How the South Korean Government Regulates Bitcoin?
The South Korean government has started to conduct an onsite investigation on how Bitcoin was being exchanged in the domestic market. It comes after the South Korean authorities legalized Bitcoin to facilitate transfers, trades, travel and payments in 2018. This legalization has spurred the growth of the cryptocurrency in this Asian Country through Blockchain Travel Platform. It is estimated that almost 40% of the working population in South Korea owns at least cryptos worth $3000 each. https://preview.redd.it/sq61unficer21.jpg?width=940&format=pjpg&auto=webp&s=e6370e499df648b23f3eb348a95f08fba179abf5 In August 2018, there were speculations that North Korean hackers were targeting South Korean Bitcoin exchanges. These rumours made the South Korean government impose strict regulations on Bitcoin exchanges. The government then formed a task force that could regulate and monitor Bitcoin tokens and other cryptocurrencies operating in the country. The task force was composed of the Central bank of South Korea officials, cryptocurrency companies and financial regulators. The task force discussed issues relating to the banning of ICO fundraising that was violating the Capital Market Act. They also discussed issues on how they would deal with cybersecurity practices that have caused significant client data breaches and in turn customers had lost their money. The South Korean government aims to implement new regulations that will curtail the cryptocurrency boom. The new rules will restrict investors who are not accredited from using the Korean trading platforms and new exchanges will have to be approved before they are brought to the market. However, the South Korean authorities have not so far implemented the regulations on bitcoin. South Korea is a leading cryptocurrency hub in Asia.
How (technically) can governments regulate bitcoin?
I have been in the P2P game for a long time and watched it evolved and seemed nearly unstoppable by gov't. I am wondering, how can the US government truly, long term control bitcoin w/ regulation? It seems to be that if gov'ts block exchanges, they can be made decentralized as well or just done through tor. If they make the transactions illegal then they would have to know every transaction that is happening which would be illegal as well and still could be worked around using something other means. Short of cutting off access to the internet, I dont understand how gov't can get in front of it. If adoption continues, then it will become too big to avoid. So what happens then. Right now the 1.4trl produced in fiat by the reserve doesn't seem concerned with the mere 0.1trl global market cap of crypto but when that market cap is 0.5trl, 1trl. I mean, lets face it, if the govt said tomorrow that Crypto is illegal, would just toss your coins away or would you still find a way to trade w/ them? In my mind, Bitcoin is building infrastructure and trust as we watch fiat's trust and infrastructure crumble (Panama papers) and become contentious.
Could it influence internet service providers to refuse traffic if they know it's a bitcoin being transacted? Or physically shut down miners? Both of those don't seem too feasible. Would there be another way?
I'm puzzled how exactly a government could go about regulating bitcoin. Could they actually regulate transactions in the sense that identities could be tied to each address? Even if they could, wouldn't the extent be to require all US based exchanges to send records of IDs with addresses? I understand this would still hurt Bitcoin, but it won't really discourage anyone who really wants to use it for anonymity purposes if they are already familiar with it. Couldn't people still obtain BTC from p2p means or through a foreign exchange if they this were the case?
10-24 08:13 - 'Libra the most ill thought out project.' (self.Bitcoin) by /u/herewegohaveago removed from /r/Bitcoin within 136-146min
''' Interesting read Libra is a silly notion can’t understand yet why FB would put resources into something that’s untimely at the hands of the government regulators. Bitcoins on the other hand has many faults but most in governments now clearly understand you can’t stop it globally. Wake up Zuckerberg lose the narcissistic nature and implement Bitcoin into your plans. [link]1 ''' Libra the most ill thought out project. Go1dfish undelete link unreddit undelete link Author: herewegohaveago 1: www.forbes.co*/s*tes/kt*rpey**019/10/2*/congr*ssma*-warns*b**coi*-is*a*t*re**-**-t*e-u*-d*ll*r* Unknown links are censored to prevent spreading illicit content.
Are shitcoins just a convenient smokescreen which keeps governments and regulated distracted from Bitcoin? This has to be the most memorable and controversial part of this season 3 finale with Christian (@ck_SNARKs on Twitter).
If sometime in the future governments decide to adopt cryptocurrency, will federal regulation of cryptos make bitcoin obsolete?
I was having a conversation with my roommate about how well BTC is doing since I first decided to start buying as an investment. He had a lot to say as a rebuttal was to why he thinks it’s not something that can be sustainable. The main point he brought up is how he believes if governments decide to adopt cryptocurrency at some point, they will create regulations that make it difficult and more expensive to use bitcoin as opposed to the federally controlled cryptos, creating incentive for people to opt for the fed regulated options. I stated that I believe the people who use bitcoin will likely stand by it because of the fact that it is NOT controlled by any single entity. His response was that the controlling elite will always overpower the desires of the majority and either way people who invest in BTC to hold for the long run will end up suffering. All that being said, my roommate always has something to say contrary to any good idea people have and I would say is very much a pessimist, but I did not have any explanation or viewpoint that could sway him in any way. So I’d like to hear what you all have to say about this so that maybe I can be more informed and have different thoughts to challenge his perception on BTC if we do have this conversation again at some point .
Here’s the thing though, cryptocurrency is not centrally regulated by any government, so every government is taking different approaches to regulating Bitcoin and other cryptocurrencies. There are several areas of regulation that look like they’re coming pretty quickly. Bitcoins themselves cannot be regulated under current law, at least not directly. But certain activities involving bitcoins can be regulated. This came out in a recent hearing held by the Senate Committee on Homeland Security and Governmental Affairs focused on the necessity and ability for the federal government to regulate virtual currencies, such as bitcoin. Discusses the Government Regulation Paradox of cryptocurrencies, which is that cryptocurrencies need government regulation for stability but one of the reasons that investors are buying it in the ... In December 2013, the Chinese government banned financial institutions from using bitcoin, causing a downturn in the cryptocurrency’s value that would set a precedent for its worth over the ... So, too, for many players, is the fact it has been, so far, largely free of government regulation. Bitcoin has been irresistible to get-rich-quick speculators, some of whom made enormous amounts ...