Topic: What exactly do government mean by regulating bit Coins? (Read 177 times)
Regulators in developing countries around the world have repeatedly expressed concern against the trade of cryptocurrencies like Bitcoin. However, the unabated price upsurge attracted many retail investors. Unsurprisingly, the clamour to introduce a regulatory regime for cryptocurrencies is rising. South Korea being a far advanced 1st world country with a high per capita income has the liberty to ban or otherwise severely restrict the use of Bitcoins, since, they can impose restrictions on the usage of Bitcoins. However, India is a predominantly 3rd world country with much lower per capita income as compared to South Korea. Hence, they have shown a continued silence and is now stalling the growth of the industry by creating legal ambiguity. Today, in India it is unclear if Bitcoin may even be considered financial assets or investments, since the Government in recent weeks have reiterated that cryptocurrencies are definitely not “currency” or legal tender. Another approach favours interpreting cryptocurrencies merely as “software” and labelling all cryptocurrency transactions as essentially the sale or purchase of software. Although this definition does ring true from a legal standpoint.
Regulation can have so many ways, for example they may issue a licencee for them who want to open an exchange of crypto and charge high fees for this licence like in casinos.
Like here in our country, the primary regulations they have in regards with bitcoin and cryptocurrency are AML and KYC regulations. Everyone seems to know most about these two regulations as they're the ones widely imposed on every country that has an active bitcoin economy. Technically when they say bitcoin regulations, the things that a government can control are trades, exchange and services that handles bitcoin-related things, but they don't have direct control on the bitcoin transactions happening in their webspace/country. Needless to say, these regulations are only applicable to the external bodies partaking actively in bitcoin-related activities such as users, exchange operators, miners--you name it.
In the last few days government in countries like south Korea & India are talking about regulation bitcoins and other crypto currencies. now South Korea is taking about banning it and all the news ?
what exactly they mean by regulation ??
And now after days of understanding it they are deciding to ban it as they are not able to regulate it is it so?
or there is some other story to it?
guys what do you think?
Regulating means to take control of something by imposing strict rules and policy. Bitcoin right now is decentralized. Hence the government has no power over it. But by regulating that is imposing some certain laws, rules and policies they can bring it to under their control - this is what the government thinks and this won't be happening. what exactly they mean by regulation ??
And now after days of understanding it they are deciding to ban it as they are not able to regulate it is it so?
or there is some other story to it?
guys what do you think?
Regulation means laws - controlled or prohibited transfer from cash to good / good to cash, taxation
In the last few days government in countries like south Korea & India are talking about regulation bitcoins and other crypto currencies. now South Korea is taking about banning it and all the news ?
what exactly they mean by regulation ??
And now after days of understanding it they are deciding to ban it as they are not able to regulate it is it so?
or there is some other story to it?
guys what do you think?
what exactly they mean by regulation ??
And now after days of understanding it they are deciding to ban it as they are not able to regulate it is it so?
or there is some other story to it?
guys what do you think?
Most of it is KYC stuff, making sure they know who is depositing and withdrawing money and that that money can be accounted for, the main two reasons for this are taxes and anti-money laundering. Crypto is used by many to avoid taxes and launder money and the easiest way to stop this is to better regulate on the exchange and make them do the work for the government basically.
maybe the governments want to cast a tax upon bitcoin that is why they want to regulate it, I never thing bitcoin can be banned due to it's anonymity
Think about it if you cannot transfer Bitcoin back into real money what are you gonna do with it ? Countries could shut it down if they wanted to because if you can not get real money for it, it becomes worthless. So they could if they wanted to shut down all transactions and all trading sites. Bitcoin is not unstoppble and can be shut down
Mostly they are creating unnecessary FUD and as always, after some time they say it was a misunderstanding. They just want to get in at a discount price.
The crypto world is just at the beginning and the only way is by regulating the new startups so the little people can be safe. Banning technology will not happen.
The crypto world is just at the beginning and the only way is by regulating the new startups so the little people can be safe. Banning technology will not happen.
As long as you got an internet line you can do it.
Regulation can be different for different countries. Also the social economic factor plays a big role behind the regulations. So south Korea can regulate bitcoin or any Cryptocurrency in a different way than India want to do it. South Korea is a highly successful county with a far higher per capita income than India. India's per capita income is far lower than S. Korea. So if S.Korea bans bitcoin, it won't have much effect on their citizens as they are already living a decent and comfortable life.
On the other hand, Indian government has failed to provide some basic social securities like job and healthcare to their citizens. So if Indian government bans bitcoin, it will have a lot more effect on people's lifestyle in India. A large group of young people may go against the current government as it is an attack to their income source.
So regulations depend on many small factors like these. So regulation in other countries may mean taxing on bitcoin while in some countries it may mean banning.
On the other hand, Indian government has failed to provide some basic social securities like job and healthcare to their citizens. So if Indian government bans bitcoin, it will have a lot more effect on people's lifestyle in India. A large group of young people may go against the current government as it is an attack to their income source.
So regulations depend on many small factors like these. So regulation in other countries may mean taxing on bitcoin while in some countries it may mean banning.
they can't do anything only closing official bitcoin ATMs and sale points and visa linked to bitcoin sites nothing more than that , bitcoin is unstoppable at all china ban was good example for that .
In the last few days government in countries like south Korea & India are talking about regulation bitcoins and other crypto currencies. now South Korea is taking about banning it and all the news ?
what exactly they mean by regulation ??
And now after days of understanding it they are deciding to ban it as they are not able to regulate it is it so?
or there is some other story to it?
guys what do you think?
what exactly they mean by regulation ??
And now after days of understanding it they are deciding to ban it as they are not able to regulate it is it so?
or there is some other story to it?
guys what do you think?
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