Bitcoin News Without a Total Internet Shutdown, Bitcoin’s Regulation May Be an Intrinsic Impossibility Published 4 months ago on February 8, 2018 By Crystal Moore Bitcoin regulation remains a hotly contested matter. Lately, a number of legal factors regarding Bitcoin’s existence and use have come into play as governments pursue regulatory options. Oversight jitters in East Asia have had a devastating impact on cryptocurrencies, triggering massive plunges. The slump in prices didn’t come as a surprise. “Regulation creates a more difficult business environment, as service providers decline to work with crypto startups due to uncertainty and a perceived threat of imminent and restrictive regulation”: Dr. John Mathews–Bitnation CFO- on why cryptocurrency prices took a hit. South Korea, China and Japan have been at the forefront of pushing for a broad regulatory oversight. In September last year, China had declared ICOs and digital currency exchanges “illegal.” South Korea also followed suit saying it was considering a total ban on ICOs. Although major economies including the US and UK are merely discussing stricter controls, smaller jurisdictions including Estonia, Gibraltar and the Isle of man are eying cryptocurrency chance and aggressively pursuing regulation to avert the most clamant risks such as hacking and money laundering. Mojtaba Asadian– Founder and CEO of Darico AG– asserts the need for a “certain level” of regulation: “Blockchain is trustless public ledger that eliminates the need of central authority to authenticate the transactions using cryptography. However, certain level of regulation is welcomed to filter out the fraudulent activities and safeguard investor’s interest in such emerging market.” But, is Bitcoin really regulatable? There are several key components that make it quite difficult to bring Bitcoins and other cryptocurrencies under full control. Bitcoins can’t be linked to any financial institution, territory or owners who want to remain unknown. Even if all cryptocurrency exchanges were to be shutdown or prevented from operating beyond certain borders, Bitcoin transactions would still be a child’s game-provided you have a simple VPN, a wallet and a network connection. Regulatory attempts have also been worsened by the status of the existing banking regulatory frameworks that did not anticipate a technology like Bitcoin. Hence, without a united global front, there is very little chance of regulation seeing the light of day. Some experts believe that any attempts to control and stifle virtual currencies could only serve to increase their popularity. Andrei Gusev-CEO of WealthMan-says: “as a result of the push for regulation, cryptocurrencies will receive more recognition. Interest in cryptocurrency will increase. At the same time, the regulation norms in terms of enforcement will not be really effective because of the inability of the judicial system to make changes to the blockchain-based registry.” While echoing similar sentiments, Andrew Stanford-a Tech investor, entrepreneur and Partner at Asset Token ERC20– maintain that tangible regulations could be decades away: “Asset Token believes the regulations at the current moment are in a test phase and in a fluid state. Regulation will only speed the adoption by bringing it more attention.” Setting and enforcing guidelines and standards is certainly essential, but should be done in a way that does not restrict virtual currencies or stifle its networks. Francesco Redaelli -Co-Founder and VP of Business Development at Koinsquare-underscores the need to protect this emerging industry while highlighting its ability to revolutionize the existing monetary systems. “The blockchain idea is really amazing, because it can seriously improve in thousands ways the monetary system giving more control, more data and more fast development to all the industries involved.” Arguably, overregulation of cryptocurrencies (if at all possible) could hamper the growth of the internet. Subscribe To Our NewsletterJoin our mailing list to receive the latest news and updates from our team. SUBSCRIBE! You have Successfully Subscribed! Related Topics:BitcoinCrypto ArticlesREGULATIONS Up Next Can Blockchain Improve Charitable Transparency? Don't Miss Bіtсоіn Jumps Ovеr 20 Pеrсеnt аѕ Crурtо Mаrkеtѕ Rеgаіn Pоіѕе Continue Reading Advertisement You may like EQUI Capital – The Future of Venture Capital funding Is Bitcoin Still a Viable Option Investment in Future? Celebrities Investing In Cryptocurrency Now Cryptocurrencies Inclusion in the World Bank Reserves Four Most Influential Cryptocurrencies Bitmex Exchange Review – Pros and Cons of Trading on BITMEX Comments Advertisement Advertisement Latest Popular Cryptocurrency News12 hours ago PumaPay Payment System Serves as a Virtual Credit or Debit card. Blockchain News3 days ago Ravn App Announces Pre-ICO For June 7th to Become the World’s Most Secure, Invisible and Anonymous Chat App with Smart Contract Ecosystems Blockchain News4 days ago OPP Open Wifi Announces ICO to Bring Wifi to the World, Private Sale Starts June 1 Blockchain News1 week ago HybridBlock’s Highly-Anticipated Public Token Sale Starts May 23 Blockchain News1 week ago Ternio Releases 3rd Party Verification of Ability to Process Over 1 million Transactions Per Second, Fully Decentralized and On-Chain Cryptocurrency News1 week ago What is Next on the PumaPay Roadmap? Blockchain News1 week ago CRYSTALS Announces its ICO to Bring a Game-Changing Solution For the Modeling Industry Blockchain News2 weeks ago Trive Announces Test Bed Launch and NYC Road Tour Blockchain News2 weeks ago How WeGold Is Capitalizing on the Surging China Travel Boom Blockchain News2 weeks ago Join the Orvium Innovation, first open source and decentralized framework for managing scholarly publications Blockchain News4 weeks ago Zero Carbon Project: A Solution to Climatic Change Blockchain News2 weeks ago PATRON Hits Hard Cap of $40 million, Will Trade on HitBTC on May 17th Blockchain News3 weeks ago Investing in Shipping Containers, Blockshipping is What you need. Cryptocurrency News1 week ago What is Next on the PumaPay Roadmap? Altcoins4 weeks ago CountingHouse Fund makes more profit from Cryptocurrency Market with Mathematical Computation Cryptocurrency News4 weeks ago Counting House Fund Makes more Profit from Volatile Cryptocurrency Markets. Blockchain News4 weeks ago How do you create a stable economic ecosystem with just a video sharing platform? Blockchain News4 weeks ago How the Blockchain Can Change The Personal Data Processing Market Blockchain News4 weeks ago Build and Reward Your Media Audience Networks with MediaProtocol Altcoins4 weeks ago DAOstack explainer series: how Arc.js serves front-end development Advertisement Facebook Advertisement Trending Blockchain News3 days ago Ravn App Announces Pre-ICO For June 7th to Become the World’s Most Secure, Invisible and Anonymous Chat App with Smart Contract Ecosystems Blockchain News4 days ago OPP Open Wifi Announces ICO to Bring Wifi to the World, Private Sale Starts June 1 Cryptocurrency News12 hours ago PumaPay Payment System Serves as a Virtual Credit or Debit card.