Government Exchanges | Bitcointalksearch.org

lovesybitz

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Quote from: ardentvolcanoes on December 04, 2018, 11:14:52 AM

Quote from: Douglasyukanov on December 04, 2018, 05:58:59 AM

to regulate crypto the government is now using the KYC / AML Method for crypto users registered in their country through state-based crypto markets and projects because the government is aware that crypto cannot be limited, regulated because they are centralized and decentralized.

that's the only way that government can regulate something inside crypto from their jurisdictions, implementing kyc will able to know who's using the system how things are being transfer, we knew that crypto mostly use decentralized and anonymous transactions so for government to make some ruling they also need to implement KYC procedures.

That's true, those centralized exchange who passed under SEC and requiring their client users to submit KYC it is for their client protections, which is for me I don't see any problem with it. Compare to decentralized exchange where it will be more risk for us because once you get a problem with their platform it will be hard for you to recover your coins.

wuvdoll

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You think the current exchanges are any different? I mean right now we have private organizations that help you basically trade with other people without actually putting up any money and when the ETF comes out it will be about the same but by a governmental organization however if you take a look at the KYC rules almost everywhere you can see that governments are already in this business.

Not profiting from it and not giving you the trust any government can provide because its still private but every single private exchange out there is cooperating with governments to provide your personal information to them (sometimes even pictures) and use that to follow up on what you are doing with crypto world. Hence the governments are maybe not running the exchanges just yet but they are in it as much as the organizations itself.

ardentvolcanoes

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Quote from: Douglasyukanov on December 04, 2018, 05:58:59 AM

to regulate crypto the government is now using the KYC / AML Method for crypto users registered in their country through state-based crypto markets and projects because the government is aware that crypto cannot be limited, regulated because they are centralized and decentralized.

that's the only way that government can regulate something inside crypto from their jurisdictions, implementing kyc will able to know who's using the system how things are being transfer, we knew that crypto mostly use decentralized and anonymous transactions so for government to make some ruling they also need to implement KYC procedures.

lovesybitz

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Quote from: jonemil24 on March 26, 2018, 03:33:36 PM

If the government still doesn't know how to put down all cryptocurrencies(or maybe they're still figuring how to tax users), why wouldn't they create an exchange and get some profit from it?

We know how B.S some exchanges are, they needed KYC but in the end, you won't be able to withdraw your funds.

Instead of spreading FUD, I hope government from all over the world knows that running an exchange can add funds for their country, and their pockets! Grin

I know it will be making cryptos centralized but look at those exchanges asking for our pretty faces and names just for their KYC/AML purposes.

Those exchange that requiring their users to submit KYC was just a normal things if they are under the control of the government due to they are centralized exchange it is because of AML, at least by giving our KYC to them is not a problem at all. And I just want to clarify something which you just said in the above that " They needed KYC but in the end, you won't be able to withdraw your funds " You can't able to withdraw it, maybe because you didn't comply completely the requirements for the KYC to that exchange, because once you complete it, you can now able to withdraw your balance fund you have their any time you want.

Rashid555

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If government have to start exchanges then people will more trust it and due to that crypto will be more popular while the chances of fraud will be less in this regard but governments are not crypto friendly and they are always against of it and exchanges if operate in the countries in their respective languages then it will be a convenient way for the users.

bittraffic

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Quote from: yusupjatigumilar on December 04, 2018, 08:48:50 AM

I think if the government makes an exchange just to get taxes from crypto currency transactions there will certainly be a few people who trade there, it won't be effective for the implementation of crypto currency taxes

Fewer people will be there trading but I think that isn't going to be an issue for them but their services along with the exchange might be helpful for users which might force users to register to them like for example easier to pay like internal revenue, healthcare or something like that. OR probably the government exchange will the only 3rd party that you can use to cash out into fiat.

Shohanur

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On the decentralized system, it is not possible for the government to handle all the crypto currency. But other companies can start exchange system and government can add tax those exchange system.

Osayo

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Quote from: jonemil24 on March 26, 2018, 03:33:36 PM

If the government still doesn't know how to put down all cryptocurrencies(or maybe they're still figuring how to tax users), why wouldn't they create an exchange and get some profit from it?

We know how B.S some exchanges are, they needed KYC but in the end, you won't be able to withdraw your funds.

Instead of spreading FUD, I hope government from all over the world knows that running an exchange can add funds for their country, and their pockets! Grin

I know it will be making cryptos centralized but look at those exchanges asking for our pretty faces and names just for their KYC/AML purposes.

Having a government exchange is going to be similar to having the central banks which are controlled by the governments. But I don't think it will really have any advantage over other exchanges. Also, people with big crypto funds may not want to use it to avoid huge tax exposure.

Nellayar

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Quote from: Eternu on March 26, 2018, 03:54:54 PM

Governments doesn't have to make exchanges them selves, other companies will do that and government will just tax them. I guess they would rather control crypto, but with decentralized system like this they don't know how to approach it, at least not yet. They see potential and that is why they are so interested in it, also they see profit. Profit from crypto could benefit any country, and that is why crypto will live long life. Time of regulations are on our doorstep, its just a matter of time when it will enter our lives. Also, you should no that there is no way of centralizing something that is decentralized in its core.

That is right! They don't need to create exchange anymore! Government will control cryptocurrency because it is not a difficult for them to join in the current scenario of crypto space. They want to be part of this growing community and regulating all of cryptocurrencies is the step of government to protect or manipulate the people.

yusupjatigumilar

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I think if the government makes an exchange just to get taxes from crypto currency transactions there will certainly be a few people who trade there, it won't be effective for the implementation of crypto currency taxes

Buttermellow

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No the government is already earning from taxing cryptocurrencies. This is already happening in every country where bitcoin/cryptocurrency is regulated. They had not made their own exchange because there are some technicals that might contradict with the government centralization system. How they able to do it? Well, they collect local exchanges taxes from its revenue of the people invested in bitcoin/cryptocurrency by adding a percentage plus with the local exchange transaction fee in exchange to giving local exchange a license to operate. The government is smart.

Douglasyukanov

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to regulate crypto the government is now using the KYC / AML Method for crypto users registered in their country through state-based crypto markets and projects because the government is aware that crypto cannot be limited, regulated because they are centralized and decentralized.

spongegar

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All the government wants is money. I think the middle ground of all this is wilingness tocbe minimally taxed and in exchange be protected by the financial laws of the land. That simple barter is acceptable for me. If a government is actually a jerk, the government will make their own coin and ban everything else.

cryptokingdom

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If Government have a taste of the money exchange are making, they will even try to ban all other exchange that are not own by Government and just be sure that everything will be centralize. Another reason that may hinder Government from venturing into it is that it will take time for Government to build a trusted blockchain based staffs.

nur rochid

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Quote from: boty on November 10, 2018, 09:25:03 AM

when the government makes its own exchange it looks like it will be very terrible and it looks like there will be price manipulation and when doing KYC it will make their identities disrupted and make your privacy known by the government and that is very dangerous.

it happens if the government has legalized it, and i think it is actually our identity that is safe, and not misused, because our id also makes government, but indeed we cannot avoid taxes

ellehcar

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Quote from: jonemil24 on March 26, 2018, 03:33:36 PM

If the government still doesn't know how to put down all cryptocurrencies(or maybe they're still figuring how to tax users), why wouldn't they create an exchange and get some profit from it?

This is such a great idea, and I'm pretty sure it crossed their mind already. It's just that they are too greedy that they want all. They want to extract profit from everything in this crypto universe and not just rely on an exchange which would just be a part. Also, if they were to put up an exchange, this would cause them a lot of risk. The decision where to trade lies on the trader, and if their exchange would not be 'palatable' to the traders, they wouldn't as well profit as they are targeting to. As we all know, new ICOs and exchanges hardly make it in the market nowadays.

boty

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when the government makes its own exchange it looks like it will be very terrible and it looks like there will be price manipulation and when doing KYC it will make their identities disrupted and make your privacy known by the government and that is very dangerous.

jrrsparkles

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I don't believe exchanges are needed when the crypto currency used by most of the people for payment they will just share the cryptos between them.Even if the governments creating exchanges most of the people are not going to use a centralized exchange when there are lots of decentralized popping up in these days.

charlotte04

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Quote from: jonemil24 on March 26, 2018, 03:33:36 PM

If the government still doesn't know how to put down all cryptocurrencies(or maybe they're still figuring how to tax users), why wouldn't they create an exchange and get some profit from it?

We know how B.S some exchanges are, they needed KYC but in the end, you won't be able to withdraw your funds.

Instead of spreading FUD, I hope government from all over the world knows that running an exchange can add funds for their country, and their pockets! Grin

I know it will be making cryptos centralized but look at those exchanges asking for our pretty faces and names just for their KYC/AML purposes.

They could truly charge some taxes for the exchanges that are involve in crypto that way the Government could still have some way of getting money from us.

cybernetik7

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Somehow governors would want to gain tax from bitcoin. They would like to apply tax even though on air that we breathe. Of course, governors will facilitate a legal infrastructure but they had better to do that by taking into account of thoughts of investors and supporters of cryptocurrencies and agreeing with them.

Topic: Government Exchanges (Read 817 times)