Will governments prohibit developers from creating a new coin?

[perfect999]

As crypto/Blockchain tech becomes more popular, mainstream banks and governments will be forced to take action against this emerging industry to stop its growth worldwide. They don't want to people to use crypto on top of Fiat, so we'll be seeing new tactics from said entities in order to destroy crypto for good. One of those tactics could be either banning people from trading crypto at a centralized exchange or simply prosecuting developers of a cryptocurrency project. I believe the latter option is much easier and effective for governments to put an end to crypto for good. Before devs will be able to launch a new cryptocurrency, they're going to need governments' approval. Otherwise, they could face serious consequences in the long run.

I can’t really say for sure, but I think that it is going to be more easy for them to ban exchanges than having to stop developers because there are lots of projects these days that their developers are not known, it can just be something that’s open and built on platforms like Github and things like that. And then I don’t think that the government is going to stop people from developing their own cryptocurrency in countries where the cryptocurrency market has already gone far.

There are big companies these days that now owns a cryptocurrency, and they wouldn’t like the government to ban it. Most of these companies works closely with the government, so it’s not likely to happen.

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[vabchgent]

I also dont think that this can even be possible. What could even be a reason to prohobit development. Every new coin is a new project. Every new project means new money as taxes (as we are supposing govenment can prohibit, meaning they adopt cryptocurrency). Instead of prohibiting, they must support. But in situation if cryptocurrency is not adopted, why would govenmenr tell new projects what they can do or they can not do. At home at my own pc I can do what ever I want as long as it is legal. Developing software is legal so far.

No one will restrict anyone from innovating and creating novel products but you need to understand that all of the projects that are in the market are raising money without any permission what so ever and we have seen thousands of projects that raised money and majority ran away with the money they raised and you think the government will standby and allow that to happen  .
There will be regulations for raising money and any developer planning to raise money should follow them.

Yes and the community failed to come up with solutions to the problems arising with ICOs. That's the bitter truth. I thought we should built a reliable type of a custody system where the money has to be credited first and then there need to be reports by the team on their progress or whatever. At least some kind of system that ensures that these blatant scams like taking the money and running off can't happen. It turned out we can't do that so the governments must step in. There is no way around that. Newbies will keep falling for that shit.

[makishart]

Crypto users are anonymous.  So many people in countries where cryptocurrency is banned are also involved in cryptocurrency. I don't think the government should ban cryptocurrency. Instead, it should seek to assert the rights of crypto users by regulating it.

Not so anonymous as you said but when you are wanna try to issuing the new token and then it will be anonymous as you will be dealing with the protocol. From the thread if it's clearly said that if creator of this thread was imagining when the government was putting restriction to the token issuance.
That means if the gov was not yet banning the cryptocurrency

[bct-user]

It is possible, but many countries already legalize crypto. If in a country the government prohibits the developers, then they can move to another country that is crypto legal there. For example like Binance ever did, they move from China to another country that accepts crypto projects/companies. So, there is still a chance for the developers to create new crypto coins. We don't need to worry so much.

[tabas]

It is possible, but many countries already legalize crypto. If in a country the government prohibits the developers, then they can move to another country that is crypto legal there. For example like Binance ever did, they move from China to another country that accepts crypto projects/companies. So, there is still a chance for the developers to create new crypto coins. We don't need to worry so much.

It is possible, but in the other sense this is to maintain those new projects that don't have any other thing to do but to scam people. But if it's a legit company that they've stopped.
That's what they're going to do and fly around to nearby country where they're allowed to make it. But I think that's too much for them if they're just a new coin and starting out.

[vabchgent]

It is possible, but many countries already legalize crypto. If in a country the government prohibits the developers, then they can move to another country that is crypto legal there. For example like Binance ever did, they move from China to another country that accepts crypto projects/companies. So, there is still a chance for the developers to create new crypto coins. We don't need to worry so much.

It is possible, but in the other sense this is to maintain those new projects that don't have any other thing to do but to scam people. But if it's a legit company that they've stopped.
That's what they're going to do and fly around to nearby country where they're allowed to make it. But I think that's too much for them if they're just a new coin and starting out.

Legal harmonization will be a big problem not for us, but for regulators. They can't really prohibit anyone from writing the code, but only from publishing it, but what would happen then if exactly as you say go to a country where it is allowed and publish it there? Even if you return, on what legal grounds are they going to sue you? It's is going to be almost impossible for them to forbid writing code.

[int03h]

Cryptocurrency is also just a kind of software, it's a solution to anything. How can the government stop cryptocurrencies because cryptocurrencies are built on blockchain technology. Many blockchain projects are anonymous so it will be difficult to prevent a new project from being created. A project that wants to develop for a long time needs to be legal and receive the recognition of the community. In the crypto space, the government has less power compared to other markets.

[vabchgent]

They can't really prohibit anyone from writing the code, but only from publishing it, but what would happen then if exactly as you say go to a country where it is allowed and publish it there? Even if you return, on what legal grounds are they going to sue you? It's is going to be almost impossible for them to forbid writing code.

Of course, the government cannot stop developers to write the code, no way to stop it. But since they prohibit publish it, it is very annoying for developers, they must move to another country. Actually, the government must understand that prohibition isn't the right solution, should consider other proper ways. Why don't think about making some regulations but not stop it, right? The regulation should be friendly with the developers and fulfill what the government wants.

Maybe they don't even have to move to another country. What if they set up a company with a partner in a country where it is allowed to publish the code or make a deal beforehand with someone who publishes the code in their own name in a country that does not prohibit people from publishing the code? I think there are a lot of ways around it if that turns out to be a problem. I don't see a realistic way for government to crack down on people who write code and hand it over to someone who is allowed to publish. There is a similar problem with ghostwriting. If a ghostwriter writes a thesis and argues that he didn't know it was for academic purposes or abuse, there is nothing you can do against the ghostwriter unless the court can prove otherwise, and they can't if there isn't somewhere a written note that states exactly what the court needs.

[odukoyaewatomi27]

Government cannot prohibit developers from creating cryptocurrencies because cryptos in its true nature is decentralized and can operate without any government interference. What the government have the power to ban or prevent is the exchange of crypto profits for fiat currency. Creating cryptocurrencies is basically coding

[tanjiran]

Government cannot prohibit developers from creating cryptocurrencies because cryptos in its true nature is decentralized and can operate without any government interference. What the government have the power to ban or prevent is the exchange of crypto profits for fiat currency. Creating cryptocurrencies is basically coding

in fact, the government could easily ban it, by not issuing a business license as an official company. if it is not recognized by the state, it means that the project can be illegal and not recognized. the solution is to work with other parties from abroad who can legally issue business licenses. there's always a way, so don't be too bothered.
moreover crypto is increasingly popular and well received by the community. we just need to educate as best we can from what we can reach so as not to be easily trapped by scammers.

[Traderbtcc]

The smartcontract was running inside the blockchina that has been creating by the connection between lots of nodes that already spread around the world.
How is it possible for the government to prohibit the developers from the creation of new coins? im thinking if the listing could become a way for the government to prevent the new token to enter in the market.
i think that government has nothing to do with the activity of developers issue new coins.

It's called a smart contract for a reason, the government simply can't stop either the blockchain or smart contract from running and thats a fact, the only part which I feel and hope that it can be stopped is these madness of creating new coins everyday, before the Ethereum smart contract was developed, you would need to be able to code a full blockchain before you can create a coin, but just after eth made it easy for weak devs to exploit thats when we started seeing new coins been created everyday,although the government can't stop this from happening since they have no power over the blockchain.

[efxtrader]

As crypto/Blockchain tech becomes more popular, mainstream banks and governments will be forced to take action against this emerging industry to stop its growth worldwide. They don't want to people to use crypto on top of Fiat, so we'll be seeing new tactics from said entities in order to destroy crypto for good. One of those tactics could be either banning people from trading crypto at a centralized exchange or simply prosecuting developers of a cryptocurrency project. I believe the latter option is much easier and effective for governments to put an end to crypto for good. Before devs will be able to launch a new cryptocurrency, they're going to need governments' approval. Otherwise, they could face serious consequences in the long run.

Thoughts?

Crypto is a technology that is constantly evolving and I don't think any Government will be able to stem it unless it just regulates it. Blockchain can streamline costs and also increase data security so that the Government should adopt it for public services, besides that many business sectors will engage in crypto for their business interests.

[Abiky]

I highly doubt that developers would care. Everyone talks about how governments may or may not do this but I do not think that any developer would actually care. I know many people who made their own tokens in the past year, and none of them notified their government about it, so how could government ban something they do not know about? Hell nobody even knows who they really are, only their nickname.

Could that be really fought and eventually government could figure out who they really are and punish them accordingly if it was banned? Yes they can, they have that "power" but do you really think that any government would go that far? I think developers will continue to make their own tokens without interruption, at worse do it like casinos where you open a token in curacao or whatever and that will still be quite easy to overcome any illegal situation.

Good point. Developers could simply cover their tracks in order to prevent being prosecuted by the government. If Satoshi managed to create Bitcoin "under the radar", what makes you think developers from other projects won't do the same? I think governments will eventually give up in their efforts to undermine crypto/Blockchain tech. They will be forced to join the game or be left behind in the dust. The fact that they've announced CBDCs of their own, tells us that crypto has already "won the battle". We'll live in a future where both crypto and Fiat will live alongside each other for many generations. There will be a clash between the decentralized and centralized world. People will ultimately decide which type of currency to use from the other depending on their daily needs. I hope mainstream governments and the crypto ecosystem work together in order to make our world a better place. Just my opinion

[BayAngelo]

The rate at which new projects are chuming out on a daily makes it difficult for new users to pick quality projects from fake one. it is difficult for one to separate quality tokens from fake ones. it appears that we might get to a point where crypto will be regulated to reduce the high surge of new worthless projects. from NFTs to Gaming platforms. some has no serious values.

[TheGreatPython]

There will be a clash between the decentralized and centralized world. People will ultimately decide which type of currency to use from the other depending on their daily needs.

If there will be such a clash then obviously decentralized things will find better success rate compared to regulated and government intervening ones. So, developers will obviously go with decentralization which means there would be big chances for new coins being created in decentralized manner regardless of whatever government prohibition if happens.

The rate at which new projects are chuming out on a daily makes it difficult for new users to pick quality projects from fake one. it is difficult for one to separate quality tokens from fake ones.

Then the simple solution here is, just picking up only reputed coins and tokens. Never bother something new or unproven. Go with what most people have already invested. When we start ignoring new things then we can see scammy devs will stop their attempts.

[xiboothrezi]

The rate at which new projects are chuming out on a daily makes it difficult for new users to pick quality projects from fake one. it is difficult for one to separate quality tokens from fake ones. it appears that we might get to a point where crypto will be regulated to reduce the high surge of new worthless projects. from NFTs to Gaming platforms. some has no serious values.

actually the method is simple, choose a project that has been running for a long time and is proven to have good development, strong fundamentals, one of the characteristics of which is being in the top rankings in cryptocurrency. if you don't have enough experience in analyzing projects then stay away from new projects, unless you really believe in the existence of strong partner support.
the government seems to only be able to prohibit it in terms of business licensing, it can't completely prohibit new projects, because this too can be done secretly or done in other countries with softer crypto-related rules.

[wxa7115]

As crypto/Blockchain tech becomes more popular, mainstream banks and governments will be forced to take action against this emerging industry to stop its growth worldwide. They don't want to people to use crypto on top of Fiat, so we'll be seeing new tactics from said entities in order to destroy crypto for good. One of those tactics could be either banning people from trading crypto at a centralized exchange or simply prosecuting developers of a cryptocurrency project. I believe the latter option is much easier and effective for governments to put an end to crypto for good. Before devs will be able to launch a new cryptocurrency, they're going to need governments' approval. Otherwise, they could face serious consequences in the long run.

Thoughts?

They can forbid it if they want, the problem is how are they going to enforce this? I mean more than a decade has passed since satoshi released the first cryptocurrency and to this date there is no reliable information that says that they had been able to track him down since he took all the precautions that he could so he could remain anonymous.

What is stopping developers in the future to do exactly the same and do the best that they can to protect their identities and release their coins anyway? To me regulation seems like the best path for the governments, otherwise they are going to make a fool of themselves.

You are absolutely right, and I align my thought with yours, it will be absolutely foolish for the government to try to stop developers from making new coins, as this isnt going to work in what ever way we choose to look at it, Satoshi and bitcoin is a very good point to reference on.
CryptoCurrency are completely decentralized in nature, which means one does not require permission from anybody to perform or use it, I and everyone else in any part of this would can create/develop a crypto coin from the comfort of the bedroom without anyone knowing who developed it if the developer decides to stay anonymous like in the case of Satoshi(is Satoshi even he's real name? Of course not).
So conclusion is that government have no power to stop cryptocurrency development, but like others have said here before, they can regulate its usage if they want.

And even the regulation they can enforce to this market is very low, after all they can regulate centralized exchanges to try to see how much money you are moving and to see how much profits you are actually getting but what are they going to do once decentralized exchanges become incredibly popular and you can trade with other people without being forced to go through KYC policies?
 
The only thing we need is for another visionary to create a great DEX and then disappear and the financial control they were hoping to achieve will be a thing of the past and the regulations they wanted to pass to regulate this market will be left with nothing to regulate.

[TheUltraElite]

Governments can block development by hindering cryptocurrency trading, but will never penalize developers for creating a new coin or token.

Logically speaking, if there is no market to invest into a project there will not development of that project. So this combo is less likely to happen. If you ask me, I know that the governments are fond of startups and they are willing to promote development of new projects and if the governments are willing to regulate trading then it is all for the good, unlike what some people might say.

Regulation is inevitable, it may be difficult but will happen instead of outright banning which again logically is not possible.

We have already seen governments supporting blockchain technology and using it for the services provided by many companies including banks.

The rate at which new projects are chuming out on a daily makes it difficult for new users to pick quality projects from fake one. it is difficult for one to separate quality tokens from fake ones. it appears that we might get to a point where crypto will be regulated to reduce the high surge of new worthless projects. from NFTs to Gaming platforms. some has no serious values.

Which I agree and which is also why regulation is necessary. Partially the users are also to blame because they feed such things to happen more. But yes a government backed regulation will go a long way too.

[Bitcoin Seller]

Today it is also seen that devs are anonymous, so they don’t necessarily say who they are. Nevertheless, it decreases trust from users.
On the other hand, there are countries where laws are very unstrict, so developers can work from there.
You noticed correctly that authorities were not very happy with crypto, that is why they are trying to replace it with digital state currencies, but it is completely another story.

[FinneysTrueVision]

It is not illegal to write code. Even people who created malware don't go to jail. It is fine to create a new coin but they can stop you from doing an ICO or they could later charge you with offering unregistered securities. New coins are often launched by anonymous teams and once a coin is out there in the wild it is hard to stop it. So far we have seen very little action against cyptocurrency projects even when it is clear they are illegal in certain countries. They might take down a low level scammer every now and then and that's about it.