Topic: how governments can regulate digital currencies? - page 4. (Read 2200 times)
Well, the government will only try their best in regulating the movement of cryptocurrency but they cant regulate in all because i dont think there is possibility for them to regulate offline wallets devices which rely on third party server as the OP said but the only part i think they can regulate are the crypto currency exchange system.
Yes you are right it is not easy for any government to regulate digital currency. That's why still Bitcoin is not used as a main currency rather then paper currency. But this Bitcoin is the future mode of currency that is true because we are adopting latest technology in every field then why not in currency. But the main thing is how government can regulate or assese this crypto. My opinion is government can make a process before any transaction that should be mendatory for any person who is going to process any transaction through Bitcoin . This way govt can assess this and maintain the record for tax purpose.
Nobody can regulate digital currencies since they are decentralized one so it is difficult to regulate the government can regulate centralized projects because there is no KYC in decentralized one. Though some governments are trying to regulate the flow of cryptocurrency it is not practical.
Government can regulate coins and they can give a space i the country So when government allow them for transactions they will provide a legal channel for the transfer of crypto and this will make bitcoin more stable and valuable in these days bitcoin is used by investors, businesses and traders but later government will use crypto for their own transaction.
The governments can't regulate the digital currencies, since most of them are decentralized. However, it is possible for the government to regulate the other sectors which are related to these currencies, such as exchanges and ICOs.
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 ?
Somehow, government should implement digital money as a new currency since we are living in this world where technology almost control all individual.
maybe the government cannot regulate the ownership of digital currencies but the government can monitor the movement of money that is deemed suspicious, the government can apply strict regulations and certainly the government has digital currency user data and if needed can be traced to the origin of the money, but this is definitely not easy ..
The most they can do is regulate crypto exchanges under their jurisdiction, so they can keep track trades and transfers.
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.
Even though Nano Ledger is more likely to be offline, sometimes this wallet becomes online especially when its owner wants to convert his bitcoin into fiat money, this's where the exchange account can require the owner to issue the original ID as a condition for disbursing his money. So, with that recorded identity, the government can find out the number of bitcoins the user has, and maybe they will control it only from the user's hand.
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?
They will regulate cryptocurrency whether we would it or not. As long as they want to have regulation and legality with it. They regulate cryptocurrency in order for their citizen to be comfortable and safe when using it. SEC provides the legality of every exchange and it is the reason why until now, BTC won't hike.
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. That's the whole point.
People own and control their money.
Nobody cares what each government wants, they all want different things in different era's.
People want to own and control their money though...that won't change....it's a pretty simple concept.
Their power is directly tied to controlling the money supply....
Even if it takes 100 years, society will at some point realize "hey these people in government and politics manipulate how much this dollar Im supposed to value is actually WORTH.....maybe that isn't a good thing for me, my family or friends to continue"
It proved bad in Venezuela, starting to show in India, there are a ton of central banks that are continually screwing over entire nations though.
Some day the Fed might even have to allow that audit that citizens and elected official have suggested might be a good idea for the people in America....
https://www.trustnodes.com/2017/07/12/millennial-responds-yellens-refusal-audit-fed-bitcoin
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.
for now the government in my country still can't find a way to regulate the bitcoin world bro. but now they are still studying the depth stage. both in terms of the benefits and negatives of bitcoin for the country and nation
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. That's the whole point.
People own and control their money.
Nobody cares what each government wants, they all want different things in different era's.
People want to own and control their money though...that won't change....it's a pretty simple concept.
Each country can try to watch the cryptocurrency within its Internet space. But for global regulation, all countries will have to work together, and this is unlikely.
Must government control everything? The worst is that anything that entered into government control will now become for the privileged few. This will eventually become the case for cryptocurrency if the government succeeded in taking over the management of Crypto. For once let me see what will really give the government some headaches. The next move will be to destroy the cryptocurrency.
If regulations are implemented now it is very late because all exchange systems have been implemented with decentralization that can be accessed by anyone. the government can only manage through the creation of its own digital currency not bitcoin
What did you mean by that? And what if other countries' government accepted or legalized Bitcoin? It is not late since there are no things that is late when doing these kind of things. They are just taking care of their people and their country, that is why they don't accept cryptos so easily. Bitcoin's transaction history can be seen on site like Blockchain.info, now what is the effect of that to the government? They can just accept Bitcoin whenever they want since that will be just a crpyto in their country and will never be a main currency.
I also always wondered exactly how one could fully regulate cryptocurrency operations. Now I think it is impossible. And I think the government is very angry about it. 
After nearly a decade since its invention, Blockchain has not yet reached to its full potential. Billions of dollars of investments are made every day, but none of the great potentials come to reality, despite only serving Bitcoin for its payment system and allows illegal payments to occur in the Dark Web. The government has started to underestimate the value of Bitcoin and thinks that regulation is the best way to solve its issue.
No one is interested in making btc a form of payment. But everyone is interested in making money on btc. That's good and bad at the same time. The more greedy the people, the higher the price. But at some time it will end up either with a huge price drop and shift to a new paradigm or real acceptance, probably as value storage.
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