The Role of Government in Crypto - page 5.

zeuner

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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?

How many governments would be willing to go without monetary policy?

Sanugarid

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Honestly they shouldn't be part of it, they only want to have a domain and authority over it and so far they don't have any way to overcome cryptocurrencies, they don't protect the people in it so what's their deal getting into it, taxation? And then what, spend it on military or corruption and briberies, no way in hell I would want the government in crypto in any form no matter how tempting it is because I know that they can flip their words and make things in their favor.

BITCOIN4X

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Quote from: suryana on August 26, 2021, 09:20:16 AM

If government regulations are too excessive to reduce user convenience, I think this is very influential. Moreover, to make bitcoin like gold .. we can no longer look for profits that suit us. And this is very difficult. It has damaged the nature of bitcoin itself.

So far, government regulations on bitcoin have had an impact on the weak increase in bitcoin adoption as a means of payment, especially for governments of countries that still consider bitcoin as a threat to economic stabilization. But I don't believe that regulation can prevent you from maximizing profits through trading and investing. It may be true that your country's government prohibits trade and investment, but if the regulations only require you not to use it as a means of payment then you will still benefit from trading. KYC is just the government's excuse to prevent illegal acts in trade such as money laundering. This is their way of controlling government officials from committing illegal acts. You are not a target, but it will benefit them if the tax is applied.

Natalim

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Regulations made by the government will of course damage the basic characteristics of Bitcoin Decentralization and Anonymity, their government sees that bitcoin is a big threat to their country's monetary financial system, because bitcoin can provide complete financial freedom to the people, and so the government issues regulations that can eliminate bitcoin basic character.

We cannot say that there is no need for a government's role in crypto because it should be regulated so that the people will be able to use it legally. The only problem with the government right now is they become one sided and they treat cryptocurrencies as threats for the conventional financial system and its central banks.

Hopefully, the government's concept towards crypto will change and there will be equality on the treatment for crypto and the old financial system. By that time, crypto will be given the adoption it deserves.

rosenbauer02

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Government doesn't hav the any role in cryptocurrency. They only want to take part in it if they can't have control or authority in crypto like having a wallet/exchange that they regulated to earn and possibly ask for tax. Because of that, I now don't have any problem selling my bitcoin, eth, xrp or other crypto that is available in that site.

suryana

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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?

If government regulations are too excessive to reduce user convenience, I think this is very influential. Moreover, to make bitcoin like gold .. we can no longer look for profits that suit us. And this is very difficult. It has damaged the nature of bitcoin itself.

imstillthebest

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crypto can live in its own without co existing in banks or in traditional currency because crypto is already a currency and can be a bank but dunno why people decided that to happen ,
maybe they think it will make crypto better and more acceptable .
crypto is also a legal currency without the government involved and if the government is already involved it will only messed up the decentralization features of the cryptocurrency .

swiftbits

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

-snip-

questions:

will government regulations on cryptocurrencies undermined crypto decentralized nature?

I see some great opportunities to earn crypto that reached the local community, giving them profits and ways to earn money, which actually reached the government's attention and decided to tax them; this regulation actually made sense since users sell it to be converted to cash. If we could operate and solely rely on the crypto community, the government won't have the ability to undermine the nature of cryptocurrency.

LUCKMCFLY

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Thanks to the adoption of El Salvador, there has been a great increase in remittances from that country, as it is a country that has always been living in part for its remittances, however nearby countries want to see the benefits of acquiring or adopting BTC, since They are sure that if the costs for remittances fall they will be able to adopt, in this article they explain it in detail:

Quote

Speaking to Reuters, Dante Mossi, executive president of CABEI, stated that neighboring countries will be incentivized to follow El Salvador’s example if Bitcoin offers significant cost reduction in the remittance market.

Source: https://cointelegraph.com/news/el-salvador-s-bitcoin-adoption-may-transform-remittance-in-central-america

I think that some governments are studying much more in detail the possibility of adopting BTC, provided that BTC represents money, and governments and banks are fascinated by money, and if they have any way to win they will not hesitate to adopt it.

perryxi2

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we all have to admit one thing i really hope the government will accept BTC as payment, but if you are regulated by the government, they will make each of us have to KYC to verify our identity and then we can trading, so it is like losing the decentralization of BTC and it will gradually lose all the features that cryptocurrency gives us such as financial freedom, anonymity when transacting and There is also a tax fee from the government, this is probably a rather difficult problem for the development of BTC in the future.

sapnu

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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?

Cryptocurrency is a decentralized currency which clearly means that the government has no power over it nor make regulations that may affect its growth. It is true, somehow, that in order for cryptocurrencies to be considered as a real currency and be declared as one, it will need to be under the government and if that happens, there would be a lot of difference specially when it comes to its value. Though someday, there's a chance that it will still be in favor of crypto over the government, the fact that it will soon become centralized someday may be inevitable so let us make the most of it while the greedy individuals in the government has no power over it yet.

Pamadar

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Quote from: Ziskinberg on August 15, 2021, 05:38:22 PM

Quote from: ReiMomo on August 15, 2021, 02:24:02 PM

Each country worries that their currency value may go down if they permit crypto currency in their country. Crypto's growth has even drawn the share market investors into crypto which is challenging fiat financial market. Though few countries allow crypto currencies, many keeps thinking to accept it. But seeing Bitcoin's growth and invention of so many new crypto projects, Govts will certainly adapt crypto currencies. Who knows, each country might create their own crypto currency in future.

They just overly think about that issue which they got wrong. Honestly, the main concern for them is on how to implement taxes for the holders knowing that they are not in control. Like in the other countries, they created their own digital currency to combat the growth of cryptocurrency but never have the chance to succeed as the people wanted some freedom and much more on privacy which they could only found here in crypto.

Government is being alarmed with this kind of power that being enjoyed by their citizens,

I mean holding your money with no notice and transacting with no government intervals, taxes and other forms of obligations to the government which had been bypassed if government won't find any suitable ways to prevent the people being untouched. They are really trying to impose rules and until now, it's a long debate and without adopting it, will continue to work this way.

Ngemmeng

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I think government regulations will not undermine the decentralized nature of crypto as long as they only regulate ownership of assets in crypto so that they are not used for crime. but if the rules are made too strict, it is likely that these rules can also damage the decentralization of crypto itself.

Ziskinberg

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Quote from: ReiMomo on August 15, 2021, 02:24:02 PM

Each country worries that their currency value may go down if they permit crypto currency in their country. Crypto's growth has even drawn the share market investors into crypto which is challenging fiat financial market. Though few countries allow crypto currencies, many keeps thinking to accept it. But seeing Bitcoin's growth and invention of so many new crypto projects, Govts will certainly adapt crypto currencies. Who knows, each country might create their own crypto currency in future.

They just overly think about that issue which they got wrong. Honestly, the main concern for them is on how to implement taxes for the holders knowing that they are not in control. Like in the other countries, they created their own digital currency to combat the growth of cryptocurrency but never have the chance to succeed as the people wanted some freedom and much more on privacy which they could only found here in crypto.

ReiMomo

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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?

Each country worries that their currency value may go down if they permit crypto currency in their country. Crypto's growth has even drawn the share market investors into crypto which is challenging fiat financial market. Though few countries allow crypto currencies, many keeps thinking to accept it. But seeing Bitcoin's growth and invention of so many new crypto projects, Govts will certainly adapt crypto currencies. Who knows, each country might create their own crypto currency in future.

sana54210

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Quote from: techearn17 on August 15, 2021, 06:51:47 AM

I think the government will definitely enforce its rule on crypto. Because they will collect taxes on the crypto. Now the news of banning crypto is slowly disappearing. We are moving towards legalization and soon the government of every country will legalize cryptocurrency and I also think that government intervention will harm the crypto community.

People should realize that crypto could be regulated and regulation would be regarding how it could be used, and not the bitcoin itself. The price could be speculated and manipulated, the way you trade it could be regulated, the way you pay taxes could change from nation to nation and all of that is understandable and they are not making it centralized, it just makes it more legal and lawful to use it.

However bitcoin itself is not centralized, like for example in fiat world the super wealthy go invest their money into something and when they fail they get bailed out by the government officials, which means that they can't fail and that gives them the comfort to go do more crazy stuff to make more money, many wealthy people keep doing stuff that could be illegal for a poor person, and yet they are still protected. In bitcoin you can't have that, just if you invest into bitcoin and fail to make money nobody can give you more bitcoins.

Kimonoe

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Quote from: inoes on August 06, 2021, 06:11:14 PM

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

I will support if the government only controls the matter of taxes and security nothing more. So that our freedom will be maintained. The most important thing is that there are no rules that cause crypto to change its function.

I think crypto will still have the same function, it's just that until now because many see opportunities, crypto is used as a means of making money. and I believe that in the future if crypto is seen as relevant to its era, the government will restore the original function of crypto, namely as a currency, fortunately until now the government has not banned it, and of course they will get a reward from taxes

SquallLeonhart

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

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.

There are two things in this regard: legally and commonly used. Bitcoin and other crypto might be getting into the state of commonly used rather than a government recognized legal currency. All the commonly used things do not need government recognization but when individuals transact at their won interest and at their own responsibility then everything will be fine without the intervention of governments.

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

will government regulations on cryptocurrencies undermined crypto decentralized nature?

Only up to the level of mainstream adoption of cryptocurrencies, we might be needing government regulations. Once crypto currencies are being used commonly then we do not need any kind of regulation and the decentralization characteristics will be intact to serve us in better way.

techearn17

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Quote from: suryana on August 15, 2021, 03:46:06 AM

Quote from: Bitcoin Seller on July 31, 2021, 12:53:33 AM

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 will government regulations on cryptocurrencies undermined crypto decentralized nature?

Initially cryptocurrencies were created to be out of the control of authorities, so if the government captured the control over crypto, the main idea would be destroyed. Nevertheless, different actions from the governments can have a big negative impact on the crypto world/ For example, they can ban different services and exchanges on their territory.

Yes. If that happens crypto is no different from gold or any other currency. There will be many regulations issued by the government and this makes us investors lose money in my opinion.

I think the government will definitely enforce its rule on crypto. Because they will collect taxes on the crypto. Now the news of banning crypto is slowly disappearing. We are moving towards legalization and soon the government of every country will legalize cryptocurrency and I also think that government intervention will harm the crypto community.

suryana

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Quote from: Bitcoin Seller on July 31, 2021, 12:53:33 AM

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 will government regulations on cryptocurrencies undermined crypto decentralized nature?

Initially cryptocurrencies were created to be out of the control of authorities, so if the government captured the control over crypto, the main idea would be destroyed. Nevertheless, different actions from the governments can have a big negative impact on the crypto world/ For example, they can ban different services and exchanges on their territory.

Yes. If that happens crypto is no different from gold or any other currency. There will be many regulations issued by the government and this makes us investors lose money in my opinion.

Topic: The Role of Government in Crypto - page 5. (Read 1360 times)