Governments planning a Crypto Crackdown?

jostorres

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Quote from: noah tall on December 10, 2021, 05:58:22 AM

Many countries are trying . Because decentralization is most danger for every government because of money laundering. But they are failed due to decentralization. They can't ully control the crypto . So many exchanges are centralized who need KYC . In that case they can banned exchanges.

Yes the government is always afraid of decentralization for some reasons. But there are some things that they do say which I don’t really believe that much. OK in the case of money laundering, I might have to believe that because I’ve seen quite a few stories on people who used cryptocurrency for money laundering and they were caught and also punished for it. But in the case of government saying that cryptocurrency, especially Bitcoin, is being used for funding terrorism, that’s what I’m not really believing.

I am not believing that because they haven’t even given any proof at all to show that Bitcoin is being used for that purpose. Did they ever ask themselves this question, when there was no Bitcoin what were all these people making use of? Even before Bitcoin was created, there were people who were funding terrorism back then, so how were they able to do it? Instead of looking for excuses to give, it would be best for them to look for ways to stop those who are committing all these crimes.

noah tall

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Many countries are trying . Because decentralization is most danger for every government because of money laundering. But they are failed due to decentralization. They can't ully control the crypto . So many exchanges are centralized who need KYC . In that case they can banned exchanges.

CaVO32

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Quote from: worldofcoins on December 08, 2021, 09:27:39 AM

Quote from: Blawpaw on November 25, 2021, 08:04:24 AM

Recently, many governments have been showing increasing animosity against Cryptos. While the US is preparing to launch a Blockchain surveillance plan, other countries such as Sweeden are showing signs of moving towards a crypto crackdown by criminalising mining.

Should we be worried about this?

The trend of using bitcoin in many transactions is getting higher day by day as compared to fiat. If we look into the financial perspective. It may have a great impact on the economy. Governments should formulate regulations on crypto markets rather than banning or crackdown. Also as about the crackdown on crypto, I think it would be practically impossible for the government. However, nothing can be exactly predicted.

I don't think crypto transactions can now be considered higher to fiat transactions because the majority of financial transactions across the globe is still in fiat. But I do agree that crypto adoption is increasing day by day. Crackdown is not ultimately possible because people can still do their crypto transactions without the government knowing it. There are so many ways now how to go around the government. So it is not in their best interest if they will totally ban it, because users will always find a way how to execute their transaction.

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Quote from: worldofcoins on December 08, 2021, 09:27:39 AM

Quote from: Blawpaw on November 25, 2021, 08:04:24 AM

Recently, many governments have been showing increasing animosity against Cryptos. While the US is preparing to launch a Blockchain surveillance plan, other countries such as Sweeden are showing signs of moving towards a crypto crackdown by criminalising mining.

Should we be worried about this?

The trend of using bitcoin in many transactions is getting higher day by day as compared to fiat. If we look into the financial perspective. It may have a great impact on the economy. Governments should formulate regulations on crypto markets rather than banning or crackdown. Also as about the crackdown on crypto, I think it would be practically impossible for the government. However, nothing can be exactly predicted.

To tell you the truth, i am not afraid of government crack down on cryto currency but what is fear is the news of this crackdown.
As soon as we hear the news from any reliable source that government in banning crypto or arresting people for using crypto, all of sudden we may start to see the crypto prices dump. Sad

worldofcoins

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Quote from: Blawpaw on November 25, 2021, 08:04:24 AM

Recently, many governments have been showing increasing animosity against Cryptos. While the US is preparing to launch a Blockchain surveillance plan, other countries such as Sweeden are showing signs of moving towards a crypto crackdown by criminalising mining.

Should we be worried about this?

The trend of using bitcoin in many transactions is getting higher day by day as compared to fiat. If we look into the financial perspective. It may have a great impact on the economy. Governments should formulate regulations on crypto markets rather than banning or crackdown. Also as about the crackdown on crypto, I think it would be practically impossible for the government. However, nothing can be exactly predicted.

nelson4lov

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Quote from: mk4 on November 25, 2021, 09:54:05 AM

Quick tip: expect government crackdowns in different shapes and forms; hence, probably expect this to be a bumpy ride(though you probably already know this by now). If negative news gets you worried, probably decrease your BTC allocation a bit.

Well, this is the first time governments have fired shots at BTC and all of crypto. they have tried hard since the inception and will keep trying since they feel like they can still stop decentralization and open finance from becoming a thing. my best guess is that crypto regulations in several countries are going to get even more tighter in the coming year - my country already cracked down on crypto earlier this year so I don't know if it can get any worse than this: https://www.dw.com/en/nigerias-cryptocurrency-crackdown-causes-confusion/a-56547374

Governments should concern themselves with more important matters like stopping or at the very least, reducing inflation to the bare minimum instead of trying to stop regulation.

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Quote from: arwin100 on December 02, 2021, 08:24:56 AM

Quote from: michellee on December 01, 2021, 08:31:57 PM

Quote from: BuNga_cute on December 01, 2021, 03:47:24 PM

Quote from: michellee on December 01, 2021, 07:40:40 AM

--

I believe the government actually knows crypto can bring a lot of benefits, but they are too embarrassed to admit it. That's why we find most
countries are neutral towards crypto, which limits the use of crypto to only digital assets. While those that actually ban crypto are not many
countries that do it, therefore I am very grateful that my country does not prohibit the use of crypto. And I also believe that slowly countries
that ban crypto will change their minds, because there are already several countries that initially banned it, but now it has started to open up
to crypto. But it would be better if more countries could do what El Salvador is already doing, that's the hope of the crypto community around the world.

Maybe the government still needs time to admit the benefits of crypto because they still learning more details to explore what is blockchain and how they can fully use the benefits to them. The country that prohibits crypto will see that what they did is not right because that can limit their country to grow while the other country has already reached phase 1 to grow and will go to the next phase. They can see what was happen to El Salvador as the country that fully allows bitcoin and even, they mine bitcoin with volcano resources. They can accept the new thing that happen around them and try to figure out and use them for their own benefit.

Some are skeptical because they don't want their fiat to be outdated with digitalization and many afraid about this new technology introduced to them since first this was been advertise as tool for scamming that's why some other government entities still think about crypto is bad for their citizens. Maybe if we can change their mindset towards this and they see how useful the crypto is for sure they will adopt it and find some certain areas where they can understand it well.

We dont really need to push it out for them to learn or aware because they arent dumb on not for them to at least study on something which is trying out to dethrone them in terms of financial system which it would be just normal that they would really be having these kind of doings because they dont like
to be overtaken and wont really allow the whole community or citizens on dealing with it. Of course the media will really tell something against it
which is totally not really that ethical but we know that the truth will prevail.

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Quote from: michellee on December 02, 2021, 09:30:15 PM

They need to change their mind because not all new things can give a bad effect on their lives and who knows, many new things will change our lives to be better. But it is hard to give an explanation to them, especially if they do not have an open mind about something different. But if those people see what happen to others by using crypto and get benefit from crypto, sooner or later they will be curious about how they can get that. Maybe at that time their mind will be opened and will accept crypto without excuse.

Yes, they need to change their mind as you have said. But for some people it is not really about having a bad effect or anything like that, the thing is they just feel that it is not going to work for them, so they just focus on other things that they believe is good or meant for them. When I talk to people about cryptocurrency I don’t really see it as something that they must be into, or try to force them into it. I just said something, that it is all about choice, if you think you can do it and you have a full understanding or knowledge of it and understands the risk that you are about to take, then you should be part of it, and work hard in making your success.

But, if you feel that this is not going to work for you, ladies and gentlemen I’m going to tell you to just back off and look for something else. I have had a friend blame me once just because I was the one who introduced him to Bitcoin and after investing he lost some of his money. So, he then had to put the blame on me, saying that if I never told him then he wouldn’t have lost his money.

Although I do know that’s kind of low of him, because I made it clear to him that there are risks that are involved. So what I’m trying to say is that we should know the right path and follow it.

Gyfts

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Quote from: Sled on December 01, 2021, 04:42:42 PM

Quote from: carrigan on December 01, 2021, 08:38:15 AM

I'm not too worried about that. So far, crypto is also running between 2 camps with different perceptions. There have always been people who hate and love crypto. Even those who hate it are not few, they are almost equal in number to those who love crypto. The crypto crackdown plan by the government seems to have quite an impact later, but I believe crypto will continue to survive any situation that pressures it. Plus the news from the US that will make rules if Bitcoin mining will be criminalized this also seems to be bad news. But don't be discouraged because many other countries actually fully support the existence of cryptocurrencies even though they are mining.

The government won't stop crypto but rather take control of it. And that is why they will implement strict rules and discourage people to invest in crypto because they failed to control it.

In the situation where we hear about FUDs, bad news, or anything that ruins the market, we feel bad and sometimes get emotional but if we trust crypto (especially Bitcoin), that seems everything going fine and makes us calm. That is simple, I don't make those things a big deal, instead, I just ignore them.

They can't take control over it, they will dabble in the crypto market through CBDC's (which aren't a true crypto currency but comparable), and then they'll regulate true cryptos like Bitcoin into the ground by taxing its use, or outright banning it. The government will tell you their intention is to regulate, but regulation is the first step down the slippery slope of an outright ban. I don't think people should casually make concessions about their country regulating crypto.

I've seen people defend India by stating they're not banning Bitcoin, merely regulating it. Since when has the government ever rejected the opportunity for more control over citizens?

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Quote from: arwin100 on December 02, 2021, 08:24:56 AM

Some are skeptical because they don't want their fiat to be outdated with digitalization and many afraid about this new technology introduced to them since first this was been advertise as tool for scamming that's why some other government entities still think about crypto is bad for their citizens. Maybe if we can change their mindset towards this and they see how useful the crypto is for sure they will adopt it and find some certain areas where they can understand it well.

Indeed. They need to change their mind because not all new things can give a bad effect on their lives and who knows, many new things will change our lives to be better. But it is hard to give an explanation to them, especially if they do not have an open mind about something different. But if those people see what happen to others by using crypto and get benefit from crypto, sooner or later they will be curious about how they can get that. Maybe at that time their mind will be opened and will accept crypto without excuse.

Eze8

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I believe it won't work out,
most of the government officials
Deals with cryptos.
It will be like beating their fingers
With their mouth.

Imran232

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To clarify those things, I have to think about 2 things. If you think about these two things, I hope you will get your answer. First and foremost, consider what government could launch a crypto alternative.If they launch and if it can be tracked, then it won't be a crypto project or it won't be on blockchain technology. Because if they launch blockchain technology, then people can use bitcoin easily. Because we know the nature of cryptographic images is that they are untraceable. Then just think if the government launches something that will be centralized, that will be digital currency. That won't be crypto. I hope you understand.

Zilon

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No matter what turns out in Sweden the effect will only be felt if investors react negatively to the news. This isn't the first time nations rise against crypto but the truth remains the more the lunch their attacks the more new ATHs we get. The effect might only be felt for a while but after then a new bull run lunches.

Criminalizing crypto mining would only shift mining to other countries where it will be well appreciated some thing similar happened in China and mining is still going on till date

dificanovi

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Quote from: Welsh on December 01, 2021, 05:54:30 PM

I don't think this is a bad thing, they'll likely try monitoring the crime associated with Bitcoin, rather than cracking down on Bitcoin itself. We all know that there's a lack of legislation with Bitcoin due to its nature, and I think monitoring services for fraud, exit scams, and all the other various scams that exist is a good thing. It might actually benefit Bitcoin in the long run, if we're able to start preventing as many scams from happening, since it will legitimize Bitcoin in the public's eye as well as the news sources which would be incredibly important for adoption.

Cracking down on mining, I'm not sure what they're implying by that. I'm assuming it will be looking at who is mining, and who isn't declaring tax. Again, isn't a terrible idea, and should benefit Bitcoin rather than hurt it. Where ever we can legitimize Bitcoin, without compromising users privacy I think is a benefit.

Yes, hopefully this aims to monitor the actions of criminals so that criminal acts do not occur in the crypto world. We know that Bitcoin cannot be destroyed, therefore the government can only monitor Bitcoin to avoid criminal acts and besides that the Government may order bitcoin miners to pay taxes.
There is a good side if the government has monitored Bitcoin, people will start buying Bitcoin because they think buying Bitcoin is very safe if it is monitored by the Government.

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Quote from: DoublerHunter on December 01, 2021, 05:11:38 PM

^ It seems like China, is that right?
I don't know, maybe they will get tired soon and stop chasing with BTC. Because if BTC will crackdown is just us the holders, if we believe them they are the winner, if we will ignore them, they will not succeed. No one can stop BTC and we know that and I think there is nothing to worry about because FUD is just a FUD and nobody believes it.

China has always wanted to do that to increase its power and influence and position even more. Of course, FUD is trying to get the media to move it as quickly as possible, even with the current US. It's nothing seriously new to bitcoin. The government is still trying to find a way out of the deadlock on bitcoin, that is the only pressure every government cares about. I believe bitcoin will react well to the upcoming ATH.

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Quote from: arwin100 on December 02, 2021, 08:24:56 AM

Quote from: michellee on December 01, 2021, 08:31:57 PM

Quote from: BuNga_cute on December 01, 2021, 03:47:24 PM

Quote from: michellee on December 01, 2021, 07:40:40 AM

--

I believe the government actually knows crypto can bring a lot of benefits, but they are too embarrassed to admit it. That's why we find most
countries are neutral towards crypto, which limits the use of crypto to only digital assets. While those that actually ban crypto are not many
countries that do it, therefore I am very grateful that my country does not prohibit the use of crypto. And I also believe that slowly countries
that ban crypto will change their minds, because there are already several countries that initially banned it, but now it has started to open up
to crypto. But it would be better if more countries could do what El Salvador is already doing, that's the hope of the crypto community around the world.

Maybe the government still needs time to admit the benefits of crypto because they still learning more details to explore what is blockchain and how they can fully use the benefits to them. The country that prohibits crypto will see that what they did is not right because that can limit their country to grow while the other country has already reached phase 1 to grow and will go to the next phase. They can see what was happen to El Salvador as the country that fully allows bitcoin and even, they mine bitcoin with volcano resources. They can accept the new thing that happen around them and try to figure out and use them for their own benefit.

Some are skeptical because they don't want their fiat to be outdated with digitalization and many afraid about this new technology introduced to them since first this was been advertise as tool for scamming that's why some other government entities still think about crypto is bad for their citizens. Maybe if we can change their mindset towards this and they see how useful the crypto is for sure they will adopt it and find some certain areas where they can understand it well.

This is also a question of time in that older politicians will be replaced by younger politicians and this generation and the next generations will get away more and more from paper money. That doesn't mean they will get away from digitized fiat money. That is the big question: who are the people who get positions of political power, what are their perspectives on currencies like Bitcoin and what is their own (financial) interest in pursuing like Bitcoin to play a whole different, more relevant role in the world? Everyone has their own agenda, and we can all imagine that more and more people who grow up with Bitcoin also will have political power one day.

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Quote from: michellee on December 01, 2021, 08:31:57 PM

Quote from: BuNga_cute on December 01, 2021, 03:47:24 PM

Quote from: michellee on December 01, 2021, 07:40:40 AM

--

I believe the government actually knows crypto can bring a lot of benefits, but they are too embarrassed to admit it. That's why we find most
countries are neutral towards crypto, which limits the use of crypto to only digital assets. While those that actually ban crypto are not many
countries that do it, therefore I am very grateful that my country does not prohibit the use of crypto. And I also believe that slowly countries
that ban crypto will change their minds, because there are already several countries that initially banned it, but now it has started to open up
to crypto. But it would be better if more countries could do what El Salvador is already doing, that's the hope of the crypto community around the world.

Maybe the government still needs time to admit the benefits of crypto because they still learning more details to explore what is blockchain and how they can fully use the benefits to them. The country that prohibits crypto will see that what they did is not right because that can limit their country to grow while the other country has already reached phase 1 to grow and will go to the next phase. They can see what was happen to El Salvador as the country that fully allows bitcoin and even, they mine bitcoin with volcano resources. They can accept the new thing that happen around them and try to figure out and use them for their own benefit.

Some are skeptical because they don't want their fiat to be outdated with digitalization and many afraid about this new technology introduced to them since first this was been advertise as tool for scamming that's why some other government entities still think about crypto is bad for their citizens. Maybe if we can change their mindset towards this and they see how useful the crypto is for sure they will adopt it and find some certain areas where they can understand it well.

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Quote from: TheNineClub on December 01, 2021, 05:07:14 PM

Criminalizing mining is far from a crackdown. Seeing how mining works, I am not all that surprised that they would put some restrictions on it, regulate it, or whatnot, but, I don't see any legal justification for banning crypto (in a democracy). They are just testing out waters to see what model works best for this, more or less, new concept. But we have to take into account that the governments will try to regulate crypto (and do so in some aspects). Regulating this is for the government much better, easier, and in turn more profitable than a full-on crackdown.

I agree. In the future, however, a lot will probably happen in the sense that more and more restrictions will be imposed and mining etc. will become more difficult as a result. Here I see but the aproblem that then only large farms can operate minng, because the entry hurdle is too large for small. I can still remember the early days, where you could still operate well with two graphics cards mining. Today hardly imaginable

Leonardo7

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The government feel what they all think won't survive has rebound stronger and outperforming the traditional investment, and life is shifted to decentralization. It's a movement they know they can't stop, so they are trying a way around it to regulate it. It's not an easy task to survey cryptocurrency activities. My apex bank governor directed banks to shutdown accounts of anyone dealing with cryptocurrency, so we are saw it coming, we went P2P.

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Quote from: BuNga_cute on December 01, 2021, 03:47:24 PM

Quote from: michellee on December 01, 2021, 07:40:40 AM

--

I believe the government actually knows crypto can bring a lot of benefits, but they are too embarrassed to admit it. That's why we find most
countries are neutral towards crypto, which limits the use of crypto to only digital assets. While those that actually ban crypto are not many
countries that do it, therefore I am very grateful that my country does not prohibit the use of crypto. And I also believe that slowly countries
that ban crypto will change their minds, because there are already several countries that initially banned it, but now it has started to open up
to crypto. But it would be better if more countries could do what El Salvador is already doing, that's the hope of the crypto community around the world.

Maybe the government still needs time to admit the benefits of crypto because they still learning more details to explore what is blockchain and how they can fully use the benefits to them. The country that prohibits crypto will see that what they did is not right because that can limit their country to grow while the other country has already reached phase 1 to grow and will go to the next phase. They can see what was happen to El Salvador as the country that fully allows bitcoin and even, they mine bitcoin with volcano resources. They can accept the new thing that happen around them and try to figure out and use them for their own benefit.

Topic: Governments planning a Crypto Crackdown? (Read 631 times)