I can't quite work out why there is so much nervousness in people, which of course transmits itself to the markets about cryptocurrency regulation. Forums and posts are everywhere rueing the fact the South Koreans are doing this, the Chinese are doing that, Putin said the other but let's look and at what they're actually doing. And even more relevant, what are the European and US governments doing? Today, I read Merkel and Macron have been 'proposing' sturdy EU regulation, but it's all hot air because the bottom line is, Bitcoin and its ilk are shoring up economies, creating wealth and putting tax dollars in the government's coffers.
Governments don't care what goes on financially in the internet, as long as state banks are controlled, and people need to turn that crypto into cold hard old skool cash at some point, they've got it covered. Banks are absolutely regulated, transparent and controlled by government legislation. Taxes get collected, the economy grows through wealth generation and life goes on. For 7 years after the financial crash of 2008, the British government was 'quantitative easing' big words to describe printing money. Not much different to cryptos really, pity they didnt think of them first!
The dollar value of all the crypto in the world is still a piss in the world economic ocean at the moment and until it begins to have major effect, at which time it could cause rising inflation, governments are just going to be monitor and keep popping up with an occasional, slightly threatening soundbite to keep their big banks happy. I'd suggest the HSBCs of this world are actually shitting themselves.
Online gambling is huge around the world, how much regulation is there? Actually very little. Is a government going to kill that cash cow when they know, that like crypto trading, whilst you're in the internet, you're anonymous, but putting the finances into or out of the internet, they've got it covered?
When services and products being paid for in crypto within the internet starts to grow, that's when governments will kick in with the regs, but that's not going to happen for a while although the ball is beginning to roll faster and faster now.
Going back to South Korea, they originally said they were going to ban crypto trading....then they said people trading must using their real ID, now they are saying they are 'looking into' trading. Total climbdown, because they know they don't really care, they just want their cut in the form of taxes.
So what if a government does introduce some form of regulation? I read recently that the British government was 'mulling over' the idea to amend the anti-money laundering laws to include crypto. What does that do? Well, this is the best part. It actually gives crypto legitimacy, and legitimacy brings into the public psyche and THAT brings it more mainstream....win-win for crypto.
Worrying about regulation? Don't, it's well past its no turning back point!
Regulations, taxes etc. will be inevitable. I think once crypto-cleansing is done, governments have to adopt the technology behind cryptos -
i.e. Blockchain. We will see that the Blockchain based governance will perform the cleansing of governments and the way they use/misuse taxes! The current phase might be painful for us; however, it is going to make cryptos mainstream. The world will be able to identify which government is really interested in people's growth (by regulating cryptos in right manner) and which government wants to exploit people!
great response, thanks mate :-)
You're welcome! Actually, we are learning from community members like you!
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