Executive order could make cryptocurrency the government-controlled digital currency

[Lens1000]

The regulations that is ongoing on cryptocurrency presently is on the increase. Many countries have started resorting to regulations rather than banning. The ban option is not a good one and one should be able to make conviction on the potentials of cryptocurrency rather than the ban option. The countries that have regulated cryptocurrency are on the increase with Brazil been the latest. This has generated lots of talks amongst the cryptocurrency experts and people are undoubtedly saying that the regulations would forfeit the decentralized nature of the cryptocurrency. Some crypto lovers said that it's a very good decision that would bring more people to using cryptocurrencies.


The USA 2024 presidential elections potential candidate of the Republican party, DeSantis made it crystal clear that the regulations of cryptocurrency would jeopardise the major function of cryptocurrency. He expressed concerns that the decentralized nature of the cryptocurrency could be subjected to government-controlled platform therefore making look like a centralized system. Recently, Joe Biden issued an executive order on the research of the digital assets. Such orders could make cryptocurrency a government-controlled digital assets. This is the fear of most of the cryptocurrency enthusiast on the regulatory scrutiny imposed on cryptocurrency.
What's your opinion?

 

[Flow-er]

The executive orders would be in the form of regulations and this will seriously affect the cryptocurrency features as a decentralised platform. The logic behind the blockchain technology may be forfeited. It is apparent that the majority of countries want to be a part of the cryptocurrency space. Many bitcoin whales have negative thoughts over cryptocurrency regulations because they do not want the government to interfere with their digital assets. The decentralised nature of bitcoin is one of the key reasons why most financial investors have switched to it. You will have the complete control over your cryptocurrency holdings. Nobody will tell you how to use your digital assets if you use cryptocurrencies. You will have complete control over your assets. This is one of the main reasons why one should be very wary of how the government handles cryptocurrency.

Cryptocurrency regulations are all over the news these days, and it appears that the skeptics are finally realizing that a ban isn't the best option for cryptocurrency. Controlling it rather than banning it is the greatest solution right now. This is a strong indicator that the majority of the government is considering regulating cryptocurrencies because of the investment opportunities. The example of El Salvador will further bolster the case for cryptocurrency adoption by the majority of countries.

 

[Suba]

Many governments of a country are worried about the influence of crypto, which can affect the economic system, also affects public confidence in the financial system, financial institutions. that is why the government makes crypto regulations aimed at limiting the movement of crypto circulation in its territory. The bigger the country in limiting crypto, the more it will affect the global market. The government of a country cannot control cryptocurrencies globally. but only within the country.

 

[Mika]

I think we need to understand what regulation actually means. The Government has rules for business, the government clearly mentions what can be done and how it can be done. what cannot be done, etc. Businesses are expected to follow these rules and pay taxes. When the government receives tax, it is liable to provide protection to the business. This is called regulation. If the government regulates cryptocurrency, it will make rules about what can be done and what can not be done, the government will also collect taxes and protect the business. When the government is regulating the business, there will be fewer scams. Do you remember when squid game token scammed millions of dollars due to rug pull? Would that have happened if crypto market was regulated? A lot of scams are going on and I think there should be some mechanism to stop this. Does the government control the business communities? Can the US government shut down Tesla any time it wants? How can you think the government will start controlling crypto once it regulates it. Since crypto is created through the mining process and anyone with the hardware and software can mine crypto, there is no way the government can control crypto.

 

[sincerem]

I agree 💯 to what @Mika have said about government regulation of digital coin, it doesn't mean about controlling the digital coins like the way fiat currencies are been controlled by different country government. Even if crypto is centralized just as we have other centralized coin, it wouldn't mean that the government wants to deviate it from it's original objectives or reasons why it was created first by Satoshi Nakamoto. Crypto is meant to be decentralized but it means the more decentralized the more scam is going around it. If government come to regulate it and not controlling it 💯 like the way fiat currency is made, it will really help to curb scam a little. I wasn't impressed at all when I got the information that squid game scammed thousands of investors which resulted in millions of dollars loss by investors as the coin went through rug pull. Such is the part that has raised tension around crypto, that made the government to consider the regulation to reduce it's scam. No one gonna be happy in any way, losing his or her monetary asset like the way squid game scammed lots of people off through their hard work, I wouldn't like such either.