Will governments prohibit developers from creating a new coin?

[the ghabbar]

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?

Yes, it is true, but if we look at the early emergence of crypto/blockchain also experiencing the same thing from the rules issued by the government, but over time this can be passed very well by Crypto/Blockchain, indeed this reason can provide problems for survival crypto world, but I think this will pass by itself.

Actually, what the current government should think is to balance crypto with fiat currency, to walk together in each other's lives, so that no one feels disadvantaged or kills each other, isn't the development of the times, everyone or the government must really prepare.

Then what are the options offered by the government from the ban?

[vv181]

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.

We just can't stop people to write a code or make a things. If any ever project should comply with regulation wouldn't it hinder innovation?

I'm aware of how much copy-pasta project that already exists and the one that pops out every time. But regulating people how to make things is beyond my imagination, it would be devastating. That is my take, though I might be misunderstanding what'd you truly mean about regulation or how the regulation looklike.

[OrangeII]

well, nothing can stop the government if they take the decision to ban crypto. it's just, I think that they will suppress the development of this technology. however, currently the reason why they haven't accepted 100% cryptocurrency development is due to competition issues with fiat, as well as the problem of rampant scams.

personally, it would be very good if the government accepted this development, and if there is a new token development, developers need government permission. it is also an advantage for new investors so that they are a little more relaxed because when crypto development needs to receive government permission, the government also needs to bear the risk in the authenticity of the project.

besides, for now, there are already many people working under cryptocurrency technology, so when they ban cryptocurrencies, there will be a new problem, namely rampant unemployment and that will also cause losses to their country.

In my view, rather than being banned, it would be better if the government participated in developing and supporting this technology. some countries even do so, and even accept it. in my country, cryptocurrency is allowed as a place of investment, not as a medium of exchange. however, the government warns that they are not responsible for the risks that could occur, because they think that cryptocurrency is an investment with a high risk. however, such warnings are better than banning cryptocurrencies whose negative repercussions can also be felt.

[boled]

It seems that many governments see Crypto as a threat, but not with blockchain, I read a lot that blockchain provides many advantages in building a financial and administrative system. Many government departments are already using blockchain. But even though cryptocurrencies are considered to be a bit of a nuisance to the financial stability of many countries, they also realize that their use is not something they can control.

Since cryptocurrencies are something new in the government regulatory environment, I think it's only natural that there will be a lot of concern that this will give rise to many criminal loopholes, such as money laundering, terrorist financing, etc. Realizing that they do not fully control it, I think it is natural that many countries then issue regulations on the crypto market and its currency. I don't see that the government will be able to stem the growth of Bitcoin and other cryptocurrencies.

[Woodie]

It's difficult to stop people from developing such as there is no law that has stopped people from creating software(this should be were crypto falls) unless its cracked or intellectual property, in reality its impossible because we aren't sure if its for personal use or commercial use.

And besides the government might ban crypto but prohibiting the development of cryptocurrencies needs another law to be applied..
 

[goolesby]

Cryptocurrencies are not yet widespread and now only a few types are known by people, but people are currently trying to compete to get them and make crypto more famous like the dollar.
In addition to government approval and since digital money already flows through electronic circuits around the world, governments should also create a new type of central bank digital currency similar to the digital tokens that are now circulating on private networks. Later, the public can transact at the central bank through applications in digital wallets.

[Questat]

As long as the government has no controls us, non of their business to prohibit someone to create a new coin for no reason unless if it was really a need for them to force stop doing it like it starts an economic problem, a tool for scamming, or anything that could create problems. That is why we are not wanting to have the government with us because they sooner to demand control. We need their support as we can't deny that but not a thing that they will let crypto fall into their hands.

[eaLiTy]

As long as the government has no controls us, non of their business to prohibit someone to create a new coin for no reason unless if it was really a need for them to force stop doing it like it starts an economic problem, a tool for scamming, or anything that could create problems.

The government will not restrict anyone who is talented enough to come up with innovative ideas, but the problem is that here in the cryptocurrency market the developers starts to raise money even without starting the project. You cannot expect that to happen in any other space where you can just start raising money with just your plan and if you like it or not the government will regulate these.

That is why we are not wanting to have the government with us because they sooner to demand control. We need their support as we can't deny that but not a thing that they will let crypto fall into their hands.

For example BTCitcoin is the biggest invention in the world and yet Satoshi never raised a single dollar but you cannot say that for the rest of the coins or projects in the market. The government will not control innovation but they will control the wild west of raising money and the amount of failed projects even after raising millions of dollars and then not returning the fund even after failing to launch anything should not happen.

[ogundowotoby01]

The government have very little to no control over what developers can create. Cryptocurrency developers can create new coins at will withouttge knowledge, permission or consent of any government entity and unless the code being developed is a threat to a nation's security i don't see any government having any issue with cryptocurrency development. Its usage can however be limited to an extent by government entities but the cryptocurrency market have proven that its a resilient market driven by the people and it cannot be held back by any government

[Abiky]

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.

Governments' efforts against crypto/Blockchain tech will be in vain, especially when decentralized solutions are in play. The only thing they can do is regulate centralized exchanges. Prosecuting developers will only be possible if their identities are exposed to the public. But the same cannot be said about anonymous developers like Satoshi Nakamoto himself. Imagine if developers decide to anonymously launch a new project. It'll be a nightmare for governments and central banks alike.

Crypto is now a force to reckon with, making a full ban largely impossible. Decentralization is what makes crypto resist government interference. If it wasn't by that, it would've been easy to take down the whole industry. New coins will continue to emerge over time because of the decentralized and open source nature of crypto/Blockchain tech. It's something unavoidable so we should learn to live with them for a long time. Just my thoughts

[Ozero]

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.

Governments' efforts against crypto/Blockchain tech will be in vain, especially when decentralized solutions are in play. The only thing they can do is regulate centralized exchanges. Prosecuting developers will only be possible if their identities are exposed to the public. But the same cannot be said about anonymous developers like Satoshi Nakamoto himself. Imagine if developers decide to anonymously launch a new project. It'll be a nightmare for governments and central banks alike.

Crypto is now a force to reckon with, making a full ban largely impossible. Decentralization is what makes crypto resist government interference. If it wasn't by that, it would've been easy to take down the whole industry. New coins will continue to emerge over time because of the decentralized and open source nature of crypto/Blockchain tech. It's something unavoidable so we should learn to live with them for a long time. Just my thoughts

The capabilities of states and their bodies should not be underestimated. They have a lot of opportunities to influence the development, state and future of decentralized cryptocurrency. In recent years, cryptocurrency has been developing rapidly and the number of its supporters is growing. The positions of high-ranking officials in our civilized society are, as a rule, elective. They have to take into account their rating and take actions that would not allow it to fall if they want to continue to remain in power. If the cryptocurrency finds strong support in the community, such officials will not act against the wishes of the public. Apparently, this is already deterring government agencies from taking radical measures against the cryptocurrency. In addition, it cannot be said that cryptocurrency is unprofitable for officials of different ranks. After all, they are also people with the same weaknesses and also do not mind hiding part of their unreported profit in cryptocurrency.
Therefore, the cryptocurrency has a chance to gain a foothold in this society, despite their conflicting influence on society and the elite that governs it. The regulation of cryptocurrency will increase, but I don't think it will come to drastic measures.

[Galley]

If we talk about a single country, then of course you can arrange total control over the cryptocurrency. They may prohibit the use of cryptocurrency altogether, and not a single token. And on a global scale, it seems to me that it doesn't even make sense to talk about it.

[SquallLeonhart]

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.

I don’t see that to be true. They don’t see cryptocurrency the way you think they see it. Yes, there are some governments that sees cryptocurrency as a very bad thing and they always look for ways to stop people from making use of it, and they go to the extent of banning cryptocurrency mining facilities, and cryptocurrency exchanges to make it hard for those that would want to make use of cryptocurrency. And they will also close your bank account when they trace that your transaction has to do with crypto.

But that aside, there are many of them that view cryptocurrency as a big industry/business opportunity that’s yet to be explored, so they allow them to keep growing. It’s just like Coinbase has grown to be a big company in the United States to the extent debuting on Nasdaq list. So, I don’t think the government in most countries will try to stop developers.

[blue_hurricanger]

Thought I can see a few problems (scam, pyramid and ponzi scheme,..) in crypto that could be solved if the government wants to ban on creating new crypto or need some sort of regular for it. The trade doesn't not worth and will restrict how the crypto market work, stagnant it. I still think eventually we'll have some rules and such on crypto and especially new cryto.

[boled]

I don't think the government can interfere, let alone prohibit developers from making new coins, because crypto is not regulated in the laws of a country,

In some countries this is regulated, especially when it involves many people in funding, the government always has many sides to be able to find loopholes to enter, on the grounds of protecting citizens from fraud, and always will be, on behalf of the citizens.

crypto is a digital investment that is very difficult to detect and control by the state, so that people are free to be creative through the digital world.  one of them is creating a new coin in cryptocurrency.

Indeed, they are not easy to control, but very easy to detect, and they always have a way of trying to control.

[TheUltraElite]

We just can't stop people to write a code or make a things. If any ever project should comply with regulation wouldn't it hinder innovation?

No bro, you are getting it wrong. If you regulate the system the problem of money grabbing second hand scum projects will reduce. Sure the government might want some developers making projects in tune to their needs but that is better than ton of scam projects ruining the name of crypto all over the globe.

I'm aware of how much copy-pasta project that already exists and the one that pops out every time. But regulating people how to make things is beyond my imagination, it would be devastating.

It will be for the good only. You have to understand that every government wants its users to innovate and develop new things, that is how the countries are able to grow and that is how the government pitches itself in front of the world stage in order to make a name there. It is a part of the democratic politics, you will understand if you look at it from a broader perspective.

And it does not mean forcing people to do something - that is not democracy. Rather it is make sure that project that have no value are keep weeded out from the mainstream. Of course this leads to scam projects going for niche populations who dont follow this, but very soon they also understand whom to trust and they shun such projects too. You can compare this with the scams that run in a country's underbelly while the legit projects only run in the light.

[HardCore12V]

Absolute nonsense, creating crypto coins is as easy as ABC through few decentralized platforms how will government control this part? Every decentralized coins are very difficult to control.... Someone please say something about this?

[vv181]

No bro, you are getting it wrong. If you regulate the system the problem of money grabbing second hand scum projects will reduce. Sure the government might want some developers making projects in tune to their needs but that is better than ton of scam projects ruining the name of crypto all over the globe.

Care to elaborate on what you mean by regulating the system? you also said government-backed regulation on the prior posts, what do you mean by it? I think we didn't quite connect about that.

My take is, I do agree regulation is inevitable for cryptocurrencies spaces. But regulation comes in handy when it is used/needed as a by-product of the cryptocurrency project, whether it is a solid project or a worthless project.

I think we should making barriers to entry to create cryptocurrencies project is low enough. It will make the market crowded therefore only the most potential project comes out at the top, and also it might be some kind of innovation-ideas for others to be able to make better things. On the other hand, Of course, there will be someone who gets lured by shitcoins and scammers since that kind of project is keep popping out, but I do think the good outweighs the bad.

~snip Rather it is make sure that project that have no value are keep weeded out from the mainstream. Of course this leads to scam projects going for niche populations who dont follow this, but very soon they also understand whom to trust and they shun such projects too. You can compare this with the scams that run in a country's underbelly while the legit projects only run in the light.

Weeded out from the mainstream because of regulating it? I mean we already seeing it now even without regulating it, the only cryptocurrencies project that stays at the top are the one that is more useful.

[gurunanakji777]

Yes, I entirely agree with your words this can happen some countries can prohibit the developers from creating a new coin to stop the further development of the market. Even if we want to continue with crypto at some point I feel we will be forced to do KYC to trade on the exchanges even in my country operated exchanges to withdraw first I have to pass the KYC before withdrawal in my native fiat currency So govt has access all the data of the crypto users who registered with the exchange so we can not stop this If our county impose some regulatory rules we have no choice to follow. So I think many countries will ask the same in future and we should prepare they will try to control it according to their rules and regulations.

[Ozero]

Absolute nonsense, creating crypto coins is as easy as ABC through few decentralized platforms how will government control this part? Every decentralized coins are very difficult to control.... Someone please say something about this?

Possible responses to the further spread of decentralized cryptocurrency by states and their governments will depend on how strongly they see it as a threat to the existence of their global financial stability. To protect it, states can resort to any adequate measures.
The creation of a cryptocurrency can be classified as a kind of business, and as a general rule, any person can engage in any type of business, with the exception of those in respect of which there is a special prohibition by law. In theory, states can prohibit their citizens from engaging in any kind of business. Of particular importance is the fact that states cannot control the very fact of creating a new cryptocurrency. They can control its further circulation, and therefore react to its illegal appearance.