of problems to deal with and I don't think being in crypto all the time is the best role for them.

[nelliella]

the role of goverment in crypto = 0 absolute zero !! this is all about p2p , this is all about freedom ! This is our currencies .

[Suharti12]

Cryptocurrency is actually something that cannot be regulated by anyone, and we ourselves will manage it.  However, if a country legalizes Cryptocurrencies as a means of payment, of course there will be many regulations against Crypto that will be published. 
But if that's the case, I think the rules given by the government will not damage the decentralized nature of Cryptocurrencies. Instead, it will increase its popularity, and the effect is that people will be more confident in Cryptocurrencies.

[geegaw]

the primary role of government is to provide a regulatory framework in an economy, Government sole responsibility is to provide a guideline on how thing are to be done within their jurisdictions.

this is not different with cryptocurrency although cryptocurrency is created with high anonymous the truth remains that cryptocurrency co-exist with other factors in the economy such as the bank and the traditional currencies, for crypto to become a full flesh currency it need to under go government regulation because that is the only way cryptocurrency will be considered a legal currency.

questions:

will government regulations on cryptocurrencies undermined crypto decentralized nature?

If government regulations are too excessive to reduce user convenience, I think this is very influential. Moreover, to make bitcoin like gold .. we can no longer look for profits that suit us. And this is very difficult. It has damaged the nature of bitcoin itself.

Some of the smallest regulations of the moment have also greatly reduced user convenience and sometimes users lose support coming from an application when their country is not on the licensed list, and remember that the government is just touching the very rudimentary stuff like taxes and some of the big exchanges and identity regulations. This fishing net is just unfolded and not yet drawn in, we already feel the danger, if the role of government takes precedence over, maybe the crowd of the market will be desperate for their earning limit

[molsewid]

Cryptocurrency is actually something that cannot be regulated by anyone, and we ourselves will manage it.  However, if a country legalizes Cryptocurrencies as a means of payment, of course there will be many regulations against Crypto that will be published. 
But if that's the case, I think the rules given by the government will not damage the decentralized nature of Cryptocurrencies. Instead, it will increase its popularity, and the effect is that people will be more confident in Cryptocurrencies.

This kind of issue was very relevant here in my country which now every crypto traders and investors were haunted by the government for a taxation aspect. Though personally I know that our government has nothing to do with decentralise finances but we do worry in terms of the transaction of our asset because we still need to went through bank transactions because crypto was not yet a legal tender here in our country. I know that the role of government is to regulate a centralise finances and impose taxes.

[BITCOIN4X]

the role of goverment in crypto = 0 absolute zero !!

In fact, the harder the government makes regulations about bitcoin or crypto, the more popular bitcoin or crypto is in the eyes of the public. Do you believe the government has no role whatsoever in increasing public interest and knowledge about bitcoin or crypto?

So far my country's government has a role in crypto serving as a regulator. They banned the use of crypto including bitcoin as legal tender, but the government legalized the trade. I'm sure there are many other countries' governments that have the same thing as me in crypto.

[CapGelatik]

the role of goverment in crypto = 0 absolute zero !!

In fact, the harder the government makes regulations about bitcoin or crypto, the more popular bitcoin or crypto is in the eyes of the public. Do you believe the government has no role whatsoever in increasing public interest and knowledge about bitcoin or crypto?

So far my country's government has a role in crypto serving as a regulator. They banned the use of crypto including bitcoin as legal tender, but the government legalized the trade. I'm sure there are many other countries' governments that have the same thing as me in crypto.

Indeed, so far many countries have not legalized cryptocurrencies as legal tender,
the government in every country must have a reason why it has not been legalized but as you said trading or investing in cryptocurrencies is not prohibited

[blckhawk]

the role of goverment in crypto = 0 absolute zero !! this is all about p2p , this is all about freedom ! This is our currencies .

Well, even if you're right, the government will have to force in themselves into the community because they also want a piece of the crypto pie meaning that even if we don't want them, we're still going to see them here no matter what but we are the people and we have power over them, we just have to unite which is the hard part.

[Davidvictorson]

the primary role of government is to provide a regulatory framework in an economy, Government sole responsibility is to provide a guideline on how thing are to be done within their jurisdictions.

Government's regulation of bitcoin won't its potentials. There are actually perks to it. An instance, is that  merchants worldwide will confidently start to accept payment in crypto because of backing from the government. In addition, government’s regulation will place a lid on the illicit activities by people of the underworld. This article explains it better.

https://www.oobit.com/blog/how-regulations-could-empower-the-crypto-industry/

[oHnK]

the role of goverment in crypto = 0 absolute zero !! this is all about p2p , this is all about freedom ! This is our currencies .

You're right, the government have no control over the crypto currencies and therefore they will never want people to adopt crypto or crypto becoming the main stream currency. Even the banks do not want people to cash out fiat and convert it in bitcoins, this will being an end to the banking sector.

The government is on behalf of the people and wants to protect the people from the bubble opportunity in the crypto market as if it was just a hoax.  The essence of their intervention is only to control the economy which could be threatened because of the system owned by Crypto.  As a result, they legalized several exchangers such as in my country, namely Indodax, Tokocypto only to control user data or the kyc of the application.  Apart from the material benefits obtained by the government from these permits.  If you don't cooperate with the existing provisions, it will be considered as illegal as binance.