Topic: Cryptocurrency regulation? - page 7. (Read 21690 times)

It appears that regulation is on the cards for bitcoin and other cyrptocurrencies. However, regulators will need to keep sight of the potential benefits of digital currencies. The challenge will be to develop guidelines and regulations that protect consumers and prevent money laundering, while safeguarding innovation and managing disruption to existing banking systems.

Cryptocurrencies do not need regulation, but regulation may be inevitable. We are already seeing it in countries like Japan. Regulation is not purely bad anyway, because it may help convince the mainstream of cryptos' legitimacy.

I am sure that soon Fiat money will be replaced by electronic. Perhaps this will be used for blockchain technology but it will definitely not bitcoins. Each state will create their own currency and everything will remain as it is now. It is impossible to manage the economy without the ability to control currency.

Bitcoin is far from replacing fiat money because of various reasons. Crypto users use Bitcoin precisely for the reason that it is decentralized. Once it replaces fiat money, then there will be control over it and it will lose its element of decentralization.

In my country, Bitcoin is recognized but it does not have legal tender. It is recognized as "property" and not as a payment system, therefore it does not have legal tender. The laws on cryptocurrency and Bitcoin still do not touch on the specifics but its quite possible for there to be regulations made in the future - whether or not it replaces fiat currency.

Paper money will never be replaced by cryptocurrency. Maybe someday they will be replaced with non-cash but it will still be the national currency and it is fully controlled by the government. Cryptocurrencies are independent. This approach is not suitable for government. This means that the idea of cryptocurrency is contrary to the purpose of the state.

It depends on which way you see it from, more liberal people would like it unregulated, people who are in the tax office would like more regulation.

It’s not a question about needing a regulator it’s a matter of what will happen. Cryptos will get regulated, in some cases they have already been, and, wherever they are not regulated they will be banned. Although I think in the long-term they will be regulated in the vast majority of countries.

That doesn’t mean that users can't evade banning or regulations but as governments see regulating cryptos as a source of charging taxes, or not regulating them as loss of tax income, they will regulate them.

Yes OP. It should have Regulator. Sixty-three percent of countries have favorable or mostly favorable regulation of cryptocurrencies out of 60 states studied. This is a very good sign for the industry. Still there is a lot of room for growth and diligent work with regulatory bodies to make cryptocurrencies widely acceptable. Cryptocurrencies are digital assets. The population has to be familiar and willing to accept digital money in everyday life. The countries have to have proper governing bodies willing to embrace new developments and technologies. Those with poor regulation are more concerned with the existing matters and tend to ban cryptocurrencies as something new and possibly difficult to regulate.

yes we can expect that very soon we are going to see the day, in fact because of the increasing number of bitcoin users the governments are now also taking bitcoin as serious and hopefully like japan they will also turn bitcoin as legal currency and hope that then bitcoin will become more and more popular and will spread all over the world.

You are correct. It is the fiat money (like the US Dollar and any other paper currency) that is basing too much on trust...trust that the government issuing the paper notes can be good in managing the economy of the country that can somehow affect the value of its issued money.

Now, Satoshi understand human nature more than we do and he knew that trust can be scarce in the real world and so we have the blockchain technology that can facilitate transactions even with people who don't trust each other that much for many factors.

This is actually one of the most important essence of cryptocurrency as built by that great figure named Satoshi Nakamoto. Brilliance is one word to describe what the 'man' contributed for the humanity on this modern age we are in right now. 

However, we have to consider that as humans as we are, things are subject to human nature. There will always be people who can find many ways to use Bitcoin for their own good to the detriment of all other people that is why many governments will not just allow the utilization of Bitcoin without the needed regulations in order to protect the users and also to make sure that it is not something beyond their control. There is a need for a compromise because once the state will ban Bitcoin then doing business can be a big hell and Bitcoin will drive to the floor.

What's going on with China now?

When the government gets their hands on crypto, they'll regulate. With regulation comes fees. So hopefully in the future the fees aren't as high as they are now lol.

Can't wait for the day I don't have to carry around a wallet anymore. It's going to be a wild ride for the government to just rule out the currency that we have now.

Crypto does need to be regulated. Our government is run by the taxes we pay. And how they collect is through everyone's income. For anything like crypto to be big, the government has to approve and regulate...sadly.

Yea, I agree. Any time you see innovation like crypto and ICO's, for the government to embrace it and make it legal, it has to be regulated. They want their cut always.

It is already regulated by peers.

If cryptocurrency wants to feature in that future, then it needs to be regulated. Even though I don't see it replacing the fiat of our respective countries, but in the event of that, crytocurrency will have to be put under control if not for anything but for the issue of volatility which a cause or concern that might increase the trust it possess by the larger population. Another reason is on the issue of security which in the current status is lacking the onus is on you and no one is held responsible for scamming you or hacking a database without any repercussions. Factors like this are the drivers of regulations.

I do believe in the future of cryptocurrency but I do not believe in a future where fiat money will be totally replaced by digital currencies as they can be used alongside with each other. Now, having said that, in the future many central banks would be issuing their own form of digital currencies in lieu of the fiat money. Bitcoin can then exist side by side with those government-issued cryptocurrencies.

I can see that we as consumers would be given so many choices as to what kind of digital currencies we would like to have in our wallet. Right now, we have a burgeoning alternative coin market and it is growing by leaps and bounds everyday. Now, many of these coins can die a natural death and some may survive into the future as this is all about supply and demand equilibrium. 

There's a fair chance that fiat will become digital, but replacement is another ball game of a privatized world most likely.

Altcoins don't need regulation. They are going to fizzle at least 4x faster than mobile app investments. I actually have a fun idea for them. What if when you go to buy coffee you can pay with something that has wallets for all your altcoin stuff. You basically set up rules of agreement. I want Doge coin to pay no more than 2x what it's worth and I want to use it first, up until X dollar amount; after that I want X coin to ____. And the coffee shop can accept/deny any that it wants to as well, while also setting a general rule for conversion rate. For example I'm the coffee shop and I want 3x what the Doge coin value is or I'm not taking it, you get a message that says "insufficient funds: no transaction/use litecoin" or whatever... That way you can literally use altcoin for those willing to play games with them. Just a thought to have liquid assets.

As far as tokens go we need PEER REGULATION on them. For example I'm Bancor 2.0 and don't want to fudge up an ICO. I submit tokens pre-sale to multiple websites for review of the smart contracts. Those website can rank and review the code. I imagine some website would be public ranking, and others by pros, etc... if I don't do this no one will join my ICO because I'm sleazy and afraid to show my smart contract. Aside from that people have access to a gazillion times more information that they did in the 1920's so if they make bad investments now it's no one else's problems. There's always a sad story. We let people walk into casino's with their mortgages in hand, why not a chance at a legit business?