The conversation about crypto regulations is not going to be leaving the airwaves anytime soon. Every day, crypto communities in different parts of the world find themselves embroiled in these debates that make you wonder if there's truly any resolution in sight.
The question everyone asks is do we or do we not need regulation? If we do, then to what level and how do we prevent government meddling?
Is it even possible?
Let's face it, crypto regulations are here to stay and no matter how we might feel about them, they will play a huge part in the future of the industry.
Some countries are crypto friendlier than others, thus making "nicer" regulations. However, at the end of the day, it still all comes down to the bottom line that it's a government making the rules.
Adoption will change it
The fact that everything still pretty much revolves around fiat means that crypto regulations will ultimately take eminence in the situation.
It's fundamentally impossible to wage a "financial cleansing" on a system that's based on fiat with crypto as your weapon of choice. There are numerous obvious reasons and one of them is because, well, cash is STILL King and it's still the predominant route to owning cryptocurrencies.
I believe that getting the industry and system as a whole to a self-sufficient point where the "cash flow" is solely based on the asset values in the digital space will be an important part of the journey to mass adoption.
Also, the fact that regulators also offer some form of security to their jurisdiction, makes them quite important to the industry.
As you know, you get almost zero protection, other than the underlying blockchain security that blockchains offer. However, the presence of regulators adds an extra layer of "protection" that you don't get when you rely solely on yourself.
To understand my point, all you have to do is take a gander at all the rug pulls and dirty schemes being played on Dexes and different DeFi platforms. I believe that with proper regulations, it is possible to cut down on the number of scammy entities in the market.
On the other hand
Sadly though, it's not entirely the case. If put it on a scale, fiat is still the most used tool for scams or put in another way, statistically speaking, scammers generally prefer accepting fiat.
So, if regulators haven't been able to curb fiat scams, how can we truly trust them? Also, are unsuccessful scams due to the presence of regulators or the potential victim's savviness?
I know regulation isn't directly proportionate to security, but I also know that you can't regulate me without protecting me.
I honestly don't trust in the capacity of regulators to offer protection to people.
So, how about we just cut out the bullshit and handle ourselves by ourselves?
Regulators can't protect you, the government can't protect you and neither can Peter Schiff, so what are you left with? You're left with yourself, your keys and your ability to do your own research.
If you want to do something right, you might as well do it yourself. Besides, the government is comprised of normal individuals like any of us with flaws and everything human.
Why do we have to sit back and watch them claim to "protect" you with their self-serving policies that mostly stand to benefit their employer, the government?
Government vs crypto
Forget what the governments are saying, it is still a war against cryptocurrencies. If they had their way, they'd just "pull the plug" of the market and end everything.
Now they send Trojan horses through their campaigns to "adopt Bitcoin" and save the crypto universe.
So no matter how governments claim to be more accepting of crypto, always remember the entire point of this journey. Always remember the goal of creating a new glob financial system.
Always remember that the true aim is to create a system where people aren't affected by the pesky and trifling ways of their government. A place where the cold wars between countries are extinct and every individual identifies as their own person.
It sounds like freedom and unlike what your government tells you, it's affordable.
Uphill battle
So do we need regulations? I don't think we do but if we're going to be regulated then it might as well be by our own design.
Cryptocurrencies and blockchain technology will play an important role in the future, the only question is, how can we create a friendlier environment for the industry to thrive?
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Greetings @belemo, the topic you touch on in your publication is as controversial as necessary.
On the one hand, I consider that it is necessary to offer the greatest amount of security and transparency mechanisms that guarantee that cryptographic operations, in addition to being secure, are as transparent as possible and if we want, which in my case I believe is the best, that the adoption is generalized. of the same, it is necessary to have regulations for exchanges. I also understand that on the other hand, many governments only seek to ward off the threat of a decentralized financial system that they cannot manage at will.
From the above, I believe that the most logical and natural solution is for the blockchain system itself to develop its own regulation systems and if the different governments want to participate, then they should do so by requesting the minimum guarantees that are required or why not, by financing the development of decentralized blockchain surveillance projects, I think it's one of the ways you can give a positive answer to your questions.
Very good topic, happy start to the week.
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Hello @belemo, I really believe that the regulations on transactions with crypto assets will only serve for governments to control the financial movements that are currently slipping out of their hands, they only want to know what each person has and in what quantity, in this way they will exert the same or worse pressures and controls they have in the banking sector.
Great information
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Hello @belemo
Good question in the title. I'm sure there are many conflicting opinions on this. On one hand perhaps it could give a little more security to investors, however, I feel that any state that regulates or pretends to control cryptocurrencies, puts a dent in what appeals to us as decentralization is.
So, the battle will be tough, but, time will be the judge of that.
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Hello @belemo
Wow, do we really need regulations? my immediate answer without thinking about it for a fraction of seconds is IF, unfortunately as a human species we lack many elements that allow us to regulate our actions by themselves, historically we have needed to establish supra mechanisms that allow us to live under certain regulatory guidelines, and in this I believe that cryptos will not space it.
Best regards, good luck.
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@tipu curate
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Upvoted 👌 (Mana: 5/6) Get profit votes with @tipU :)
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Regulation in the crypto market is good and bad also. You can regulate the illegal transaction and money laundering and create a AML policy.
But I think regulations cannot be created as we cannot track all the transaction in the crypto space.
Recently we have seen binance has facing regulations moves from the government.but it is normal for the exchange and we can agree with such regulations.
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Sensitive topic :)
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