The Role of Government in Crypto | Bitcointalksearch.org

TelolettOm

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Quote from: RILWAN on July 31, 2021, 12:51:29 AM

for crypto to become a full flesh currency it need to under go government regulation because that is the only way cryptocurrency will be considered a legal currency.

It is not about the cryptocurrency but the regulation about a currency of a country itself. everything about a legal currency in a country should be regulated under the government, under the law, and it must be under control. That is why in some countries, crypto is not legal as a currency because the government cannot regulate and control crypto maximally which is too complex maybe.

Quote from: RILWAN on July 31, 2021, 12:51:29 AM

will government regulations on cryptocurrencies undermined crypto decentralized nature?

It will give the limitation also influence to the crypto itself.
ALthough crypto mostly is created for decentralized purposes, if there is more regulations about crypto in the country, there will be some limitations of the decentralization itself. But, the government cannot limit fully to every transaction andalso activities because it is also too complex.

mirakal

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Quote from: Tumanggor on February 14, 2022, 03:08:22 PM

Quote from: RILWAN on July 31, 2021, 12:51:29 AM

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will government regulations on cryptocurrencies undermined crypto decentralized nature?

in fact, only Bitcoin is truly a decentralized crypto coin, altcoins are centralized crypto assets LOL

everything in this world related to the crypto world (exchanges, wallets, banks etc) can be regulated by the government but they will never be able to regulate Bitcoin

government regulations will of course make crypto more centralized but Bitcoin will never be touched by them

Some altcoins are also decentralized, but regulation can also be possible by touching the exchanges. Without exchanges, crypto will not grow as people will not be able to buy and sell it using fiat, so we have to understand that the government rule is really huge as they can ban it if it cannot be regulated.

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Quote from: RILWAN on July 31, 2021, 12:51:29 AM

~

will government regulations on cryptocurrencies undermined crypto decentralized nature?

in fact, only Bitcoin is truly a decentralized crypto coin, altcoins are centralized crypto assets LOL

everything in this world related to the crypto world (exchanges, wallets, banks etc) can be regulated by the government but they will never be able to regulate Bitcoin

government regulations will of course make crypto more centralized but Bitcoin will never be touched by them

poldanmig

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Quote from: RILWAN on July 31, 2021, 12:51:29 AM

the primary role of government is to provide a regulatory framework in an economy, Government sole responsibility is to provide a guideline on how thing are to be done within their jurisdictions.

this is not different with cryptocurrency although cryptocurrency is created with high anonymous the truth remains that cryptocurrency co-exist with other factors in the economy such as the bank and the traditional currencies, for crypto to become a full flesh currency it need to under go government regulation because that is the only way cryptocurrency will be considered a legal currency.

questions:

will government regulations on cryptocurrencies undermined crypto decentralized nature?

In my opinion, the government role is only limited to implementing existing rules and obviously the rest of the government can do nothing about the development of Cryptocurrency because it is decentralized, now the government is only trying to see how cryptocurrencies can bring financial benefits to the state, taxes and regulations are wrong one way for the government to control the development of cryptocurrencies, to fully control cryptocurrencies I think it is impossible to do.

NellyBrownne

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A time will emerge when we'll see having less control over the currency regulations.
They're above all, they have all it takes to scrap Bitcoin, but then a bit part of them has seen the light in the dark about Cryptocurrency.
Everything and the world is evolving rapidly.

n0ne

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The role of government is to educate the people about the cryptocurrency, because technology is driving the world. If the technology hasn't existed even now we'll be living a life that is lived by our ancestors. Those are really beautiful life, still to the growing population we're in need of technology.

The government need to understand that it cannot have control over the cryptospace. Better is to make people understand and get in, rather than just believing in money making. There were more and more scams and frauds in the name of cryptocurrency, maybe governments can have a screening team that finds the untrusted platforms and warn people on it than just giving warnings not to use cryptocurrency completely.

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Quote from: mia_houston on February 13, 2022, 12:13:00 PM

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If the government regulates the existence of legal crypto and crypto in a country, of course this will have an impact on crypto such as strict supervision and taxation by that country. This also has a great influence on its users, both from a positive and a negative side. On the plus side, all of our assets are safely protected, if you look at the downside, huge taxes will be incurred in crypto trading.

I think we all have understood what decentralization really means, because of its decentralized nature, of course, no government or system can have a full authority over crypto, maybe the only thing the government can do is enforce regulations on the use of crypto by the people in the country,owever, to fully control crypto is of course impossible for the government to do.
I have a little doubt that the rules made by the government will be beneficial for us in the future, just like what is happening in India today, the application of high taxes actually makes crypto users even more burdened, moreover, the application of high taxes is actually more profitable for the government without there is a reciprocal benefit that is given to Indian users and it is clear in the rules of the Indian government that they do not care what happens to the assets that users own.

For sure the government doesn't care about the users that are investing in crypto, they don't care about the safety of those investments that the people are buying into.
They just want to fill the wallets of the government and that's why the 30% tax is implemented on the crypto profits, but if the person looses their money while investing in the market then there isn't any option for tax write off, so it's a loose loose situation for the people who are investing in crypto from India.

mia_houston

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If the government regulates the existence of legal crypto and crypto in a country, of course this will have an impact on crypto such as strict supervision and taxation by that country. This also has a great influence on its users, both from a positive and a negative side. On the plus side, all of our assets are safely protected, if you look at the downside, huge taxes will be incurred in crypto trading.

I think we all have understood what decentralization really means, because of its decentralized nature, of course, no government or system can have a full authority over crypto, maybe the only thing the government can do is enforce regulations on the use of crypto by the people in the country,owever, to fully control crypto is of course impossible for the government to do.
I have a little doubt that the rules made by the government will be beneficial for us in the future, just like what is happening in India today, the application of high taxes actually makes crypto users even more burdened, moreover, the application of high taxes is actually more profitable for the government without there is a reciprocal benefit that is given to Indian users and it is clear in the rules of the Indian government that they do not care what happens to the assets that users own.

jostorres

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as long as you use Blockchain, the crypto currency remains Decentralized. even though it is managed by the government, the most important thing is that the government cannot fully manipulate prices or control them. cooperate only on regulation. such as taxes, insurance and security. I think it will have a positive impact so that people feel safe and protected.

Blockchain was the heart of cryptos and if they remove this, that can be the time were cryptos are not decentralized anymore but since cryptos are still decentralized it is not managed by someone else not even the governments but government can only play a small part and that is in the form of regulations. They can tax a crypto users or can provide extra security that a crypto user does not normal get but the only downside is the cost and their privacy but I do not know about insurances.

Never heard that it was offered before except from the two (tax and security) it can be positive for someone that agrees with that rule but negative for those who are against it.

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Quote from: 24Kt on February 08, 2022, 07:55:51 PM

Quote from: MyIdeas on February 08, 2022, 07:25:12 PM

Quote from: kingangel on December 15, 2021, 04:10:57 AM

For me the only role that a government should have crypto is the protection of it's users because people that are involved in the cryptospace is vulnerable to attacks everyday and the only way that I can think of is for the government to have a role as a protector of the users since they have the resources to do it.

Yes the governments can do a lot in this case. They have more facilities to work effectively on this field so if they will work then they will do it perfectly and they can manage to deal with these attacks and hackers. They can trace them but only they need to come and adopt this crypto.

Though it is vague to say that the government should protect crypto users but one thing is we will surrender our data to them in order for the government to do their job. This is why these local crypto exchanges and other crypto businesses are under the government's laws and regulations. But in return, we are submitting our KYC details to these platforms. This is the repercussion of asking our government to protect its citizens. But the government can only do so much. If the scammer is anonymous and out of their jurisdiction, I don't think the government can fast track the resolution of their citizen's problems. It is still up to the user how he can protect himself from possible screw up.

Their support can be the same as they give education in their colleges and universities about the uses of crypto and if everyone will get education about this technology then they will be able to protect themselves.
The governments also have a very fastest technology to trace the hackers. They have very advanced technologies nowadays and we all know that bitcoin is not completely anonymous.

That's a good thing of course and it should be starting now that universities are giving lessons on cryptocurrency,
this is certainly inseparable from crypto which continues to grow rapidly,
besides that many people who really understand about cryptocurrency they get from self-taught

yes that is good but there is one problem with our governments. They adopt crypto but do not think that it should also be taught to the students. Jus like it is regularized and accepted in Japan from a few years but they not created any subject for it in education.
We need to tell to them to focus there.

There are already universities and schools which they do include out blockchain into their curriculum but as expected which they didnt really emphasis or do talk mainly about Bitcoin

but its still considerable because curiosity would be the next thing on where these students would be trying to look at.Government would be always be having the main
decision when it comes to this.

Neither they do like it or not then recognition and adoption would increase overtime but somehow they could really put up some blockage along the way but
doesnt mean that they could get rid of it.

LastKiss

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If the government regulates the existence of legal crypto and crypto in a country, of course this will have an impact on crypto such as strict supervision and taxation by that country. This also has a great influence on its users, both from a positive and a negative side. On the plus side, all of our assets are safely protected, if you look at the downside, huge taxes will be incurred in crypto trading.

I'm not sure if our assets will be safely protected if the government regulates crypto use. It depends on what government regulates for example many countries only regulate bitcoin use and some cryptocurrencies most of them didn't regulate NFT, metaverse, IPO, etc. The potential from it making crypto vulnerable to money laundering. Most countries only want our money by implementing tax by using bitcoin or other coins.

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Quote from: Oasisman on February 09, 2022, 07:43:33 AM

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Bitcoin is a support for economies especially in countries with economic instability and inflation. But governments see it as a threat to their legal tender. They prefer to print paper money and ignore the innovation that bitcoin can bring. It is no secret to anyone that governments have a system with a problem that affects its operation and that is corruption.

To make things simple, government doesn't want anything that they cannot be controlled. Bitcoin doesn't have the feature where government can actually regulate it or put a fixed tax on it.
Bitcoin is a threat to their hidden agenda that leads to corruption.
You know why politicians are eager to run for a certain position? Because they know how much money they could pocket that is totally untraceable or can be concealed by fake proposals.

In addition to being a threat, Bitcoin is considered the latest innovation that creates a bubble in the economy, the government always limits it so that the bubble does not interfere with stability in the country. Not all people have literacy like us, not all understand the dangers and risks. Meanwhile, the condition of the newbies assumes that Bitcoin always gives profits and goes crazy when they lose.

poldanmig

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Several countries have now made regulations against cryptocurrencies, but as far as I know these regulations may prioritize crypto as an investment asset rather than as a means of payment, apart from El Salvador, it seems that other countries are still hesitant to make laws that fully allow crypto in their country.
I agree that the legality of crypto can be fully regulated by the state and of course it is a victory for the crypto community in the country, but of course we do not expect legality to occur if it is accompanied by the application of high taxes as in India today.

Oasisman

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Bitcoin is a support for economies especially in countries with economic instability and inflation. But governments see it as a threat to their legal tender. They prefer to print paper money and ignore the innovation that bitcoin can bring. It is no secret to anyone that governments have a system with a problem that affects its operation and that is corruption.

To make things simple, government doesn't want anything that they cannot be controlled. Bitcoin doesn't have the feature where government can actually regulate it or put a fixed tax on it.
Bitcoin is a threat to their hidden agenda that leads to corruption.
You know why politicians are eager to run for a certain position? Because they know how much money they could pocket that is totally untraceable or can be concealed by fake proposals.

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Quote from: RILWAN on July 31, 2021, 12:51:29 AM

will government regulations on cryptocurrencies undermined crypto decentralized nature?

Yes it will undermine cryptocurrency decentralization, come to think of it this way using bitcoin as an example, it is pseudo-anonymous and the only thing we see are the results of the unidentified personalty behind bitcoin, if government should regulate cryptocurrency then the major idea or rather mindset of satoshi to create a digital decentralized currency to help individuals privacy and itch free economy system will not be accomplished. Who are those to come out to government for identification, Agreement and approval for regulation when it is said to be anonymous, they can frustrate, attack, sue, harm, or even kill the Satoshi if he had identified himself and if you look at the system in crypto generally, privacy is one of it major concerns.

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We know that the cryptocurrency is decentralized of course the government want to make sure no one will abuse this kind of opportunity they will now make it centralised by creating a rule or a platform that the user can use to have fees and regulations. Currently, my country makes sure each of the transactions we made in the crypto space must have a limit or else they will now hold your assets. But now they are slowly adopting and making a change to make sure still the people have the rights to their money.

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Quote from: MyIdeas on February 08, 2022, 07:25:12 PM

Quote from: kingangel on December 15, 2021, 04:10:57 AM

For me the only role that a government should have crypto is the protection of it's users because people that are involved in the cryptospace is vulnerable to attacks everyday and the only way that I can think of is for the government to have a role as a protector of the users since they have the resources to do it.

Yes the governments can do a lot in this case. They have more facilities to work effectively on this field so if they will work then they will do it perfectly and they can manage to deal with these attacks and hackers. They can trace them but only they need to come and adopt this crypto.

Though it is vague to say that the government should protect crypto users but one thing is we will surrender our data to them in order for the government to do their job. This is why these local crypto exchanges and other crypto businesses are under the government's laws and regulations. But in return, we are submitting our KYC details to these platforms. This is the repercussion of asking our government to protect its citizens. But the government can only do so much. If the scammer is anonymous and out of their jurisdiction, I don't think the government can fast track the resolution of their citizen's problems. It is still up to the user how he can protect himself from possible screw up.

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Quote from: kingangel on December 15, 2021, 04:10:57 AM

For me the only role that a government should have crypto is the protection of it's users because people that are involved in the cryptospace is vulnerable to attacks everyday and the only way that I can think of is for the government to have a role as a protector of the users since they have the resources to do it.

Yes the governments can do a lot in this case. They have more facilities to work effectively on this field so if they will work then they will do it perfectly and they can manage to deal with these attacks and hackers. They can trace them but only they need to come and adopt this crypto.

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Quote from: RILWAN on February 07, 2022, 03:43:48 AM

Not all crypto currency are decentralized and out of government control, CBDC are central digital currency under central banks, the government are involve in it activities.

Other than CBDC, there is also tether usdt that is said to be connected with the USA banks and there is also xrp, these centralized cryptos have been questioned before a lot of times and the people that questioned these coins are maybe do not like centralization. Right now, there is what we called KYCs and that is slowly being implemented in many platforms including exchangers, gambling sites, crypto wallets and many more.

I think KYC comes from the government and like they said, it can protect us from scams and frauds but the only negative said of having a KYC is that it can expose our identity and if a platform gets hacked our identities could get leak.

RILWAN

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Quote from: Alert31 on December 18, 2021, 08:51:48 AM

Quote from: kingangel on December 15, 2021, 04:10:57 AM

For me the only role that a government should have crypto is the protection of it's users because people that are involved in the cryptospace is vulnerable to attacks everyday and the only way that I can think of is for the government to have a role as a protector of the users since they have the resources to do it.

Cryptocurrency is decentralized that's why government has no single authority over it. How can government protect us if they don't even have ways on how to protect us because in crypto we work anonymously? Maybe if someday goverment legalize cryptocurrency and impose some rules and regulation that we should follow and through kyc they will have a connection with us. Also through kyc they are able to know our accounts from different exchanges that we used to trade or to make any transactions such as deposit and withdrawal.

Not all crypto currency are decentralized and out of government control, CBDC are central digital currency under central banks, the government are involve in it activities.

Topic: The Role of Government in Crypto (Read 1348 times)