government and crypto collide - page 3.

krishnapramod

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Quote from: serjent05 on March 30, 2018, 04:36:38 AM

I think it will be tight for other developers who wants to create new token or coins if every country decide to create their own crypto. This will definitely open a way to establish blockchain technology era but will kill the decentralized idea of it. Government will definitely oppose any crypto that is not regulated by the government and might end the era of decentralized crypto.

Many countries are moving towards a cashless economy, this started before Bitcoin was created, electronic payment systems and then Bitcoin/Blockchain happened. As the Blockchain ecosystem is evolving, more governments are studying it and a few think that Blockchain technology could be used to create a new digital financial system which would be more efficient and cheaper than the existing one. If I exaggerate, for governments Blockchain technology might be a catalyst to push their cashless society agenda, centralized cryptocurrencies.

With Bitcoin, not only Blockchain happened, but also the idea that decentralized money without governments can exist. Decentralized, security, privacy, trustless. With centralized cryptocurrencies, it would be the exact opposite. Two different terms, technology adoption and technology acceptance, might sound similar, but different. I guess most of the crypto users have adopted, not merely accepted Bitcoin/cryptos/Blockchain for the very reason, decentralized. If governments issue their own Blockchain-based cryptocurrencies, it would be accepted, might even be enforced to adopt. A whole new decentralized ecosystem is evolving, opposition from governments wouldn't simply end it.

Coffee135

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Quote from: Elmughni on March 30, 2018, 04:44:20 AM

Quote from: olia10 on March 29, 2018, 09:02:30 PM

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.

im glad to hear that, I hope its to be happen in my country

In Russia, they always say a lot but do very little. For example, I heard that Russia is seriously considering the possibility of disconnection of the global Internet and the transition to Runet. How in such conditions it will be possible to use cryptocurrency? For me, Russia is not a country that can somehow influence the situation in the world.

Elmughni

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Quote from: olia10 on March 29, 2018, 09:02:30 PM

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.

im glad to hear that, I hope its to be happen in my country

serjent05

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Quote from: krishnapramod on March 30, 2018, 04:32:09 AM

Quote

Starting a digital currency might seem attractive to any government that doesn’t like how it’s being treated by the global financial system. That includes governments facing international sanctions. The U.S. attempts to enforce sanctions by blocking banks and companies that do business with the target country from the American financial system. Violators are traced via their transactions in the international banking system. But if a government had its own digital currency, its transactions might not be detectable to U.S. authorities. Bitcoin can provide an avenue around sanctions as well, but a government would struggle to get hold of enough of them to be meaningful.

This could be one of the main reasons why some countries would come up with their own cryptocurrencies, to avoid sanctions. 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. Decentralized currency transactions might not be detectable to an extent, but government issued cryptocurrencies would still have all the centralized characteristics of fiat and the flow of exchange could be detectable to uncover sanctions violations. It wouldn't be wrong to assume that a few countries that are being affected by sanctions made by the US government would try to come up with their own cryptocurrencies. For the rest, state-sponsored cryptos would be more of a digitalization tool, cashless society and to have stringent control over the finances of their citizens.

I think it will be tight for other developers who wants to create new token or coins if every country decide to create their own crypto. This will definitely open a way to establish blockchain technology era but will kill the decentralized idea of it. Government will definitely oppose any crypto that is not regulated by the government and might end the era of decentralized crypto.

krishnapramod

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Quote

Starting a digital currency might seem attractive to any government that doesn’t like how it’s being treated by the global financial system. That includes governments facing international sanctions. The U.S. attempts to enforce sanctions by blocking banks and companies that do business with the target country from the American financial system. Violators are traced via their transactions in the international banking system. But if a government had its own digital currency, its transactions might not be detectable to U.S. authorities. Bitcoin can provide an avenue around sanctions as well, but a government would struggle to get hold of enough of them to be meaningful.

This could be one of the main reasons why some countries would come up with their own cryptocurrencies, to avoid sanctions. 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. Decentralized currency transactions might not be detectable to an extent, but government issued cryptocurrencies would still have all the centralized characteristics of fiat and the flow of exchange could be detectable to uncover sanctions violations. It wouldn't be wrong to assume that a few countries that are being affected by sanctions made by the US government would try to come up with their own cryptocurrencies. For the rest, state-sponsored cryptos would be more of a digitalization tool, cashless society and to have stringent control over the finances of their citizens.

jakagintiri

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Quote from: alexsandria on March 29, 2018, 09:25:24 PM

Quote from: rowel21 on March 29, 2018, 08:35:15 PM

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

I hate this. Although this might have some benefit for cryptoworld, but for us users/owners of coins this might be a problem. Government can and will take advantage of this by taxing and basically manipulating its prices by centralizing or monopolizing. I love the crypto world for its limitless increase in value. Also because it is not governed by one man. The crypto world is an open world of growing opportunity, and to see the government join this hype train is terrifying.

There is no other way, yes it is all the risk of us all, now most users / communities waiting for the legality of crypto in each country, there will be a comprehensive arrangement, we wait for the results hopefully tax arrangements and everything is not too burdensome us as users, I think forever will always be profitable for users, will you leave the profit forward? I think you should think positively, do not make you depressed.

alexsandria

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Quote from: rowel21 on March 29, 2018, 08:35:15 PM

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

I hate this. Although this might have some benefit for cryptoworld, but for us users/owners of coins this might be a problem. Government can and will take advantage of this by taxing and basically manipulating its prices by centralizing or monopolizing. I love the crypto world for its limitless increase in value. Also because it is not governed by one man. The crypto world is an open world of growing opportunity, and to see the government join this hype train is terrifying.

Tapyaks72

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Quote from: olia10 on March 29, 2018, 09:02:30 PM

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.

In this case dollars domination will be hinder because bitcoin would be the popular currency that would dominate the world economy that is the European countries and and US government is now studying the possibility to use Blockchain technology on their advantage, because they know if they don't act accordingly they don't have control.

olia10

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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.

Jating

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Quote from: rowel21 on March 29, 2018, 08:35:15 PM

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

Quote

1. Who is pushing the idea?

Venezuela’s president, Nicolas Maduro, is pitching a proposed virtual currency he calls the Petro, each unit of which would be backed by one barrel of oil. According to Maduro, the country received $5 billion in purchase offers in the first week of presale in February.

Maduro is pushing petro to get away with the US led sanctions against them. Well, he says they raised tons of money, but I don't believed that is the case.

Quote

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.

Again, this is totally wrong. Russia has no plans to adopt crypto currency. They already have cryptorubles which they created to satisfy Russian's population appetite for crypto. But I don't think it will be enough to swayed them.

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.

rowel21

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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

Topic: government and crypto collide - page 3. (Read 522 times)