Countries need to set bitcoin regulations and laws as soon as possible

Countries need to set bitcoin regulations and laws as soon as possible
Bitcoins are becoming increasingly popular. However many countries do not have any regulations for them. In some countries like the US, actions against the bitcoin casinos can be serious. The US has taken serious actions against online casinos like Pokestar, and Absolute Poker. That said the US has not punished those who gamble. But payment processors can also be penalized in the US if they deposit or withdraw money from any online casino.

While the US bans gambling without licenses, the UK has a proper regulation for gambling with bitcoins. The major hurdle that bitcoins and other cryptocurrencies present is anonymity. In the case of any fraud, tracing down the gambler would be extremely difficult for authorities. Likewise, there can be issues relating to money laundering and other nefarious activities. The “know your customer” system, simply does not work with cryptocurrencies. Therefore, it is easier for countries not to allow bitcoin casinos rather than grant licenses, and have regulations in place.

I believe it is critical for countries to set specific rules and regulations for this form of trading and investment, because it offers a great deal for the economy, and there needs to be some form of legal framework to ensure that people are safe when they engage in this form of trading. And this needs to be done as soon as possible considering the popularity behind Bitcoins in recent years.

Agree

Gaince

Some regulation is needed

I have been watching the crypto world closely over the last few months and one thing I noticed is just how many Ponzi schemes have popped up to take advantage of people who are stupid. This would not generally be a big issue as in a normal situation the authorities would come after the Ponzi schemes but due to a lack of regulation in crypto, the Ponzi’s are able to scam people without the authorities even batting an eyelid.
Posted by Gaince on 12-12-2017
kgord

Bitcoin

I think it does need to be monitored in some way, but since it is a world wide currency it is hard to do this. I think it is just one of the things that needs to be done worldwide.
Posted by kgord on 12-01-2017
foxchannel

Regulate Bitcoins? No Worries. It Will Happen.

Countries NEED to set bitcoin regulations and laws as soon as possible? Uuuhh … yeah. No worries. They will. As soon as the wealthy people of the world can figure out what's in it for them and how they can KEEP whatever it is that's in it away from the masses. Right now they're just letting the poor folks experiment with this “new form of currency”, so they can figure out how they can control it.

Mark my words. It's really not a question for agreeing and disagreeing. It WILL happen! If it's a form of money, then it's a means of power. It will be regulated.

Interesting link. https://wonderopolis.org/wonder/who-invented-money

Posted by foxchannel on 12-06-2017

Disagree

overcast

No

Having control over cryptocurrency is bad. You can see that these were designed to avoid the state regulations. And if the regulations happen then new currency will be made. And people will continue to bypass the system. So no regulation is going to help for sure.
Posted by overcast on 12-02-2017
kingcool52

No

No way. The whole point of cryptocurrency is that there is no control and that governments have no control over it. If countries started regulating and bringing in laws for Bitcoin then the whole point of cryptocurrency goes out the window.
Posted by kingcool52 on 12-04-2017
Zyni

Isn't that the idea?

Isn't the idea behind cryptocurrencies the fact that governments don't control it? I mean, I thought that was the whole point.

Governments don't seem to know how to regulate within reason. They don't offer guidelines. They demand control. A new form of currency is to get away from all that.

Posted by Zyni on 12-05-2017
Denis_P

Government needs to stay out of my business.

I absolutely disagree with this. Cryptocurrency like Bitcoin was made specifically for the purpose of being untraceable and private. Sure it can be used for criminal activity, but there are plenty of people who use it honestly. Place rules and regulations on it, and people will move on to a new form of cryptocurrency. It's not like money laundering with actual, physical cash has stopped either. Regulating Bitcoin will do nothing to stop crime. Also I would prefer as little to do with the government as possible.
Posted by Denis_P on 12-02-2017
JayandAdam

Vehemently Disagree

The first issue I would like to address regarding regulation is the simple fact that it would defeat the entire purpose of cryptocurrency. Cryptocurrency was created to be anonymous and out of the control of any bank or government. Asking for regulations on cryptocurrency removes any need for it. The concept of cryptocurrency is amazing. It is a form of currency without borders and completely independent. Lines on a map are absolutely meaningless regarding crypto. The second issue I feel is very important to this debate is the difficulty in regulating cryptocurrency. I am not at all certain banks or governments can regulate it effectively due to the creation of cryptocurrency specifically to avoid regulations. The creators of crypto and the concept behind it are extremely talented and intelligent people. They didn't want it regulated. If there is an effort to regulate crypto and remove anonymity and the effort is successful, crypto will lose all value. It would be both worthless and pointless. This is an all or nothing proposition. There can be no regulation. "Some regulation" can not exist for this currency. I also firmly believe that the second government control of crypto is in place the individuals who truly understand the creation and use of cryptocurrency will immediately move on to a different medium. Those who want crypto regulated will not and can not have that desire fulfilled. If such people do get their way, the brilliant people behind crypto will move beyond it. Now that the concept exists and has shown itself to be viable there is no returning the genie to the bottle. Independent currency is here to stay. Every single person using cryptocurrency for a purpose requiring anonymity should also be aware that the risks are entirely on the user. Crypto offers freedom and such freedom comes with the acceptance of the risk involved.
Posted by JayandAdam on 12-29-2017
JB Fernandez

A BIG NO!

They would just find a way to earn from it and eventually use it as a cash cow by the greedy politicians.
Posted by JB Fernandez on 02-05-2018

Comments

jaymish
I agree with these sentiments. Especially because of the money laundering. However I don't see how the use of bitcoin can be regulated, I just think that for big transactions it may have to be banned.Money laundering legislation requires you to prove your identity and where you got the money from. How do you do this for bitcoin?It's a bit tricky especially as bitcoin is a social currency which governments have no control over.The only way bitcoin can be regulated is by Bitcoin itself. The advantage of Bitcoin is how easy it is to use. Introducing legislation beats the whole purpose of having Bitcoin.
Posted by jaymish on 12-01-2017
babyright
Countries will need to set bitcoin regulations and laws if the currency is misused or used for money laundering , if not there might be no need .
Posted by babyright on 12-01-2017
vinaya
The central bank in my home country does not have set official rules for bitcoins. However, there are people already buying and selling bitcoins in the country. Some say, bitcoin is illegal in tge coutry, however, some say there is nothing that can be termed illegal. The truth is there is no official statement regarding bitcoins.
Posted by vinaya on 12-01-2017
lovely
I totally agree with you, the should be a total control of these new currencies especially Bitcoin.The should be a regulatory body in each country regulating the affair of Bitcoin especially if it going to affect the economy, I know how irrational humans can be when they're given the free hands, everything can be out of place.So with the trading and mining of this crpto, there should be a checker and control by a financial institution.
Posted by lovely on 12-01-2017
overcast
I think banks are going to making new currency and people are going to choose anonymous ones. Because the regulation is something people are running away from. And one has to be really good at the regulations on many levels. So that's why there should be no regulation and coins need to remain anonymous for sure.
Posted by overcast on 12-02-2017
potentialwriter
Yes, countries need to set Bitcoin regulations and rules because this is the currency that will be spent in the nearest future and will replace the currently damaging paper currencies. Bitcoin is a kind of digital currency and is popularly known as Cryptocurrency. Presently, 1 Bitcoin is worth about $10000 now and will be worth about $15000 by the third month of the coming year. In the Coin Market Cap, Bitcoin is still the best digital currency with 100% trust score.
Posted by potentialwriter on 12-02-2017
felabruno
I don't know much about the subject and I guess it is normal that countries laws take a long time to develop but it is very strange that they don't pay attention to bitcoin. It is a huge thing now so by not having any laws the countries are trying to dodge the subject and that's a bit immature.
Posted by felabruno on 12-02-2017
wiseagent
I can't agree or disagree with that... After all, each country sees Bitcoin in a different way. However, there is no denying the importance that digital currency has been gaining and showing that cryptocurrencies are a very important part of the financial world of the next few years.
Posted by wiseagent on 12-02-2017
Wubwub
Not really sure, but I don't think Bitcoin would be true to its original form and goal if the government was involved with it. I think people need to be less willing to give up their freedom and wanting the government to step in all the time. However, I would agree that probably the laundering part of it is not too good and may need some interference, but I still believe whatever that is it should be as minimal involvement as possible.
Posted by Wubwub on 12-02-2017
Barida
I agree with you on the need to monitor the movement of bitcoin in the countries that they are being traded on. There is need to ensure that the transactions are not used for fraud or any of such nature to ensure that things work well.
Posted by Barida on 12-03-2017
Lee355
Restrictions and regulations will only harm the average user, not the criminals. Criminals are pretty savvy, they will figure out ways to use cryptocurrencies to launder money and trade black market items, regardless of what governments decide to do.

I believe governments and banks, in their current form, are a major problem in the world. The money and power keeps rising to the top, and it will continue to do so. It's the result of the most wealthy and powerful individuals acting in their own best interests. People need to develop new tools that enable them to fight back. Cryptocurrencies can absolutely be that tool.
Posted by Lee355 on 12-03-2017
Corzhens
Bitcoins as a digital currency is baffling to me. We have the Economics subject in college that made me understand the concept of currency that it is somehow controlled by the central bank and backed by the government as a legal tender. With Bitcoin, who controls it and who backs its value? What if tomorrow we wake up and the Bitcoin has no more value because someone wise had made it that way? You may be holding a million Bitcoins which is worthless. That happened in our country during the second world war when the Japanese invaders printed their own currency called Japanese money that later on had lost value so people would be buying a kilo of rice with one bag full of such worthless currency.
Posted by Corzhens on 12-04-2017
chatbox
Bitcoin hyped itself up as a currency that is unregulated by legal laws of any country. That is the whole point of its existence. People dealing in bitcoins should embrace its nature and take the risks and not drag the whole bureaucracy into it. There are already enough problems with the legal currency and the economy and governments should focus on responding to these problems. Bitcoin is popular with whom? I'll never trade hard currency with digital currency.
Posted by chatbox on 12-05-2017
anna
I agree that setting regulations for bitcoin seems to be a choice that would go against the reasons Bitcoin was invented. I'm no expert but I think it seems silly to trust world governments to regulate something so complicated appropriately.
Posted by anna on 12-06-2017
Zellis55
This is absolutely absurd. Bitcoin is meant to be an unregulated, and unsupervised digital currency. We, the people, set the value of this currency rather than any government power and it should stay that way. That's why it is so popular and an exciting endeavor to invest in. If we see regulation on what is supposed to be an unregulated currency, then Bitcoin is doomed.
Posted by Zellis55 on 12-06-2017
muaaz.93
I'm not an expert on the specifics of how Bitcoin works but from what I understand it would be very difficult for the government to regulate or prohibit the use of Bitcoins online. What they could attempt to regulate are their use by licensed and registered businesses and their exchange for legal fiat currency. For example many small businesses such as cafes or bakeries allow customers to pay using Bitcoin, at present there is no law against this. The government could theoretically make a law however prohibiting the businesses from doing this, of course some could break the law and continue to accept Bitcoins but they would be liable to prosecution. The same is true for exchange, you can exchange Bitcoin for legal fiat currency through legitimate exchanges, though the government could ban this as well. Again it wouldn't necessarily make it impossible to exchange Bitcoins, but you could be prosecuted if you were caught.
Posted by muaaz.93 on 12-14-2017
honeybabe
Bitcoin should be regulate and create some rules to protect from Ponzi scam. Crypto currency is really booming now because of its big value and some countries using bitcoin for different transactions especially in internet and online world. Need to look and monitor this bit coin transaction to prevent using for illegal gambling and scam sites.
Posted by honeybabe on 12-18-2017
Pixie
The Governor of the Central Bank in my country has stated that they will never accept bitcoins as a means of payment because it is a bit difficult to set rules and regulations concerning this currency. If they were to impose some law this would be costly. They have also stated that it is easier for people to commit frauds using bitcoins. Bitcoins have not yet been accepted in many countries. Many people have stated that cryptocurrencies are the future money but I don't really believe this.
Posted by Pixie on 12-27-2017
muaaz.93
Banking system have developed a electronic mode of fundholding, transaction and exchange between different economy. Currency exchange is done through this electronic codes called crypto. This loophole is exploited in creating bitcoin which is not a currency of any country. Every currency is supported by a country or union of countries with security equivalent to the denomination. Now I beleive that it has some issues related with it. This sort of currency would bring in more terrorism opportunities for the whole wide world if not regulated.
Posted by muaaz.93 on 01-11-2018
NickJ
I actually think they should set regulations right now. The problem with the laws, especially here in America is that they wait until something bad happens to actually implement laws. Instead of getting ahead of changing societal dynamics, and making the laws beforehand.
Posted by NickJ on 01-17-2018
lovely
I think it high time this is done, because a lot of fraudsters and money launders are hiding under this Bitcoin cover to cause havoc to the economy especially in my country,corrupt government officials are into money laundering through the use of Bitcoin because it can be anonymously be transacted with, without being able to trace the user.it will help alot I believe.
Posted by lovely on 02-23-2018
gavinci13
A very good topic to discuss. Bitcoin gained its popularity and demands through the anonymity and though a decentralized transactions between two parties' that doesn't require a middleman in the process. That being said, if somebody will put a regulation in that process, the main reason why people patronize this thing will be put into jeopardy. I believe blockchain technology is great and I think it will stay for quite long. But, it is hard to believe that any government will permit it without them getting a slice of the pie from it. So in my opinion, Major countries will not be able to stop bitcoin in particular but they will eventually put a regulation with it and the rest will follow.
Posted by gavinci13 on 03-13-2018