There is no doubt that the actions of the government will affect the way in which its citizens use cryptocurrencies. One of the main reasons why bitcoin has been created is in many ways a philosophical response to how governments control their national currency rules.
Although cryptocurrency has the potential to make money, its core is more of a philosophical realization of monetary freedom. It reminds people that human beings have the ability to govern themselves, and that a free market will promote innovation. This has convinced the liberal people that they are fresh and refreshing, and that they have awakened those who believe that almost all aspects of life are inseparable from the government.
Topic: government and crypto collide - page 2. (Read 472 times)
The collusion is because of misunderstanding. The government completely misunderstood the working of bitcoin only looking for ways to control it. But bitcoin being decentralized and P2P is not easy to be controlled.
will great article !! It just told about the government considering to adopt a cryptocurrencies and where the countries are invaded in this I think that is one of two sided games to sure also .the sides to be a loss it .will be the best for a government to adopt and promote cryprocurrencies since now or tomorrow they all go to adopt it I just considered it about popularity .that is just for benefits are the same as all and also the government is required to regulate the digital encryption of money to protect the interest of investor and to teach a digital encryption currency to the correct way of development. 
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2. Which other countries are considering cryptocurrencies?
Russia’s central bank plans to talk to countries including Brazil, China, India and the five former Soviet republics about creating a supra-cryptocurrency that could cover countries with 40 percent of the world’s population. People’s Bank of China Deputy Governor Fan Yifei wrote an article broaching the possibility of a digital currency it would issue with Chinese commercial institutions. In Sweden, where use of cash is vanishing, the central bank is investigating issuing its own digital currency, the E-krona, out of concern that widespread use of other virtual currencies controlled by private actors could harm competitiveness.
Russia’s central bank plans to talk to countries including Brazil, China, India and the five former Soviet republics about creating a supra-cryptocurrency that could cover countries with 40 percent of the world’s population. People’s Bank of China Deputy Governor Fan Yifei wrote an article broaching the possibility of a digital currency it would issue with Chinese commercial institutions. In Sweden, where use of cash is vanishing, the central bank is investigating issuing its own digital currency, the E-krona, out of concern that widespread use of other virtual currencies controlled by private actors could harm competitiveness.
Very interesting.
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3. Aren’t cryptocurrencies by definition non-governmental?
Until now, yes. Bitcoin and its many competitors and imitators have developed independently from central authority -- and intentionally so. But the blockchain technology that undergirds all cryptocurrencies doesn’t preclude centralization. In theory, a government could have greater control of a virtual currency than a paper one because it would be able to keep tabs on all transactions recorded on the blockchain ledger.
Until now, yes. Bitcoin and its many competitors and imitators have developed independently from central authority -- and intentionally so. But the blockchain technology that undergirds all cryptocurrencies doesn’t preclude centralization. In theory, a government could have greater control of a virtual currency than a paper one because it would be able to keep tabs on all transactions recorded on the blockchain ledger.
Bolded: this portion seems to operate under the flawed assumption that crypto currencies are "anonymous" or operate "off grid". Everything on the internet is logged and it might be said that all transactions are traceable if they need to be.
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6. What would this mean for the international monetary system?
The Western-dominated global financial system relies on a slew of internationally agreed-upon rules, norms and institutions that let countries trade and invest in each other. The U.S. exercises a degree of control over the system because the dollar and the U.S. banking system dominate. Should enough countries set up their own digital currencies, they would operate outside the existing framework, undermining the influence of traditional global central banks like the Federal Reserve and the European Central Bank.
The Western-dominated global financial system relies on a slew of internationally agreed-upon rules, norms and institutions that let countries trade and invest in each other. The U.S. exercises a degree of control over the system because the dollar and the U.S. banking system dominate. Should enough countries set up their own digital currencies, they would operate outside the existing framework, undermining the influence of traditional global central banks like the Federal Reserve and the European Central Bank.
Bolded: very interesting perspective. Maybe redundant. Russia began creating its own alternative to the SWIFT system, seeking to become more independent after they were banned from it under sanctions. I think some nations could have sought ways to escape US surveillance after the Snowden leaks and similar events. Seeking independence from the dollar and euro could also be a high priority for some as concern over the EU/USA deficit mounts.
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7. What would this mean for banks?
In the case of national cryptocurrencies, the blockchain technology would supplant the clearing process now handled by commercial banks, undermining an important revenue stream. Banks would likely retain their role issuing mortgages and other forms of credit.
In the case of national cryptocurrencies, the blockchain technology would supplant the clearing process now handled by commercial banks, undermining an important revenue stream. Banks would likely retain their role issuing mortgages and other forms of credit.
Another very interesting view. This might be compared to video game consoles where companies like nintendo chose cartridges over CDs/DVDs due to them making additional profits charging developers a licensing fee for using nintendo's cartridge/disc technology. AFAIK banks derive additional profits from the clearing process and so eliminating that abstraction from the equation could come at a loss of $/control for them.
I heard this news Until July 1, 2018, the government and the Russian Federation should determine the legal status of the country's crypto currency and also determine the taxation for mining.
The State Duma of the Russian Federation intends to amend the current legislation by imposing a 13% tax on personal income transactions on individuals and individuals and registering the possibility to collect digital currencies from debtors-bankrupt.The bill proposes to consider mining a kind of entrepreneurial activity. Miners will be required to register as individual entrepreneurs, however, the legislators do not negotiate the taxation system for them: the miners will be able to choose it independently.
That's merely possible to the Asian countries also, and imposing a 13% tax on personal income transactions on everybody who had this kinds of crypto business can be a good start of government and crypto to collide. Not just with Russia, but also for all developed countries who planned for the adaption of crypto currency specially the traders who've been earning such amounts of crypto's. But this must be reviewed thoroughly by the County leaders, and the possible results is heading up for a good future of bitcoin and other currencies as well. With this future improvements of the current system of digital currency, hopefully we now benefit the goodness of it and not just that it will create a great demand of digital currency btc to increase its value rapidly.
What is the possibility effect of this in both side
Are this a good thing to happened
https://www.bloomberg.com/news/articles/2018-02-12/why-governments-might-join-the-cryptocurrency-craze-quicktake
Are this a good thing to happened
https://www.bloomberg.com/news/articles/2018-02-12/why-governments-might-join-the-cryptocurrency-craze-quicktake
These governments i think only wants to use the blockchain technology to track down and gain control over their peoples money. Decentralization has always been the reason why bitcoin was materialized. With government attempting to incorporate this technology, it only defeats that purpose. To invest in a currency controlled by the government and central banks is really unwise. I hope people will not support these. Trump's action on banning venezuela crypto is a good one. I hope people will see that they're losing their money over things that don't come through.
What is the possibility effect of this in both side
Are this a good thing to happened
https://www.bloomberg.com/news/articles/2018-02-12/why-governments-might-join-the-cryptocurrency-craze-quicktake
Are this a good thing to happened
https://www.bloomberg.com/news/articles/2018-02-12/why-governments-might-join-the-cryptocurrency-craze-quicktake
These governments i think only wants to use the blockchain technology to track down and gain control over their peoples money. Decentralization has always been the reason why bitcoin was materialized. With government attempting to incorporate this technology, it only defeats that purpose. To invest in a currency controlled by the government and central banks is really unwise. I hope people will not support these. Trump's action on banning venezuela crypto is a good one. I hope people will see that they're losing their money over things that don't come through.
What is the possibility effect of this in both side
Are this a good thing to happened
https://www.bloomberg.com/news/articles/2018-02-12/why-governments-might-join-the-cryptocurrency-craze-quicktake
Are this a good thing to happened
https://www.bloomberg.com/news/articles/2018-02-12/why-governments-might-join-the-cryptocurrency-craze-quicktake
Reading on that article, it seems a lot of countries are eyeing on making their own currrency controlled by their government. Thus basically defeats the purpose of bitcoin or blockchain as a whole. The attempt of bitcoin is to make a currency accepted by the whole world in order to avoid fees in converting from one currency to another. Bitcoin is supposedly the global currency. But these countries wanted different things henceforth they make their own cryptocurrency.
What is the possibility effect of this in both side
Are this a good thing to happened
https://www.bloomberg.com/news/articles/2018-02-12/why-governments-might-join-the-cryptocurrency-craze-quicktake
Are this a good thing to happened
https://www.bloomberg.com/news/articles/2018-02-12/why-governments-might-join-the-cryptocurrency-craze-quicktake
There is a difference between the centralized cryptocurrencies that are issued by governments, such as the Petro issued by the Venezuelan government, and the decentralized cryptocurrencies such as bitcoin which are not controlled by any single entity.
Governments obviously are interested in the centralized version, because it actually gives them more control. They are only using the blockchain for their own benefits whilst retaining all control that they have gotten.
In that case, it doesn't really make a difference whether governments choose to issue these cryptos or not. They are not relevant to the decentralized crypto market. Only thing though is that the general public will be misled into investing in these national cryptos instead of actual decentralized ones. IMO, they're not even worth looking at since they are simply fiat or government issued bonds in a different form.
I heard this news Until July 1, 2018, the government and the Russian Federation should determine the legal status of the country's crypto currency and also determine the taxation for mining.
The State Duma of the Russian Federation intends to amend the current legislation by imposing a 13% tax on personal income transactions on individuals and individuals and registering the possibility to collect digital currencies from debtors-bankrupt.The bill proposes to consider mining a kind of entrepreneurial activity. Miners will be required to register as individual entrepreneurs, however, the legislators do not negotiate the taxation system for them: the miners will be able to choose it independently.
I won't go into details because there is a lot of contradictions, flawed argument on this article. Short term, government going against crypto is bad for us. Long term effect, crypto is unstoppable not even Russia or China can stop this revolution.
this is because too much to discuss about this. so there will be a lot of speculation. which ultimately creates two classes of pro and cons. but still we should be able to review from both sides so that there will be no failure in an assessment 
The issuance of Petro was such an attempt and there have been reports that Iran and Russia are planning to create their own cryptocurrencies to evade international sanctions.
The Petro angle is the major reason Donald Trump is getting restless over cryptocurrency being legalised. If the Venezuela experiment works out fine and Petro becomes a success, other anti-America establishment and governments will quickly switch over to enjoy immunity against the endless America sanctions. It isn't just with Iran and Russia, in Africa Zimbabwe will expectedly be the first of such countries. The US knows this and is aware of the ripple effects that success will cause and is fighting doggedly to frustrate that. 
I liked the article . It just told about the governments considering to adopt crypto currencies and which are the countries involved in it . I think that is a two sided game for sure . None of the sides is going to be at the loss . It will be best for the governments to adopt and promote crypto currencies because now or tomorrow they are going to adopt it if we just consider about its popularity . That is just going to benefit both of them.
The Governments are always looking for a way to get involved in the crytocurrecy market so that they introduce taxes and regulations that will favor their selfish purpose,if this take place
Governments will have to deal with non-sovereign currencies very soon.
You can't wish away such problems as money laundering and terrorist financing by saying, "It can be done using these things, so these things must be against the law. And because they're against the law, they'll cease to exist."
Realistically, the world's governments will need to find a policy that allows for the legitimate use of cryptocurrencies. They will also need to make changes to the way they form and support monetary policy so that their own fiat money doesn't become irrelevant. On the flip side, cryptocurrency issuers will need to provide some means of responding to the civilized world's legitimate concerns about criminal activity.
I wrote a couple Medium articles on this topic.
https://medium.com/@WilliamFreedman/whats-so-special-about-being-sovereign-f64a6765a7f4
https://medium.com/@WilliamFreedman/poor-misunderstood-bis-needs-a-hug-28c92a5de99d
You can't wish away such problems as money laundering and terrorist financing by saying, "It can be done using these things, so these things must be against the law. And because they're against the law, they'll cease to exist."
Realistically, the world's governments will need to find a policy that allows for the legitimate use of cryptocurrencies. They will also need to make changes to the way they form and support monetary policy so that their own fiat money doesn't become irrelevant. On the flip side, cryptocurrency issuers will need to provide some means of responding to the civilized world's legitimate concerns about criminal activity.
I wrote a couple Medium articles on this topic.
https://medium.com/@WilliamFreedman/whats-so-special-about-being-sovereign-f64a6765a7f4
https://medium.com/@WilliamFreedman/poor-misunderstood-bis-needs-a-hug-28c92a5de99d
It's honestly too early to tell. Petro would have been a good indicator as to how a government backed crypto can affect everyone as a whole, but everyone seems to be against it. As far as precedents go, coins that are made to bypass regulations look like they're doomed to fail. They're not going to be able to win over anyone's confidence, not even their congress', as shown by Venezuela's case. China's supracurrency sounds great because it covers 40% of the world's population, but let's not forget that existing cryptos cover 100%; we can probably expect anti-crypto regulations from them to level the playing field, but the question of user support remains.
For now, crypto does compete with fiat in a sense, and most governments aren't banning it, so I'd like to believe that the rise of state-backed crypto won't mean overbearing regulations. Also, if crypto as a whole becomes commonplace, then so will Bitcoin and the major alts -- so that's a potential pro. We'll see though, I guess.
For now, crypto does compete with fiat in a sense, and most governments aren't banning it, so I'd like to believe that the rise of state-backed crypto won't mean overbearing regulations. Also, if crypto as a whole becomes commonplace, then so will Bitcoin and the major alts -- so that's a potential pro. We'll see though, I guess.
I heard this news Until July 1, 2018, the government and the Russian Federation should determine the legal status of the country's crypto currency and also determine the taxation for mining.
A large perecent of the money laundering that it being held in Russia, comes from cryptocurrency.We heard a lot of stories about Mafias in Russia that pump cryptocurrencies in order to launder money( they invest legit money, and then pump the coin with black money in order to launder, and they do success as the government has no idea how to deal with them.)
I believe that if the Russia government will finally have a statement about cryptocurrencies it's never going to be a positive one.
The future of cryptographic digital money is indeed bright. Because this is the direction of human evolution.
The government needs to regulate the digital encryption money, protect the interests of investors, and guide the digital encryption currency to the correct road development!
The government needs to regulate the digital encryption money, protect the interests of investors, and guide the digital encryption currency to the correct road development!
This cannot be a good thing for two reasons :
1. The government that initiated the sanctions, might turn against Crypto currencies, because it is used to bypass their sanctions.
2. If all governments have their own Crypto currency, people will invest less money into Bitcoin and other Alt coins and these governments might even ban other Crypto currencies and only allow their own GovCoin.
Nothing good can come from this, mark my words.
1. The government that initiated the sanctions, might turn against Crypto currencies, because it is used to bypass their sanctions.
2. If all governments have their own Crypto currency
Nothing good can come from this, mark my words.
If government and crypto collide, then it will be the end of fiat money, also I think it could help the economy of a country grow. But I think crypto and government won't collide, not this days but maybe on the future.
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