Topic: how governments can regulate digital currencies? - page 3. (Read 2200 times)
Governments must invent some new mechanisms, as the existing ones do not allow them to take a full control over crypto and its users. That's a big deal for governments, and that's the reason some governments ban crypto. Many authorities are afraid of crypto, as they don't know what to do with it. However, as time goes by, governments are updating themselves and becoming more able to control crypto.
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 ?
It is not an easy task to regulate the currency which you cannot control such as cryptocurrency because it's decentralized and anonymous nature.
Centralized database will be easier to regulate because the authorities can have access into it, but not with decentralized database.
Government may still seek for a way to control and regulate crypto for the future.
Each country does it in its own way. Someone prohibits completely, someone only partially tries to regulate.
they will have difficulty managing everything at once, they just need to step by step from local exchanges to ICO regulations before entering the next stage regarding taxation and transaction regulations. I am sure they can do it because this has become a broad conversation between countries. There is no point in banning crypto because it cannot be prevented anymore.
The government can not control it completely, but only in part, assuming that the government will levy taxes on bitcoin transactions.
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 ?
Like its original nature, decentralized digital currency movements cannot be regulated by anyone including the government. But the government can do this by forcing each exchange to require every user to provide an original ID especially when they want to register.
yes, of course, because the government does not want to lose anything, especially in relation to money. surely you will think to mitigate the risks that exist. therefore, it is only natural that the government wants to control what is in the component of the country.
Nothing is impossible in this world. Crypto currency is made by humans so that humans should also be able to regulate this crypto currency. The government as the official state authority can certainly regulate the crypto currency. I have this belief because now the government has been proven to be able to regulate the circulation of fiat currencies so managing crypto currencies is not difficult. All settings are only based on technology. If indeed this crypto currency will be regulated, then the first step, we must change is to make the crypto currency system become centralized. Decentralized systems are less suitable if crypto currencies want to be regulated. As a good and not detrimental currency, the crypto system must turn into a centralized system. When this crypto currency is set the price fluctuations can end soon and trust in the crypto currency can increase. We must give up the facility of anonymity in crypto currencies if indeed the arrangement of crypto currencies is a better decision. All information must be given honestly but kept confidential.
the government can employ great people, hackers, computer geniuses, etc. to help the government regulate cryptos, or maybe the government has done it, just waiting to implement it officially, never underestimate the government.
I find that the importance of bitcoin to the government is enormous; it is possible that they have also invested a huge capital into bitcoin just to know that bitcoin is not scam, this way it is possible. And in the ways listed by you, I think they have seen bitcoin as a real scam.
on the basis of decentralized cryptocurrency so that the government cannot fully regulate or control its use, it is very difficult for the government to regulate crypto, in a country there must be many people who use crypto, how does the government regulate so many crypto users? I think the government will experience difficulties especially there are so many wallets that don't have complete identities
You are right, the cryptocurrency is decentralized so that the government cannot fully control, except for binding regulations related to distribution and use permits in the country. If the government wants to have coins that they can control fully then they have to make it themselves, right?Yes, but then the very essence of government control and it being decentralized would result in the currency probably not being used to it's fullest extent.
Lets face it. The target demographic for cryptocurrency users aren't exactly fond of government control.
on the basis of decentralized cryptocurrency so that the government cannot fully regulate or control its use, it is very difficult for the government to regulate crypto, in a country there must be many people who use crypto, how does the government regulate so many crypto users? I think the government will experience difficulties especially there are so many wallets that don't have complete identities
You are right, the cryptocurrency is decentralized so that the government cannot fully control, except for binding regulations related to distribution and use permits in the country. If the government wants to have coins that they can control fully then they have to make it themselves, right?The government can regulate digital currencies by implementing taxes on their transaction as fiat currency but we all know that bitcoin is decentralized so no one completely controls it so governments can only take taxes from users of crypto-currencies from their country and give them access to bitcoin/ digital currencies trading.
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 ?
I am always believe government can regulate cryptocurrency because government want to collect taxes from crypto transaction. They can regulate cryptocurrency as commodities like other country and i think that is win win situation for crypto community and government.
Crypto community have regulation and more relax with their investment and government can collect taxes from profits and transaction
I also don't know how the government will regulate digital currencies, if the government only regulates an exchange, what kind of rules can the government apply there, whether it is only the maximum ownership of crypto or such a maximum allowable withdrawal. If that is applied by the government, I only know if the regulation has been implemented in every exchange.
The government can only regulate the coins which people sell or buy from exchanges by controlling centralized exchanges. Regulation of tokens which are Holding and using them on the platform will be quite complicated.
The exchanges are the first one to be regulated if government decides to impose regualtion on cryptocurrency exchanges. This is where buying and selling coins and tokens take place and if this left unchecked, it may be use by some people in their illegal activities like money laundering. In Japan, the government financial regulator has formally granted the cryptocurrency industry with a self-regulatory status by allowing an industry body to police their local exchanges.
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 ?
I think its possible to regulate bitcoin and cryptocurrency. Government can regulate bitcoin or cryptocurrency as commodities and government can collect taxes from the transaction.Regulation needed if we want mass adoption on bitcoin and cryptocurrency
The government can only intervene in a bitcoin, if it is too big it will not be an anonymous bitcoin market anymore, the government can issue rules or regulations to investors. private bitcoin for example
they can regulate the digital currency through exchange
and exchange implements KYC for every user who transacts there
even though they can regulate the exchange but the government cannot regulate the bitcoin ecosystem
and exchange implements KYC for every user who transacts there
even though they can regulate the exchange but the government cannot regulate the bitcoin ecosystem
to regulate the bitcoin and the user, I think it will very hard because in bitcoin there are many variations of user and bitcoin address. so its very complicated for government to regulate the digital currency
Yes, for me, it is impossible that government will regulate the bitcoin and all other coins. They can just ban but not regulate. They can as well implement stricter policy towards bitcoin but not totally manipulate it.
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