Crypto Currencies VS local law policies - page 3.

xiboothrezi

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Quote from: hello_good_sir on November 24, 2019, 11:20:12 PM

We need a lot more of these barriers to be broken, and something like a revolution before this adoption is able to happen, otherwise, countries like China and America will never end up adopting these technologies and it's going to be a huge waste of time.

There are a lot of companies that are already taking advantage of this technology, although there hasn't been enough policies and laws that have been established, so these businesses are getting very hard to run (look at the binance example).

It is true. Blockchain technology can be generally accepted and has been adopted by many institutions. Blockchain is a form of technological development that proves the progress of civilization. Conventional systems that were previously less effective can be optimized by upgrading from blockchain. While cryptocurreny is only one of the "applications" on the blockchain, there are many more that can be generated from the blockchain. Cryptocurrency especially bitcoin is full of controversy, so that in certain countries its use is restricted. That is the right of each government to maintain economic sovereignty.

mdzahed134

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Yes, government or local law is highly dominated in the cryptocurrency marketplace. And definitely i also think this is a main barrier to legalize cryptocurrency in every single country. In many countries crypto is illegal by rules of government and according to central bank policies. Bitcoin is illegal in my country but here this is very popular marketplace but community can't grow because of illegalization. But i'm looking forward for the upcoming years when btc will be legal.

imstillthebest

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whats many where ? do you mean to say anywhere right . afaik alot of countries now are crypto friendly and that means they dont have a law about restricting crypto . like for example here on my country i can cash in or cash out buy goods using crypto and many more . i dont hear any law that our government did about cryptos . on other country i also heard that people are migrating just to be able to use cryptos . thats a good idea if crypto is not supported by thier law but i still feel bad on others that dont have the ability to travel abroad .

djcaoile1205

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I believe crypto is the next form of money. With the course of evolution, money loses its material shell and takes on a digital form. People used to pay with furs. Then - with precious stones, gold, silver. Then fiat appeared, and now we have cryptocurrency. We can't prevent evolution and governments as well.

Boov

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Quote from: Shenzou on November 25, 2019, 09:26:32 AM

There is a wide misconception between crypto and blockchain, just because bitcoin cryptocurrency was made on the blockckhain technology does not mean that it defines it, a lot of countries and governments have acknowledged the fact that the blockcchain technology is a key to the future and have already started implementing it and using it for many services, and the only reason why they would ban crypto, is because they are unable to control it and they feel threatened by it taking over the local currency.

Indeed, but the thing is government has an eye on cryptocurrency now, i know that someday they will knew that it has a big impact in the economy, it can help the economy too ,in that case they will pass a law regarding to this one and it will be apply in other countries too. It could a part of good news and a bad news to us.

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Quote from: BlackboardTrade524 on November 24, 2019, 05:07:59 PM

Crypto Currencies is facing local law policies many where: Local law can be a barrier for many countries to accelerate the blockchain industry. I read the sentiment of many people where the bitcoin or concurrency is not legally authorized but they are very much excited to use this technology. I think, a global revelation only can bring those countries to be inspired.

blockchain technology is no problem with that in every country even studying it, usually blockchain products such as bitcoin and other cryptocurrency are against the law which is usually in conflict with the legal currency in the country, so comply with applicable laws also to find safe, but if many mass adoptions of many crypto currency users increase every time, laws and regulations could be changed because the government in that country was built by the community so it goes back to the community to start adopting it

White Christmas

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Quote from: BlackboardTrade524 on November 24, 2019, 05:07:59 PM

Crypto Currencies is facing local law policies many where: Local law can be a barrier for many countries to accelerate the blockchain industry. I read the sentiment of many people where the bitcoin or concurrency is not legally authorized but they are very much excited to use this technology. I think, a global revelation only can bring those countries to be inspired.

Many country wants blockchain industry and many country doesn't want it to be their technology but when it terms to the local law if it would be focus on blockchain technology and bitcoin then it would be a problem because there are some country that accepts bitcoin but do not want blockchain technology and the other side was they want blockchain and they don't want bitcoin. If this would be implemented then there would be some restrictions about using blockchain and bitcoin. Because there is some country who are legalizing bitcoin and not legalizing blockchain.

AbuBhakar

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Quote from: Shenzou on November 25, 2019, 09:26:32 AM

There is a wide misconception between crypto and blockchain, just because bitcoin cryptocurrency was made on the blockckhain technology does not mean that it defines it, a lot of countries and governments have acknowledged the fact that the blockcchain technology is a key to the future and have already started implementing it and using it for many services, and the only reason why they would ban crypto, is because they are unable to control it and they feel threatened by it taking over the local currency.

Blockchain should be use and applied in government to make their work transparent and their services efficient. If they don't want to accept crypto then be it but they must acknowledge the good effect blockchain can bring. Thankfully, our country is cool with crypto and we're free to use it.

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Quote from: BlackboardTrade524 on November 24, 2019, 05:07:59 PM

Crypto Currencies is facing local law policies many where: Local law can be a barrier for many countries to accelerate the blockchain industry. I read the sentiment of many people where the bitcoin or concurrency is not legally authorized but they are very much excited to use this technology. I think, a global revelation only can bring those countries to be inspired.

I think you should clearly distinguish the two concepts of blockchain technology and cryptocurrency. In my country, the government encourages the development of new technologies, and blockchain technology is no exception. But cryptocurrencies are a different matter altogether, it's banned from use for payment even though you may own them, and there is no clear regulation on cryptocurrencies.

Shenzou

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There is a wide misconception between crypto and blockchain, just because bitcoin cryptocurrency was made on the blockckhain technology does not mean that it defines it, a lot of countries and governments have acknowledged the fact that the blockcchain technology is a key to the future and have already started implementing it and using it for many services, and the only reason why they would ban crypto, is because they are unable to control it and they feel threatened by it taking over the local currency.

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Quote from: Savemore on November 24, 2019, 11:49:53 PM

Quote from: Darker45 on November 24, 2019, 11:09:57 PM

Quote from: BlackboardTrade524 on November 24, 2019, 05:07:59 PM

Crypto Currencies is facing local law policies many where: Local law can be a barrier for many countries to accelerate the blockchain industry. I read the sentiment of many people where the bitcoin or concurrency is not legally authorized but they are very much excited to use this technology. I think, a global revelation only can bring those countries to be inspired.

First of all, cryptocurrencies =/= blockchain, or blockchain =/= Bitcoin. There are countries where blockchain is much appreciated even if Bitcoin is not. Even a good number of banks are appreciating the blockchain technology, even using them, but they are not in favor of the likes of Bitcoin and other cryptocurrencies. In my local setting, a few banks are already playing with blockchain but a mere mention of Bitcoin or cryptocurrency when opening an account could be enough for your application to get rejected.

My country is favor to the blochchain technology but not favor to the ICOs and STOs. There are now many news and issues about scammers and it is the reason why my country doesn't regulate ICOs and STOs.

Very recently we saw Chinese president statement in which he emphasised use of blockchain and China is in way showing any softness towards cryptocurrency adoption.

hugeblack

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Volatility is what prevents the adoption of this technology in markets and places more than daily regulations.
These regulations always play an important role in regulating central transactions and platforms, so it may be difficult to buy these currencies but will not make them impossible.

Inflation and centralization are what give paper money weaknesses, but volatility makes them stronger than Bitcoin.

chaoscoinz

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Quote from: BlackboardTrade524 on November 24, 2019, 05:07:59 PM

Crypto Currencies is facing local law policies many where: Local law can be a barrier for many countries to accelerate the blockchain industry. I read the sentiment of many people where the bitcoin or concurrency is not legally authorized but they are very much excited to use this technology. I think, a global revelation only can bring those countries to be inspired.

Local law is local law. If a country wants to ban it's citizens from using cryptocurrency, then it has every right to. There isn't enough lobbying in the world that could possibly change that. I think that fiat currency took a long while to fully implement into the infrastructure of most countries way back then, and so the same could be said of Blockchain technology and cryptocurrencies. The only way that I can see a strict country changing it's stance on crypto use and adoption is if the united Nations made some sort of decree that Blockchain and crypto is mandatory for switching over from fiat. Then those countries may sing a different tune.

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Quote from: BlackboardTrade524 on November 24, 2019, 05:07:59 PM

Crypto Currencies is facing local law policies many where: Local law can be a barrier for many countries to accelerate the blockchain industry. I read the sentiment of many people where the bitcoin or concurrency is not legally authorized but they are very much excited to use this technology. I think, a global revelation only can bring those countries to be inspired.

Because they see that bitcoin can be like that because of the blockchain. Therefore they adopted the blockchain and then closed the bitcoin space so that bitcoin interest was low and turned to the coins they made.
I am not at all surprised by such government rules, because basically they want to use the blockchain as a more complex centralization.

Zeke_23

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Quote from: AmoreJaz on November 25, 2019, 04:45:44 AM

Quote from: samcrypto on November 25, 2019, 01:23:43 AM

Quote from: BlackboardTrade524 on November 24, 2019, 05:07:59 PM

Crypto Currencies is facing local law policies many where: Local law can be a barrier for many countries to accelerate the blockchain industry. I read the sentiment of many people where the bitcoin or concurrency is not legally authorized but they are very much excited to use this technology. I think, a global revelation only can bring those countries to be inspired.

They think cryptocurrency is a big threat to banks and other financial sector and that's why some government are still not making any regulation about this one aside from banning it. You are lucky if you are in a place where crypto is legal, and in my place you can use it with a regulation especially if you are going to do a legal business but ordinary people can own bitcoin or any other cryptos legally which is more good for all of us. They have to understand this technology, we still need the support of many countries.

or better yet, the government is not making any regulation because they don't know the nature of crypto or bitcoin. they don't fully understand the structure and concept of it. so how can they regulate for something they are still ignorant of?
they need to seriously get involved or deal with crypto or blockchain to fully understand its ecosystem. otherwise, they will regulate the use of crypto for the sake of regulating it but not understanding its technology. with such action, they might implement rules that are not appropriate or redundant.

Maybe this is the reason in some countries. But as for the country where I reside, crypto has actually become the topic in the news and social media talks before but the government remains neutral up until today. This discussion has been brought their attention up to the president and they don't give any attention as they want to focus on other important things.
The government chose not to involve in crypto due to a lot of major issues in the country that are much important to finish than to discuss it.

Boov

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Quote from: bounceback on November 25, 2019, 12:38:35 AM

for now of course the government in my country does not prohibit crypto and blockchain technology even now bitcoin dominates in my country, honestly I think they are inaugurating a technology that is very popular today because they want to advance their country with blockchain technology to make it easier for the public to transact with each other in a fully decentralized system.

Local low policies here are not yet affected to bitcoin or it has no bitcoin related law in my country now , if law will be issued in this coutry I think that is the time that government will start to regulize it too. It is too bad for us ,the anonymity in every transactions will be made as well as there will be more taxes will be put on.

AmoreJaz

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Quote from: samcrypto on November 25, 2019, 01:23:43 AM

Quote from: BlackboardTrade524 on November 24, 2019, 05:07:59 PM

Crypto Currencies is facing local law policies many where: Local law can be a barrier for many countries to accelerate the blockchain industry. I read the sentiment of many people where the bitcoin or concurrency is not legally authorized but they are very much excited to use this technology. I think, a global revelation only can bring those countries to be inspired.

They think cryptocurrency is a big threat to banks and other financial sector and that's why some government are still not making any regulation about this one aside from banning it. You are lucky if you are in a place where crypto is legal, and in my place you can use it with a regulation especially if you are going to do a legal business but ordinary people can own bitcoin or any other cryptos legally which is more good for all of us. They have to understand this technology, we still need the support of many countries.

or better yet, the government is not making any regulation because they don't know the nature of crypto or bitcoin. they don't fully understand the structure and concept of it. so how can they regulate for something they are still ignorant of?
they need to seriously get involved or deal with crypto or blockchain to fully understand its ecosystem. otherwise, they will regulate the use of crypto for the sake of regulating it but not understanding its technology. with such action, they might implement rules that are not appropriate or redundant.

samcrypto

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Quote from: BlackboardTrade524 on November 24, 2019, 05:07:59 PM

Crypto Currencies is facing local law policies many where: Local law can be a barrier for many countries to accelerate the blockchain industry. I read the sentiment of many people where the bitcoin or concurrency is not legally authorized but they are very much excited to use this technology. I think, a global revelation only can bring those countries to be inspired.

They think cryptocurrency is a big threat to banks and other financial sector and that's why some government are still not making any regulation about this one aside from banning it. You are lucky if you are in a place where crypto is legal, and in my place you can use it with a regulation especially if you are going to do a legal business but ordinary people can own bitcoin or any other cryptos legally which is more good for all of us. They have to understand this technology, we still need the support of many countries.

bounceback

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Quote from: BlackboardTrade524 on November 24, 2019, 05:07:59 PM

Crypto Currencies is facing local law policies many where: Local law can be a barrier for many countries to accelerate the blockchain industry. I read the sentiment of many people where the bitcoin or concurrency is not legally authorized but they are very much excited to use this technology. I think, a global revelation only can bring those countries to be inspired.

for now of course the government in my country does not prohibit crypto and blockchain technology even now bitcoin dominates in my country, honestly I think they are inaugurating a technology that is very popular today because they want to advance their country with blockchain technology to make it easier for the public to transact with each other in a fully decentralized system.

Kyraishi

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Firstly keep in mind, that ICOs/IEOs/IPOs are just a part of crypto-currency, and I respect the recent laws that have been implemented in a lot of countries (even US with their issues with securities) and I think regulating and controlling the crowdfunding scene makes the free money grab, that ICOs used to be a couple years ago, not possible anymore.

Quote from: BlackboardTrade524 on November 24, 2019, 05:07:59 PM

Crypto Currencies is facing local law policies many where: Local law can be a barrier for many countries to accelerate the blockchain industry. I read the sentiment of many people where the bitcoin or concurrency is not legally authorized but they are very much excited to use this technology. I think, a global revelation only can bring those countries to be inspired.

Correct - local laws are quite restrictive, especially when it comes to the mainstream adoption of bitcoin, because most governments don't want their citizens to control and have a currency that is almost untraceable and pretty safe to use for illegal stuff.

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