Topic: Can authorities really regulate cryptocurrencies? (Read 874 times)
Of course they can control it but only to a certain extent: they can decide what companies can or can't do legally, they can decide which websites (exchanges, pages of projects, whitepapers etc) are visible on the web and which websites stay out of reach for a person of that nation, they can make sure you pay taxes on your assets. BUT what they can't do is find your secret hidden wallets. I also don't think they can stop someone who really wants to buy any altcoins any time from doing so if the person really knows how to use computers.
Authorities can regulate it sure, but how will they do it and how successful will they be at convincing people that understand the tech better than them. You can't slow down a decentralized computer network, sorry.
They are regulating or simply shut down existing infrastructure and set up their own controllers.
China and South Korea have banned initial coin offerings, while Russian President Vladimir Putin has called for regulation of the sector.
China and South Korea have banned initial coin offerings, while Russian President Vladimir Putin has called for regulation of the sector.
Crypto is here to stay. ICO's have been banned in some countries but there are already solutions stepping up to counter that, like the Komodo decentralized ICO platform. I'm sure there will be more like it popping up.
I don't think authorities can ever fully regulate everything. If you making money with crypto and they conserned about tax this changes nothing. Before Bitcoin there were ways to make money and not pay tax but the government would still legally want that money but it never becomes big enough a problem. For example if you see clothes for people as another source of income you not going to go and declare that, that is the same as the profits with Bitcoin would work.
Authorities have the power to legalized or ban cryptocurrency in their country. They must first learn about cryptocurrency and the effects of it in their economy. They might see that cryptocurrency can help their economy grow and start education on universities about the use of cryptocurrency. They must teach them on how to use them properly and not abuse cryptocurrency. The authorities must also regulate on how to use cryptocurrency and set rules about it.
I can see why some of these governments could have a problem with these unregulated ICOs, but a Ban was a bit overkill. In
a proper regulated environment, some ICOs will thrive and bring loads of innovation and new jobs to the market. In a
unregulated environment, we have a mess. {for every 10 legit ICOs, we seem to have 5 Scams at the moment} These
governments have a duty to protect the consumer and their tool to protect them, is to regulate them.
a proper regulated environment, some ICOs will thrive and bring loads of innovation and new jobs to the market. In a
unregulated environment, we have a mess. {for every 10 legit ICOs, we seem to have 5 Scams at the moment} These
governments have a duty to protect the consumer and their tool to protect them, is to regulate them.
I think there is a chance for the government to regulate bitcoin if they will pursue control over it but it will need to be supported by other countries because bitcoin is a global currency if it will be regulated it must be world wide and not for a particular country only.
Authorities can possibly regulate crypto-currencies because most countries are running under by the government. They have the power to control everything they wanted, and when it is already declared; pity people can only do protests. But I don’t like it to happen, we have freedom on how we use and spend our coins.
Yes they can. When you say authorities, it refers to the government itself. A government is in charge for anything that concerns the country. When bitcoin is introduced, the use of banks are nearly questioned. In which bitcoin is spreading in the whole country helping the citizens not use banks. It affects the economic status that's is why they are eager to put bitcoin under them.
I guess decentralized exchanges will start getting more and more popular soon.
They are regulating or simply shut down existing infrastructure and set up their own controllers.
China and South Korea have banned initial coin offerings, while Russian President Vladimir Putin has called for regulation of the sector.
China and South Korea have banned initial coin offerings, while Russian President Vladimir Putin has called for regulation of the sector.
Its impossible to regulate bitcoin itself but the government can regulate the companies that resides in their country that uses or process bitcoins to cash or trading. But it will not stop unregulated transactions from happening since there are many ways to connect to the internet and foreign sites that process bitcoins to cash. And trading/using btc is very easy to do even if is are banned in a country you just need to use tor for that matter.
You are right. Countries can of course issue laws but 1st people have to follow them and countries know that. So countries will regulate businesses first. Look at China - they only "banned" certain company actions. The Chinese govt is smart enough to know they can't "ban" Bitcoin or stop peer to peer transactions.
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They are regulating or simply shut down existing infrastructure and set up their own controllers.
China and South Korea have banned initial coin offerings, while Russian President Vladimir Putin has called for regulation of the sector.
China and South Korea have banned initial coin offerings, while Russian President Vladimir Putin has called for regulation of the sector.
Its impossible to regulate bitcoin itself but the government can regulate the companies that resides in their country that uses or process bitcoins to cash or trading. But it will not stop unregulated transactions from happening since there are many ways to connect to the internet and foreign sites that process bitcoins to cash. And trading/using btc is very easy to do even if is are banned in a country you just need to use tor for that matter.
Of course cryptocurrencies can be regulated if not banned. Right now utility is less in cryptocurrencies. You have to convert them into fiat for any real use. When it get converted, regulations can kick in. You can hide your cryptos from government until it is on web and is hidden using TOR or using mixers. But as soon as you put that into bank which is connected to your account details, regulations can be easily carried out.
They are regulating or simply shut down existing infrastructure and set up their own controllers.
China and South Korea have banned initial coin offerings, while Russian President Vladimir Putin has called for regulation of the sector.
China and South Korea have banned initial coin offerings, while Russian President Vladimir Putin has called for regulation of the sector.
I think, these countries are setting up their own controllers. They have already has foretaste the value of bitcoins that is why they wanted it to be regulated. they are passing a law to regulate its use and also imposed tax on transaction made with bitcoins. So in so far as these countries are concerned, they wanted also to offer their initial coins offering to the public soon...
Authorities are trying very hard to regulate the cryptocurrency but i think if they really can do it, they already did that. It's been almost a decade since the existence of bitcoin but until now it is decentralized and nobody is controling it though there were countries that banned it.They want to regulate cryptocurrencies but they can't find a way how to do it and they will never stop trying to find ways how to regulate it. And if they successfully regulate it I hope it's for the best.
They are regulating or simply shut down existing infrastructure and set up their own controllers.
China and South Korea have banned initial coin offerings, while Russian President Vladimir Putin has called for regulation of the sector.
China and South Korea have banned initial coin offerings, while Russian President Vladimir Putin has called for regulation of the sector.
Yes they can and that is what they are doing and I think its all for the good and we are the ones that called them to the party. When you call an higher authority to the party, you should expect more than what you bargained for and this arises as a result of the several ICOs whose primary motive is to raise money then disappear into thin air. The moment the noise is much, blogs are carrying it, complains were made to the people in authority to do something about the retrieval of funds, you then expect a responsible government to take action because there is no one to make such report to in the crypto world.
The regulation effect is what we are seeing by some ICOs cancelling mid-way, those that are planning to start suspending till further notice, the ones even planning shelving the idea which gives enough time to be concentrated on those that can break the entire barrier into launching. The regulation is real and its cleaning up things.
They will surely do everything to keep their grip on their national economic system, and Bitcoin, by seeing the fact that people are adopting in a very fast manner, is threat for them. So now they have no choice but to regulate it and anything related to it. They will ban exchanges, they will threaten people that if they use if they will be behind the bars, and they will do a lot of such acts to stop people using cryptocurrencies and use fiat instead like the previous times when there was no concept of cryptocurrencies and everything was done using fiat while today we can see a lot of changes around us regarding this.
Regulated usage is possible to certain extent, above which the concern authorities can't restrict people in any other way. Because in the past few countries imposed ban on bitcoin, still the users from those countries continue to use it. Same will be happening with other cryptocurrencies.
Almost all of the countries might come up with their own version of crypto which will be heavily regulated and centralized with unlimited supply. They are shutting down ICO and bitcoin trading platforms so that they can launch their own centralized bitcoin wallet and trading platform where they can monitor every transaction going in and out of user's wallet as well as they can froze those bitcoin without any issue just like they used to froze bank account in the name of investigation.
they can, because they have resource, to legalize all and just need cooperation to do it.
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