Government regulation on cryptocurrency, GOOD or BAD? - page 6.

demonz666

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Quote from: jademaxsuy on July 18, 2018, 09:08:06 AM

I came to a realization that government had stepped in already in some countries who are accepted and acknowledge cryptocurrency existence. In fact they made a regulations that has made some negative and positve reactions over the implementation of cryptocurrency regulations like doing KYC (Knoy Your Client) on local exchanges, Registering ICO projects to the government agency concerns and etc which purpose is to prevent illegal or abuse in the use of cryptocurrency from money laundering, funding terrorist groups and etc. Well can you say about this regulations, GOOD or BAD?

I think it's good to prevent criminal acts and scam ICOs. cryptocurrency was created decentralized no one can control. but if I only regulate it, I don't think it's a problem. because crypto is anonymous so it is vulnerable to being used as a crime tool. KYC usage rules are also good for avoiding illegal users. so the government needs to regulate that crime cannot be avoided and the government can also provide security services for crypto investors so that their wallet is not hacked. and the government can also take taxes from crypto profits so that between crypto investors and the government benefit each other.

Schirer

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Quote from: Rocketiy on August 16, 2018, 04:20:24 AM

All supervision is impossible, because the cryptocurrency has certain anonymity, and it is also great because of anonymity. But ICO is the best way for all humans to achieve regulation.

well yeah you have the point but when it comes to exchanges where your country will be controlling of buying and selling crypto then anonymity will not work because you will undergone one time KYC process which will relatively requires you to make an account with all the personal details connected unto you. In this way you will be monitored on how much crypto you can transfer in the exchanges which also allow the government to see through those large volumes of crypto conversion.

The exchange regulation altough would regulate most of the txs, there always will be people who will be ready to buy your crypto for physical FIAT so it is easily bypassable.

In general there still is very few countries who have regulated the matter, US have regulations but they are not corresponding to the times, they are regulating coins as securities which is like 50 year old law.

dongyi17

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For me its good, because its prove that the cryptocurrency is legal in the country. Its good because many investor invest in cryptocurrency without doubt. Many people can access now in cryptocurrency and can transact easy and fast.

yusupjatigumilar

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in my opinion that is a good thing, when the government rules crypto currencies it will increase investor confidence and invite new investors to invest their capital in crypto currencies, especially when they can provide guarantees to invest like other commodities

max fray

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Quote from: jademaxsuy on July 18, 2018, 09:08:06 AM

I came to a realization that government had stepped in already in some countries who are accepted and acknowledge cryptocurrency existence. In fact they made a regulations that has made some negative and positve reactions over the implementation of cryptocurrency regulations like doing KYC (Knoy Your Client) on local exchanges, Registering ICO projects to the government agency concerns and etc which purpose is to prevent illegal or abuse in the use of cryptocurrency from money laundering, funding terrorist groups and etc. Well can you say about this regulations, GOOD or BAD?

Is talking about KYC and registering ICOs to governmental agencies I totally agree with this policy hoping that it would prevent scam projects and people registering tons of accounts into a single ICO. All in all, there should be some regulation of crypto market, otherwise it all looks like chaos.

ophyrim

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The answer is not as simple as good or bad. The regulations mean centralization of the crypto market which is against of the nature of this market. But on the other hand, regulations mean some big investment of institutional investors=moon.

binhvo1505

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Quote from: jademaxsuy on July 18, 2018, 09:08:06 AM

I came to a realization that government had stepped in already in some countries who are accepted and acknowledge cryptocurrency existence. In fact they made a regulations that has made some negative and positve reactions over the implementation of cryptocurrency regulations like doing KYC (Knoy Your Client) on local exchanges, Registering ICO projects to the government agency concerns and etc which purpose is to prevent illegal or abuse in the use of cryptocurrency from money laundering, funding terrorist groups and etc. Well can you say about this regulations, GOOD or BAD?

I think it has good and bad parts. The bad part is for the bounty hunters, they have to send their own kyc and that really does not make them feel comfortable. Conversely, they can reduce the number of scams.

Komissarnik

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Considering the basic principles on which the very idea of cryptoeconomics is built, there is not any sense in tying crypto-activity with the economy of a particular state. Anonymity and decentralization did their job. At this stage, Bitcoin is the freedom and attentiveness of the economic relationship. Well, whoever manages the funds received is the eternal question of the purity of any money.

If the message was helpful, I would be happy +Merit Wink

prinlyn

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Quote from: Edgegeraldine on September 27, 2018, 07:31:46 AM

Government regulations for cryptocurrency always exist in two ways. The positive side for the government, ensuring the transaction occurs under the control of the government. On the negative side, the interests of investors are narrowed. Prices are controlled publicly.

To some extent it is good and to some it is not good. It is good because crypto will be more reliable when government regularize it and on the other hand it is not good because government will impose tax and they will control your transactions and this is not acceptable to many people, therefore they do not want that government should be involved in cryptocurrency.

deevan

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It can be considered a Good decision, as it will protect the investors from scam ICOs. Any team that is willing to start an ICO from the country where ICO is legalized have to first register with the concerned Governmental department that is responsible for ICO activities then they can only start an ICO. The investors who are willing to invest will then first look whether the ICO is registered with Governmental bodies as it will build their trust on it and can invest & get assured from the Government that they won't get scammed. This regulation is also to keep eyes on people who are involved in illegal activities which might be dangerous to the country.

ThKevin

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Quote from: Linhkej on September 27, 2018, 06:47:35 AM

Quote from: jademaxsuy on July 18, 2018, 09:08:06 AM

I came to a realization that government had stepped in already in some countries who are accepted and acknowledge cryptocurrency existence. In fact they made a regulations that has made some negative and positve reactions over the implementation of cryptocurrency regulations like doing KYC (Knoy Your Client) on local exchanges, Registering ICO projects to the government agency concerns and etc which purpose is to prevent illegal or abuse in the use of cryptocurrency from money laundering, funding terrorist groups and etc. Well can you say about this regulations, GOOD or BAD?

I think there are two sides to it. These rules definitely affect the features of crypto. Maybe the transaction process will be affected. But then, illegal trading activities have taken place. Drug trafficking, smuggling or money laundering has taken place and there have not been specific measures to deal with them while at the same time ensuring crypto transactions take place.

I think it is good because more and more people will trust cryptocurrency and will invest their money because they will be mentally relaxed that my government is on the back of crypto and my money will be safe. Although some people are against this because they do not want crypto to be controlled by government, but I think it is good for a safe and secure investment.

tonyvo2017

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Lifestyle & Wellness Platform

Quote from: jademaxsuy on July 18, 2018, 09:08:06 AM

I came to a realization that government had stepped in already in some countries who are accepted and acknowledge cryptocurrency existence. In fact they made a regulations that has made some negative and positve reactions over the implementation of cryptocurrency regulations like doing KYC (Knoy Your Client) on local exchanges, Registering ICO projects to the government agency concerns and etc which purpose is to prevent illegal or abuse in the use of cryptocurrency from money laundering, funding terrorist groups and etc. Well can you say about this regulations, GOOD or BAD?

I think it has a reason. Good or bad. Some management flaws in electronic money transactions have occurred before. Like some money laundering, drug trafficking and human trafficking. These are security issues. Due to security features too good that it was misused the original purpose.

Irvinn

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In general, the state regulation of the crypto currency is very good for its further introduction into our life. Crypto currency can not long walk in our world by itself. It is used only in the territory of various states and the state is forced or to prohibit it, or to regulate it for its adaptation and legalization in this state. Regulation of the crypto currency simultaneously means its recognition by the state and its protection, including judicial protection, in case of violation of the right of the owner of the crypto currency.

Lorna111

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Quote from: jonikris on July 18, 2018, 02:38:51 PM

of course it's a good thing for bitcoin with the existence of the rule then all will be safe safe and when the government later apply cryptocurrency system then we must obey it

Government Regulation on Crypto Currency is both beneficial for Crypto Market Investors where we would know, the limitation imposed by the Government, security for the Crypto not to be used in any wrong doing or scam. We've seen a lot of news on Social Media about the Crack down on illegal use of Crypto. i think this just few of the Government concern on Regulation of Crypto Currency, Yet some would not want these for what ever reason they might have. For me, it is good to be Regulated rather than always on alert from the Government authorities.

Nhor1011

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Daxetoken.net

In everything there is bad and good effect like if government regulate bitcoin. But Regulating is better than banning bitcoin in every government. It will help people to trust bitcoin and cryptocurrency as well but of course people need to follow the rules to avoid punishment and decentralization of bitcoin will turn into a centralized one.

yoseph

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Quote from: Nmizu on September 29, 2018, 07:18:15 PM

i think this regulation is good, but government. all of this regulation can reduce the risk of using crypto such as money laundering and terrorism. but the government must also established organizations / institutions responsible for use and crime of crypto Undecided

Regulations has been very good for the crypto market and it’s far better than the prospect of most government banning bitcoins because I shudder to think about what would happen if the likes of the USA and most western countries decide to ban bitcoins.

Nmizu

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i think this regulation is good, but government. all of this regulation can reduce the risk of using crypto such as money laundering and terrorism. but the government must also established organizations / institutions responsible for use and crime of crypto Undecided

Betheng10

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The main purpose of governments regulating cryptocurrencies is to provide security among their citizens.

But with thousandss of new projects, I do think government will exhaust a lot of resources to monitor each one. They even have to establish a new agency for that.

gurupauts

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DISRUPTING THE $23.5 B SCIENCE PUBLISHING INDUSTRY

in my opinion it is good if the government can implement regulations regarding crypto currency, because that means the government supports crypto currency so that we can use crypto safely

Whosdaddy

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Quote from: jademaxsuy on July 18, 2018, 09:08:06 AM

I came to a realization that government had stepped in already in some countries who are accepted and acknowledge cryptocurrency existence. In fact they made a regulations that has made some negative and positve reactions over the implementation of cryptocurrency regulations like doing KYC (Knoy Your Client) on local exchanges, Registering ICO projects to the government agency concerns and etc which purpose is to prevent illegal or abuse in the use of cryptocurrency from money laundering, funding terrorist groups and etc. Well can you say about this regulations, GOOD or BAD?

The government didn’t really step in, cause they don’t have control over Bitcoin, all they did was set rules and regulations for those that are making use of Bitcoin and other cryptocurrencies, and that’s not in every country, not every government looks into cryptocurrency or tries to stand in the way. And I’m very sure that I’m not the only that thinks the government having control over Bitcoin will be really bad for us.

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