Topic: how governments can regulate digital currencies? - page 12. (Read 2271 times)
In order to regulate digital currencies in relations to cryptocurrencies, the government must and should be the majority holders of all cryptocurrencies. With this, they can control the amount of a particular coin circulating. They can determine the market price of the coin at a particular time and period. IF the government can achieve this, they can regulate the crypto market and world.
if the government wants to fundamentally regulate cryptocurrency / digital assets it might be very difficult. and that is the reason why they are trying to fight this industry since the beginning of the year. but it cannot be denied that crpyto is growing and cannot be rejected by the times. rather than thinking about ways to regulate crypto as a whole, such as offline wallet etc. the government can still regulate in the form of crypto control in their territorial context rather than the world as a whole. they can use KYC and AML rules against local exchanger before digital money is converted into the country's currency. impose a tax on every transaction on a local exchanger. why can i say those two things? because that is what has happened in my country today. the crypto community cannot fight the government seporadically, so we must respect the decisions that exist while it does not cause significant harm.
I think so, How the governments can regulate a digital currency, they can't control decentralized things like the bitcoin. No one knows the owner of the bitcoin, who is Satoshi Nakamoto, where is he now! No one has any idea about that. So, how can government control or regulate the bitcoin? It is not possible as my knowledge says.
I agree. There's no way a government can directly regulate digital currencies like Bitcoin. They can make rules and regulations but they cannot control it because from the start, cryptocurrencies are decentralized. They can make government owned exchange sites but they can't tell the people to not use those private exchange sites.
Interesting question. But keep in mind they are government which means they have access to almost everything, even great people, hackers, it, computer geniuses etc. That is why I believe they could hire very smart people to help them regulate cryptos, or maybe they are already doing it, they are only waiting to apply it officially, who knows? Never underestimate the government.
Yeah government can do it if they wanted to but this will affect how people invested in crypto as they believe that they want to have no control from the government and being decentralize currency without the use of third party. Maybe government can collect taxes from crypto if they have the control on all exchanges. Of course the government knew. Its just a matter of time, we'd all be under am exchange controlled by government. They've been watching us for years, probably even scraping all the email addresses in this forum. But the most recent is the KYC on exchanges which they mandate allowing the government to check information.
Interesting question. But keep in mind they are government which means they have access to almost everything, even great people, hackers, it, computer geniuses etc. That is why I believe they could hire very smart people to help them regulate cryptos, or maybe they are already doing it, they are only waiting to apply it officially, who knows? Never underestimate the government.
Yeah government can do it if they wanted to but this will affect how people invested in crypto as they believe that they want to have no control from the government and being decentralize currency without the use of third party. Maybe government can collect taxes from crypto if they have the control on all exchanges.
If you are asking a redesign on the blockchain's core technology where pseudonymity is in effect, i think that would really be difficult to regulate. Making such changes may simply destroy the whole concept of cryptocurrency.
But, if you are referring to regulating the exchanges where we transact our bitcoin with or with the merchants that accepts bitcoin as a payment, then it is already being done. Most of us had already submitted to the regulation with the KYCs we made.
Though most exchanges point out that we can remain pseudonymous if we want to, most of us allowed ourselves to submit under particular KYC procedure (which at times include selfies and video messages to prove our identities) so that we can take better advantage of increased transactional allowances. And though at times it feels that the KYC goes way beyond what is really needed, it feels like we have no choice really since it was mandated by the government against the exchanges should they wish to continue operations.
But, if you are referring to regulating the exchanges where we transact our bitcoin with or with the merchants that accepts bitcoin as a payment, then it is already being done. Most of us had already submitted to the regulation with the KYCs we made.
Though most exchanges point out that we can remain pseudonymous if we want to, most of us allowed ourselves to submit under particular KYC procedure (which at times include selfies and video messages to prove our identities) so that we can take better advantage of increased transactional allowances. And though at times it feels that the KYC goes way beyond what is really needed, it feels like we have no choice really since it was mandated by the government against the exchanges should they wish to continue operations.
I think the government can adjust the digital money. The government will introduce strict regulations for the development of digital money. Some governments only allow quality coins to operate.
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 ?
Thats what makes decentralisation unique, government cannot control this space unless they cut the relation of the bank and crypto. But this might be hard because different countries have different views and treatment about crypto, banks are always in the money so how can they refuse to take part in this growing industry.
It is true that it will difficult to regulate crypto since we don't need any identification when we create wallet and we can generate wallet as we like, but there are few ways to regulate, like create a local exchanges that require kyc and force all the users to only used the exchanges, make the regulation for every crypto users to register themselves to a regulatory body that handle crypto, and then cooperate with the banking system so the government know who is the users that convert crypto to fiat
Interesting question. But keep in mind they are government which means they have access to almost everything, even great people, hackers, it, computer geniuses etc. That is why I believe they could hire very smart people to help them regulate cryptos, or maybe they are already doing it, they are only waiting to apply it officially, who knows? Never underestimate the government.
Yeah government can do it if they wanted to but this will affect how people invested in crypto as they believe that they want to have no control from the government and being decentralize currency without the use of third party. Maybe government can collect taxes from crypto if they have the control on all exchanges. 
So we all know bitcoin itself cannot be regulated, we control our own wallets
and the miners all around the world confirm our transactions.
IMO the only way to regulate this space is to affect the entry and exit points
from and back to FIAT .
So long as FIAT is not used we are safe from regulation or buy bitcoin with cash.
and the miners all around the world confirm our transactions.
IMO the only way to regulate this space is to affect the entry and exit points
from and back to FIAT .
So long as FIAT is not used we are safe from regulation or buy bitcoin with cash.
Regulations on cryptocurrency is not possible especially decentralized one like bitcoin,and other altcoins,government cant..
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 ?
Yes they cannot regulate digital money because of the process which the wallet is having no identification to their server, they are not connected to any network but, i think they use something new process that everyone can use it as a currency. Somehow, government should implement digital money as a new currency since we are living in this world where technology almost control all individual.
I include articles that might enlighten your mind and get rid the misleading opinions off.
https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory
https://www.coindesk.com/g20-eyes-october-deadline-for-crypto-anti-money-laundering-standard/
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 Like you have mentioned it is very hard to regulate and it is closer to impossible. Because most governments have there own problems to deal with in the financial sector and I doubt that they will even spare time to regulate a digital asset and specially a decentralized one by going through such terrible processes like you have mentioned so it is very unlikely to happen but there is a possibility that they might allow trusted digital currencies to use locally without making restrictions for users but to regulate I doubt
I think so, How the governments can regulate a digital currency, they can't control decentralized things like the bitcoin. No one knows the owner of the bitcoin, who is Satoshi Nakamoto, where is he now! No one has any idea about that. So, how can government control or regulate the bitcoin? It is not possible as my knowledge says.
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 ?
Do you see all the sheep lining up to do KYC? They will all bey the government thus making yo an outlaw that stands alone. You will be then threatened with violence for using it. This is where a free man does as he pleases as what your doing harms no other man and natural laws are in effect. No idea what it takes to get humans to wake up to the fact we are being used as slaves for the elite banking class. Privacy is the most important thing about this movement with the ever encroaching government.
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 ?
From what i know, regulation from government is about on crypto trading. But for payment, in several advance country bitcoin already can used for payment and merchant can accept crypto for payment. I dont familiar with regulation language but from if advance country start regulating cryptocurrency, i am believe others country can regulating too
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 ?
in my opinion, regulation for now only depends on whether bitcoin is illegal or not. while to overcome other things beyond this, it is still under development. of course the regulation will run gradually and cannot be completed in one stage
In addition to large amounts of capital that runs off the radars of governments and the traditional financial system, there are a number of factors that put the regulation of digital coins on the agenda.
Money laundry
Illicit practices
economy
Money laundry
Illicit practices
economy
Since this market runs on a decentralized system, regulating it will be a tough call. But if the market did run on a centralized one, then they would have had no problem in regulating it.
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