Is this a gang up against cryptocurrency? Or ways to regulation?

Vaskiy

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Quote from: Haunebu on November 22, 2021, 06:53:56 PM

Firstly, you need to get your facts right op. India did initially ban cryptocurrencies completely, but they reversed their verdict sometime back and are now in the process of trying to regulate them in different ways.

India is one among the country that announced ban of cryptocurrencies and it is illegal to use within the country. By the time people feared, but continued to use through all possible ways. Later government announced with the restrictions on banks providing support to crypto service renders. Now they've been planning to regulate the usage of cryptocurrencies.

Quote from: Haunebu on November 22, 2021, 06:53:56 PM

Various governments have been ganging up on BTC and other cryptocurrencies from long back and some of them eventually gave up and decided to simply regulate it like India etc.

Than following India, now we've got more countries that have taken bold decisions on using cryptocurrencies and are begun to follow those countries.

habebe

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in such situations We need to learn from the idea that a decentralized cryptocurrency is not needed by states. because they are doing this legal work where we are here, but they are not actively supporting it. Cryptocurrency is actually a decentralized currencies and alternative to all currencies of states, and so far sometimes a government controls and also prohibits its circulation. for It is really unavoidable and must be fixed more thoroughly. and for that reason we need to protect our rights to choose a cryptocurrency over all of it.

josephdd1

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Quote from: palle11 on June 28, 2021, 08:57:49 AM

In my own reason, I think we get this kind of news whenever the market turns bear after a good bull run and the government politicians have cashed out.

Nice idea

But actually, there are some more realistic reasons why authorities ban crypto. The government are used to control people, especially finances. The government want to be the only issuer of money. They want to monitor movement of our money and ban transactions if they consider it to be dangerous. But crypto is unregulated so they can’t let it develop. Authorities can't put up with such a strong economic opponent, so they restrict crypto. .

Haunebu

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Firstly, you need to get your facts right op. India did initially ban cryptocurrencies completely, but they reversed their verdict sometime back and are now in the process of trying to regulate them in different ways.

Various governments have been ganging up on BTC and other cryptocurrencies from long back and some of them eventually gave up and decided to simply regulate it like India etc.

This pattern will most likely never change and it doesn't really matter since BTC and other popular cryptocurrencies will keep surging forward no matter what.

Ozero

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Quote from: Leviathan.007 on June 28, 2021, 02:36:29 PM

That's not normal to see the governments and bank people are acting against cryptocurrency. Because, after each new technology some people who were getting advantage from old technology will try stand against it because they see their benefits in danger and a new technology is always scary for traditional people. In the other hand. bitcoin and cryptocurrencies were not created to be centralized and get controlled by the governments, that's what they are trying to do by forcing people to to kyc and pay tax from each transaction and tell them about their total funds so the governments can get the tax from them, I believe what they do is totally normal.

Governments and their banks will always be highly suspicious of decentralized cryptocurrencies, if not hostile. Because a decentralized cryptocurrency is the complete opposite of their currency. Governments can legalize the circulation of cryptocurrency, but support it, and they will not create the infrastructure for its operation. Citizens will need to do this on their own if they want to create an alternative to the existing payment system.

Rruchi man

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Alot of things will be clearer if we look at the objectively.

From my understanding of the news:

1) Although the Financial Conduct Authority (FCA) does not regulate cryptocurrencies, but requires exchanges to register with them.
Therefore, until Binance registers with the FCA, they are not allowed to operate an exchange in the UK.

2) Personally, I think the FCA is just playing one of it's role. We very well know that as much as cryptocurrency is symbol of good, it's is also being used by criminals gangs to distabilize some regions of the world. So they're giving folks a heads up.

4) The government should come clean and tell us what they actually want from cryptocurrencies exchange platforms. Also, these platforms should also come clean and tell the government what they really want. There's more to this than meets the eye 👀.

teosanru

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Quote from: palle11 on June 28, 2021, 08:57:49 AM

Lately some government have come hard on cryptocurrency in trying to ban activities or stop people from crypto. India and Nigeria have a restriction on their people from freely using or hodling crypto, although that of Nigeria is to crypto accounts in the banks but that is part of restrictions. Now the latest country to come with another policy in line with restricting patronage of crypto is UK.
UK BAN ON BINANCE

UK is restricting Binance from there service in the UK and warning the people against binance.com. These restrictions looks to me like a means to regulate the activities of cryptocurrency.

In my own reason, I think we get this kind of news whenever the market turns bear after a good bull run and the government politicians have cashed out.

Obviously regulations, Binance more or less is unregulated and I am sure a lot of black money revolves in Binance, Binance pretty much set straight the US regulations after making a separate exchange for US. But now other countries are starting to crack up on Binance too. I think slowly Binance will have to comply with every country's regulation.

Silberman

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Quote from: arallmuus on July 04, 2021, 03:23:47 PM

Quote from: Silberman on July 04, 2021, 01:18:50 PM

the governments were completely blindsided by bitcoin, they thought they had perfect control and monopoly of fiat currencies and then bitcoin came and erased that notion, at first they thought this was never going to get big and it was just a form of money for nerds

Another option would be to choose to accept it as a legal tender but that would only happen to a small country like El Salvador that has used another foreign currency so it would be easier to use another currency as their legal tender

I doubt that we are going to see more countries accepting bitcoin at the moment, not because there are no other countries interested in bitcoin but because they are going to wait for a few years and see that if the experiment we are seeing at El Salvador is in fact successful, if it is and I think we all hope it will then those countries will begin to adopt bitcoin.

Quote from: arallmuus on July 04, 2021, 03:23:47 PM

Quote from: Silberman on July 04, 2021, 01:18:50 PM

but now they are realizing bitcoin is a real threat to them and yet despite doing the best they can there is no way for them to stop bitcoin.

Actually this only happened to some super power countries such as China and US because they have their own fiat which is used worldwide so bitcoin poses a thread to the whole economic system of their countries. Most countries so far are pretty neutral to bitcoin existence so there is a good chance that this might continue on the future

Those other countries may support bitcoin now because they want to weaken both the US and China, but you can be sure that if it happens and they are the ones that are at the top they will quickly change their tune.

Kakmakr

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I doubt if government officials are bothered with a Bull or a Bear Bitcoin market, they are too busy printing toilet paper money. Roll Eyes

The governments will do anything to hold onto the control over people and the Covid pandemic has shown how far they are willing to go with that. (Lockdowns and rules and regulations)

The latest bans has more to do with governments wanting to regulate Crypto currencies to control the taxes that are the life blood of these politicians and the law enforcement that are backing them. (Armies and Law enforcement has to be paid to control them too) Roll Eyes

arallmuus

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Quote from: Silberman on July 04, 2021, 01:18:50 PM

the governments were completely blindsided by bitcoin, they thought they had perfect control and monopoly of fiat currencies and then bitcoin came and erased that notion, at first they thought this was never going to get big and it was just a form of money for nerds

Another option would be to choose to accept it as a legal tender but that would only happen to a small country like El Salvador that has used another foreign currency so it would be easier to use another currency as their legal tender

Quote from: Silberman on July 04, 2021, 01:18:50 PM

but now they are realizing bitcoin is a real threat to them and yet despite doing the best they can there is no way for them to stop bitcoin.

Actually this only happened to some super power countries such as China and US because they have their own fiat which is used worldwide so bitcoin poses a thread to the whole economic system of their countries. Most countries so far are pretty neutral to bitcoin existence so there is a good chance that this might continue on the future

Silberman

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Quote from: Shasha80 on July 01, 2021, 07:43:46 PM

Quote from: Silberman on July 01, 2021, 01:10:01 PM

It is always the same story, governments are not liking at all the fast development that we have seen in the market of cryptocurrencies but they know they cannot stop it, and in fact it can be argued that if they could even do it this is going to be bad for the economy now as so many people are invested in it, so they have no option but to accept it, but they still want to regulate it instead but this is something in which they will fail as well as this market was created in order to be able to resist those regulations.

It is true that the government will never like cryptocurrencies, because crypto is indeed against the banking system that they can control.
But because many people trust crypto, finally the government can't do much and many countries have finally chosen to accept crypto.
And governments will not give up trying to regulate crypto, which will always fail. Because crypto was created to give freedom to its users,
so it can't control crypto. That's why crypto is growing so fast and starting to be accepted by many people.

In a way it is completely natural what is happening, the governments were completely blindsided by bitcoin, they thought they had perfect control and monopoly of fiat currencies and then bitcoin came and erased that notion, at first they thought this was never going to get big and it was just a form of money for nerds, but now they are realizing bitcoin is a real threat to them and yet despite doing the best they can there is no way for them to stop bitcoin.

AicecreaME

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Quote from: palle11 on June 28, 2021, 08:57:49 AM

Lately some government have come hard on cryptocurrency in trying to ban activities or stop people from crypto. India and Nigeria have a restriction on their people from freely using or hodling crypto, although that of Nigeria is to crypto accounts in the banks but that is part of restrictions. Now the latest country to come with another policy in line with restricting patronage of crypto is UK.
UK BAN ON BINANCE

UK is restricting Binance from there service in the UK and warning the people against binance.com. These restrictions looks to me like a means to regulate the activities of cryptocurrency.

In my own reason, I think we get this kind of news whenever the market turns bear after a good bull run and the government politicians have cashed out.

This is just the usual news regarding the cryptocurrency community. Government has all the right to decide whether to make cryptocurrency legal or illegal in their country. Limiting or even prohibiting the usage of cryptocurrency is their way of regulating. Restricting the people to excessive use of crypto is one of the way they can think of so that the citizens will switch back to their usual activities and work that could benefit their nation. In addition, I think this is also their way to prevent cryptocurrency from over shadowing their local currency. Because as we all know, bitcoin and other coins are really in demand nowadays and are mostly used by the people as their source of income and investment.

Politics indeed play a great role on the status of cryptocurrency on one's country. It can be placed on a favorable side or the other way around.

Shasha80

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Quote from: Silberman on July 01, 2021, 01:10:01 PM

Quote from: Princejebs on June 28, 2021, 02:24:50 PM

Have you notice that this regulation and banned are just to scare people from investing and trying to collapse the market. Perhaps their fear of bitcoin dominating and overtaking other financial sector.
The way and manner of approach toward this ban is just obvious that they are merely trying to scare everyone that's why they are doing it in the bull run and not during bear market when things would have been transparent, but they preferred when crypto has gain so much attentions.

It is always the same story, governments are not liking at all the fast development that we have seen in the market of cryptocurrencies but they know they cannot stop it, and in fact it can be argued that if they could even do it this is going to be bad for the economy now as so many people are invested in it, so they have no option but to accept it, but they still want to regulate it instead but this is something in which they will fail as well as this market was created in order to be able to resist those regulations.

It is true that the government will never like cryptocurrencies, because crypto is indeed against the banking system that they can control.
But because many people trust crypto, finally the government can't do much and many countries have finally chosen to accept crypto.
And governments will not give up trying to regulate crypto, which will always fail. Because crypto was created to give freedom to its users,
so it can't control crypto. That's why crypto is growing so fast and starting to be accepted by many people.

Kasabus

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Quote from: ILuckyGuyI on July 01, 2021, 05:18:12 PM

As far as I know, those governments do that because Binance doesn't want to be controlled by regulators. .Binance had the similar problems in Canada, the USA nceJapan and Germany also. This news didn't affect the market badly. But I hope that Binance doesn't get hurt much from these actions.

Well if Binance does not want to be regulated, then probably UK won't allow Binance to be a part of it because if they do, then they should comply with the rules. I don't think the government is against with Binance. It's the Binance itself that does not want to be controlled.

paxmao

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Quote from: palle11 on June 28, 2021, 08:57:49 AM

Lately some government have come hard on cryptocurrency in trying to ban activities or stop people from crypto. India and Nigeria have a restriction on their people from freely using or hodling crypto, although that of Nigeria is to crypto accounts in the banks but that is part of restrictions. Now the latest country to come with another policy in line with restricting patronage of crypto is UK.
UK BAN ON BINANCE

UK is restricting Binance from there service in the UK and warning the people against binance.com. These restrictions looks to me like a means to regulate the activities of cryptocurrency.

In my own reason, I think we get this kind of news whenever the market turns bear after a good bull run and the government politicians have cashed out.

No, that is not true. UK has not banned binance.com just a subsidiary. There are at least three threads about it with the right information. No, this is not against crypto at all, it is about companies that do not bother to have an adequate control of their clients and the money flows. It is as simple as this and not related to crypto itself. Crackdowns on crypto properly said are related to those countries and regimes that try to hold their people from having freedom to move and spend their money or to use other currencies than the official.

ILuckyGuyI

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As far as I know, those governments do that because Binance doesn't want to be controlled by regulators. Binance had the similar problems in Canada, the USA, Japan and Germany also. This news didn't affect the market badly. But I hope that Binance doesn't get hurt much from these actions.

jostorres

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Quote from: palle11 on June 28, 2021, 08:57:49 AM

Lately some government have come hard on cryptocurrency in trying to ban activities or stop people from crypto. India and Nigeria have a restriction on their people from freely using or hodling crypto, although that of Nigeria is to crypto accounts in the banks but that is part of restrictions. Now the latest country to come with another policy in line with restricting patronage of crypto is UK.
UK BAN ON BINANCE

UK is restricting Binance from there service in the UK and warning the people against binance.com. These restrictions looks to me like a means to regulate the activities of cryptocurrency.

In my own reason, I think we get this kind of news whenever the market turns bear after a good bull run and the government politicians have cashed out.

Let the regulations be regulations guys, they are not bad, the problem is the fact that politicians building infrastructure that could help them. How? They are getting partnering agreements with exchanges, they are buying a ton of it, they are making legislature that would benefit them, they are basically getting ready for the crypto world to grow huge and they do not make any decision before they are fully ready. After they are fully ready then they start making regulations and so forth because they will be the ones that will benefit from it.

This is risky because they are basically trying to control bitcoin, which is not like centralization because bitcoin is still can't be changed by anyone, but they are basically centralizing the way you can use bitcoin and force you to use it one way or another the way they want in order to allow it to be legal.

Silberman

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Quote from: Princejebs on June 28, 2021, 02:24:50 PM

Have you notice that this regulation and banned are just to scare people from investing and trying to collapse the market. Perhaps their fear of bitcoin dominating and overtaking other financial sector.
The way and manner of approach toward this ban is just obvious that they are merely trying to scare everyone that's why they are doing it in the bull run and not during bear market when things would have been transparent, but they preferred when crypto has gain so much attentions.

It is always the same story, governments are not liking at all the fast development that we have seen in the market of cryptocurrencies but they know they cannot stop it, and in fact it can be argued that if they could even do it this is going to be bad for the economy now as so many people are invested in it, so they have no option but to accept it, but they still want to regulate it instead but this is something in which they will fail as well as this market was created in order to be able to resist those regulations.

perfect999

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Quote from: palle11 on June 28, 2021, 08:57:49 AM

In my own reason, I think we get this kind of news whenever the market turns bear after a good bull run and the government politicians have cashed out.

Although I don’t really know much about how all these regulations stuff works, but I think for a government to be able to regulate cryptocurrency, they will have to do it through centralized exchanges. So that means the government don’t need to ban centralized exchanges, because they can actually take control of these exchanges by laying down rules that they would have to follow, which would help the government have a better understanding of what’s happening in the cryptocurrency market.

But by banning centralized exchanges, the government lose this chance. And with that, they leave citizens to making use of P2P exchanges which are completely decentralized and government can’t even control what goes on there.

adzino

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Quote from: palle11 on June 28, 2021, 08:57:49 AM

Lately some government have come hard on cryptocurrency in trying to ban activities or stop people from crypto. India and Nigeria have a restriction on their people from freely using or hodling crypto, although that of Nigeria is to crypto accounts in the banks but that is part of restrictions. Now the latest country to come with another policy in line with restricting patronage of crypto is UK.
UK BAN ON BINANCE

UK is restricting Binance from there service in the UK and warning the people against binance.com. These restrictions looks to me like a means to regulate the activities of cryptocurrency.

In my own reason, I think we get this kind of news whenever the market turns bear after a good bull run and the government politicians have cashed out.

India has been confused about crypto currencies for a very long time. I don't think they even understand what crypto currencies are and how they work. Or they are probably too lazy to figure out a way to allow their people to use crypto currencies within the law. On other hand, Nigeria didn't ban crypto currencies. Like you said, they only restricted their users. As for the ban of binanace in the UK, its probably going to be temporary. So no, governments aren't ganging up against crypto currencies.

Topic: Is this a gang up against cryptocurrency? Or ways to regulation? (Read 354 times)