The Role of Government in Crypto

[Hypnosis00]

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.

That is really meant to be and this gonna happen when we let the government take control of everything like in crypto spaces. Isn't the country or the people benefiting from this but just themselves only.

It neither asks for their help as they are not willing to help us if they never get what they want. In fact, we haven't had any support from them since the start but the market stills growing stronger. It was not their support that could help the market become reliable because we are already in that position long time ago and that is why we come into this.

[livingfree]

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

Before it was like that.

But right now, there's a big role that the government will have in the fruition and growth of crypto. As much as we don't want them to intervene, they will be part of the growth of the community.

With their regulations, they'll make everyone who is not yet into crypto have confidence from it. We don't want regulations as it's not really needed for crypto to thrive but the intervention of the governments is inevitable.

[MCobian]

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

Before it was like that.

But right now, there's a big role that the government will have in the fruition and growth of crypto. As much as we don't want them to intervene, they will be part of the growth of the community.

With their regulations, they'll make everyone who is not yet into crypto have confidence from it. We don't want regulations as it's not really needed for crypto to thrive but the intervention of the governments is inevitable.

I also think the role of government is very big for the successful growth of crypto, for example maybe what happened in El Salvador. The government of
El Salvador has legalized Bitcoin and has even taken steps to speed up the adoption process. If many countries can follow what El Salvador has done,
I believe the growth of crypto will be much faster than it is today. So after all, government support is needed, in order to make the adoption process
go faster.

[oHnK]

It was not their support that could help the market become reliable because we are already in that position long time ago and that is why we come into this.

But it does not ignore the fact that even though the government does not support Crypto in real terms, the conversion of Crypto to Fiat still has to go through the role and permission from the government. Because Chinese society is currently having trouble investing in Crypto because the government closes the Bank's bank account which is caught using and transacting Crypto.

[RealMalatesta]

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.

Of course, the main factor is the number of users, if users continue to increase then our government will automatically make crypto rules, as long as the number of users is still small, of course the government will not care or get banned crypto. it is a long way to make change and patience is needed.

I also believe that we should not forget about scammers. Just because we do not want governments to meddle inside of crypto, doesn't mean we should not want laws regarding it neither. I do not mean like "you can't use it" type of laws, that's bad, but if someone scams me, I want to be able to go to police, file a report, and then get that person jailed as well.

If you make crypto like wild west where there is absolutely no law, then you are going to end up with a lot of scammers who are stealing from each other (like right now) where nobody does anything about it so they will grow bigger and bigger. KYC is a great example for that, thanks to KYC most exists out of crypto world is covered, which means if you scam people, and you are known as a scammer, moving that money from crypto to fiat into your bank account will be incredibly hard, hence why laws are required for that type of thing.

[doomloop]

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.

I would say that it is really not that easy to make sure that you end up with making as much profit as you hope in crypto by considering what the governments of the world will do. If you are a miner, you mine bitcoins and you keep doing that as long as you can, until the very last day that you are allowed (or profitable) because that is what you do, it is what you make money from and you should continue to do that for a long time.

If you believe that china will ban it (already did) then no Chinese miner would have made that money, they would all be going around thinking it will be somehow banned and then they would have not made that much profit until it was banned. Were there some that lost money because they just invested and it got banned right after? Sure there could have been, but there were also huge companies that made billions from this as well.

[livingfree]

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

Before it was like that.

But right now, there's a big role that the government will have in the fruition and growth of crypto. As much as we don't want them to intervene, they will be part of the growth of the community.

With their regulations, they'll make everyone who is not yet into crypto have confidence from it. We don't want regulations as it's not really needed for crypto to thrive but the intervention of the governments is inevitable.

I also think the role of government is very big for the successful growth of crypto, for example maybe what happened in El Salvador. The government of
El Salvador has legalized Bitcoin and has even taken steps to speed up the adoption process. If many countries can follow what El Salvador has done,
I believe the growth of crypto will be much faster than it is today. So after all, government support is needed, in order to make the adoption process
go faster.

Government approval gives trust to the people.

So those people that don't trust bitcoin and other cryptocurrencies, they will have the trust because it is the government that is backing it up.

And that will help the adoption of cryptocurrencies and will make everyone benefit from it if we're holding the top cryptos in the market.

[Viscore]

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

Before it was like that.

But right now, there's a big role that the government will have in the fruition and growth of crypto. As much as we don't want them to intervene, they will be part of the growth of the community.

With their regulations, they'll make everyone who is not yet into crypto have confidence from it. We don't want regulations as it's not really needed for crypto to thrive but the intervention of the governments is inevitable.

I also think the role of government is very big for the successful growth of crypto, for example maybe what happened in El Salvador. The government of
El Salvador has legalized Bitcoin and has even taken steps to speed up the adoption process. If many countries can follow what El Salvador has done,
I believe the growth of crypto will be much faster than it is today. So after all, government support is needed, in order to make the adoption process
go faster.

Government approval gives trust to the people.

So those people that don't trust bitcoin and other cryptocurrencies, they will have the trust because it is the government that is backing it up.

And that will help the adoption of cryptocurrencies and will make everyone benefit from it if we're holding the top cryptos in the market.

Exactly. Everything lies from the government. Crypto will be in faster adoption if the government will cooperate but unfortunately, their minds are still closed to crypto or bitcoin in particular. I have this in mind that maybe once bitcoin will still create huge demand from people despite of their opposition, they might create their own crypto that will be in full control with them.

The thing that makes a barrier for bitcoin is definitely of its being centralized. I don't think the government will trust a currency that is out of their control and if they do, banks and other institutional finances might be put to its end. So as far the government won't start to support crypto, then definitely it will not be regulated and of course will never be adopted legally.

[CaptainCrapper]

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 needs to undergo government regulation because that is the only way cryptocurrency will be considered a legal currency.

questions:

will government regulations on cryptocurrencies undermine crypto decentralized nature?

All of the middle country trying to establish BTC facilities and most of the users trying to utilise Digital facilities. just This moment only government can establish it very easy for that reason government role is very important in every country.

[Fortify]

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?

I would also add that the role of the government is to try and retain a stable society - ideally aiding it with laws that give it the best prospects for growth balanced with societal issues like environmental protection. Cryptocurrency has taken the world by storm and somewhat blindsided many governments who are slow to adapt to revolutionary new technology at the best of times. They have to be able to track money flows around their economy, at the very least to monitor large scale criminal activity. The average person should not be afraid of such regulation either, because if the smallest "investor" is paying fairly then the largest players should be made to play by equal (if not more punitive) rules. That way any money raised can (or should) be used to fund useful projects for the benefit of everyone - emergency services, roads, free libraries and museums, and all sorts.

[paxmao]

The role of government in crypto should probably be no different from its usual role as regulator, however the devil is in the detail: how is crypto going to be regulated without hindering innovation, what is going to be considered crypto, how is that control going to be implemented and perhaps we could even go as far as saying what is going to be legal and what is not. Obviously, governments need to act on this promptly for fiscal reasons and to avoid the already thriving scandals.

[livingfree]

Government approval gives trust to the people.

So those people that don't trust bitcoin and other cryptocurrencies, they will have the trust because it is the government that is backing it up.

And that will help the adoption of cryptocurrencies and will make everyone benefit from it if we're holding the top cryptos in the market.

Exactly. Everything lies from the government. Crypto will be in faster adoption if the government will cooperate but unfortunately, their minds are still closed to crypto or bitcoin in particular. I have this in mind that maybe once bitcoin will still create huge demand from people despite of their opposition, they might create their own crypto that will be in full control with them.

The thing that makes a barrier for bitcoin is definitely of its being centralized. I don't think the government will trust a currency that is out of their control and if they do, banks and other institutional finances might be put to its end. So as far the government won't start to support crypto, then definitely it will not be regulated and of course will never be adopted legally.

This is the reality that we need to accept, despite crypto is decentralized, the majority of it. The government is going to take their part for the massive adoption.

Not all of the governments are closed minded, there are many of them that have been looking at it and considers adopting it.

[Qikiye]

The government of a country can play a significant role in cryptocurrency. Cryptocurrency can drastically change the economic condition of a country. Cryptocurrency is widely used in the country if the government so desires Can be used for the development of the development of the country.

[Shasha80]

Government approval gives trust to the people.

So those people that don't trust bitcoin and other cryptocurrencies, they will have the trust because it is the government that is backing it up.

And that will help the adoption of cryptocurrencies and will make everyone benefit from it if we're holding the top cryptos in the market.

Exactly. Everything lies from the government. Crypto will be in faster adoption if the government will cooperate but unfortunately, their minds are still closed to crypto or bitcoin in particular. I have this in mind that maybe once bitcoin will still create huge demand from people despite of their opposition, they might create their own crypto that will be in full control with them.

The thing that makes a barrier for bitcoin is definitely of its being centralized. I don't think the government will trust a currency that is out of their control and if they do, banks and other institutional finances might be put to its end. So as far the government won't start to support crypto, then definitely it will not be regulated and of course will never be adopted legally.

This is the reality that we need to accept, despite crypto is decentralized, the majority of it. The government is going to take their part for the massive adoption.

Not all of the governments are closed minded, there are many of them that have been looking at it and considers adopting it.

El Salvador is one of the countries whose government is very supportive of crypto, even the government of El Salvador is undertaking a program
that makes the crypto adoption process faster. This means that the government's role is very large for massive adoption to occur, I believe with
the current achievements of Bitcoin, could awaken some countries to accept cryptocurrencies. I agree with you, there are still many countries
whose governments are open-minded, who will consider adopting crypto in the near future. We just have to wait patiently for this to happen.
but so far some countries whose governments are starting to accept crypto. Although it is only a digital asset and does not allow it to be used
for payments, but it's a good start.

[Maslate]

El Salvador is one of the countries whose government is very supportive of crypto, even the government of El Salvador is undertaking a program
that makes the crypto adoption process faster. This means that the government's role is very large for massive adoption to occur, I believe with
the current achievements of Bitcoin, could awaken some countries to accept cryptocurrencies. I agree with you, there are still many countries
whose governments are open-minded, who will consider adopting crypto in the near future. We just have to wait patiently for this to happen.
but so far some countries whose governments are starting to accept crypto. Although it is only a digital asset and does not allow it to be used
for payments, but it's a good start.

If all the countries treated crypto the same just like how El Salvador does, it surely helps people to gain interest in crypto but too sad to think that many have been harsh and even ban crypto. This couldn't really help to promote adoption but this will only lead to some worries. Well, it has to believe that some leaders have a different vision towards crypto, most of them this was the reason for their economic failure due to having no control over it. Maybe they are right as we never pay tax with them but to think how it becomes useful to the community at this time, they should have to support this instead. 

[STT]

I think government is only regulating the centralized parts of crypto and parts where its exchanged to FIAT.    There is no title deed or recourse for a crypto deposit unless its already held by a company with fixed legally registered offices, so that would not be on the blockchain at that time.   Its a proxy for the crypto but when held in that way its no longer really part of crypto so government regulation is to be expected at that point.  

 The same thing already happens in normal finance, you can get legal IOU for various commodities.  A ticket for ownership of oil but in fact there is no oil, nothing stored and nothing delivered just price tracking and if the company who created the IOU goes broke so does the worth of that IOU.  I presume off chain deposits can easily end up this way, the law protecting people when its more like a debt or IOU is not something I exactly rely on.
  I have traded BTC at a company where it had bank deposit insurance (I was ranked as consumer vs the above example is at risk investor unprotected), so I'd get back the cash value for the loss at time of failure.  This was central government protecting my crypto but really there was no BTC just price IOU on a spreadsheet somewhere.    Later the central bank decided only a millionaire was allowed to trade BTC, I was excluded hence I was regulated out of crypto trading in that point of access anyhow.

[kendedese]

The government of a country can play a significant role in cryptocurrency. Cryptocurrency can drastically change the economic condition of a country. Cryptocurrency is widely used in the country if the government so desires Can be used for the development of the development of the country.

may not be that simple, the economy of a country involves many things. even if cryptocurrency in the country is legalized it will not have a significant effect on the country's economy. but of course it's not that easy for a country to legalize crypto, there will be processes and stages that are very complicated and of course take a long time.

[livingfree]

Government approval gives trust to the people.

So those people that don't trust bitcoin and other cryptocurrencies, they will have the trust because it is the government that is backing it up.

And that will help the adoption of cryptocurrencies and will make everyone benefit from it if we're holding the top cryptos in the market.

Exactly. Everything lies from the government. Crypto will be in faster adoption if the government will cooperate but unfortunately, their minds are still closed to crypto or bitcoin in particular. I have this in mind that maybe once bitcoin will still create huge demand from people despite of their opposition, they might create their own crypto that will be in full control with them.

The thing that makes a barrier for bitcoin is definitely of its being centralized. I don't think the government will trust a currency that is out of their control and if they do, banks and other institutional finances might be put to its end. So as far the government won't start to support crypto, then definitely it will not be regulated and of course will never be adopted legally.

This is the reality that we need to accept, despite crypto is decentralized, the majority of it. The government is going to take their part for the massive adoption.

Not all of the governments are closed minded, there are many of them that have been looking at it and considers adopting it.

El Salvador is one of the countries whose government is very supportive of crypto, even the government of El Salvador is undertaking a program
that makes the crypto adoption process faster. This means that the government's role is very large for massive adoption to occur, I believe with
the current achievements of Bitcoin, could awaken some countries to accept cryptocurrencies. I agree with you, there are still many countries
whose governments are open-minded, who will consider adopting crypto in the near future. We just have to wait patiently for this to happen.
but so far some countries whose governments are starting to accept crypto. Although it is only a digital asset and does not allow it to be used
for payments, but it's a good start.

Yes.

That's the first country to adopt bitcoin as a legal tender. It cannot be denied that they play a big role for the massive adoption.

They're giving that support to the adoption if they allow so and give their people a go signal to adopt it.

[LUCKMCFLY]

It was not their support that could help the market become reliable because we are already in that position long time ago and that is why we come into this.

But it does not ignore the fact that even though the government does not support Crypto in real terms, the conversion of Crypto to Fiat still has to go through the role and permission from the government. Because Chinese society is currently having trouble investing in Crypto because the government closes the Bank's bank account which is caught using and transacting Crypto.

The only option that the citizens of China have to operate with crypto is acquiring their own stablecoin, and it is normal, for a long time the Chinese have been working on the psyche of their citizens, since they have put the Bitcoin technology first with FUD , then with FOMO to later be able to enter with its stablecoin, which in fact managed with all its power to minimize the launch of the Facebook stablecoin, which they said that Facebook's Libra was the exact copy of their stablecoin, but due to the pandemic China managed to get the most out of it, therefore it became a great monster of the economy, worldwide the best economy for now is CHINA, all its economic problems disappeared, all this is due to that dominance that it still has over its citizens, that is why they do not want to lose that control.

[Shasha80]

El Salvador is one of the countries whose government is very supportive of crypto, even the government of El Salvador is undertaking a program
that makes the crypto adoption process faster. This means that the government's role is very large for massive adoption to occur, I believe with
the current achievements of Bitcoin, could awaken some countries to accept cryptocurrencies. I agree with you, there are still many countries
whose governments are open-minded, who will consider adopting crypto in the near future. We just have to wait patiently for this to happen.
but so far some countries whose governments are starting to accept crypto. Although it is only a digital asset and does not allow it to be used
for payments, but it's a good start.

If all the countries treated crypto the same just like how El Salvador does, it surely helps people to gain interest in crypto but too sad to think that many have been harsh and even ban crypto. This couldn't really help to promote adoption but this will only lead to some worries. Well, it has to believe that some leaders have a different vision towards crypto, most of them this was the reason for their economic failure due to having no control over it. Maybe they are right as we never pay tax with them but to think how it becomes useful to the community at this time, they should have to support this instead. 

We all hope that as a crypto community, all countries can support crypto like what El Salvador has done so far. But the reality is quite sad, because
there are still countries that prohibit the use of crypto. Actually I can understand why there are still countries that reject crypto, but countries that
reject this should also see the benefits that can be obtained from adopting crypto. Don't just focus on seeing the negative side of crypto, as long as
more benefits can be obtained, why not try to accept it first. Hopefully countries that have not accepted crypto can open their minds soon, that crypto
can help the residents of their countries.