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    Author Topic: How long will it take for countries to regulate Cryptocurrencys ?  (Read 242 times)

    • Cryptoshops (OP)
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    January 23, 2018, 01:16:13 AM
     #1
    So many countries trying to regulate cryptocurrencys now. Think it will only be a matter of time before they go after more and more trading platforms and websites who use cryptocurrencys in a bid to regulate it as best they can. If they dont succeed we will most prob see more and more countries trying to ban it alltogether.


    Regulators in the U.S., Singapore, Japan and China are looking into regulatory measures to control the growth in digital tokens.

    (UK Treasury is planning tighter regulation of Bitcoin, hoping to prevent the likes of money laundering and terrorism being paid for with cryptocurrency. ... Treasury said it intends to regulate the digital currency to bring it in line with anti-money laundering and counter-terrorism financial legislation.)

    A lack of clarity in South Korea's plans to regulate cryptocurrencies may be of concern, but experts continued to sound upbeat about developments in the space.

    Nordic banking giant Nordea has banned its 31,000 employees from trading in bitcoin and other cryptocurrencies.

    I think once Europe starts its regulation a lot of other countries will follow ...

  • abhishek_bittu
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    January 26, 2018, 03:07:40 AM
     #2
    Governments everywhere feel that they entitled to a portion of a pie and also to run cryptocurrency industry the way they see fit. Some gov-ts such as Singapore are advanced and understand the need of digital transformation. Some like in China are trying to hold it down, so it would not create unnecessary changes.
    IMHO, US is in the middle and will try to create a regulatory framework for cryptos. However, we have 50 states and 50 regulators plus US D of Treasury, SEC and gazillions of Agencies in addition to FED reserve, banks that cannot be named, khhm, I mean failed, etc. As a result we will have something that it tradeable, but costly.

  • ktabb
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    January 26, 2018, 03:15:44 AM
     #3
    Some already are going after crypto. I think this is crypto's biggest threat at the moment. Being regulated is not compatible with the goal and value of bitcoin (its decentralization and immunity from government control).

    Just to be clear, I think BITCOIN's biggest threat is its scaling issues and transaction time/price problems, as well as its network energy use, but I think that government regulation is the biggest problem for the crypto space as a whole. It may even come in the form of banning mining for environmental purposes because of the excessive energy use.

  • pentol86
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    January 26, 2018, 03:33:20 AM
     #4
    thats the big reason why they still beware about bitcoin and other crypto, negative activity like money laundry, drug, terorist donation, and many bad activity. for government that who legalize bitcoin, they think about big tax, that can help their financial
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  • earl07
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    January 26, 2018, 03:56:46 AM
    Last edit: January 26, 2018, 05:02:29 AM by earl07
     #5
    Bitcoins purpose is meant to be use freely and not controlled by any government but whats happening is the opposite.Some countries trying to control and regulate it.Though i'm not surprise with it because ther people uses bitcoin for illegal activities that make a threat for the government (perhpaps some).Besides there are also risks and flaws about bitcoin that the government afraid of for the users.Although our government not yet make there decision about this matter but im pretty sure in the near future they will also implement this.Kind a sad though that the purpose of mr.nakamoto would change a little.
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  • removebeforeflight
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    January 26, 2018, 04:22:46 AM
     #6
    Government or bank need to control currency related markets to get maximum profit out of that and use public money for their usage in the form of taxes and fees. If they don't get maximum out of it, then they wouldn't accept which is pathetic. A country which really cares about development of people, their economic growth and technology growth should definitely accept bitcoin or cryptocurrency in their country. We can now able to differentiate countries based on accepting bitcoin or not directly prove whether a country cares it's people or not.

  • darkangel101
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    January 26, 2018, 04:23:19 AM
     #7
    General discussion about the Bitcoin ecosystem that doesn't fit better elsewhere. News, the Bitcoin community, innovations, the general environment, etc. Discussion of specific Bitcoin-related services usually belongs in other sections.

  • RACallanta
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    January 26, 2018, 06:16:07 AM
     #8
    In my country here at philippines, i think it takes a lot of year i think  on 2030??? Will regulate cryptocurrencies. But for now here in my country cryptocurrency is not illegal rather than to the other country that cryptocurrencies treated as illegal like china?? But i hope our government official will start that kind of project. Thank you so much.
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  • zolfa
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    January 26, 2018, 06:28:04 AM
     #9
    yes, that is the biggest reason why every country forbids bitcoin, but I see if bitcoin is well managed by the government, it will have much good impact on the economy of the country. and reduce unemployment.
    and if the government actually accepts bitcoin as a digital currency transaction, then making the regulation of bitcoin will not be long.

  • onioncoin4
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    January 26, 2018, 06:31:07 AM
     #10
    here in my country also its neither illegel nor legel. i think the governments are watching closely. some countries are already freezed some bank accounts that belongs to exchanges. wait and see

  • Bittoshi
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    January 26, 2018, 06:35:16 AM
     #11
    If gevernments cannot regulate and control crypto currencies and if they cannot properly tax the income from crypto trading, they will probably ban it. It's all a question of control.
    Bitgesell (BGL):  A modern and truly scarce store of value. Burn rate is 90% of tx fee. Yearly block reward halving.

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  • awawo
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    January 26, 2018, 06:36:09 AM
     #12
    Well I believe in the technicality of bitcoin being able to hold it grand no matter what come from the government, the government are only trying to get their own fast of the pie and that is going to cost them a lot of time and resources because for the government to be able to regulates and control a decentralized technology is not that easy. The best thing for the government to do is to embrace cryptocurrencies and then their can control it a little using the blockchains and exchange channel against the deception the government is having from the financial institution (bank).

  • Colorblind
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    This text is irrelevant


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    January 26, 2018, 06:36:27 AM
     #13
    Quote from: Cryptoshops on January 23, 2018, 01:16:13 AM
    So many countries trying to regulate cryptocurrencys now. Think it will only be a matter of time before they go after more and more trading platforms and websites who use cryptocurrencys in a bid to regulate it as best they can. If they dont succeed we will most prob see more and more countries trying to ban it alltogether.


    Regulators in the U.S., Singapore, Japan and China are looking into regulatory measures to control the growth in digital tokens.

    (UK Treasury is planning tighter regulation of Bitcoin, hoping to prevent the likes of money laundering and terrorism being paid for with cryptocurrency. ... Treasury said it intends to regulate the digital currency to bring it in line with anti-money laundering and counter-terrorism financial legislation.)

    A lack of clarity in South Korea's plans to regulate cryptocurrencies may be of concern, but experts continued to sound upbeat about developments in the space.

    Nordic banking giant Nordea has banned its 31,000 employees from trading in bitcoin and other cryptocurrencies.

    I think once Europe starts its regulation a lot of other countries will follow ...

    I thing that word "Regulate" is too general to speak like that. Laws are required for society to function and freedom is not equal to anarchy. I embrace thoughtful regulations of bitcoin especially when it touches already regulated world.

    Good example for me: When using fiat I agree to play by the banking rules, regardless of transaction. Why would I be exempt from those while exchanging bitcoin for fiat?

    Russian proposed regulations for example will state that bitcoin (or other coins) won't be accepted as a payment method in Russia, however you will be able to buy/sell/own bitcoin from/to licensed sellers (exchanges/brokers). I think it is more than reasonable regulation, because it regulates your interaction with society, not your personal possession of something.

  • Coins and Hardwork
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    January 26, 2018, 06:40:08 AM
     #14
    There are a lot of people who wants to regulate Crypto currencies in their country but the thing is that there are governments that do not want to regulate it in their country since it has a threat. Threat not only to people but to the things it can bring unto their economy. Despite the risk, there are still a lot of countries who want it to be regulated, and I think that will take time since it is not that easy for the government to accept such things.

  • Zeinabdullah
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    January 26, 2018, 06:45:17 AM
     #15
    Quote from: Cryptoshops on January 23, 2018, 01:16:13 AM
    So many countries trying to regulate cryptocurrencys now. Think it will only be a matter of time before they go after more and more trading platforms and websites who use cryptocurrencys in a bid to regulate it as best they can. If they dont succeed we will most prob see more and more countries trying to ban it alltogether.


    Regulators in the U.S., Singapore, Japan and China are looking into regulatory measures to control the growth in digital tokens.

    (UK Treasury is planning tighter regulation of Bitcoin, hoping to prevent the likes of money laundering and terrorism being paid for with cryptocurrency. ... Treasury said it intends to regulate the digital currency to bring it in line with anti-money laundering and counter-terrorism financial legislation.)

    A lack of clarity in South Korea's plans to regulate cryptocurrencies may be of concern, but experts continued to sound upbeat about developments in the space.

    Nordic banking giant Nordea has banned its 31,000 employees from trading in bitcoin and other cryptocurrencies.

    I think once Europe starts its regulation a lot of other countries will follow ...
    still reap a lot of pros and cons for some countries in the world about the implementation of the system, but when in a country wants to apply the system and all elements in it support may be achieved quickly, and not an impossible thing.

  • boyshx
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    January 26, 2018, 06:52:25 AM
     #16
    Yeah this topic is really concerning for us because most of the population that is into crypto currency is from the Western Hemisphere. The effect of tighter regulation could lead to distress amongst the community and the crypto world might just fell down. The concerns of government like crypto heloing the terrorist activity is completely wrong. The real world fiat also does the same but do we ban it from the use? They should take into consideration that even the centralised currency is being used like that way. It’s better own the crypto instead of banning it completely.

  • abbhatia
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    January 26, 2018, 06:59:54 AM
     #17
    The massive upwards movement in crypt o currencies over 2017 has not gone unnoticed. The participants at the World Economic Forum (WEF) in Davos are being questioned about crypt o currencies and Coin telegraph has been one of the main voices representing the fraternity.  The traditional investors are still not willing to accept the rising clout of the crypt o currencies and are pushing for tighter regulation. Only recently, Nordea Bank banned its employees from owning Bitcoin by Feb. 28. However, this move is facing strong opposition from the large unions.  Even the fears of a crypt o currency ban by South Korea gathered a massive petition opposing the move. Finally, the Korean government only banned the traders from using anonymous bank accounts for crypt o  currency trading

  • Wangseng
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    January 26, 2018, 08:29:18 AM
     #18
    Quote from: Cryptoshops on January 23, 2018, 01:16:13 AM
    So many countries trying to regulate cryptocurrencys now. Think it will only be a matter of time before they go after more and more trading platforms and websites who use cryptocurrencys in a bid to regulate it as best they can. If they dont succeed we will most prob see more and more countries trying to ban it alltogether.


    Regulators in the U.S., Singapore, Japan and China are looking into regulatory measures to control the growth in digital tokens.

    (UK Treasury is planning tighter regulation of Bitcoin, hoping to prevent the likes of money laundering and terrorism being paid for with cryptocurrency. ... Treasury said it intends to regulate the digital currency to bring it in line with anti-money laundering and counter-terrorism financial legislation.)

    A lack of clarity in South Korea's plans to regulate cryptocurrencies may be of concern, but experts continued to sound upbeat about developments in the space.

    Nordic banking giant Nordea has banned its 31,000 employees from trading in bitcoin and other cryptocurrencies.

    I think once Europe starts its regulation a lot of other countries will follow ...
    when a country implements a blockchain system within it does not rule out it will soon be realized quickly, if all elements of society understand and understand with the system that runs good for their life in the future.

  • Pursuer
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    January 26, 2018, 08:46:44 AM
     #19
    there is this market which has a huge value (~$600 billion) then there is this huge amount of money going in and out of this market every day ($30-$50 billion).

    when you look at it like that, you can understand why every government would want to regulate this market. and you will ask why haven't they done it already?!
    and it is not just about taxes (revenue for the government) but also it is all the money laundering opportunities that these unregulated exchanges are providing people. and we are talking about money flow not cryptocurrency flow. and when you use fiat money you need to follow the regulations.
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  • target
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    January 26, 2018, 09:05:43 AM
     #20

    It would really take long, none of those countries had fully regulate the market the fact that this is decentralized. Banning isn't their option as cryptocurrencies will continue no matter what. Getting tax from the traders through the exchanges I think is gong to be one of the option and maybe a token that is readily accepted by banks will be a tool for them as well.
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