regulating cryptocurrency

[justdimin]

since the beginning, cryptocurrencies were created. Also the initial founders, especially bitcoin, were created, not for institutions or agencies. Because in order to fill personal and anonymity gaps, of course the above providers require transparency of customer data. Indeed, I personally don't like it. And it's not safe. .
I feel that if crypto is meant to be like that, maybe the government will intervene with it. But gradually some countries are adopting this blockchain. And it is possible that awareness of this technology will continue to increase. Although there are also some countries that openly prohibit their citizens using cryptocurrencies. yes this is how government officials in a country judge from an economic point of view, investment or transaction tools or even just an unexpected view

Governments have every right to care about what you do with it, not how it is ruled. Bitcoin for example cannot be changed into another chain by a government, they could try to do their own fork if they want to but that will only result with nobody caring about it. That's why I would highly suggest not caring about what regulations are saying, if you do not get out of crypto that quickly, it doesn't matter to you at all and you shouldn't be investing into it at all.

I would honestly say that it would be a smarter idea to invest into something that is not controlled by the government and you could do whatever you want with them as long as you do not get out.

[Silberman]

since the beginning, cryptocurrencies were created. Also the initial founders, especially bitcoin, were created, not for institutions or agencies. Because in order to fill personal and anonymity gaps, of course the above providers require transparency of customer data. Indeed, I personally don't like it. And it's not safe. .
I feel that if crypto is meant to be like that, maybe the government will intervene with it. But gradually some countries are adopting this blockchain. And it is possible that awareness of this technology will continue to increase. Although there are also some countries that openly prohibit their citizens using cryptocurrencies. yes this is how government officials in a country judge from an economic point of view, investment or transaction tools or even just an unexpected view

Governments have every right to care about what you do with it, not how it is ruled. Bitcoin for example cannot be changed into another chain by a government, they could try to do their own fork if they want to but that will only result with nobody caring about it. That's why I would highly suggest not caring about what regulations are saying, if you do not get out of crypto that quickly, it doesn't matter to you at all and you shouldn't be investing into it at all.

I would honestly say that it would be a smarter idea to invest into something that is not controlled by the government and you could do whatever you want with them as long as you do not get out.

Some people have this mistaken idea that governments are all powerful or something but that is not the case, just because they want to regulate cryptocurrencies and bend them to their will this does not mean this will happen, after all bitcoin is decentralized and governments have a long history of being unable to deal with decentralized entities, just look at torrents, the music and movie industries have complained about unauthorized downloads for decades and they have been unable to stop them, and the same is going to be true about this market as well.

[GeorgeJohn]

Why are many governments not regulating cryptocurrency?

Government regulation of cryptocurrency has never be much effective indecencies that bitcoin regulations is not dependable by the government. Actually from my perception government just have a limited control over cryptocurrency and that can be occur one specific directions which is a specific country, and it's not something we can generalize. Because I knew that government don't have much influence in cryptocurrency regulations, and assume that they can regulate cryptocurrency they would manipulate the values of cryptocurrency by now.

[Mpamaegbu]

Governments are unaware of the existence of cryptocurrencies and when they know about it, they have become popular and are trying to learn about it.

Really? Do you convincingly think so or you're just saying it? That governments are unaware of cryptocurrencies? Nah, it's not true. Tell us that governments aren't too interested in it yet as you noted later in that post and that will be plausible. We're in a world of internet and social media where every item of news flies across the globe in minutes and you think politicians don't pay attention to news? That will be unexpected. They do listen to news more than the ordinary folks. So, they know.

And hopefully, the government will continue to allow us to use it and not make regulations that are too strict for its citizens.

Contrarily, I think regulations will further help strengthen this crypto industry and help checkmate scams and all that the same way we now have it in Forex trading. No regulations will mean that scammers will continue to have free hands without checks.

[ethereumhunter]

Governments are unaware of the existence of cryptocurrencies and when they know about it, they have become popular and are trying to learn about it.

Really? Do you convincingly think so or you're just saying it? That governments are unaware of cryptocurrencies? Nah, it's not true. Tell us that governments aren't too interested in it yet as you noted later in that post and that will be plausible. We're in a world of internet and social media where every item of news flies across the globe in minutes and you think politicians don't pay attention to news? That will be unexpected. They do listen to news more than the ordinary folks. So, they know.

Just a moment. Okay, we assume the government is aware of the presence of cryptocurrencies. Still, they don't pay much attention until, finally, cryptocurrencies become big and popular as they are now. Then the government realizes they are a little late and trying to control its movements. But it's a bit late because many people have already joined and are using crypto as a tool to make money.

Try to understand that the government is currently trying to suppress the rate of cryptocurrency and several countries have not yet given the approval to legalize cryptocurrencies. But they are working on it.

And hopefully, the government will continue to allow us to use it and not make regulations that are too strict for its citizens.

Contrarily, I think regulations will further help strengthen this crypto industry and help checkmate scams and all that the same way we now have it in Forex trading. No regulations will mean that scammers will continue to have free hands without checks.

Helping the crypto industry? Maybe it will not happen for a while because the government is still making the regulations. Maybe for some countries, the regulations are ready but for most countries, there are still many that have not legalized crypto. But indeed, the government wants to help reduce fraud in investing in crypto.

[TribalBob]

Why are many governments not regulating cryptocurrency?

The decentralized Bitcoin nature that makes the government think repeatedly to regulate it, because at any time BTC will not be regulated by the government,

[jamyr]

Why are many governments not regulating cryptocurrency?

Hello, they may not be seen regulating cryptocurrency but lets have the last big thing which happened to Ethereum. From POW to POS, I believe this could just give Bankers a way in to be still the one mining thus it really goes from non-regulation to potentially bankers being able to monopolize the mining operation. I mean they can stake more than others(they have deep funding) and possibly if governments were to help these banks, they would be unstoppable.

This is just my opinion though.

[yhiaali3]

Governments do not yet want to recognize cryptocurrencies because they are decentralized and maintain privacy. These wonderful features that cryptocurrencies hold make them undesirable by governments at all, but since they have become a reality and many people use them, governments have begun to study the regulation of cryptocurrencies because they can't ignore it more than that, but governments are looking for laws that will enable them to control cryptocurrencies completely.

[Kadal Ijo]

that's why crypto is called decentralized because it doesn't get regulation from the government. but getting here I think decentralization will also be erased since regulations have started exploring crypto everything will be under regulated so it is very difficult to find pure decentralized crypto.

The development of the number of cryptocurrencies is very fast, when it is available more than 22k, of course this is like a jokes, and I hope the presence of strict regulations so that it can make a higher quality project and of course reduce the scam from the project.

[Questat]

Why are many governments not regulating cryptocurrency?

But what is the purpose of having it regulated? Because if the reason is just to stop fraud and scams, that eventually was not effective for these scammers will still find a way. The government makes no reason for doing this for now and it was also because people are more comfortable with the decentralized market, no regulations, no taxes, and much more they wanted to remain anonymous.

[MainIbem]

Government will always regulates what they have control of, since is above them they can't have full access or control more especially those country that has little knowledge about cryptocurrencies have not regulated theirs either, regulation goes to those country who's individual are making living out of it. it is monitoring that brings about regulation so since government can't monitor your movement or tracks i don't think regulation would be that easier for them rather they implement any wallet hold much volume of crypto currency will pay task.

[samuraijin]

There are so many governments in every country that are pro or not by regulating cryptocurrency for each user, even though it's only a large number of countries that legalize cryptocurrency to manage it, what about governments in parts of the world that have not legalized cryptocurrency, some users are still silent about holding it, because That's why there are still many users who don't want their government to manage cryptocurrency because of the user's distrust of their government.

[Jawhead999]

Since this thread on altcoins section, so we're talking about government regulating altcoin.

Well it's very possible for government to regulating altcoin since altcoin is centralized same like government, moreover few altcoins are created to support centralization or banks lol. I think the reason why government doesn't yet regulating altcoin is they're prefer to create their own coin e.g. CBDC rather than regulate other unknown name coin. I think government might regulating of stable coin use, but not for vast majority altcoin due to high volatility.

[sana54210]

Governments are unaware of the existence of cryptocurrencies and when they know about it, they have become popular and are trying to learn about it.

Really? Do you convincingly think so or you're just saying it? That governments are unaware of cryptocurrencies? Nah, it's not true. Tell us that governments aren't too interested in it yet as you noted later in that post and that will be plausible. We're in a world of internet and social media where every item of news flies across the globe in minutes and you think politicians don't pay attention to news? That will be unexpected. They do listen to news more than the ordinary folks. So, they know.

I would guess that what he meant was they weren't aware of it until it was already too famous. Like governments didn't really do much about it when it was under 100 dollars, and when it was over 10k dollars they all did something about it, which shows that we are talking about something that is a bit too late by the governments, they should have gotten some laws ready for it before it became famous.

However, I agree that they were ready for it one way or another, just didn't do anything about it until it became too famous. The reason for that is the fact that it wasn't really bothering too many people, nowadays too many people are losing money to it.

[Mpamaegbu]

~snipped~.

Try to understand that the government is currently trying to suppress the rate of cryptocurrency and several countries have not yet given the approval to legalize cryptocurrencies. But they are working on it.

In as much as I (or anyone else) demonize the government, we can't help but look at the positive side of regulations too. For me, I want to believe that regulation will help stem the tide of scam activities. People just sit on their beds with a laptop on their laps and create shit tokens without an iota of use, push these tokens to the market and cash out without much stress. In most cases they can't even be traced and that ends it. Regulation, among other things, will change all that. That's the angle I'm looking at it from.

[Lantind]

Why are many governments not regulating cryptocurrency?

Actually the government wants to regulate cryptocurrency, but the government cannot regulate it. I said that this crypto is very wild, no one can control it. Crypto can be obtained by anyone, so the government cannot control millions of wallets. The government can only make rules on local exchanges, where the government can suppress taxes on every withdrawal of crypto assets to fiat through a network of banks.

[theskillzdatklls]

The SEC is hell bent on turning everything in the world into a security. They want to work their way into a few projects to then set precedent to apply it broadly to the entire world of cryptocurrency and not enough people are paying attention to it's implications.

Super hostile to blockchain technology in the USA. Really bad for it's future if the SEC wins it's case.

https://decrypt.co/110468/sec-out-to-damage-or-destroy-crypto-industry-lbry-ceo

This article just came out detailing the situation a day ago.

[Xal0lex]

Why are many governments not regulating cryptocurrency?

What makes you think that many governments don't regulate cryptocurrencies? Read the report https://tile.loc.gov/storage-services/service/ll/llglrd/2021687419/2021687419.pdf. It says that more than 100 countries are already regulating cryptocurrencies, developing legislative and tax frameworks. Cryptocurrency regulation has come a long way in the last 3-4 years because this cryptosphere is growing a lot, the adoption is growing, crypto capitalization is growing. The proliferation of regulation is legitimate, amidst all this development. In 7-10 years, regulation will reach even greater heights.

[nurilham]

Actually the government wants to regulate cryptocurrency, but the government cannot regulate it. I said that this crypto is very wild, no one can control it. Crypto can be obtained by anyone, so the government cannot control millions of wallets. The government can only make rules on local exchanges, where the government can suppress taxes on every withdrawal of crypto assets to fiat through a network of banks.

Honestly, true.
One way for governments to control or regulate cryptocurrencies is by requiring certain exchange platforms to perform KYC and be under the regulation of a country. KYC and these regulations are necessary not only for the users but also for the exchanges. Moreover, they also demand monthly reporting and tax payments.
And once again, regulation of crypto will lead to money (whether taxes, fines, fees, or other needs) for the government itself.
Not only that, they really want to regulate crypto because they know that crypto is actually decentralized but they don't like it because they can't control it directly. sometimes because of this, they don't want to legalize crypto in their country for some of these reasons.

[uneng]

Why are many governments not regulating cryptocurrency?

What makes you think that many governments don't regulate cryptocurrencies? Read the report https://tile.loc.gov/storage-services/service/ll/llglrd/2021687419/2021687419.pdf. It says that more than 100 countries are already regulating cryptocurrencies, developing legislative and tax frameworks. Cryptocurrency regulation has come a long way in the last 3-4 years because this cryptosphere is growing a lot, the adoption is growing, crypto capitalization is growing. The proliferation of regulation is legitimate, amidst all this development. In 7-10 years, regulation will reach even greater heights.

Yes, what happens is that it's a slow process, because there are many discussions before the projects are elaborated and passed by the legislative houses. Furthermore, those bureaucrats have a lot of more important matters to discuss in their respective countries, so crypto usually stays in second plan, also due to the fact just a small percentage of the population has adopted it.

If most people in the world were using crypto I guess those projects would have much more attention from politicians and would be immediately implemented on every countries.