Topic: The Role of Government in Crypto - page 9. (Read 1354 times)
@palle11 some cryptocurrencies are already regulated, such as the stable coin. The government has started an operational framework that allows a KCY and even some exchanges have introduced some form of KYC when withdrawing some certain amount. So regulations have already started, if cryptocurrency must attained the mainstream adoption then the government will come in and make some regulation and proper taxation. There is no way cryptocurrency can operate smoothly without government interference.
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
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
The government should not have anything to do with regulation of cryptocurrency because it is suppose to be anonymous only encrypted and coded in the Blockchain. Do you know when there is regulation, your identity is one way or another revealed and that is not what cryptocurrency is about. Go and read more about it to understand better. Regulation requires your data just like in the bank while cryptocurrency is a freedom that you are suppose to enjoy to do your transaction or hodl your assets.
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?
Actually the role of government in Cryptocurrency theme isn't really the same, it has changed altogether. Government provides guidelines but guidelines are there to be adhered and if they are not adhered the person violating them is punished. But in case of cryptos even after issuing guidelines it's difficult to nab the person who has violated them because it's difficult to find person merely with an address. This means government can only issue what is the best practice it's upto people that they obey that or not. 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?
questions:
will will government regulations on cryptocurrencies undermined crypto decentralized nature?
Yes, because regulations are part of centralized systems and if they start affecting a decentralized one, this system will become centralized as well. Crypto currency wasn't supposed to be affected by governments' intervention, because it should stay under control of the common individuals only, without the presence of middlemen or demigod regulators who play the cards in traditional financial system. will will government regulations on cryptocurrencies undermined crypto decentralized nature?
But that is just theory. In practice things never work as they were supposed to be, because we find many obstacles that are the personal interests of different people, corporations, groups, agendas and so on.
Even without been told once the government starts regulating crypto currency then it's decentralized nature will be altered changing from open source to private and the will ensure the restrict it's circulation even making it unaffordable for the masses. I don't think you know what you are really asking for if you do you will reconsider your proposal
In what way do cryptocurrencies coexist with banks? These are completely different systems, and nor they can, nor should coexist.
Cryptocurrencies can and, in fact, are functioning without governmental regulations in many countries, while still remaining at the status of legal (check wiki list for crypto legality by countries), only few impose bans or taxes.
Cryptocurrencies can and, in fact, are functioning without governmental regulations in many countries, while still remaining at the status of legal (check wiki list for crypto legality by countries), only few impose bans or taxes.
For me, crypto doesn't need that much support from the government economic wise, I think crypto is already set on that part. I think the role that the government should play is bolstering the support on crypto in terms of protecting it's users and proactively chasing bad elements that are abusing the system.
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.
At the moment there are quite a lot of coins that are anything but decentralized, thus such coins may function closely with the government/centralized organizations, but as fast as I know, Bitcoin doesn't function or coexist with banks or the government, the government want total control, Bitcoin is a network that's not based on trust, thus making it impossible for the government to control or print it, that way they want to have little or nothing to do with it, other than regulate it to a certain extent, and by so doing use that opportunity to force their centralized CBDC on their citizens.will will government regulations on cryptocurrencies undermined crypto decentralized nature?
No. I don't know for other coins, cause some claim to be decentralized but are not, but for Bitcoin that's completely decentralized, no amount of regulations can change it's decentralized nature, cause governments regulations would never mean they will someday be in control.
The role of the government is to provide enough security of the people against fraud and scam, that's why there are rules and regulations despite of the decentralized nature of a cryptocurrency. Although, some government doesn't like the idea of a decentralized crypto currency that's why they have to ban it from the public citizens from using but the people have their own choices to make if they really want to use the crypto currency then they have to risk something in return.
But the luckily, not every country banned dealing with crypto currency since different country has their own different policies about crypto currency. Although, some of them are encouraging to use the government proposed crypto currency but the more people have knowledge about crypto currency and banks the more they will choose crypto currency. But we can't deny the fact that these two, crypto currency and banks are corelated to each other in terms of using fiat.
But the luckily, not every country banned dealing with crypto currency since different country has their own different policies about crypto currency. Although, some of them are encouraging to use the government proposed crypto currency but the more people have knowledge about crypto currency and banks the more they will choose crypto currency. But we can't deny the fact that these two, crypto currency and banks are corelated to each other in terms of using fiat.
Don't let the government have access to control over crypto, for whatever reason. Because if we already have regulations on monitoring our assets, it will be very uncomfortable for me personally to be monitored by any party. Even my neighbors are not allowed to know about it.
And one thing, don't forget how decentralization keeps our freedom in the proper realm. If government rules try to enter, then it's easily said to be crypto centralization. Very bad for our future.
And one thing, don't forget how decentralization keeps our freedom in the proper realm. If government rules try to enter, then it's easily said to be crypto centralization. Very bad for our future.
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?
So you are saying that if crypto currencies go under the control of the government, then its going to become legal? Well its not going to happen. Most of the crypto currencies are decentralized. If the government starts controlling those networks, it will lose its decentralized nature. But, you are correct over here. As long as there are no regulatory framework, its going to be hard for the government to make it a legal tender of their country. Based on all the policies that are being slowly pushed by the government, the regulations of crypto currencies are inevitable. Eventually, if not directly, the government will have indirect control of it. 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?
Usually the government submits cryptocurrency affairs in a country to trade monitoring agencies. Therefore, it all depends on the regulations that have determined that crypto is widely accepted or is still in the experimental stage of operating in the country.
Then regarding whether or not it is detrimental to the decentralization of crypto, of course we have to review how the government implements a proprietary system in the restricted or not, if it is limited it will certainly damage the nature of decentralization, and if not then it will not have any effect on the nature of crypto.
Then regarding whether or not it is detrimental to the decentralization of crypto, of course we have to review how the government implements a proprietary system in the restricted or not, if it is limited it will certainly damage the nature of decentralization, and if not then it will not have any effect on the nature of crypto.
It's true that everything has an inseparable correlation with each other, including government policies, crypto, banks and also all agencies that have a relationship with the banking system in a certain country.
Therefore, in fact the government can no longer deny the presence of crypto in their country, even with the prohibition on allegations of money laundering and the level of risk from volatility that they often use as a reference to avoid the legalization of cryptocurrencies.
Based on this, the government needs to be a strong supporter of all aspects of economic backwardness. The community certainly wants it to be realized based on the applicable rules.
Economic growth cannot be separated just like that and shows crypto, because that way the government is as synergized as possible on the basis they determine.
Therefore, in fact the government can no longer deny the presence of crypto in their country, even with the prohibition on allegations of money laundering and the level of risk from volatility that they often use as a reference to avoid the legalization of cryptocurrencies.
Based on this, the government needs to be a strong supporter of all aspects of economic backwardness. The community certainly wants it to be realized based on the applicable rules.
Economic growth cannot be separated just like that and shows crypto, because that way the government is as synergized as possible on the basis they determine.
Aside from the few centralized stable coins which are operated by government and banks the rest of the other decentralized crypto are facing one form of restriction or other, government have abandoned their primary role as regulators which is to provide a framework that will allow the coexistence of both decentralized and centralized operations with some form of policies that allow for checkmate all transactions process.
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?
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?
Government can't allow cryptocurrency to be legal from the unset the regulation of bitcoin is in mind of government controllers and any time the power to control cryptocurrency come to political leaders hands that is end of crypto because it will full with enough Manipulation
questions:
will will government regulations on cryptocurrencies undermined crypto decentralized nature?
will will government regulations on cryptocurrencies undermined crypto decentralized nature?
I think it's a give and take situation here, regulations might undermined crypto's decentralization, on the other hand, crypto enthusiast can continue to enjoy the fruits and labor, for example bitcoin. But you have to understand that there are crypto that is focus on privacy like Monero, is still it is decentralized. And some top tier exchanges already requires traders to have KYC'd already so that's already defeating the purposed and we are mandated to give out our personal details.
The government's role is to ensure that all things are done legally within their jurisdiction, and to keep things fair for all parties involved. Currently I don't think most governments have plans to support cryptocurrency growth and development within their respective countries given the current landscape. While there are regulations already being drafted for cryptocurrencies, most of it are basically trying to keep people away from crypto as it still pose some serious risk towards people. Perhaps when the scene is more matured and more developed will the governments finally draft something positive with cryptocurrencies.
Most areas where government lay their regulation are centralized by nature, such as exchange, taxes, etc. So it should not be a surprise, regardless of the nature of the project itself. Needless to say, a coin or token which focuses on privacy will definitely have a hard time on the mainstream market, and will likely depend on P2P to survive. Not really a bad thing, but probably not interesting for retail investors.
If the regulation that was placed is really strict and only favors the side of the government then probably you can say that it undermines the decentralized nature of cryptocurrency. But if it's the reverse and the government and the people support it then we can see something positive happen to cryptocurrency in general.
Outside El Salvador where Bitcoin has been taken as the legal tender by its Government and hopefully some other countries that are planning to take that route because of their financial circumstances, Do you really think that most Governments of the world would support Bitcoin the way it is to be truly decentralised when they know that would be detrimental to the nations monetary system? So if the government of any other country says we support Bitcoin and you can trade freely and use it as a legal tend in their country, do you think anyone will still use the fiat currency of that country? and what do you think will happen to the currency after that? This is just me thinking crazy but it could be that someday, the governments will accept and support Bitcoin as you said.
The role of the government in crypto is negligible but even if the government gives legitimacy to decentralize crypto it cannot control crypto. If the government operates like fiat currency then it is a threat to crypto anyone can work in crypto as an independent but I don't think the government can control crypto, they should focus on how the crypto project works and informing them through ongoing communication as well as continuing the long term vision. The more companies can educate their investors the more knowledgeable and confident these investors will be, and the more informed the industry as a whole will be.
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