Topic: Australia moves to regulate the bitcoin is it good or bad ? - page 2. (Read 799 times)

I am fine with governments regulating crypto. Fact of the matter is, if they're decentralized, governments can't exercise much control over them. They'll only be able to monitor and impose taxes, which isn't so bad because it also comes with benefits.

AI think they are abiding bitcoin's nature, supposed to be bitcoin is a decentralized system and it was made for the people to use to become profitable without being vulnerable outside their houses, it doesn't advertise unemployment but being profitable if you doesn'thave a stable job yet for me it is a kind of way for ourselves to become better citizen who are capable insharing contribution in your own community. Regulating bitcoin I think is not good and it may be soon controlled by the government.

I have nothing to say against these kind of moves as it is expected that we could see these kind of regulations coming in moving forward.Will it be considered as a legit tender from now on or is it just used to tax people is what i want to know when it comes to these sort of regulations. With the price of bitcoin moving higher it looks like no government can ignore this.

Australia is supporting crypto very much,thay will legelise crypto,his legislation will be crypto friendly

The way I see it, regulation is give and take. The good is that you won't have to worry that Bitcoin will be banned, you may actually ask for legal help should you get victimized, and proper regulations can help ease the average joe's jitters over Bitcoin. These advantages can't come without a price, of course, and the price is a little liberty, and some taxes.

In Australia's case, specifically, it simply looks like the government will require exchanges to ask for identification. Most exchanges already do this anyway, so I don't think it's a bad thing at all, unless you're actually dealing with illegal stuff with Bitcoin. I would welcome this in a heartbeat, knowing the alternative is an outright ban.

In my own opinion, regulation is the government's way of putting themselves in the system of bitcoins or digital currencies. Acceptance but the consequences is regulation.
The main sense of bitcoin is decentralization and it is the reason of its popularity, I agree that if government will be a bit abusive in their part, bitcoin will die.

By itself regulation of bitcoin and other crypto currency in a separate country is a positive moment for the circulation of the crypto currency. It will be recognized as a legal tender and protected by law. Of course, this establishes a certain tax on profits from this activity. The whole question is how tightly the other rules of this regulation will be established. Will the crypto currency be impaired in its circulation and will its users be limited in rights?

It really depends on the details of the regulation. Some form of regulation is good in attracting more main stream users to the concept. Too much, or erroneous regulation that stifles innovation and creates friction in the process is obviously going to be a bad thing. In summary, the devil is in the details. Following this story develop with great interest as Australia is an important market.

I think its good news also.

Japanese government. why have they decided to attempt to set up regulations for regulating cryptocurrency without imposing restrictions that threaten innovation and compromise security?

Japan has been facing very severe economic disease for decades now. cryptocurrency could be seen as a chance to encourage innovation and take a lead over other countries. It is also notable that Mt. Gox exchange was based in japan and when it failed it was a big international disaster and a huge embarrasment to the japanese government. I think they want to put it behind them.

I think that Australia is looking at the example from Japan. There has been some back and forth between them in the past. Australia was imposing double taxation on cryptocurrency and ended that prior to Japan following suit. Id say that Australia is more influential in many ways than japan because there a much smaller language barrier with the rest of the world.


Big powerful countries like China, Russia, United states. Are at risk of being much more conservative and falling to the temptation of buying into the centralized fiat crypto scam They may threaten the world with millitary power but they can only use that to destroy in the end.

We gotta remember that the revolution of Crypto is going to be a process that due to its nature takes policy control away from the government and places it into the various protocols. it wont be able to happen all at once.

It's too early to say whether it is a good or a bad move. If Australian government just want to fight money laundering and Terrorism financing, then it has nothing to do anything with the general users like us who earn money from trading and other related activities. So the framework provided by the government needs to be assessed. However, I am sure that no one would mind paying a little extra tax on their crypto earning if they get legal status in return of that. So I believe it will be good for us in general and can have a positive impact on bitcoin as well.

this will be good,
when bitcoin has begun to be recognized.
and this means that bitcoin legality has been created in australia,
and this will have widespread impact,
and maybe other countries will follow this.
and it will also have a good impact if it is in a battle to combat money laundering and true terrorism happening happily in this world

To the long-time Bitcoin hodlers, this would mean nothing. This is not new to them as other countries are already making their move to regulate BTC and the altcoin market. In a sense, this could provide good image to the public as most of the people out there still sees BTC as an illegal and criminal-related internet money. With Australian government regulating it, the community in their country will (maybe) start to get involved with it and this, in fact, is a good thing for the cryptomarket.

How ? I don't know how you guys think but regulating bitcoin is only going to keep users away from using them.Just for the average crowd to understand 'Regulating Bitcoin' isn't an option.Hell,what if government starts regulating bitcoins and comes with a policy that only government can mine bitcoins.Only bitcoin sellers allowed would be licensed government contractors.On every sale of bitcoin 2% service tax goes to government.This is just a few ,I could go on all day long to prove you guys wrong.

Yeah! your right nothing to worry about. One of their purpose is to trace all suspicious transaction linked to a terrorism. that is a good.
if that will happen it will be a big impact into the BTC and to their neighboring countries.

They are doing it for a good cause and I think is a good idea and will help Bitcoin get more exposure.

This ^^
Regulation & acceptance of bitcoin use by official bodies can only ever be a god thing.

Well if will be good for australians on my opinion because you can use bitcoin with no fear. There are countries out there where bitcoin is banned and other cryptos too. So yea for Australia is a big step forward because it's all about the blockchain technology.

Regulation of bitcoin in any form is not good for the bitcoin ecology.Doesn't matter what government regulates it,as soon as rules are levied upon an open-source system,people start losing interest.The government should just start their own regulated coin or something.Anyway doesn't matter if one country decides to put rules on bitcoin's usage.I feel bad for me Australian mates now.

You can't be serious ? Government is regulating,controlling an open sourced system,for the sake of it's promotion ? I don't think it's a good deal.

If a country can shutdown bitcoin , they can surely regulate it as well.

regulating bitcoin is food for the government,not just having taxation it can help them to lessen bad elements in country.but the question is..can the government really regulate bircoin?well ita too soon to tell