Topic: Australia closer to regulating Bitcoin (Read 680 times)
we are looking forward to the decision it will be great for cryptoworld
I feel yes and no, its a good thing.
Main message i wanted to put across is even Australia are looking at it with maturity and not a craze brought onto us by our US cousins.
As the kids these days, the government sees that Bitcoin is a "thing" that cannot be ignored and requires attention as it seems to not be going away anytime soon.
The criminal element of the article is laughable, i concede and always have, as i have not come across a criminal who has refused money
For the cardigans this side of the world what the regulation means to them is, "well its regulated, lets get in on it, surely the government wont spend their time on nonsense so its worth a look in.."
People will make of it what they may. I hope it leads to a better adoption and a better bitcoin ecosytems the likes of what CoinJar and LivingRoomOfSatoshi have brought us over here.
Regulation of exchanges can be quite annoying for users, especially when it requires serious invasion of privacy like questioning the usage of funds.
It will be the good fortune for bitcoin if Australia legalize it because Australia is a developed country which will boost the investment high as the people of Australia has the potential to invest and trade in it and likewise Japan they are also technologically very advanced country so I think they will compete the whole world. Main message i wanted to put across is even Australia are looking at it with maturity and not a craze brought onto us by our US cousins.
As the kids these days, the government sees that Bitcoin is a "thing" that cannot be ignored and requires attention as it seems to not be going away anytime soon.
The criminal element of the article is laughable, i concede and always have, as i have not come across a criminal who has refused money
For the cardigans this side of the world what the regulation means to them is, "well its regulated, lets get in on it, surely the government wont spend their time on nonsense so its worth a look in.."
People will make of it what they may. I hope it leads to a better adoption and a better bitcoin ecosytems the likes of what CoinJar and LivingRoomOfSatoshi have brought us over here.
The wheels sure do move slowly over here but they do move.
You seem to be suggesting that this is a positive move. It might be good when governments are clear on their exact views on BTC, because it shows that their position is unlikely to get unreasonable or severe, but it's still a layer of inconvenience for people who want to get involved in BTC.Regulation of exchanges can be quite annoying for users, especially when it requires serious invasion of privacy like questioning the usage of funds.
They can be used on darknet marketplaces like Silk Road 3.0 and Valhalla Marketplace to facilitate the sale and trafficking of illicit drugs, firearms, precursor chemicals and child exploitation materials.
They can also be used in legal and legitimate markets. Crime is just a side effect of a good monetary system.
Someone has to take the lead and Australia took the challenge. I thought countries with the highest concentration of criminal syndicates would be the first. I guess the Aussies has the most forward thinking government.
Well, In my country, Vietnam, The State Bank issued a notice banning the use of bitcoins and similar virtual currency in Vietnam.
According to the notice, valid forms of payment in Vietnam are only checks, payment orders, payment orders, collection orders, and other payment instruments as prescribed by the State Bank.
Illegal means of issuance, supply and use of illegal means including bitcoin and other similar virtual currency will be fined from 150 million to 200 million VND.
According to the announcement, from January 1, 1818, the issuance, supply, use of illegal means of payment such as bitcoin will be prosecuted for criminal liability.
The State Bank's announcement does not explain the reason why the ban on using bitcoin and similar virtual currency.
There is no need to get worried about the situation. Your country has banned the usage of bitcoins but trust me it is going to be a temporary ban .There could be many reasons behind this step and obviously the government is not answerable to you for implementing such a crucial law. According to the notice, valid forms of payment in Vietnam are only checks, payment orders, payment orders, collection orders, and other payment instruments as prescribed by the State Bank.
Illegal means of issuance, supply and use of illegal means including bitcoin and other similar virtual currency will be fined from 150 million to 200 million VND.
According to the announcement, from January 1, 1818, the issuance, supply, use of illegal means of payment such as bitcoin will be prosecuted for criminal liability.
The State Bank's announcement does not explain the reason why the ban on using bitcoin and similar virtual currency.
The possible reason behind it would be the decline in usage of your own national currency and some cases of corruption and misuse of virtual currencies.
Well, In my country, Vietnam, The State Bank issued a notice banning the use of bitcoins and similar virtual currency in Vietnam.
According to the notice, valid forms of payment in Vietnam are only checks, payment orders, payment orders, collection orders, and other payment instruments as prescribed by the State Bank.
Illegal means of issuance, supply and use of illegal means including bitcoin and other similar virtual currency will be fined from 150 million to 200 million VND.
According to the announcement, from January 1, 1818, the issuance, supply, use of illegal means of payment such as bitcoin will be prosecuted for criminal liability.
The State Bank's announcement does not explain the reason why the ban on using bitcoin and similar virtual currency.
According to the notice, valid forms of payment in Vietnam are only checks, payment orders, payment orders, collection orders, and other payment instruments as prescribed by the State Bank.
Illegal means of issuance, supply and use of illegal means including bitcoin and other similar virtual currency will be fined from 150 million to 200 million VND.
According to the announcement, from January 1, 1818, the issuance, supply, use of illegal means of payment such as bitcoin will be prosecuted for criminal liability.
The State Bank's announcement does not explain the reason why the ban on using bitcoin and similar virtual currency.
I belong to everal Australian cryptocurrency exchanges and In each case i had to provide much ID , address checks, phone numbers and bank account checks. About 6 months at least.
KYC is good for btc. I also know that if anything goes wrong I can rely on Australian legal authorities to act.
I also have receipts for all my coins.
KYC is good for btc. I also know that if anything goes wrong I can rely on Australian legal authorities to act.
I also have receipts for all my coins.
I had to do the whole 9 yards with CoinJar also with ID.
I use my swipe card from CJ quite a bit for lunch and coffee and easily draw down on my BTC balance. I also have the touch app for QR transactions too.
As some have quoted here quite positively, regulation is the signal of acceptance. Acceptance for Bitcoin is a good thing.
Its going nuts in Australia along with Crypto in general. The newer generation of adults concede "..its a thing.."
This is a huge step forward for bitcoin, if even such a distant continent, Australia, will use bitcoin. And Australia will become much closer to us, money transactions with this country will be much more convenient.
THe governments that wants to regulate bitcoin will loose in the long run. They are merely products of incompetent politicians, that can't see past their own nose tip. They really dont know how the world is spinning, which is why they think they can regulate all.
Japan has allready accepted bitcoin, which is why japan will be in the top 5 richest worlds in 20 years.
Japan has allready accepted bitcoin, which is why japan will be in the top 5 richest worlds in 20 years.
Some good news here, this is some "If you can't beat them join them" scenarios which the government seen that Bitcoin being popular in their country is inevitable that limiting the usage of such cryptocurrency will only damage their country. Good thing is they adapt it and used it to their advantage, using their police powers to monitor and regulate all exchanges is a big step in order to avoid big crimes which is one of their main concerns. Having able to facilitate these kinds of transactions will be crucial to their success.
According to Australian government control of digital currencies is part of drive to strengthen money-laundering rules. Money laundering and terror financing is showing signs in Australia creating issue of national security. As a result they have decided to bring digital currency exchanges under Australia's crime fighting agency Austrac. With this move Australia will join countries like China, Japan, Indonesia who also decided to regulate bitcoin transactions.
For governments to be seriously looking into regulating crypto assets is a positive development since it seems that these assets are now becoming a noticeable force into the global market.
It is a shame that crypto assets are regularly connected with crime though, as if crime didn't exist before crypto assets came about and as if crime related payments were not taking place before.
Everyone within the crypto community needs to make sure that the message is passed onto the real world: Crypto assets are here to stay and they are not responsible for global crime.
It is a shame that crypto assets are regularly connected with crime though, as if crime didn't exist before crypto assets came about and as if crime related payments were not taking place before.
Everyone within the crypto community needs to make sure that the message is passed onto the real world: Crypto assets are here to stay and they are not responsible for global crime.
Well, I think something bad is happening.I think the Australian government might have a very high transaction tax on bitcoin, which is used to discourage speculation, because bitcoin can be used for money laundering and crime.
It's happening and it other countries will follow. This is what needs to happen.
This regulation issue is much of a concern for some bitcoin enthusiast but not with me.. Australia has make a good move than China closing exchange,, right? Seems most of or majority of the bitcoin community is not against the government regulating cryptocurrency because they are more against corrupting the market by government officials who have self interest and black motives..
True, i think bitcoin will be regulated in other countries as well, as long as it`s price will grow so rapidly.
In time I think there are preparations needed for a country to sure accept bitcoin and there are legal papers that needs to sign and accept by the government, and I really think a government leader must have an open mind towards this kind of innovative move, and because of the new all time high of the value of bitcoin many country is noticing it and thinking for it to be approve, they are just hesitant because some crooks or criminals are really using it,
True, i think bitcoin will be regulated in other countries as well, as long as it`s price will grow so rapidly.
It's happening and it other countries will follow. This is what needs to happen.
If Australia regulates bitcoin then it will be a great encouragement to other countries to do so thereby making bitcoin stronger than it is already. We look forward to that
We are also expecting Switzerland's similarity to the Austrian regulation. What do the banks think of Switzerland, Bitcoin? When there are no cash in the banks, the bankers will look for other jobs.
They better do as there are many more opportunities associated with bitycoin and these banks can transform themselves into exchanges for bitcoin and cryptocurrencies. Switzerland, Australia among others are just adding up to the global call for the regularization and adoption of bitcoin and it's in the right direction.
We are also expecting Switzerland's similarity to the Austrian regulation. What do the banks think of Switzerland, Bitcoin? When there are no cash in the banks, the bankers will look for other jobs.
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