how governments can regulate digital currencies?

muarip

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Quote from: kalstarzz on December 11, 2018, 12:36:41 AM

I don't think they "government" can regulate a certain crypto, unless they have large funds, and even then they only control the price movement, not in terms of use.

If the government buys all Bitcoin supplies in the whole world, maybe that could happen or the government holds all the Bitcoins that everyone in the world has.

kaisa

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Bitcoin cannot be regulated by the government, but KYC / AML can be applied by the exchange. Just like fiat, fiat circulation cannot be regulated except through a banking system. Even the central bank does not know for sure what money is circulating in the community is still a good percentage to use. However, bitcoin can be arranged when the world agrees that making wallets must go through KYC and AML.

libert19

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They can only regulate, crypto to fiat conversions. It would be really hard to identify crypto holders.

tanxpresisit514

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Quote from: jakezyrus on December 11, 2018, 08:16:02 AM

I think its impossible to regulate cryptos because of their decentralized nature but it is possible to regulate other digital currencies that is not decentralized . some says that being regulated is good because they are now supervised and approved to be legal and legit but other said that being regulated is bad because this can lead to taxation and we all know that tax is the root of corruption

The government as a policy maker wants to regulate digital currencies such as bitcoin, so that taxes can be taken for the development of the country. Because taxes are a source of state funding. On the other hand, taxes are often damaged by greedy officers. In principle digital currencies cannot be regulated, but restrictions can be made that protect citizens.

trauchot

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I honestly don’t know how exactly governments will come up with for regulating cryptocurrency, but I am 100% sure that they will can control cryptocurrency completely and they will find a way to remove anonymity or they will create very strict laws for using cryptocurrency, there are a lot of options.

yulionoo

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yes you are right this is hard to do because our digital wallet is anonymous then how can the government check our wallet. and this decentralized digital currency no one can control it. because this is how many governments reject digital currency. because it is difficult to detect and is afraid of being used for criminal acts. and in my opinion until now no country has been able to regulate cryptocurrency.

jakezyrus

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I think its impossible to regulate cryptos because of their decentralized nature but it is possible to regulate other digital currencies that is not decentralized . some says that being regulated is good because they are now supervised and approved to be legal and legit but other said that being regulated is bad because this can lead to taxation and we all know that tax is the root of corruption

Spider A4

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Quote from: The Scorpion on September 14, 2018, 10:36:17 AM

Though it’s easy to see why governments would want to regulate the movement of digital currencies, the reality of doing so is much harder. A lot of wallets have no identification to them and rest on a server in a third party country. In the case of offline wallets in devices such as the Ledger Nano, they’re not connected to any network.so is it possible to regulate ?

Decentralized exchange will not be possible if government want to regulation, Because there are no identification or Know Your Customer(KYC)
Also hardware wallet is anonymous so regulate is impossible.

VaLeRaaa

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Mastercard Applies For New Patent for Anonymous Blockchain Transactions – A Regulated Bitcoin Tumbler?
https://www.ccn.com/mastercard-applies-for-new-patent-for-anonymous-blockchain-transactions-a-regulated-bitcoin-tumbler/

smartbitcoininvestor

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Governments will most likely replace their paper money with blockchain backed cryptocurrency. I think eventually it will be the people who regulate bitcoin, not necessarily the governments.

Bitcoin will probably work similar to Gold in digital form and be a valuable form of currency.

efxtrader

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Quote from: kwakgyimah on October 20, 2018, 02:30:20 AM

Due to the decentralized nature of blockchain tehnology, any form of regulation of any cryptocurrency such as bitcoin would be very difficult. I think as the knowledge of cryptocurrency is on the rise now, I believe there would be some form of regulation in the very near future. The world of blockchain technology is fast advancing, any form of regulation by government would be very possible.

Many exchanger right now are centralize and i think it can regulated by government. If government regulate trading in exchanger, government can collect taxes from our profits or every our trade. Beside that, ICOs is raising funds for developing project and government should regulate this to protect their citizen investment

kalstarzz

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I don't think they "government" can regulate a certain crypto, unless they have large funds, and even then they only control the price movement, not in terms of use.

Ompyon

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Quote from: Koenraad Lange on December 10, 2018, 10:22:44 PM

Quote from: Ravenangel on December 04, 2018, 09:03:49 AM

I think they would not regulate the currency itself, is the places where they trade, we can already see the kyc that exchanges are asking for, that's a way to regulate, because with the kyc and you can start tracking the money and operations of that user.

The government certainly has a way to find out who the crypto owner is in his country, and tries to get revenue from crypto transactions. The government can request data from the crypto exchange, because from there the government will follow up according to the rules in the country.

I think the issue of regulation is only used as a tool to create problems, so it can drop crypto, especially bitcoin, even though the bitcoin transaction is very transparent, then what's the problem? I even thought that the government did not regulate crypto because there were other hidden factors

Koenraad Lange

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Quote from: Ravenangel on December 04, 2018, 09:03:49 AM

I think they would not regulate the currency itself, is the places where they trade, we can already see the kyc that exchanges are asking for, that's a way to regulate, because with the kyc and you can start tracking the money and operations of that user.

The government certainly has a way to find out who the crypto owner is in his country, and tries to get revenue from crypto transactions. The government can request data from the crypto exchange, because from there the government will follow up according to the rules in the country.

Renampun

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by tax the owner, regulating the circulation and law of cryptocurrencies. I feel the government will only be able to regulate its circulation, cannot regulate the price... indeed, there are now many centralized coins in circulation, but I'm sure the government will still not be able to regulate the price of coins in circulation.

carlisle1

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Quote from: The Scorpion on September 14, 2018, 10:36:17 AM

Though it’s easy to see why governments would want to regulate the movement of digital currencies, the reality of doing so is much harder. A lot of wallets have no identification to them and rest on a server in a third party country. In the case of offline wallets in devices such as the Ledger Nano, they’re not connected to any network.so is it possible to regulate ?

No i doubt they can regulate a digital currency because of the decentralization,thiugh there are KYC thats happening but this is not enough to regulate the majority of the currencies.so my answer is simply they cant even how hard they will try.

Quote from: ?? on ??

In my opinion, the government can not control Bitcoin. Because Bitcoin is a crypto currency. Which no one could control. And in the future, it is also worth noting.

Thats what i am trying to say,impossibility is what the government will face if they insist of doing such

Ravenangel

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I think they would not regulate the currency itself, is the places where they trade, we can already see the kyc that exchanges are asking for, that's a way to regulate, because with the kyc and you can start tracking the money and operations of that user.

Jonkn3

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the government can only provide digital crypto regulation without being able to take further steps. maybe the regulation is based on the law in each country so it can't regulate overall from bitcoin.

iMark

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Quote from: lyks15 on November 15, 2018, 09:29:40 AM

I think there is many ways that government can do to regulate bitcoin because they have a full power in everything in their country. But I think they can regulate bitcoin well if they make bitcoin in a legal stage. Because I know that many opportunies will open when the time that bitcoin recognized as a legal currency. When it's happen the use of bitcoin will be stretch and widen so many investors will come and invest and all of us wilk be benifited. And I think when government start to make somr regulation and progress a big opportunities for the traders will open also because I think this will be the most have benefits when government doing something good actions about bitcoin.

Yeah they have all the tools available, they have all the power to control, but they will not be able to control crypto from inside, because decentralization is a system that cannot be changed and intervened. the government can only provide control outside of the system such as on exchanges or sites about crypto

nazaididuan1

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The regulation of cryptocurrencies is a very difficult thing! Because regulators can't make regulatory principles for cryptocurrencies!
So many governments have banned cryptocurrencies!
The government should establish regulatory principles based on the characteristics of digital currency!

Topic: how governments can regulate digital currencies? (Read 2271 times)