Is it even possible to truly regulate crypto?

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King Belieal

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One of the challenges facing the world of crypto now is how it would be completely regulated. Given that crypto is built on anonymous transactions, would it be possible for crypto to be truly regulated by governments?

 

nomad

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• Apr 19, 2024

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Crypto cannot be regulated but the company that deals with crypto can be regulated. That;s the reasons why KYC has become mandatory.

 

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Fidelia

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nomad said:

Crypto cannot be regulated but the company that deals with crypto can be regulated. That;s the reasons why KYC has become mandatory.

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But what about transactions that happen from wallet to wallet and doesn't have to pass through Exchange platforms. How would they regulate that?

 

eldavis

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From what I have seen, I doubt this would be possible, even if they succeed in doing this it cannot be regulated completely, as there would still be some ways around it.

 

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Nite

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This is a complex issue that has been debated extensively within the crypto community. While some argue that regulation is necessary to protect investors and prevent illegal activities such as money laundering and fraud, others believe that excessive regulation could stifle innovation and undermine the core principles of decentralisation and privacy that underpin cryptocurrencies.

 

uptrendfinancialsignal

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In the past, we have seen successful regulations around cryptocurrency. Yes, it is very possible to regulate the cryptocurrency landscape.

 

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King Belieal

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uptrendfinancialsignal said:

In the past, we have seen successful regulations around cryptocurrency. Yes, it is very possible to regulate the cryptocurrency landscape.

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Which past and Which regulations are you talking about? That's because crypto is a novel project and it has never been regulated by any government in the world.

 

Golden9

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Nothing is truly untraceable, not even the most private cryptocurrency. It would just take a lot of time and resources. Regulating cryptocurrency is something that will happen especially if we are looking at mainframe adoption.

 

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Ratine

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In my opinion, l can say that it's not possible to regulate the cryptocurrency for sure.

 

Niyi Briggs

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I believe that if there was a way to completely regulate crypto, the United States would have done it by now. But there truly isn't and a real attempt to regulate crypto would make it not to be crypto again.

 

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Bisolami

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• #11

This is actually possible but it will take a very long time. The government already know that cryptocurrency is the future and can give people financial freedom but they are not ready to regulate it

King Belieal said:

One of the challenges facing the world of crypto now is how it would be completely regulated. Given that crypto is built on anonymous transactions, would it be possible for crypto to be truly regulated by governments?

Click to expand...

 

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• May 20, 2024

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• #12

Crypto regulation can only happen when exchange comply with the guidelines of the government on that. Apart from that, crypto can't be regulated at all.

 

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Ratine

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For me l think that it's never possible to regulate the cryptocurrency because it's very volatile in nature.

 

Shavkat

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• #14

I think it is possible if the local government will impose new rules for paying taxes.

 

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King Belieal

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• #15

They can only regulate crypto through exchange. But even with that, it is still a very cumbersome process.

 

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Many government of nations have tried all things within their powers to regulate or control crypto, but no, cryptocurrency was not built with such a concept in mind, hence the reason they keep fighting the crypto space.

 

fcbetting

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How can goverment control making coins on Telegram and 100 hunderds of wallet? For telegram you just need phone number which can be bought without KYC and device for wallet.

 

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King Belieal

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Telegram is the base of crypto now. I am wondering how an instant messenger just transformed to a crypto mining platform.

fcbetting said:

How can goverment control making coins on Telegram and 100 hunderds of wallet? For telegram you just need phone number which can be bought without KYC and device for wallet.

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Rubz

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• #19

Although regulating crypto is a complex and challenging task, it isn't impossible to do so.

 

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• #20

While it may be difficult to create comprehensive regulations that address all aspects of crypto, it's possible to develop a structure that encourages transparency, security, and accountability.