Regulation seem like the only option left - page 6.

wxa7115

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Quote from: TheUltraElite on March 05, 2022, 05:45:28 AM

Quote from: JangoUnchained on February 28, 2022, 12:56:58 AM

Will there ever come a time that the government reaction to crypto will be encouraging for the people?

If you are expecting governments to say this in public, you will be disappointed but in future it might happen that governments are more lenient towards crypto and its transactions as soon as they devise a method to successfully tax every capital gain on this asset.

Regulation should be taken up with a positive note, in my opinion. It is inevitable because the number of scam projects making a bad name for crypto are way more than any legit project. Bitcoin is no longer the focus on newbie entrants but altcoins and shitcoins that have no value. They do learn their lesson but by then it is too late.

It is the reason why proper development in tech on this sector has also slowed down.

Correct it is a mistake to think that governments are going to encourage people directly to adopt bitcoin when bitcoin is a direct adversary against their own fiat currencies, at best we could expect some countries which do not print their own currencies do something like this.

However we do not really need direct encouragement by the governments of the world as they are already doing so indirectly, after all with all the money that has been printed since the pandemic began and the huge levels of inflation that we are seeing around the world that should be more than enough for smart people to be encouraged to get out of fiat and invest in something else.

Moneyprism

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There are a lot of times where the government tries to control crypto but there is no chance for them to do it, they cannot control it or even put tax in it. This is the reason why the government will not give any encouraging things to its people. However, there is a chance if the government let its own country use cryptocurrency for any transaction including government transactions like paying tax. But as of now, the government of each country will try control it and put tax in it even though they cannot and not a single chance to become successful in it.

the government can of course control the circulation of cryptocurrencies in their country through regulation. for example in my country the circulation of cryptocurrencies will be regulated and crypto users will be taxed a few percent for cryptocurrency ownership.

... indeed this seems unfair to crypto users, but we still live under the government and like it or not we must obey the applicable law

Mometaskers

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Governments can regulate bitcoin whether they treat it as currency or not - with or without our approval. If you are worried about developments like this, then keep the use of exchanges to a minimum keep most of your crypto out of those, where they can't freeze it. We've already seen in Canada what they are willing to do to your money, crypto or non-crypto.

TheGreatPython

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Quote from: JangoUnchained on February 28, 2022, 12:56:58 AM

Will there ever come a time that the government reaction to crypto will be encouraging for the people? Lately the head if international monetary fund Christine lagarde stated that regulatory action from the international community on crypto is inevitable ..what do you think

We all knew that that’s what they are going to do anytime; try what they can to regulate the market. There are centralized exchanges and lots of people make use of these exchanges, so it’s already easy for them to achieve that to an extent, they will take over centralized exchanges and they will be the tools.

Users who make use of centralized exchanges don’t have any control over their assets since they are not the ones in possession of their private keys, the government can decide to do whatever they want to do to these people, they can even go as far as freezing their account if they want to.

Webetcoins

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If the government finds it more impossible to banned crypto, i guess regulation will be their last and definitely the best option. The fact that it could contribute to the welfare of the country through taxing on it, then there's no reason that regulating is never a good idea. That is for their country's benefits, and for us crypto enthusiasts, this regulation is a good start that adoption in the future will be more clearer and possible.

Their banning of cryptocurrency is nothing, so many countries has banned Bitcoin but people have still continued to make use of Bitcoin quietly and there is no way that the government is able to figure out that they are doing so.

What the government literally does when they ban cryptocurrency is just to ban centralized platforms, and the good thing about Bitcoin is that it is truly decentralized and you can still continue to trade it even after it has been banned in the country through peer-to-peer means. That’s the original form of Bitcoin – decentralization; it doesn’t need any supervising by anyone, people control their wealth and make decisions for themselves here.

coolcoinz

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Quote from: JangoUnchained on February 28, 2022, 12:56:58 AM

Will there ever come a time that the government reaction to crypto will be encouraging for the people? Lately the head if international monetary fund Christine lagarde stated that regulatory action from the international community on crypto is inevitable ..what do you think

International monetary fund is a puppet of big banks and nothing more but a fiat pusher. If you've ever heard that big banks oppose bitcoin because it cuts their profits and shows people that there can be an alternative where you are your own bank, the monetary fund is like a whale among them. They'd like to regulate bitcoin into non-existence, but since they can't they'll try to make our lives harder.
The wanted to make the president of El Salvador drop Bitcoin support, but that didn't work, so they'll now try to scare other countries away.

eaLiTy

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Quote from: JangoUnchained on February 28, 2022, 12:56:58 AM

Will there ever come a time that the government reaction to crypto will be encouraging for the people? Lately the head if international monetary fund Christine lagarde stated that regulatory action from the international community on crypto is inevitable ..what do you think

Governments around the globe are planning to come up with rules and regulations for the cryptocurrency market for a long time but they are yet to finalize the rules and regulations because they very well knows that they are not able to control the entire market like they wanted. Regulation was inevitable from the start because no government wants to leave a financial market just like that and give the full freedom to the end user, they will look for opportunities to tax them or control them as much as they can Cheesy

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skarais

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There are a lot of times where the government tries to control crypto but there is no chance for them to do it, they cannot control it or even put tax in it.

Governments cannot control cryptocurrencies but they can issue regulations so that everyone is not allowed to use cryptocurrencies. Apart from that, the government can also impose cryptocurrency profit tax rules on users even if they do not legalize it as a legal currency or tender. Check out what the Indian government did for crypto users, taxed crypto profit of 30% and they did.

In addition, bitcoin can also be subject to government regulations, especially its users. This means you can't force yourself to use bitcoin in China as a means of payment or trade it if you don't want to be penalized. You also cannot avoid taxes if your country requires crypto taxes for its users especially if you own assets on a centralized exchange.

TheUltraElite

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Quote from: JangoUnchained on February 28, 2022, 12:56:58 AM

Will there ever come a time that the government reaction to crypto will be encouraging for the people?

If you are expecting governments to say this in public, you will be disappointed but in future it might happen that governments are more lenient towards crypto and its transactions as soon as they devise a method to successfully tax every capital gain on this asset.

Regulation should be taken up with a positive note, in my opinion. It is inevitable because the number of scam projects making a bad name for crypto are way more than any legit project. Bitcoin is no longer the focus on newbie entrants but altcoins and shitcoins that have no value. They do learn their lesson but by then it is too late.

It is the reason why proper development in tech on this sector has also slowed down.

TelolettOm

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I think so after what happened in my country. When the country legalized crypto as a commodity asset, many people ended up working in the crypto industry. And the bad outlook on crypto is starting to fade. However, when there are other regulations regarding haraam in crypto, then there is a lot of negative news again and people choose to stay away.
This may have an effect on society.
However, this won't be of much consequence to anyone who is probably already familiar with the crypto industry and already knows how good and bad it is.

iv4n

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Quote from: JangoUnchained on February 28, 2022, 12:56:58 AM

Will there ever come a time that the government reaction to crypto will be encouraging for the people? Lately the head if international monetary fund Christine lagarde stated that regulatory action from the international community on crypto is inevitable ..what do you think

I am sure that governments around the world will try to impose some control over cryptocurrencies, the question is how much they will really be able to achieve something! With the advent of the Internet, the world is changing, the Internet is changing the world, and so far we have been able to understand that it is almost impossible for any country to completely eliminate the influence of the Internet!
With cryptocurrencies, something similar is happening, it is spreading everywhere with incredible speed and entering all spheres of society, as far as control is concerned, with over 15,000 cryptocurrencies it is difficult for anyone or anything to control all this! So when it comes to regulating the crypto market, I think it is somewhat possible, but there will always be a free part that will be completely decentralized, and who knows, maybe one day in the distant future that decentralized part will beat the centralized part!

Mahanton

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Quote from: wxa7115 on March 04, 2022, 02:01:26 PM

Quote from: JangoUnchained on February 28, 2022, 12:56:58 AM

Will there ever come a time that the government reaction to crypto will be encouraging for the people? Lately the head if international monetary fund Christine lagarde stated that regulatory action from the international community on crypto is inevitable ..what do you think

It is inevitable, after all we do not control the reactions those governments are going to have towards bitcoin, so something like this was to be expected and there is nothing to worry about.

After all as long as the essence of bitcoin remains unchanged then you will still be able to use your bitcoin as you want, just as governments do not have complete control over cash transactions they will not have complete control over bitcoin transactions so you will still be able to skip around those regulations if you are willing to make the effort to do so.

Even if we do react, as if we could have something that we could do? None still because regulation would really become more strict and even if they couldnt regulate or control crypto directly or technically
but still they could really put up their focus on to those platforms which do runs of a business that connects out with crypto on which those platforms wouldnt really be having any choice
but to abide with the laws or else they would really be facing up on a tough situation and this is where things do become more hard if we do really talk about totally decentralized stuff.

wxa7115

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Quote from: JangoUnchained on February 28, 2022, 12:56:58 AM

Will there ever come a time that the government reaction to crypto will be encouraging for the people? Lately the head if international monetary fund Christine lagarde stated that regulatory action from the international community on crypto is inevitable ..what do you think

It is inevitable, after all we do not control the reactions those governments are going to have towards bitcoin, so something like this was to be expected and there is nothing to worry about.

After all as long as the essence of bitcoin remains unchanged then you will still be able to use your bitcoin as you want, just as governments do not have complete control over cash transactions they will not have complete control over bitcoin transactions so you will still be able to skip around those regulations if you are willing to make the effort to do so.

avikz

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Quote from: JangoUnchained on February 28, 2022, 12:56:58 AM

Will there ever come a time that the government reaction to crypto will be encouraging for the people? Lately the head if international monetary fund Christine lagarde stated that regulatory action from the international community on crypto is inevitable ..what do you think

Regulation is inevitable! It will come our way sooner or later, but we won't be able to avoid it in any way! Now there is a difference between regulatory action and regulation. Right now, the crypto has reached to a position where regulatory action seems quite unlikely. Rather we will have some sort of framework and regulations available for all of us to adhere to. Definitely it can't have a holistic effect but IMF and international bodies will try to bring as much population as possible within the regulatory framework.

I believe that will be good to some extent for the growth and adaptability of cryptocurrencies in long run. But yes, people may not like regulations around KYC or taxation. But not all regulations are user friendly in it true essence. So we will have to see when it will come. But it is inevitable!

gantez

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Quote from: JangoUnchained on February 28, 2022, 12:56:58 AM

Will there ever come a time that the government reaction to crypto will be encouraging for the people? Lately the head if international monetary fund Christine lagarde stated that regulatory action from the international community on crypto is inevitable ..what do you think

If this information is coming from IMF (although no link for that) then the point is already made that soon full regulation will come in place. With the importance that has been elevated of bitcoin in the world as Russia and Ukraine are fighting this war and Ukraine accepting financial assistance on bitcoin, then it is a little more time more. I don't expect a full regulation though but something that will also make it legal to use.

Oceat

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Quote from: barbara44 on March 04, 2022, 11:46:14 AM

-snip-
Exchanges that are decentralized would still remain safe, I believe that.

But the question is, how long? Regulations are being implemented faster than we thought as long as they saw a large cash flow of a certain decentralized exchange. I think there are numerous limited decentralized exchange out there that isn't been implemented with regulations yet. And the government will continue to push this regulations to almost every exchange they found making lots of transaction almost everyday.

barbara44

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Quote from: JangoUnchained on February 28, 2022, 12:56:58 AM

Will there ever come a time that the government reaction to crypto will be encouraging for the people? Lately the head if international monetary fund Christine lagarde stated that regulatory action from the international community on crypto is inevitable ..what do you think

Well it’s possible, there are centralized exchanges, so the government would always use them as tools to regulate the cryptocurrency market. They will be able to get out as much information from custodial wallet users, as much as possible.

People have never stopped making use of custodial wallets where another party is in control of their private keys, an organization that is being controlled by the government. But, one thing for sure is that the government will not be able to control the decentralized world. Exchanges that are decentralized would still remain safe, I believe that.

SquallLeonhart

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Quote from: GEMIN_M4 on March 03, 2022, 04:58:05 AM

Crypto is big now and it's something that even the government don't want to miss, remember that CBDC became possible because of crypto and blockchain technology, no matter what regulation will happen sooner or later.

CBDC has already failed. Who exactly have you seen that is interested in making use of CBDC? They are digital currencies that were created for the purpose of transaction, and how many people have you seen that are making use of it to make transaction? Moreover, they are currencies that only function in their locality, they are not like Bitcoin which you can use to make global transaction; sending money to anyone that is anywhere around the world. They are simply the same fiat, why would I stress about using them? I already online banking, so it is of no use to me.

And as for regulation of decentralized currencies, we don’t know how that is going to be yet. We are still at the early stages, the government are trying all they can to regulate it, but we don’t know if it will work yet.

GEMIN_M4

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Crypto is big now and it's something that even the government don't want to miss, remember that CBDC became possible because of crypto and blockchain technology, no matter what regulation will happen sooner or later.

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Quote from: Hamphser on February 28, 2022, 04:05:52 PM

TAX is all they do really concern off which same as you said that this is a trillion dollar marketcap which they couldnt just let it slip and something that should really be having that involvement.

We dont need regulation actually but those platforms are the way for them to get involved with for that kind of motive.Its not an option but rather this is an inevitable thing to happen.
They couldnt do it technically but they could really involved with those services and platforms which is connected to it.

Cryptocurrencies can be a potential source of income for the country, starting from taxes or a different side. Cryptocurrency trading that continues to grow can provide a potential contribution to the country. Market capitalization that reaches trillion dollar can be used as additional income for the country. The conditions are that it must be managed properly.

The state must play a good role as a regulator and a facilitator. The right policy will be an advantage for the country and supports the welfare of all elements of society, especially crypto users. Crypto users and businesses will be very happy if state institutions have an exchange, because they will get a legal certainty and all parties involved in crypto trading feel protected.

Topic: Regulation seem like the only option left - page 6. (Read 1063 times)