Bitcoin Others > Politics, society

Governments role in the crypto industry

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jerrygarkia:
Weather the Governments like cryptocurrencies or not is debatable. We are noticing that world over the governments are taking cryptocurrencies more seriously with every passing day.However some cryptocurrencies think they are invincible and can exist and no government can ban them.

Thought this can be debated by many, in my personal opinion. It is really hard for cryptocurrencies to exist without approval of governments.I do know that some brilliant people have already understood this and are building solutions around this. A good example is Concordium. They are building the world’s first regulatory complaint blockchain with on-chain governance. The catch here is, if all laws are regulations are followed and abide by, Governments cannot shut it down.

It then becomes a big win in turn.I think more regulation will be seen in the coming years and if cryptocurrencies have inbuilt regulatory mechanisms like the above blockchain, I don’t see any issue and there would be no reason they wont be allowed. I really  think that 2020 is going to be the yard of regulation especially with the travel rule getting implemented across the globe.

Dora WalletInvestor:
I agree it is hard for cryptos without government acceptance. On-chain governance sounds great, but what I don't really understand is, how does this prevent governments from interfering?

Where I'm from one big issue is the question of taxation - there are no regulations, crypto incomes are taxed on a case-by-case basis which means a lot of hassle and unpredictability. I wonder when these regulations will catch up.

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