Topic: Bitcoin Regulation Issues? (Read 3081 times)

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If you want to learn about Bitcoin regulation, take this survey. It's Free! I will provide my results if I get enough responses.[/b]

Thank you very much 

Hi Monsanto,

Very important point raised. Regulation should be at high severity level so that it will able to  confirm that ransom ware and other crimes utilizing bitcoin specially terrorist attack is funded with btc will be stopped. Then there will be real benefit of regulation.

Thank you
CryptoJeweler

Sadly some countries like Russia wants bans the Bitcoin...

Yes, as it becomes more popular, as it is right now, regulations will not be far behind.  I see most regulations in regards to taxation but each country can have their own.  Unfortunately more regulation means more legitimacy.  New people to bitcoin may also feel comfortable with regulations so it may be an integral part of widespread adoption.

Hi,

Please read article about that.
http://www.lexology.com/library/detail.aspx?g=f67931b0-9136-4a53-8b7c-47b762fe12f6

Thank you
CryptoJeweler

Didn't the Court of the EU adopted a decision or something regarding bitcoins under s Swedish case?

Hi Amph,

No doubt! and if government involve in it and regulate it with sincerity it's regulation can be done.

Thank you
CryptoJeweler

the completely and absolute traceability of the movements of bitcoin without being connected to any fiat movements

mixer and a new wallet for each address can make bitcoin 100% anon, especially the latter

Hi Amph,

Only China and Brazil are considered to have specific regulations that are applicable to Bitcoin use.
What is the main hurdle in 100% regulation?

Thank you
CryptoJeweler

bitcoin will never be 100% regualted, there are always way for someone holding bitcoin to overcome any regulation, and add to this that some country do not intend to regulate it in any case

you get the whole picture, the far west

Hi calkob,

Agreed, But i think as this is virtual money there should be some international regulations which will be easy to obey and implement.
What you say?

Thank you
CryptoJeweler

Yes, I think there will only be more regulations added over time.  It's inevitable, and it won't be good for decentralized crypto, since IMO the main utility they provide is avoidance of currency laws.  The only question is how severe the regulations will be.  If ransom ware and other crimes utilizing bitcoin continue to grow (or some terrorist attack is funded with btc) then the regulations could be very harsh, destroying the price.  I think this scenario has a high probability, although maybe not in the immediate future.

BTCitcoin being regulated it shouldn't be a general question since it goes by case to case basis in terms of the country, and since few had some regulations so far, others may follow in the future as well. These regulations mostly don't benefit users but rather limit the flow of BTCitcoin usage in some indirect / direct ways instead.

kind of expected that from a blockstream corporation fanboy

but regulations do not have anything to do with tax.. that is a whole different thing.

EG in the UK the FCA deals with financial reglations of money businesses and the HMRC deal with tax
EG in USA the SEC deals with financial regulations of money businesses and the IRS deal with taxes.

governments do not need to control bitcoin or tax bitcoin directly. just like america cannot jump into a french citizens bank where that french citizen has never touched a dollar in his life or ever set foot in america.. purely on the bases that he never filed an american tax income form..

bitcoin belongs to no country!

what needs to happen is the TAX offices of countries need to monitor their own citizens properly no matter what the currency their own citizen used.. thus not making special rules to penalize bitcoin but make it a complete financial monitoring scheme of all currency/assets. thus treating bitcoin on the same level playing field as fiat and where the tax office requests funds in the native fiat(native legal tender).

EG a french person gets paid dollars for work. the french tax office learns the income amount and requests X euros.
EG a french person gets paid bitcoin for work. the french tax office learns the income amount and requests X euros.
not
EG a french person gets paid euro's for work. the american tax office learns the income amount and requests X dollars.
EG a french person gets paid bitcoin for work. the american tax office learns the income amount and requests X bitcoin.

no way should any government be grabbing 20-50% of peoples actual bitcoins, otherwise the end result is that the government hoards all the coins,

secondly bitcoin doesnt need regulation in terms of licences just to use it at a small level(individuals). it only needs consumer protection. which can he handled without licences or having to cough up millions in reserve just to touch bitcoin.

yes big corps wanting to do exchange trading do need licencing just the same way as they were handling fiat. but making it a blanket policy that every user needs a licence and every country needs to buy an american licence incase they trade with an american citizen is foolish and wrong.

but  they can simply tighten up the consumer protection side rather then the regulation side.. because once you look into what regulations actually do, you soon learn it has little to do with protecting customers.

people can still be prosecuted, sued and found guilty of criminal acts without regulation licences. all that needs to happen is to tighten up current laws rather then create new ones to penalize ethical, innocent bitcoiners.

If Bitcoin takes off- as in sees daily usage on a large scale, then regulations are inevitable. This is something that cannot be avoided. Some will argue that "Bitcoin is outside of the influence of government. It cannot be regulated." This is not true by any means. If Bitcoin is completely outlawed, yes, some will continue to use it illegally, but it will effectively kill Bitcoin. The general population will not adopt something that has been deemed illegal. Philosophers of Bitcoin can argue the morality or grounds for such thing, and they can curse the government to the high heavens, but it won't change this reality that if democracies and republics of this world agree to outlaw or heavily regulate Bitcoin, then such an outcome is inevitable.

Each country will make its own regulations and even if them regulations are draconian then bitcoin is global and will be easily worked around, thankfully the beauty of bitcoin.

Hi watashi-kokoto,

Yes regulation will discouraged scammers. Very important point!

Thank you
CryptoJeweler

Yes, Bitcoin will and need to be regulated. Mainly people need to pay correct taxes, but also they should make sure scammers and other don't participate in the area.

Yes, Bitcoin will be regulated and it is being regulated already in most countries. Some people cannot use it, if they do not access it via third party processors like Coinbase that

are currently over regulated with strict KYC/AML regulations. There will always be those countries, where you would be able to use it freely, without restrictions... but as the

governments see the disruptive force and the freedom it brings, they will clamp down on it.