The Role of Government in Crypto - page 2.

Alert31

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Quote from: kingangel on December 15, 2021, 03:10:57 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.

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Quote from: StLucifer on December 15, 2021, 05:34:06 AM

I know the government will always come up with different conspiracy theories and policies to regulate cryptocurrency, which will not work out 100% because of the decentralized nature of most cryptocurrencies like bitcoin, but some of the government's centralized cryptocurrencies may get some form of regulation.

The government will be able to regulate the cryptocurrency centralized services and not the entire crypto because decentralized services can not be regulated take Bitcoin for instance can not be regulated and no government can make policy that can 100% effect of Bitcoin activities.

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Quote from: kingangel on December 15, 2021, 03:10:57 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.

So far, if there is a hack on a personal wallet, then we do not have a place for legal protection from the government, we cannot report this crime because there are no regulations regarding cryptocurrency. from that, the absence of legal protection has prevented some investors from participating in the crypto world

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I know the government will always come up with different conspiracy theories and policy to regulate cryptocurrency, which will not work out 100% because of the decentralized nature of most cryptocurrency like bitcoin, but some of the government's own centralized cryptocurrencies may get some form of regulation.

kingangel

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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.

marine4u

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The dominant role of the government in the cryptocurrency sector is to try to build a wall, to try to control every activity of the citizens as in the contemporary economy is to distribute resources to create intermediaries. . In my opinion, the CEX exchanges are the intermediary for the additional regulations behind in the scenario that the government will have to keep an eye on. So, DEX or decentralized is the future of bitcoin and cryptocurrency.
Unfortunately, the government has the absolute discretion to take precautions based on the respective level of risk from each country's crypto. There is also the pressure of change from their mainstream roles.

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The government's supervision of cryptocurrency will intervene and control it to a certain extent, and destroy the decentralized nature of cryptocurrency, and hinder people from using it freely.The government's supervision of cryptocurrency will intervene and control it to a certain extent, will destroy the decentralized nature of cryptocurrency, and hinder people from using it freely.

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You can only regulate what you control.
If you don't control it, you cannot regulate it.
Unless it willingly hand over self to you to control.
Government can only regulate her citizens and their approaches to the crypto world.
If the government can clamp down the Internet network, they can regulate crypto.
Let's watch how they will be able to achieve the concensus.

syedzakir

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The role of government is mandatory in the field of cryptocurrency. As the government needs to regulate these funds throughout the country and secondly they need to allow others to get access through it without any illegal activity so everyone can easily access it and invest in cryptocurrency by legal channels.

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Quote from: RILWAN on July 30, 2021, 11:51:29 PM

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?

I think government regulations have an important role to play in cryptocurrency, this because for citizens to be able to use cryptocurrency sufficiently, they need to be free and legalized to use cryptocurrency, and if government legalize cryptocurrency, it will surely have influence and positive impact in the economic growth of the nation.

habebe

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If the regulations were really aligned and it became strict and only sided with the government, you could probably say that they have slowly made the decentralized frequency of a cryptocurrency. although if this has changed and the government and the people really support it, we know something positive will happen to a cryptocurrency in general

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The government has a restriction to the much the can do,it's in their power to regulate crypto currency into the system which will actually boost the countries economy.
And because of it's decentralized nature, the tend to ban the usage to limit people's affairs in crypto.
The best the can do actually is to create their own crypto currency with which the could regulate.

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Quote from: Rengga Jati on December 03, 2021, 05:49:13 PM

Quote from: RILWAN on July 30, 2021, 11:51:29 PM

will government regulations on cryptocurrencies undermined crypto decentralized nature?

We cannot deny that the government is in control of various regulations created in that country. And of course, this refers to all sectors in the country.
And especially when it comes to cryptocurrencies, basically they can't completely regulate cryptocurrencies directly. Because we know that these crypto projects may not come from the country or will be very difficult to centralize.
However, for certain countries, they did not lose their idea. They can make regulations regarding cryptocurrencies, not crypto directly but how its citizens interact with crypto, buying and selling platforms, or other things. including regulation of the use of the cryptocurrency itself.

Government is in control of everything most likely but there are things which arent included into that scope and thats why government do really tend

to enclosed nor trying to get rid of those and including this market but they failed in doing so thats why they are focusing now on platforms which

are heavily regulated and tighten up restrictions which it isnt really that surprising for them to do so.Some might accept or recognized it but
majority of them would go against.

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Quote from: RILWAN on July 30, 2021, 11:51:29 PM

will government regulations on cryptocurrencies undermined crypto decentralized nature?

We cannot deny that the government is in control of various regulations created in that country. And of course, this refers to all sectors in the country.
And especially when it comes to cryptocurrencies, basically they can't completely regulate cryptocurrencies directly. Because we know that these crypto projects may not come from the country or will be very difficult to centralize.
However, for certain countries, they did not lose their idea. They can make regulations regarding cryptocurrencies, not crypto directly but how its citizens interact with crypto, buying and selling platforms, or other things. including regulation of the use of the cryptocurrency itself.

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It has often been said that the government gets involved in what there can control and since decentralized cryptocurrency is out of their control the best the government can do is to ban it which will, in the end, stop the citizens from the freedom of Bitcoin and other decentralized currencies brings.

Ozero

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States and their governments cannot influence the decentralized nature of cryptocurrencies. This is not technically possible. However, states and their governments can and should organizationally regulate the circulation of cryptocurrency in order to legalize it, that is, to determine its status, conditions and order of circulation in society. Without this, it will be impossible to officially develop the infrastructure of the cryptocurrency for its circulation as a means of payment. Therefore, in general, the regulation of cryptocurrency by states is necessary and inevitable.

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Quote from: RILWAN on September 02, 2021, 03:46:49 PM

Quote from: Kelvinid on September 02, 2021, 08:59:11 AM

Quote from: RILWAN on September 02, 2021, 05:45:39 AM

most countries around the world are already boarding on the blockchain technology for enhanced economic development and financial operation as some countries already under way in developing their own digital currency which will be a centralized currency and others are already adopting the existing decentralized cryptocurrencies.

And then, I was hoping to see the fast adoption as we are long existed and never have been at the level where Bitcoin become the major use of the people for their daily activities but still tied up with fiat money. I understand the situation where it still needs time but for more than a decade being around, I think it was long enough for these leaders not to see the benefits it give for these cryptocurrencies to the community.

Anyways, there is a perfect time for crypto and I'm still in a positive to experience buying a case of beer using BTC someday. Cheesy

the major setback to crypto adoption is the fact that the major cryptocurrencies are decentralized which make it out of government control, so many countries will rather pay a blind attention to cryptocurrency adoption as their will view it as an attack on their authority since their can’t control it activities.

That is the major issue because they cannot put the crypto into their hands and they cannot make under the table income because of it's nature and the main reason why we are hard to find a government accepting this in right manner.

Quote from: RILWAN on September 02, 2021, 05:45:39 AM

most countries around the world are already boarding on the blockchain technology for enhanced economic development and financial operation as some countries already under way in developing their own digital currency which will be a centralized currency and others are already adopting the existing decentralized cryptocurrencies.

but many of them are planning to create or even created their own to make it centralized things that cryptonians like us hates to support.

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Quote from: Rasa nanas on September 02, 2021, 11:21:42 AM

Quote from: Victorycoin on September 02, 2021, 09:12:57 AM

No country's government has any role in crypto even if they want to they can't do anything in crypto because crypto is out of their control if the government wishes it can boost the country's economy through crypto. Governments of different countries are thinking of investing in crypto through crypto height.

if a country can make their own crypto of course the government of that country has full control over the digital currency that is created. but of course the digital currency of a country cannot be used as an investment vehicle such as bitcoin or most altcoins because the digital currency must have a stable value.

Yes, because the constantly rising price of the national currency is the worst dream of any finance minister or the head of the central bank of any state. What can we say about the constant strong fluctuations in the currency exchange rate several times and in different directions. The relative stability of the national currency exchange rate plus inflation within reasonable limits are the benchmarks of any government, which ultimately contributes to the growth of the economy. Also, control over your own currency is a prerequisite. All this cannot be provided with the help of cryptocurrencies, and therefore many governments, to put it mildly, are not enthusiastic about cryptocurrencies. Therefore, the entire control of governments in cryptocurrency will be to establish the boundaries where cryptocurrencies can be used and that these boundaries do not overlap much with fiat currencies Wink

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Quote from: Kelvinid on September 02, 2021, 08:59:11 AM

Quote from: RILWAN on September 02, 2021, 05:45:39 AM

most countries around the world are already boarding on the blockchain technology for enhanced economic development and financial operation as some countries already under way in developing their own digital currency which will be a centralized currency and others are already adopting the existing decentralized cryptocurrencies.

And then, I was hoping to see the fast adoption as we are long existed and never have been at the level where Bitcoin become the major use of the people for their daily activities but still tied up with fiat money. I understand the situation where it still needs time but for more than a decade being around, I think it was long enough for these leaders not to see the benefits it give for these cryptocurrencies to the community.

Anyways, there is a perfect time for crypto and I'm still in a positive to experience buying a case of beer using BTC someday. Cheesy

the major setback to crypto adoption is the fact that the major cryptocurrencies are decentralized which make it out of government control, so many countries will rather pay a blind attention to cryptocurrency adoption as their will view it as an attack on their authority since their can’t control it activities.

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Quote from: Victorycoin on September 02, 2021, 09:12:57 AM

No country's government has any role in crypto even if they want to they can't do anything in crypto because crypto is out of their control if the government wishes it can boost the country's economy through crypto. Governments of different countries are thinking of investing in crypto through crypto height.

if a country can make their own crypto of course the government of that country has full control over the digital currency that is created. but of course the digital currency of a country cannot be used as an investment vehicle such as bitcoin or most altcoins because the digital currency must have a stable value.

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