Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Bitcoin Forum => Topic started by: Domithra on June 04, 2018, 12:08:23 PM
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The governmental regulations are not in to destroy Bitcoin but just an implementation to check the operations of Bitcoin and other cryptocurrencies in order to make sure terrorism funding and money laundering is eliminated. That is why KYC and AML are being forced into exchanges platforms, ICOs and new projects.
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I think that bitcoin will not fade away even with the implementation of governmental regulations because may are already using bitcoin. It is good if the purpose of the government with KYC is to avoid funding terrorism and money laundering but I think aside from avoiding terrorism funding and money laundering they also force the exchanges with Know You Customer because they wanted to tax those who are using bitcoin.
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Regulation of bitcoins and other crypto-currencies through the publication of various government regulations and, above all, laws is a necessary stage in the development of the crypto currency. This natural process involves determining the status of the crypto currency, the conditions for its circulation in the country, and the relationship with other types of money and financial assets, and also, as a rule, the establishment of a procedure for taxation and recovery of profits from dealing with crypto-currency activities. In order to develop the crypto currency, it needs to go through such a process of its legalization.
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No, it cant fade away the bitcoin. Some countrys may not use bitcoin or banned the bitcoin but they cant fade away the bitcoin. Lots of people using bitcoin now even it is not yet legal in their country like here in Philippines. They cant erase to the minds of people how good bitcoin is.
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There should have a huge negative impact of government relations with crypto. Everyone knows that bitcoin is not controlled by government but now seems bitcoin is.
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i think its not because governments just wants to know what we've doing and just wants a transparency. by doing KYC makes our works feels comfortable but because of the government regulations we know that their gonna put a big tax on it.
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It might be the case, but really depends on how hard it will be regulated. If we take as an example China - we can see that government is making a lot of effort to restrict crypto influencing their economy.
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It is very hard for governmental regulations to kill Bitcoin. All governments in the world must work together to do it, it can be done but it is extremely hard.
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With a time - maybe, now - they can do nothing about. Governments have not made their home work and did not research this toll properly yet.
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Bitcoin existed before, before government decisions and someone's approval, which means that it will continue to exist, only the question is: "Will it be as popular as it is now and will it have the same value as it is now?" The decision by governments to accept Bitcoin as a legitimate means of payment or an investment instrument can raise the price of Bitcoin significantly higher than it is now or even higher than when it costed in December 2017.