how governments can regulate digital currencies? - page 6.

denzkilim

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Quote from: Conasse on November 07, 2018, 12:42:56 PM

Dude a tax isn't going to help a government to control and regulate digital cash. Hello, have you ever hear of tax evasion and talking specifically about the decentralized money, how it(s going to happen. Unless you use it with the bank account you own.

It doesn't help a lot but it will help the government to earn some extra cash and I hope it won't end up entering their own pockets. Grin

That tax evasion thing is kinda impossible for Crypto Currency users even if they implement KYC(Know your customer) on every Crypto users on their respective countries, I heard and read some article about the Japanese government implementing taxes on Crypto users but it didn't explain how that law works on every citizen of their country that uses Crypto Currencies.

Quote from: bayu7adi on November 08, 2018, 12:07:41 AM

digital money does use the blockchain, known as decentralization, but I doubt ... is all blockchain-based currencies included in the decentralized category (I doubt this point)
for example, XRP, which can be said as a centralized currency because it gets support from the government and banks

I don't know much about XRP(Ripple) but I see some posts in this forum that it will be used by banks in the middle east. I think this is one of the reasons why Ripple reached the top 3 on Coin market capitalization.
I immediately googled about the decentralized and centralized issue about ripple and I think its just FUD according to this article that I have read below.
https://coingape.com/ripple-clears-about-centralized-or-decentralized/

hastag_80

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The New Pharma-Centric Marketplace

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 ?

Maybe you have a point,but being a government law they have a power and capabilities to organize this matter,even thats you said thats identification,maybe as of now we cannot figure out what the outcomes of this development about crypto,but soon once its become established and more and more all over the world patronize cryptocurrency then the progress and possibility would going on.

bayu7adi

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Activity: 1470

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dont be greedy

digital money does use the blockchain, known as decentralization, but I doubt ... is all blockchain-based currencies included in the decentralized category (I doubt this point)
for example, XRP, which can be said as a centralized currency because it gets support from the government and banks

kelaxo76r

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Activity: 102

Merit: 10

It is reasonable why there should be a few controls to confine the utilization of blockchain technology that is utilized in promoting any type of venture, particularly with the rising number of phony cryptocurrencies. What could be of most extreme advantage to the industry is if a well put together regulatory framework was executed. This was endeavored in March when individuals from the G20 met to examine the fate of cryptocurrencies on the universal stage, yet no accord was reached. At the present time, it might appear as though there are a bigger number of disagreements than consensus, however this is altogether anticipated that would change as blockchain ends up perceived as a vital technology for organizations around the world.

earlytrade24

newbie

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The government can accept crypto as a legal tender, just like what Japan did.

CarTrick

newbie

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When it comes to regulation, we could take cue from Japan.
“In April 2017, acting on the advice of the FATF, Japan revised its Payment Services Act. The revision included the legalization of virtual currency as a form of payment, as well as, new licensing requirements for exchanges operating within the country. Technically, Japan does not consider Bitcoin as legal tender because it’s not issued from any central government, but they do acknowledge that it can be used to purchase items.”
https://coincentral.com/japan-crypto-lessons-in-blockchain-regulation/

Conasse

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Culotte Jaune Officielle

Dude a tax isn't going to help a government to control and regulate digital cash. Hello, have you ever hear of tax evasion and talking specifically about the decentralized money, how it(s going to happen. Unless you use it with the bank account you own.

Steinway-Bobb

newbie

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If the government wants to control crypto , I think the tax measure is a good solution but if it is hit on electronic money, it seems to lose the character of crypto

fourtimesprofit

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govt can prepare guidelines so that crypto investors can follow the guidelines and trade as per the rules

Argoo

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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 ?

To regulate and track the movement of cryptocurrencies are two different things. Regulation of cryptocurrency, as a rule, includes the establishment of the legal status of cryptocurrency, the determination of the conditions and procedure for its circulation within the state and in most cases the establishment of taxation.
Therefore, regardless of where the cryptocurrency will actually be stored, it is quite possible to regulate its circulation in the state.

Zalaster

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I don’t think that governments will be able to totally control bitcoin. A partial deprivation of anonymity through AML / KYC is possible, however, an international control committee with jurisdiction in any country of the world must be created for this. It will be very difficult, therefore unlikely.

giantrobot

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Digital money has unsuitable elements for government. So digital money is for the government to accept, it must accept the laws set by the government, accept the correction.

Wodomi

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Quote from: vonnyaries on October 18, 2018, 08:26:13 PM

this is the big problem for right now, we can see that bitcoin problem is in this right? we see that there are many people taht against bitcoin because bitcoin is not regulated by government, and if government want to regulate it, how? it is very complicated to regulated

The government does not need to regulate cryptocurrency, because as a global currency the rules of each country must be different. Simply put, government authority is only available at the place of exchange of cryoptocurrency, specifically related to taxes and monitoring of terrorist or criminal cases.

blocklancer8

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It seems that it will not happen, the government cannot fully regulate this digital world. The decentralization system cannot be penetrated or pegged by a practical system, the government cannot limit the existence of this already developed crypto.

bdc2343

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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 ?

I think the government will not have a way for them to adjust digital money, because as everyone knows there are a few but still have not agreed to fully accept the bitcoin, so this move will be very Feasibility.

RomanPoman

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Quote from: guybrushthreepwood on October 19, 2018, 06:54:43 AM

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 ?

It's hard for them to regulate cash but they do their best and largely rely on information from third parties -- your employer and bank etc -- and hope people are just being honest and then cracking down on those that aren't. They wont actually regulate actual bitcoin directly just like they can't really regulate the cash in your pocket or under your bed, but they will regulate it via exchanges and the services you use. Lets look at exchanges for example. Most if not all -- especially legitimate ones -- already require KYC to open a new account. They might not know about the bitcoin in your wallet or ledger nano, but they'll know about it when you send money to an exchange. You might be able to avoid that by dealing in cash only but then you've got a lot of cash that is unaccounted for and you'll have to explain the origins of if you ever put it in the bank or try buy anything substantial with it -- houses and cars and so on.

So all of your movements that go through exchanges are transparent to them. Are there currently ways that they can trace your money BEYOND the exchanges?

setialovers

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I think government can regulate cryptocurrency start with crypto trading. We can not expect much government regulate bitcoin as payment because many central banks againts it. By regulation on crypto trading, we can relax and calm to invest and trade in cryptocurrency market

ocid

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Quote from: Pattart on October 18, 2018, 08:13:45 PM

Quote from: Anies_Sandi on October 14, 2018, 09:51:55 PM

Quote from: Dudeperfect on September 14, 2018, 11:12:22 AM

To be honest, there is no practical way to regulate the flow of cryptocurrencies. The best way for the government is to allow users to disclose their crypto transactions and they have the option to monitor it through the domestic crypto exchanges (with KYC). Even though some governments are trying to find the way to track the crypto transactions and ownership of it but I doubt, how full proof it is going to be in the long run.

It is very true that what you say is that the government does not fully regulate but monitors and collaborates perhaps with cooperation that can benefit both parties to become more developed and progress rapidly in the future economic system

of course the government will not be able to provide 100% control over bitcoin, because decentralization cannot be eliminated, I think the government is doing cooperation with third parties. namely local exchanges, the government requires if they want to operate, there are things that must be obeyed, that is user verification and taxes that must be paid..

Yes, that is one of the main factors where each user is obliged to verify his identity and can be subject to tax fees because behind the existing local exchange market, the government has taken part in cooperating with the local exchange market, and of course this is not known directly by every one. Cryptocurrency has a decentralized nature so the government cannot directly regulate its holders to be taxed directly unless the cryptocurrency can be formalized by all countries, the government has the authority to regulate everything.

reverseflash

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I see one option in which the state will be able to control cryptocurrency. But only one coin issued by the state itself as a state currency. As for the rest, such control will not be possible without totalitarian control over Internet traffic within a given state.

mitchr4

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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 ?

That is difficult, the government will not be able to regulate it all. I think they can only regulate people who use digital currencies that are illegal like an act of cyber crime. But the value and wallet of their digital currency users have no rights to it.

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