Regulation seem like the only option left

[skarais]

There are a lot of times where the government tries to control crypto but there is no chance for them to do it, they cannot control it or even put tax in it.

Governments cannot control cryptocurrencies but they can issue regulations so that everyone is not allowed to use cryptocurrencies. Apart from that, the government can also impose cryptocurrency profit tax rules on users even if they do not legalize it as a legal currency or tender. Check out what the Indian government did for crypto users, taxed crypto profit of 30% and they did.

In addition, bitcoin can also be subject to government regulations, especially its users. This means you can't force yourself to use bitcoin in China as a means of payment or trade it if you don't want to be penalized. You also cannot avoid taxes if your country requires crypto taxes for its users especially if you own assets on a centralized exchange.

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[eaLiTy]

Will there ever come a time that the government reaction to crypto will be encouraging for the people? Lately the head if international monetary fund Christine lagarde stated that regulatory action from the international community on crypto is inevitable ..what do you think

Governments around the globe are planning to come up with rules and regulations for the cryptocurrency market for a long time but they are yet to finalize the rules and regulations because they very well knows that they are not able to control the entire market like they wanted. Regulation was inevitable from the start because no government wants to leave a financial market just like that and give the full freedom to the end user, they will look for opportunities to tax them or control them as much as they can .

[coolcoinz]

Will there ever come a time that the government reaction to crypto will be encouraging for the people? Lately the head if international monetary fund Christine lagarde stated that regulatory action from the international community on crypto is inevitable ..what do you think

International monetary fund is a puppet of big banks and nothing more but a fiat pusher. If you've ever heard that big banks oppose bitcoin because it cuts their profits and shows people that there can be an alternative where you are your own bank, the monetary fund is like a whale among them. They'd like to regulate bitcoin into non-existence, but since they can't they'll try to make our lives harder.
The wanted to make the president of El Salvador drop Bitcoin support, but that didn't work, so they'll now try to scare other countries away.

[Webetcoins]

If the government finds it more impossible to banned crypto, i guess regulation will be their last and definitely the best option. The fact that it could contribute to the welfare of the country through taxing on it, then there's no reason that regulating is never a good idea. That is for their country's benefits, and for us crypto enthusiasts, this regulation is a good start that adoption in the future will be more clearer and possible.

Their banning of cryptocurrency is nothing, so many countries has banned Bitcoin but people have still continued to make use of Bitcoin quietly and there is no way that the government is able to figure out that they are doing so.

What the government literally does when they ban cryptocurrency is just to ban centralized platforms, and the good thing about Bitcoin is that it is truly decentralized and you can still continue to trade it even after it has been banned in the country through peer-to-peer means. That’s the original form of Bitcoin – decentralization; it doesn’t need any supervising by anyone, people control their wealth and make decisions for themselves here.

[TheGreatPython]

Will there ever come a time that the government reaction to crypto will be encouraging for the people? Lately the head if international monetary fund Christine lagarde stated that regulatory action from the international community on crypto is inevitable ..what do you think

We all knew that that’s what they are going to do anytime; try what they can to regulate the market. There are centralized exchanges and lots of people make use of these exchanges, so it’s already easy for them to achieve that to an extent, they will take over centralized exchanges and they will be the tools.

Users who make use of centralized exchanges don’t have any control over their assets since they are not the ones in possession of their private keys, the government can decide to do whatever they want to do to these people, they can even go as far as freezing their account if they want to.

[Mometaskers]

Governments can regulate bitcoin whether they treat it as currency or not - with or without our approval. If you are worried about developments like this, then keep the use of exchanges to a minimum keep most of your crypto out of those, where they can't freeze it. We've already seen in Canada what they are willing to do to your money, crypto or non-crypto.

[Moneyprism]

There are a lot of times where the government tries to control crypto but there is no chance for them to do it, they cannot control it or even put tax in it. This is the reason why the government will not give any encouraging things to its people. However, there is a chance if the government let its own country use cryptocurrency for any transaction including government transactions like paying tax. But as of now, the government of each country will try control it and put tax in it even though they cannot and not a single chance to become successful in it.

the government can of course control the circulation of cryptocurrencies in their country through regulation. for example in my country the circulation of cryptocurrencies will be regulated and crypto users will be taxed a few percent for cryptocurrency ownership.

... indeed this seems unfair to crypto users, but we still live under the government and like it or not we must obey the applicable law

[wxa7115]

Will there ever come a time that the government reaction to crypto will be encouraging for the people?

If you are expecting governments to say this in public, you will be disappointed but in future it might happen that governments are more lenient towards crypto and its transactions as soon as they devise a method to successfully tax every capital gain on this asset.

Regulation should be taken up with a positive note, in my opinion. It is inevitable because the number of scam projects making a bad name for crypto are way more than any legit project. Bitcoin is no longer the focus on newbie entrants but altcoins and shitcoins that have no value. They do learn their lesson but by then it is too late.

It is the reason why proper development in tech on this sector has also slowed down.

Correct it is a mistake to think that governments are going to encourage people directly to adopt bitcoin when bitcoin is a direct adversary against their own fiat currencies, at best we could expect some countries which do not print their own currencies do something like this.

However we do not really need direct encouragement by the governments of the world as they are already doing so indirectly, after all with all the money that has been printed since the pandemic began and the huge levels of inflation that we are seeing around the world that should be more than enough for smart people to be encouraged to get out of fiat and invest in something else.

[taufik123]

Governments can regulate bitcoin whether they treat it as currency or not - with or without our approval. If you are worried about developments like this, then keep the use of exchanges to a minimum keep most of your crypto out of those, where they can't freeze it. We've already seen in Canada what they are willing to do to your money, crypto or non-crypto.

The government will not fully regulate bitcoin, the government will only provide basic regulations that will regulate every use of crypto. Using as few exchanges as possible can be an option, because your assets on the exchange are not your assets, because you do not have the keys. If you store it in a personal wallet then it is your full asset.
Stay alert and follow the development of cryptocurrencies as well as some government regulations, Government regulations will certainly change.

[carlfebz2]

Governments can regulate bitcoin whether they treat it as currency or not - with or without our approval. If you are worried about developments like this, then keep the use of exchanges to a minimum keep most of your crypto out of those, where they can't freeze it. We've already seen in Canada what they are willing to do to your money, crypto or non-crypto.

The government will not fully regulate bitcoin, the government will only provide basic regulations that will regulate every use of crypto. Using as few exchanges as possible can be an option, because your assets on the exchange are not your assets, because you do not have the keys. If you store it in a personal wallet then it is your full asset.
Stay alert and follow the development of cryptocurrencies as well as some government regulations, Government regulations will certainly change.

When you are using a particular exchange locally then it would really be just sensible that you would really be looking for various information or updates in regarding with possible changes specially attaching out with

regulation on crypto then you could really make out some immediate step which you might able to save up your ass on locking your funds on a particular centralized exchange.

We do hate regulation but its true that it is one of the things which would fasten up recognition and adoption but of course this would only touch up centralized platforms and services.

[FlightyPouch]

The government will always be the same. They wouldn't be encouraging people to use Bitcoin because they are always thinking it is a risk and when I had a chance to talk to a politician, he said they don't even know who back it up.

Although most of what he said is true though. They can talk about it, but not encourage people to use it. Main reason is that they can't take care of the people that's using it. The fact that there are still people thinking that it is a scam shows that there are still people against it, and them talking about it would create an impact to these people which I think they don't want to happen.

[dezoel]

To be precise, most of us are just worried about the privacy we are going to be losing when the government starts to regulate cryptocurrency. Most of us would like to have privacy when we’re making transactions online, we would like to be able to send money to anyone to anywhere around the world without having the government question how and where the money is going to.

So, I believe that’s why a lot of us here don’t really want the government regulation. Apart from that,it is not really much of a problem to us. But any one of us can still avoid this regulation from the government, originally Bitcoin is peer to peer, so you can just make use of it by using decentralized wallets or non custodial wallets, so that every transactions you make with the blockchain wouldn’t be traced by anyone.

[Inspiron14]

Governments can regulate bitcoin whether they treat it as currency or not - with or without our approval. If you are worried about developments like this, then keep the use of exchanges to a minimum keep most of your crypto out of those, where they can't freeze it. We've already seen in Canada what they are willing to do to your money, crypto or non-crypto.

The government will not fully regulate bitcoin, the government will only provide basic regulations that will regulate every use of crypto. Using as few exchanges as possible can be an option, because your assets on the exchange are not your assets, because you do not have the keys. If you store it in a personal wallet then it is your full asset.
Stay alert and follow the development of cryptocurrencies as well as some government regulations, Government regulations will certainly change.

It's true I don't think the government has the authority to intervene or fully regulate crypto,
talking about wallets is indeed very vulnerable to hacking so we have to be careful,
it's true what you say we have to follow and update on developments or news about crypto

[lixer]

This corona was used by lot of business people, investors and by the government.When the pandemic was begin by the government, the people who brought huge amount of dollars. They will sell and reduce the dollar value. When the same was happened, the dollar value reduced huge. So then, it's easy for them to manage to buy huge amount of dollars at very cheap.When government released the same pandemic, the person will sell the dollars and get some good profit into their pocket.

Pandemic is not being released by the government, pandemic is a disease, I believe you mean coronavirus. So that means what you’re trying to say is about the government ordering a lockdown, that was the case in 2021.The lockdown led to a decrease in the price of so many assets, which are now back to being bullish, such as Bitcoin that was able to hit an all time high price, and right now it has gotten to $40,000 after the correction.

But, we should still be looking forward to further increase, I believe from 2025 when there is a halving. So, this isn’t much of a problem, it’s expected to happen, it has been happening for years now since Bitcoin was created.

[taufik123]

-snip-
We do hate regulation but its true that it is one of the things which would fasten up recognition and adoption but of course this would only touch up centralized platforms and services.

Regulation is indeed the beginning of several dopsies carried out. Without clear regulations, the use of crypto will not be allowed. In my own country, in Indonesia the regulation of cryptocurrency is only limited to trading commodities and cannot be more than that, it cannot be a payment platform in place of fiat. So that the adoption of crypto for other economic sectors will not be possible.
On the other hand, if full regulation is carried out, there will be a large-scale adoption like that of El Salvador, which makes bitcoin a legal tender. Each country has its own regulations, we can only follow them.

[TheUltraElite]

However we do not really need direct encouragement by the governments of the world as they are already doing so indirectly, after all with all the money that has been printed since the pandemic began and the huge levels of inflation that we are seeing around the world that should be more than enough for smart people to be encouraged to get out of fiat and invest in something else.

Maybe not for the members of this forum but for new entrants who want to get into bitcoin but are being discouraged by the "Grey area" part of governments, a regulatory body may bring in more transparency regarding how the government accepts or rejects cryptocurrenices.

I feel this is a good thing, because with increased regulatory actions, more people will enter the market. This will grow the adoption and acceptance of crypto and therefore lead to a positive outlook for the rest of the world towards crypto.

Not sure why some users are using the pandemic as a source of narrative here. A pandemic is a type of a natural disaster, however you might to shift the blame, it is indeed a natural one and the inflation that followed was only expected to happen. But that does not mean that you should be stubborn and focus on only one type of asset, you need all types and in crypto only bitcoin.

[Abiky]

The government will not fully regulate bitcoin, the government will only provide basic regulations that will regulate every use of crypto. Using as few exchanges as possible can be an option, because your assets on the exchange are not your assets, because you do not have the keys. If you store it in a personal wallet then it is your full asset.
Stay alert and follow the development of cryptocurrencies as well as some government regulations, Government regulations will certainly change.

Exactly. It's impossible to regulate Bitcoin in its entirety because of its decentralized and censorship-resistant design. What governments will only be able to achieve successfully is implement regulations on centralized exchanges and wallet providers. Anything outside of that will be out of the hands of governments themselves. Look at how China's "Bitcoin and crypto ban" had little to no effect over Blockchain tech's prominence in the mainstream world. If the whole space wasn't decentralized, Bitcoin and other cryptocurrencies would've been dead by now.

Depending on how fierce regulations are, people can either embrace Bitcoin or abandon it completely. If a government imposes crypto-friendly regulations, then you can expect adoption to grow within that country at a fast pace. Otherwise, not. I wouldn't worry much about this as long as decentralization wins in the long run. Just my thoughts

[taufik123]

-snip-
Depending on how fierce regulations are, people can either embrace Bitcoin or abandon it completely. If a government imposes crypto-friendly regulations, then you can expect adoption to grow within that country at a fast pace. Otherwise, not. I wouldn't worry much about this as long as decentralization wins in the long run. Just my thoughts

in some developing countries crypto regulations are not too strict, even the regulations provided are only limited to commodity assets, which means that they do not completely prohibit or completely allow them. There will still be opportunities for greater adoption.
In some developed countries such as China, which has banned bitcoin, of course it is not allowed to make any transactions using bitcoin. Even bitcoin miners are expelled and are not allowed to set up bitcoin mining companies.
It is hoped that in the future more countries will start adopting bitcoin or cryptocurrency and of course it will coexist with fiat.

[LUCKMCFLY]

It is not a lie that all the governments of the world want to enter the world of crypto and BTC, but that they do not make it known in such an obvious way is something else, governments enter BTC and the crypto market with the best excuses, that they cannot be blind before certain economic technologies and that the BTC can be one of those ways that money can be managed, then through the regulations they can enter, that is where the core of everything is, and after they make their regulations they can enter without problem, but that they have some control, which is already something that I do not agree with because this economy was created so that they could bypass prohibitions and the hands of third parties.

[romero121]

Initially it was the banking system, by the time people feared of saving the money in banks and accumulated it in treasuries and vaults. Slowly people got adopted to the banking system, by then internet made an evolution. People started using banks, but feared of using internet services for banking needs. Slowly it got transformation towards different types of cards. People are getting used to it. Further the app payments have made everything simple. Now everyone who have a smartphone find it the best. It takes time to reach the end user, so right now it is crypto and it takes little time for every country to regulate it's usage.