How can Regulate crypto currencies in present Time ?

bL4nkcode

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Quote from: suzanne5223 on November 21, 2021, 01:13:37 PM

Meanwhile, DEX will be the next option for people when this worldwide CEX regulation commenced

Only if devs/businesses can offer more reliable, non-kyc, and user friendly DEX platform than what the current DEXs we have now.

If the DEX will be something like what jack wanted to build - tbDEX then that's impossible (it's just the same to CEX), our option is only just accept that our privacy will be the exchange for crypto being regulated by the authorities.

suzanne5223

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Quote from: akshay_khoyani on November 19, 2021, 06:15:43 AM

As per present time many world leaders are thinking to Regulate crypto currencies as on world wide bases and also talking for realesed own country's own Crypto currencies but How can regulated it as on worldwide base Huh

I think there's something we need to understand in this forum cause I can see about 4 or 5 messages where some people believe the government can cryptocurrency especially Bitcoin which is impossible and the only thing they can do is to regulate CEX. Meanwhile, DEX will be the next option for people when this worldwide CEX regulation commenced

galambo

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Quote from: akshay_khoyani on November 19, 2021, 06:15:43 AM

As per present time many world leaders are thinking to Regulate crypto currencies as on world wide bases and also talking for realesed own country's own Crypto currencies but How can regulated it as on worldwide base Huh

If we talk about decentralized cryptocurrency i.e. btc it can never be regulated. Since its designed from scratch to remain decentralized i.e. free from regulations. Nobody can control btc at first place. There are fiat form of digital currencies like bnb, usdt, xrp etc. They have nothing to do with cryptocurrency.

hatshepsut93

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To establish a global regulation, some influential country needs to convince other countries to follow the suit. I believe the US is the only such country that can do this. As an example, the criminalization of drugs has started in the US, and they managed to make the entire world adopt similar laws. We have already seen how the US demanded stricter crypto regulation from other countries as a part of their broad policy about controlling the flow of finance.

YOSHIE

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Quote from: akshay_khoyani on November 19, 2021, 06:15:43 AM

As per present time many world leaders are thinking to Regulate crypto currencies as on world wide bases and also talking for realesed own country's own Crypto currencies but How can regulated it as on worldwide base Huh

Easy, for the international world to do crypto or world-based digital currency, have you read about: Central bank digital currency, more precisely under the name CBDC digital currency, this is the plan of the current world leader in implementing world-based crypto.

You need to see more about: Which Countries Have CBDCs?

This is how the world does it.

Quote

The present concept of "central bank digital currency" may have been partially inspired by Bitcoin and similar blockchain-based cryptocurrencies. It is also a known concept in the field of economics, whereby the central bank enables citizens to hold accounts with it, providing a reliable and safe public savings or payments medium ("retail" or "general-purpose" CBDC).

TheNineClub

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I doubt anything in this day and age can be regulated on a worldwide basis. Mostly it will be a country-by-country regulation. And then there will have to be two types of regulations for centralized and decentralized crypto (Government operated crypto and BTC or ETH for example). It will take a lot of brainstorming on the parts of lawmakers because they will want to find a good balance between strict and loos regulations.

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Quote from: suzanne5223 on November 19, 2021, 06:13:51 PM

The government is just scared about the potential Bitcoin and they believe it could make their national currency be obsolete. However, this is what people like Hillary Clinton feels about Bitcoin when she said "Bitcoin is a threat to dollar as world's reserve currency".
Whereas Bitcoin is created for another purpose which clearly separated from the fiat currency.

Obviously its a threat to dollar value however we can't control people if they are more interested on cryptocurrency market rather than putting up your saving funds on a few percent the bank could offer you. Its really a mess when the politics intervene on such way and crypto blockchain being affected on bad publicity.

Darker45

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Regulations of cryptocurrencies will most likely remain on a domestic basis. Pressure from crypto, Bitcoin to be exact, is probably not yet enough at this point so that there will be a set of global regulations for it. For now, what is globally shared more or less is the imposition of KYC in centralized cryptocurrency platforms. Other than this, I couldn't think of another. Even the imposition of tax on crypto highly varies from one country to another.

Rengga Jati

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In fact, some countries right now make certain regulations about crypto. The regulation may include:
- Exchanges or any platforms related to cryptocurrencies to be able to operate in the country legally
- Making regulation of legal or illegal cryptocurrencies in the country in order to limit their citizen
- Regulation related to the uses of crypto itself, whether for commodity assets or as a currency
The regulations will give influence to the environment, point of view, and also citizens themselves.

suzanne5223

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The government is just scared about the potential Bitcoin and they believe it could make their national currency be obsolete. However, this is what people like Hillary Clinton feels about Bitcoin when she said "Bitcoin is a threat to dollar as world's reserve currency".
Whereas Bitcoin is created for another purpose which clearly separated from the fiat currency.

batang_bitcoin

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They can regulate it on their very own jurisdiction but it's not a problem of theirs to regulate it worldwide. Unless, there will be some meetings and call to regulate it by one heavy union for which all countries agrees that it will be the one handling the issue. But I don't think that all of them will agree to have that type of union or agency. Do not be worry about regulation, bitcoin has been there and has been stomped on its early years not worrying about bans or regulations.

stomachgrowls

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Quote from: akshay_khoyani on November 19, 2021, 06:15:43 AM

As per present time many world leaders are thinking to Regulate crypto currencies as on world wide bases and also talking for realesed own country's own Crypto currencies but How can regulated it as on worldwide base Huh

They would be mainly playing into those platforms or businesses that is attached with cryptocurrency because if we do talk about regulating directly technically then it isnt really that possible which

we could really say that if ever they would make their own state-issued and they called it crypto which is totally bullshit.We dont need regulation if you do ask me but i wouldnt be surprised

that regulation becomes even more tighter which those platforms wouldnt really be having any choice but to deal and follow on whats being mandated.

fullhdpixel

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Quote from: akshay_khoyani on November 19, 2021, 06:15:43 AM

As per present time many world leaders are thinking to Regulate crypto currencies as on world wide bases and also talking for realesed own country's own Crypto currencies but How can regulated it as on worldwide base Huh

Governments are trying to tightening up every space with their regulation as a way to make it difficult for cryptocurrency users. We all already know that crypto currencies that are truly decentralized would be pretty difficult for them to regulate, just like bitcoin.

But, I know for sure that they would be looking for strategies that they would use as a way to regulate bitcoin and keep track of everything that is happening on the network, and know who and what every user is up to. Their first go-to would be Coinbase and similar exchanges like it. That’s why a they are having issues with Binance, very soon Binance will comply with them and they will also regulate it fully.

Etag_loc

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Quote from: akshay_khoyani on November 19, 2021, 06:15:43 AM

As per present time many world leaders are thinking to Regulate crypto currencies as on world wide bases and also talking for realesed own country's own Crypto currencies but How can regulated it as on worldwide base Huh

Easy.

Get in touch with the exchanges
Ask all of them to conduct the KYC Process.
Tell them that they will get tax per transaction or at a specific limit, Give the proper docs for that.
I am pretty sure many people are here looking for the regulation for crypto.

But this is not going to happen soon as the banking sector just want it gone so they can get their pockets filled with the fees and everything.

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bL4nkcode

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Quote from: stadus on November 19, 2021, 07:41:57 AM

Regulating crypto is not hard because other countries are already regulating it, they can just follow the standard but most especially crypto being regulated will become centralized due to KYC which is the main policy.

If it's not that hard, why other countries didn't regulate it as well? The answers always rely on a kind of government that every country has, it might be easy to others and might somewhat hard to most.

As for your question, it's impossible, there's no world government that has power to make decisions for other countries, crypto regulation will always be country-based.

Jaycee99

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Quote from: stadus on November 19, 2021, 07:41:57 AM

Every country may have a different stance on crypto, but those countries that believed in the positive effect of crypto on the economy will regulate it.

Regulating crypto is not hard because other countries are already regulating it, they can just follow the standard but most especially crypto being regulated will become centralized due to KYC which is the main policy.

Agreed regulating crypto is not a hard base from what I read and understood. PS: nicely oppose if you think so I am open.

Also, we have Nigeria is said to become the first country to apply for digital money.

"Nigeria Becomes First African Nation to Introduce Digital Money"

https://www.voanews.com/a/nigeria-launches-africa-s-first-digital-currency/6286460.html

Quote from: akshay_khoyani on November 19, 2021, 06:15:43 AM

As per present time many world leaders are thinking to Regulate crypto currencies as on world wide bases and also talking for realesed own country's own Crypto currencies but How can regulated it as on worldwide base Huh

Also simply imagines bitcoin this one bitcoin making transaction per second used by different people in different countries. Then you might get how and imagine how will be the process. Still Somehow its different but I kind of see it in some way.

noorman0

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I will talk about crypto as an object rather than crypto services that is too easy to regulate.
Actually regulating new cryptocurrencies after bitcoin is also possible as long as they have a visible founder, such as changing network protocols, forking, etc. Governments just need to put pressure on those founders, no matter if they previously proclaimed their crypto as decentralized. I even learned from the KuCoin hacking case that forced the project to change the smart contract (source). I'm not very coding savvy, but I think government interests can also be translated to crypto currency script code. For example levying a direct tax fee on every transaction, limiting unverified/blacklisted addresses on blockchain.

For bitcoin, there is no way to regulate it except to simply ban it(although it won't prevent one from having secretly). Only bitcoin fulfills the basic concept of crypto, is uncensorable and uncontrollable.

michellee

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I am not sure how they will regulate crypto but they can apply taxes for crypto users, especially those who withdraw their crypto into their bank's accounts. I think that it will be possible for the government and the banks to watch closer of the crypto users to follow their regulations related to the use of crypto in their country. But we already see that the government has forced local exchanges to ask KYC to their members so the government can know the crypto users who actively use crypto.

Hence, crypto users can not do anything except follow the rules if they still want to use crypto to make money. Hopefully, the government will not use strict rules for crypto users.

mk4

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Regulations obviously will be country-based, with some a lot more stricter(China, etc) and some a lot more crypto-friendly(Singapore, etc). Super unlikely for literally every single country in the world to come together and create one law for crypto.

masterrex

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Quote from: akshay_khoyani on November 19, 2021, 06:15:43 AM

As per present time many world leaders are thinking to Regulate crypto currencies as on world wide bases and also talking for realesed own country's own Crypto currencies but How can regulated it as on worldwide base Huh

I think there's no such thing as worldwide regulation instead each country that was adopting cryptocurrencies have their own piece of regulatory requirements like my country, cryptocurrencies are not banned instead they have categorized it if it is a "security or non-security" and those crypto base firm must get necessary requirements issued by SEC for securities or the Central Bank for non-securities, that was the initial requirements, for now, to be able to operate in my country. And every user is required to do a strict KYC procedure in order to buy and sell crypto in our local exchange.

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