Hey. You are right. But for making a law for it means it would come under govrnment and people would buy,sell or trade cryptocurrency through a proper channel which would be against the rules of bitcoin as it is a decentralized currency.
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Exactly. For me the only thing that they can regulate are the exchanges but not cryptocurrency itself. This might not be a perfect example but let's put Gold as an example, Gold itself can't be regulated but those miners, jewelry companies, etc are the things that they can regular by either putting tax on it or providing set of rules but for Gold itself, a big NO :)
Agree with you. But it should be made quick unless maximum people use it in illicit use and as a result gov have to ban it for life time.